Highlights Portfolio Strategy A battle between tighter monetary conditions and the anticipation of fiscal largesse will be a dominant market theme this year. Our high-conviction equity allocation calls do not require making a major…
Highlights The rise in both bond yields and the U.S. dollar represents significant tightening in monetary conditions, which will be difficult for stock prices to digest. Technical indicators suggest that the rally could persist in the…
The S&P hotels index had been in a relative performance bear market since late last year when we reduced it to underweight, but downside risks have diminished even though a number of players have lowered 2017 guidance and revenue…
Housing activity dipped this year. In response, building supply store sales cooled and analysts have been quick to slash both sales and earnings growth estimates for home improvement retailers. However, an overreaction appears to be…
Highlights Portfolio Strategy The rise in Treasury yields is approaching a threshold that has often caused equity market indigestion. Stay focused on current monetary conditions rather than fiscal unknowns. The bear market in lodging…
The relative performance of media stocks over the past few months would seem to foretell of a downturn in cash flow prospects. However, the opposite is true. The latest consumer spending data showed that outlays on media products and…
Highlights Dear Client, The growth of the electric-vehicle market, particularly re its implications for hydrocarbons as the primary transportation fuel in the world, will remain a key issue for energy markets, particularly oil. The…