Developments in US multi-family housing are particularly relevant for the inflation outlook since they inform the future direction of shelter inflation – an important component of CPI inflation. Indeed, the Zillow multi-…
In this note, we preview the Q1-2024 earnings season, give our take on expectations and share what we will be watching.
Unlike most advanced economies that are flirting with recession due to weak demand, the ‘inverted’ US economy is motoring along due to strong supply, from a combination of surging labour participation and surging immigration. We go…
One of the most important factors for the success of tech stocks over the 2010s was monopoly power. Companies like Google, Facebook, Apple and Microsoft managed to develop entrenched moats in their own niches. This monopoly power…
According to BCA Research’s US Equity Strategy service while Telecoms are not attractive on a strategic investment horizon, as a low-beta defensive sector they offer excellent downside protection for a portfolio. The…
Global material stocks have underperformed over the past 12 months, returning only 11.3% vs 21.4% for the overall market. But could they be a buy now? There are several arguments to argue that they will: The ISM has…
According to BCA Research’s US Equity Strategy service, rising inflation benefits Utilities, Energy, and Materials, and is a headwind for the Consumer Discretionary sector. After a protracted bout of underperformance,…
Gold and bitcoin are conceptually joined at the hip because the value of both comes from their ‘non-confiscatability’ by inflation, by bank failure, and in the case of bitcoin, by state expropriation. The sharp recent rallies in both…