It is time to bet on brick-and-mortar again. The next time you step around your partner's Amazon package on your way to a physical store, consider this: Rock-bottom investor expectations, attractive initial fundamentals, and ongoing demographic shifts make Retail Real Estate a buy for the first time...
Our defensive strategy for 2025 is coming to fruition so we are re-initiating some of our defensive and risk-off trades. Tariff implementation, hurdles in the tax bill, and geopolitical shocks are materializing in the near term....
Investors see Europe as a museum: A continent stuck in the past, with no ability to innovate, much less generate profits. But is this view accurate? In this report we argue that the structural headwinds to European profitability are a thing of the past. Political change and improving sentiment are a...
Europe’s resilience to global liquidity deterioration isn’t a fluke—it signals a structural shift. Our latest report explains why the decline in precautionary money demand marks the end of Europe’s liquidity trap and what it means for investors....
The MacroQuant model is no longer bullish on stocks but is not yet prepared to turn underweight. Subjectively, the Global Investment Strategy team is more bearish on equities than the model....
The MacroQuant model is no longer bullish on stocks but is not yet prepared to turn underweight. Subjectively, the Global Investment Strategy team is more bearish on equities than the model....
The tariffs on Canada and Mexico will come into effect as scheduled while the tariffs on China will be doubled. In the Middle East, Iranian response to any attack will threaten Middle Eastern oil supply. Meanwhile, Chinese fiscal support will surprise to the upside at the Two Sessions. But Trump's C...
In Section II, Jonathan presents a checklist that investors can use to confirm whether AI’s purported productivity gains are real. The checklist does not currently suggest that artificial intelligence is meaningfully boosting productivity growth. US equity valuation reflects very significant optimis...
