Highlights As bitcoin has developed into a fledgling form of money, the best valuation framework for it is the quantity theory of money. This states that the bitcoin money supply (in dollars) times bitcoin's velocity of…

Special Report

Highlights Bitcoin and other virtual currencies have sold off sharply in recent days. However, as the turn of the millennium dotcom boom and bust illustrates, wild swings in asset prices can sometimes mask important structural changes…

Special Report

Dear Client, I am on the road this week meeting clients. Instead of our regular Weekly Report, we are sending you a piece written by my colleague Brian Piccioni, head of our Technology Sector Strategy Service. In this Special Report…

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…

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…

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…

Special Report

Highlights Huge short-term moves have occurred in several markets in the wake of the U.S. election. From a tactical perspective, we believe the moves have gone too far, too fast. Beyond the tactical, the key question is whether or not…

Highlights Recent market moves have been emotionally driven and speculative in nature. The risk is now that tighter monetary conditions risk crimping growth in the near term. Since 2014, whenever the 10-year Treasury yield has reached…