Highlights Social distancing must persist to prevent dangerous super-spreading of COVID-19. The jobs recovery will be much weaker than the output recovery, because the sectors most hurt by social distancing have a very high labour…
Highlights The Chinese economy continues to recover, albeit less quickly than the first two months following a re-opening of the economy. The demand side of the Chinese economic recovery in May marginally outpaced the supply side,…
In the most recent Weekly Report we initiated a new long S&P homebuilders/short S&P REITs pair trade. One of the key drivers for this pair trade is the ebb and flow of owning versus renting and the current message…
Highlights Investment Grade Sector Valuation: Our investment grade corporate bond sector valuation models for the US, euro area, UK, Canada and Australia show some common messages, as markets have adjusted to a virus-stricken world.…
Overweight In our April 14 Weekly Report we executed our upgrade alert and boosted the S&P internet retail index to overweight – a call that has since produced handsome relative gains of 14%. The most recent Advance Monthly…
Dear Client, Next week we will be sending you a Special Report providing our insights on the much-anticipated China National People’s Congress. We think the messages sent from the conference will be highly relevant to both the…
Neutral As reopening of the economy will, at the margin, bring back diners (take out mostly) to restaurants, the two heavyweights that comprise 80% of the market cap of the S&P restaurants group are anything but…
Highlights Portfolio Strategy The Fed’s unorthodox monetary policy is aimed at quashing volatility, lifting asset prices and debasing the currency, all of which are equity market bullish. Grim, but backward looking, macro data…
We reiterate our mid-April upgrade of the early-cyclical S&P home improvement retail (HIR) index to overweight that is off to a flying start.1 Our three-pronged thesis was predicated upon: the rising gap between…