Being strongly disinclined to investing purely along "macro" lines (preferring instead to buy the sorts of high-quality, durable businesses that are able to prosper and grow largely irrespective of what the external macro-economic environment does), I did come across something in a "macro" vein in a book I have just read [*] that I found interesting.
While only a moderately riveting read, I did find a few aspects of Turner's arguments enlightening, the most notable relating to the "financialisation" of western economies: Specifically, that the size of the financial services sector has grown dramatically since the middle of the twentieth century, from about 3% of GDP, to almost 10% of GDP today.
In terms of relevance for a business like PTM - which is a manifestation of this "financialisation" growth dynamic - Turner makes no comment about the lack of sustainability of this phenomenon; instead he seems to argue for certain macroeconomic policies which would serve to perpetuate it.
Not that this alone in any way forms the basis for an investment in PTM; its merely an economic characteristic that I found to be interesting, and which seemed to explain my long-standing intuitive bias to investing in capital-light, financial services businesses.
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