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“BCA Research is a must-have for any investor looking to gain an informational edge in today's complex markets. Between the insightful reports, webcasts, and direct access to the strategists, we receive a constant stream of cutting-edge investment insights.”

Chief Investment Officer, Polus Capital

"BCA Research is a must-have for any investor looking to gain an informational edge in today's complex markets. Between the insightful reports, webcasts, and direct access to the strategists, we receive a constant stream of cutting-edge investment insights."

 

Chief Investment Officer, Polus Capital

"BCA delivers precise, non-consensus views that set us apart in the market. Their sharp insights provide the clarity and confidence needed to navigate complex investment landscapes with distinction."

Feri Finance AG

"I received hundreds of research notes every day from investment banks, research outfits, and even substacks. But BCA Research's content is by far the best.

It is insightful, deeply researched, and your analysts are incredibly responsive and helpful in sharing their work. The logic, argumentation and willingness to consider counterpoints to challenge groupthink is top notch." 

Economics Writer, Financial Times

"BCA is the go-to for geopolitics and markets."

Thomson Reuters Journalist

BCA understands the world differently

Our time-tested investment frameworks, out-of-the-box thinking, and culture of internal debates enables us to see around corners.

For 75 years, we've been more right than wrong, which we've been thrilled to see benefit our clients. Below are 17 of our favorite calls.

Nov 2024

Correctly forecast the Trump Bond Market Riot (and US election)

Maintained a 55%-65% probability of a Trump victory from December 2023 until the election, focusing mainly on the curve steepening and short duration positions to play the second coming of the Human Steepener.

Nov 2023

Buy European equities

European Investment Strategy recommended European equities, and the overall index rallied by 20% in eight months.

Sep 2023

Predicted Middle East Crisis

Geopolitical Strategy predicted Middle East crisis and favored US equities over global.

May 2023

Go Long US Large Bank Bonds

Shortly after the Silicon Valley Bank collapse, US Bond Strategy recommended taking advantage of the spread widening in bank bonds by going long the bonds of the largest US banks.

Mar 2023

Long Chinese government bonds

Counterpoint service argued that the end of China’s housing boom will unleash a debt deflation in China. Bond yields have plunged since then.

Feb 2023

Warned that the China reopening rally would falter

After the rebound in Chinese share prices in late 2022 and January 2023, Emerging Markets Strategy argued that the economic recovery would disappoint and downgraded Chinese offshore stocks from neutral to underweight. The MSCI China Investable equity index dropped by 32% in the following 12 months.

Jun 2022 & Jan 2023

Go Long Gold

Foreign Exchange Strategy and Commodity And Energy Strategy predicted the gold rally.

Dec 2022

Championed Theme of Immaculate Disinflation

Going into 2023, Global Investment Strategy predicted that it would be a year of immaculate disinflation and that share prices would move higher.

Sep 2022

High-Conviction “No Recession” And Equity Rally Calls

While most others were calling for an imminent downturn, Global Investment Strategy and US Investment Strategy argued that the US would avert a recession for some time and that stocks would rebound.

Jul - Sep 2022

Stay Positive on US Consumers

US Investment Strategy pushed back against concerns about the US consumer spending outlook.

Jun 2022

China would reopen sooner than expected, but then economy would stall anyway

Geopolitical Strategy predicted that China would reopen sooner than expected, but then the economy would stall anyway – the link

Jun 2022

Chinese consumer deleveraging

China Investment Strategy predicted household deleveraging will become a new trend in China.

Jan 2022

Predicted Ukraine war

Geopolitical Strategy predicted Ukraine war, shorted the Russian ruble.

Mar 2021

Downgraded EM equities again and shorted select EM currencies.

Emerging Markets Strategy warned that rising US bond yields and weakening global growth warranted weaker EM risk assets and currencies. Over the following three years, EM stocks fell 17% in absolute terms and underperformed DM equities by 33%. Many EM currencies also depreciated considerably.

Feb 2021

Predicted Higher US Inflation and A Reversal In US Stock-to-Bond Correlation

Emerging Markets Strategy predicted a material rise in US inflation and a change in US stock-to-bond correlation.

Oct 2020

Go Short Bond Duration

US Bond Strategy went short duration in October 2020 in advance of the US election. Our view was that a democratic sweep of the election would lead to fiscal stimulus, more rapid economic growth and rising inflation.

Mar 2020

Bet on US corporate spread narrowing

US Bond Strategy went long corporate bonds versus Treasuries in March 2020 on the view that the Fed’s monetary easing and intervention in the corporate bond market would tighten spreads.

