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 Banks have an unmatched perspective on the entire economy, … : BCA began by tracking money flows through the banking system to gain advance notice of the direction of markets and the economy. … so we review…

Overweight Home improvement retailers (HIR) were the first consumer discretionary stocks to sniff out the end of the Great Recession, troughing even prior to the China-sensitive materials and industrials equities. As such we believe…

Special Report

Highlights As government bond yields have fallen to zero or below, many of our clients have asked us how to obtain income from other asset classes. In this report we analyze three income opportunities in the equity market: high-…

  Overweight In the most recent Weekly Report, we boosted the S&P consumer discretionary index to overweight via upgrading its heavy-weight internet retail sub-index to an above benchmark allocation. E-commerce has been…

Highlights Stay tactically neutral to equities. The market may meet some short-term resistance, especially as a slew of poor earnings are released in the coming weeks. The long-term threat to equities comes from the pandemic’s…

Special Report

Feature In this report, we determine which South and Southeast Asian countries are better equipped to endure the COVID-19 pandemic. Answers to this question combined with our macro fundamental analysis lead us to recommend which…

The chart shows that the Fed is on track to balloon its balance sheet over $11tn in the coming year, i.e. almost trebling it, and soaring to over 50% of GDP. Beyond the Fed’s QE5 liquidity injection and skyrocketing bank credit, in…