Media stocks have churned in the past few years, but we view this as setting the stage for outperformance and not a precursor to a decline. While the manufacturing side of the U.S. economy continues to struggle in a world of excess…

While banks are tightening the lending screws in most categories, they remain willing to extend mortgage credit. Long-term mortgage rates are extremely low, and consumers are taking full advantage, as recent U.S. housing data has been…

The odds of an inflation "mini-scare" are rising, although deflationary tail risks from abroad cannot be dismissed.

The S&P restaurants index continues to deflate in relative performance terms and downside risks remain intact. The top panel of the chart shows that the Restaurant Performance Index (RPI, courtesy of the National Restaurant…

In recent months we have outlined and acted on the bull case for media by upgrading both the S&P cable & satellite and S&P movies & entertainment indexes. This week we added another sub-component to the overweight column…

In order to harvest a tactical continuation of the high-risk, momentum-driven broad market advance, we have made a few tweaks to our portfolio, while maintaining a core non-cyclical emphasis given that the global growth outlook remains…

The major banks are more willing to lend to the consumer and less willing to lend to the corporate sector.

Expectations of a prolonged period of abundant liquidity and rising confidence that recession is not imminent have created the conditions for a potential blow-off phase. This week we are fine-tuning our portfolio for peak performance…

In successful investment analysis "less is more, and usually much more effective."

While we are neutral on the broad consumer discretionary index, we remain constructive on the S&P homebuilding sub-group. U.S. bond yields are probing multi-decade lows mostly as a consequence of global deflationary forces and…