Highlights Supply-side pressures should abate over the coming months as semiconductor availability improves, transportation bottlenecks ease, energy prices recede, and more workers enter the labor force. The respite from inflation…

  Nearly two-thirds of the S&P 500 companies reported their Q3 earnings, and the earnings season is drawing to a close. 83% of companies have beaten the street expectations with an average earnings surprise standing at 11% (40%…

  The markets were deluged by a lot of information in late October. Several central banks made surprise moves towards tightening (the Bank of Canada, for example, ended asset purchases, and the Reserve Bank of Australia…

Special Report

This week we continue our series of thematic Special Reports. Over the past few months, we have covered the EV Revolution and Generation Z. In this report, we conduct a “deep dive” analysis of Cybersecurity as an investment…

Overweight BCA house view is for the US yields moving higher, with Treasury 10-year yields reaching 1.7-1.9% by the year-end.   Ever since the GFC, Financials and Banks equities relative performance has been tied to US…

Highlights Increasing consumption should be a lot easier than increasing savings. After all, most people like to spend! It is getting them to work that should be challenging. Yet, the conventional wisdom is that deflation is a much…

Special Report

Highlights Faced with large excesses in the housing market, we contend that Beijing’s goal is to achieve flat property prices in the coming years. Stable property prices would allow for improved housing affordability over the…

With 119 S&P 500 companies having reported Q3-2021 earnings, it’s time to take a pulse of the interim results. So far, the blended earnings growth rate is 34.8% while actual reported growth rate is 49.9%. The blended sales…

Special Report

Highlights Contrary to popular belief, the correlation between changes in interest rates and equity returns is not fixed: Stock prices have generally risen as yields have fallen over the last four decades, but there is no rule that…

  In a recent daily report, we analyzed relative performance of the S&P 500 sectors and styles under different US 10-year Treasury yield (UST10Y) regimes. Today we expand our analysis and map relative performance of the S…