Hamish Douglass on booms, busts and recoveries

In an interview with UNSW Hamish Douglass, CEO of Magellan Financial, outlines why he believes the US economy is back on track. "I think the US is out of the woods. It has made very substantial progress since 2009 and has created 12 million new jobs, the stock market has tripled, housing construction has doubled – it hasn't fully recovered yet – and the unemployment rate has nearly halved. There's still some way to go, but it's making a steady and slow recovery. Of course there are pauses, there's a lot going on in the world... The US isn't about to take off, but it is creating more than 200,000 new jobs per month, the unemployment rate is in the low fives and wages growth is now above 2%. I think the US is getting close to a full recovery." In the full interview Douglass shares his views on oil, China and some quite candid opinions on the domestic property market. Watch the video interview below