Slowing growth. Income inequality. Government deficits. Trade wars. The news these days discusses many of the problems that afflict Americans and the American economy. Some are impacted more than others. Politicians on both sides of the aisle have provided several potential ‘solutions’. These range from Modern Monetary Theory on the left to Club for Growth and trickle-down economics on the right. This discussion will attempt to cover the pros and cons of each type of policy, as well as provide the framework to discuss the likelihood any of the policies as stated ever happen. This is not designed to become a political discussion, but dialogue that hopefully makes all us more informed about the problems we face and the solutions proposed.
Richard Excell is an Instructor of Finance at the University of Illinois, Gies College of Business. In addition to this role, he is a Senior Portfolio Manager at Wolverine Asset Management in Chicago in which he runs a global equity long/short hedge fund portfolio. In this role, he oversees a portfolio that combines quantitative factor and discretionary macro analysis, with bottom-up fundamental analysis and derivatives trade implementation to create a concentrated long/short portfolio that aims to deliver high risk-adjusted returns for institutional investors. Excell holds a B.S. in Finance with a minor in Accounting and Japanese Studies from the University of Illinois and an M.B.A. from the University of Chicago. He became a CFA® charter holder in 1999 while living in Singapore and became a CMT charter holder in 2018. Outside of work, he is Director of the Western Golf Association/Evans Scholars Foundation and a board member of the Bright Promises Foundation in Chicago.
