This topical report is authored by the Salida Capital Investment Team. Each report highlights a current trend, theme or idea of significant interest that we are actively following. The majority of our investment funds are fundamentally driven at the position level however our viewpoint on macro themes is instrumental in determining the strategies and sectors we focus on to explore and uncover investment opportunities. Correctly forecasting and understanding these macro themes has played an instrumental role in our long term successful track record and will continue to be a critical element in how we manage investments going forward.