Special Report

Highlights As an introduction to a series of BCA Special Reports on the investment consequences of climate change, we review the science around the subject and suggest a framework for analyzing its implications. The scientific…

Special Report

The steady expansion of global population and rising per-capita calorie consumption has directly translated to growing demand for agricultural products of all types. However, these demand-side pressures increasingly will be met with…

Special Report

Dear Client, I am currently traveling in Europe visiting clients. This week, in lieu of a regular report, I am sending along a research report written by my colleague at BCA Global Asset Allocation. The topic covers one of the more…

Special Report

Highlights Catastrophe bonds ("cat bonds") have recently been receiving a lot of investor attention because, after this summer's large hurricanes, they are now attractively priced. We explain the mechanics of this market…

Highlights Storms set a low bar for Q3 EPS. BCA's Beige Book Monitor near cycle highs despite storms. Investors should fade the Q3 housing weakness. Latest Survey Of Consumer Finances highlights student loan debt issue.…

Highlights Finally, an upside surprise on inflation. Recent significant developments reinforce BCA's bullish view on crude oil. Investors should consider the Monthly Report on personal income and spending, and not the quarterly…

Highlights U.S. product inventories - particularly gasoline and distillates - will show sharp declines over the balance of September, as refining capacity continues to trail demand in the wake of Hurricane Harvey. U.S. crude inventories…

Highlights Portfolio Strategy A supply/demand imbalance has created a playable opportunity in the niche refining energy sub-index. Increase exposure to overweight. Safe haven demand is supporting gold mining equities, but shifting…

Highlights Beijing's continued focus on reducing excess industrial capacity in the lead-up to the 19th National Congress of the Communist Party will keep iron ore and steel markets buoyant for the balance of the year. The trajectory…

Highlights Some caution warranted here. Hurricane Harvey's impact on the economy and markets. Tensions in North Korea will linger. NIPA and S&P now telling same story on profits, margins. Is the August employment report…