Highlights The good stock market = ‘growth defensives’ like technology that benefit from lower bond yields. The bad stock market = ‘value cyclicals’ like banks that suffer from lower bond yields. Structurally…
Highlights Risk assets continue to ignore the dire state of the economy. “Don’t fight the Fed” will dictate investment policy for the coming months. Populism and supply-chain diversification will…
Highlights Investment Grade Sector Valuation: Our investment grade corporate bond sector valuation models for the US, euro area, UK, Canada and Australia show some common messages, as markets have adjusted to a virus-stricken world.…
The Fed’s extremely easy monetary backdrop along with easy fiscal policy remain the dominant macro themes, underpinning the equity market. While those key drivers are well established, investors are nowhere near as complacent as…
Highlights Portfolio Strategy The Fed’s extremely easy monetary backdrop along with easy fiscal policy remain the dominant macro themes, and they will continue to underpin the equity market. We remain constructive on the equity…
After collapsing by 71% between mid-February and early April, global flight numbers are once again increasing, rising 162% between April 12 and May 21. This improvement overstates the pick-up in the number of passengers as flights…
Overweight In our April 14 Weekly Report we executed our upgrade alert and boosted the S&P internet retail index to overweight – a call that has since produced handsome relative gains of 14%. The most recent Advance Monthly…
Underweight The S&P communications equipment index has given up its gains over the course of 2020. We remain bearish as the macro outlook still spells trouble and this positioning is in line with our newly formed view of…
Highlights German bunds and Swiss bonds are no longer haven assets. The haven assets are the Swiss franc, Japanese yen, and US T-bonds. Gold is less effective as a haven asset. During this year’s coronavirus crash, the gold…
Dear Client, Next week we will be sending you a Special Report providing our insights on the much-anticipated China National People’s Congress. We think the messages sent from the conference will be highly relevant to both the…