Highlights Portfolio Strategy Operating leverage could surprise on the strong side this year, based on the message from our pricing power and wage growth indicators. REITs are experiencing a playable recovery following the Fed-…

Highlights This week, we provide one of our occasional updates on Commodities as an Asset class (CAAC), examining the strategic case for getting long commodity index exposure. Commodity index exposure is more highly correlated with…

Highlights WTI and Brent forward curves remain more or less backwardated beginning in 2018. On its face, this indicates hedgers and speculators are trading and positioning as if the OPEC - non-OPEC production deal negotiated by the…

Special Report

Highlights Dear Client, In this analysis, my colleague Bob Ryan of the BCA Commodity & Energy Strategy argues that there is more upside to oil prices. First, Russia and OPEC will continue to coordinate their production for at least…

Highlights The end game for the Kingdom of Saudi Arabia (KSA), Russia and their respective allies is fairly obvious: Remove enough production from the market to draw down storage and make the oil-supply curve, once again, more inelastic.…

Highlights EM equity valuations are neutral. Relative to the U.S., EM share prices do offer some value, but this primarily reflects elevated valuations within the S&P 500. According to the cyclically-adjusted P/E ratio, EM stocks…

Special Report

Dear Client, This week, we are sending you a piece written by my colleague Robert Ryan, Senior Vice-President for our Commodity & Energy sister service. This piece analyses dynamics in the oil markets and concludes that even if the U…

Highlights Global fundamentals - supply, demand and inventories - will support oil prices generally, and will remain bullish for the evolution toward backwardated forward curves, even as the Fed's interest-rate normalization policy…

Special Report

Feature Dear Client, Instead of our usual weekly report, we are sending you a report written by my colleague Matt Gertken, Associate Editor of BCA's Geopolitical Strategy service. In this piece, Matt argues that there is more than…

Highlights The Fed's evident desire to lift its policy rate next week - presumably to get out ahead of inflation that has yet to show up in its preferred gauge - will weigh on gold. Oil ... not so much. This is because fundamentals…