Highlights Higher copper prices will follow in the wake of China's surge in steel demand, which lifted Shanghai steel futures to an all-time high just under 5,200 RMB/MT earlier this month, as building and infrastructure projects…

Special Report

Highlights Cryptocurrencies are the ‘digital gold’. Long-term investors should hold cryptocurrencies and gold in inverse proportion to their volatilities. On this basis, cryptocurrencies should take around a quarter of…

Highlights The Biden administration is combining Trumpian nationalism with a renewed push for US innovation in a major infrastructure bill that is highly likely to become law. Populism and Great Power struggle with China and Russia are…

Special Report

The inflation/deflation debate has been dominating the news flow and we are compelled to offer our thoughts in two-part series of Special Reports on this widely discussed, but also widely misunderstood topic. Over the past year, we…

Special Report

Dear client, Next week, in lieu of our weekly report, I will be hosting a webcast on Tuesday, March 30 at 9:00 am HKT and Tuesday, March 30 at 10:00 am EDT. In the webcast, I will share our outlook on China’s post-pandemic economic…

Highlights The Federal Reserve’s ultra-dovish stance is not the only reason for markets to cheer. The US is booming, China is unlikely to overtighten monetary and fiscal policy, and Europe remains a source of positive political…

Special Report

Highlights The price of Bitcoin has surged this year as the digital currency has gained increasing acceptance. Just as was the case with gold, a global financial system built around Bitcoin would be precariously unstable. Bitcoin…

Highlights The (earnings) yield premium on tech stocks versus the 10-year bond yield is at its 2.5 percent lower threshold that has signalled four previous market fragilities. Additionally, the 65-day fractal structure of stocks…

Special Report

Dear Client, This Special Report is the full transcript and slides of a presentation I recently gave at the London School of Economics symposium: 'Will I Work For AI, Or Will AI Work For Me?' The presentation pulls together…

Special Report

Dear Client, In addition to this Special Report written by my colleagues Mark McClellan and Brian Piccioni, we are sending you an abbreviated weekly report. Best regards, Peter Berezin, Chief Global Strategist Global Investment…