The Davos Man was at the World Economic Forum in Davos, Switzerland, the annual global meeting of minds with the mission of improving the state of the world through global partnership.
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Bank of America summed up the huge change taking places in markets in one simple graphic
From an era of globalization to a period of nationalism
A Davos logo is seen before the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland January 15, 2017.
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Now, in the wake of the election of Donald Trump and the UK's decision to leave the EU, another type of individual is moving to the forefront: Joe Six-Pack. (We note that both of these individuals are men, but that's a topic for another day.)
Where the "Davos" man lived in a world of secular stagnation, regulation and globalization, the world of All-American "Joe Six-Pack" is one of recovery, deregulation and economic nationalism.
Growth stocks give way to value stocks, bonds to commodities and the emphasis on Wall Street to Main Street.
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That's according to a note by Bank of America on Thursday and summed up by the chart below.
Here's what it means for assets as we head into a period of nationalism (Joe Six-Pack) from an era of globalization (the Davos Man).
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