In the month of April, the performance of markets strongly bore the imprint of central banks' actions. The Fed was the most aggressive central bank in the world, thus assets directly exposed to the Fed’s programs…
Highlights Uncertainty over the duration of lockdowns globally will continue to hamper the estimation of the global demand recovery for commodities. This uncertainty will continue to fuel safe-haven demand for USD for the balance of…
Highlights Q1/2020 Performance Breakdown: Our recommended model bond portfolio underperformed the custom benchmark by -40bps during the first quarter of the year – a number that would have been far worse if not for the changes in…
Highlights Portfolio Strategy Our conservative dividend growth assumptions especially for the next three years – largely mimicking the GFC experience – result in an SPX 3,000 fair value target. Relative performance…
Highlights The May-June WTI spread settled earlier in the week at a $7.29/bbl contango, the widest level since February 2009 during the GFC. This reflects an extraordinarily tight storage market in the US Gulf and Midcontinent. WTI for…
Dear Client, I will be discussing the economic and financial implications of the pandemic with my colleague Caroline Miller this Friday, March 27 at 8:00 AM EDT (12:00 PM GMT, 1:00 PM CET, 8:00 PM HKT). I hope you will be able to join…
Highlights Portfolio Strategy We have identified 20 reasons to start buying equities. We highlight positive catalysts that should underpin the equity market as the pandemic progresses. Investors with higher risk tolerance should…