Special Report

Highlights Trump is adding stimulus and potential rigidities to the U.S. economy as the labor market slack vanishes. This evocates the 1970s and stagflation. This risk could resonate among investors as there are enough similarities…

Special Report

Highlights Trump's foreign policy proposals will exacerbate geopolitical risks. Sino-American relations are the chief risk - they will determine global stability. A Russian reset will benefit Europe, especially outside the…

Highlights An Italian referendum 'no' is not really revolting. Some people are voting no for no change to the current constitution's vital checks and balances. Lean against any knee-jerk widening of the Italian sovereign…

Special Report

My colleague Dhaval Joshi, Senior Vice President of BCA’s European Investment Strategy, has penned an excellent update on the upcoming Italian constitutional referendum. Dhaval argues that the market is mispricing risks emanating…

Special Report

Highlights Investors continue to overstate the constraints the Trump administration faces; Tax reform will happen, likely much sooner than the markets appreciate; Infrastructure spending will be modest, but will also face no…

Recommended Allocation  The Meaning Of Trump Sudden large shocks in markets are rare. But the election of Donald Trump as U.S. President is one such. After a shock of this magnitude, markets tend initially to overreact, then…

Highlights The pace of globalization is slowing, reflecting the culmination of a decades-long process of integrating China and other emerging economies into the international trading system. Most commentators overstate the benefits of…

Special Report

In this Special Report, BCA's Geopolitical Strategy service answers some key questions posed by clients surrounding the incoming Trump administration. The situation could evolve quickly in the coming months, but these answers convey…

Highlights Investors are betting that Trump's expansionary agenda will not be torpedoed by his less market-friendly policies such as trade protectionism. We have some sympathy for this view, but believe that investors should…