Our Strategists

Our research team is supported by an environment conducive to independent, non-consensus thought.

PeterBerezin
Peter Berezin
Chief Strategist
Global Investment Strategy
Peter is our Chief Global Strategist and Director of Research. He is also a member of BCA’s Leadership Team. Peter heads up our Global Investment Strategy service, which provides global econ...
ArthurB
Arthur Budaghyan
Chief Strategist
Emerging Markets Strategy
China Investment Strategy
Arthur is the Chief EM/China Strategist and also oversees the Commodity Strategy service. He is a member of BCA’s Leadership Team. He joined BCA in 1999 and has served in the Chief Strat...
GarryEvans
Garry Evans
Head of Research Solutions
Garry is Head of Research Solutions, managing the content of BCA’s research and its delivery to clients. From 2015-2025, he was Chief Strategist for Global Asset Allocation, BCA’s portfolio ...
Matt Gertken
Matt Gertken
Chief Strategist
Geopolitical Strategy
US Political Strategy
Matt is the Chief Strategist for both our Geopolitical Strategy and US Political Strategy services, where he oversees our coverage of market- relevant policy developments in the US and world...
Dhaval Joshi
Dhaval Joshi
Chief Strategist
Counterpoint
Dhaval is the Chief Strategist for Counterpoint, our global macro service specializing in applied investment strategy. He excels in comple- menting economic and financial analysis with real-...
Jonathan LaBerge
Jonathan LaBerge
Chief Strategist Special Reports Unit
The Bank Credit Analyst
Jonathan is our Strategist for The Bank Credit Analyst, BCA’s flagship and longest-running publication, covering developments in the US and global economies with a focus on inflation, debt, ...
Marko Papic
Marko Papic
Chief Strategist
GeoMacro Strategy
BCA Access
Marko is a macro and geopolitical expert at BCA Research, a global investment research firm. He provides in-depth analysis that combines geopolitics and markets in a framework called GeoMacr...
Brian Payne
Brian Payne
Chief Strategist
Private Markets & Alternatives
Brian is the Chief Strategist for our Private Markets & Alternatives service. In this role, he runs comprehensive and unbiased data analysis. He establishes forward-looking expectations acro...
DougPeta
Doug Peta
Chief Strategist
US Investment Strategy
The Bank Credit Analyst
Doug is Chief Strategist for our US Investment Strategy service and co-author of the Bank Credit Anaylst. In this role, he analyzes the future direction of US financial markets and the econo...
Mathieu S
Mathieu Savary
Chief Strategist, Developed Markets ex US & Head of Research Innovation
European Investment Strategy
BCA Live & Unfiltered
Mathieu serves as the Chief Strategist for our European Investment Strategy, where he identifies exceptional investment opportunities within the European economy. His expertise lies in analy...
Irene Tunkel
Irene Tunkel
Chief Strategist
US Equity Strategy
Irene is the Chief Strategist, responsible for our US Equity Strategy service. In this role, she integrates macroeconomic and fundamental research to identify emerging market trends and offe...
Juan Correa
Juan Manuel Correa
Chief Strategist
Global Asset Allocation
Juan serves as Chief Strategist for Global Asset Allocation, our portfolio construction service that provides guidance to Chief Investment Officers (CIOs) and asset allocation teams on struc...
Roukaya Ibrahim
Roukaya Ibrahim
Commodity Strategist
Commodity & Energy Strategy
Roukaya leads our Commodity & Energy Strategy service, where she incorporates BCA’s renowned top-down global macro framework with bottom-up fundamental analysis of major commodities to deliv...
Chester Ntonifor
Chester Ntonifor
Chief Strategist
GeoMacro Strategy
Chester serves as a Chief Strategist for both our Access and GeoMacro services. Chester began his career at BCA in 2008 as an Associate within the Foreign Exchange Strategy service. He la...
Jing Sima
Jing Sima
China Strategist
China Investment Strategy
Jing is a Strategist for our China Investment Strategy service. In this role, she evaluates the cyclical trajectory and structural themes driving the Chinese economy, providing actionable in...
Ryan Swift
Ryan Swift
Chief Strategist
US Bond Strategy
Ryan serves as Chief Strategist for our US Bond Strategy service, where he offers asset allocation recommendations to optimize investors’ US bond portfolios amidst diverse macroeconomic envi...
FelixVezinaPoirier
Felix-Antoine Vezina-Poirier
Strategist
Daily Insights
Felix is the Strategist for Daily Insights, our daily global cross-asset strategy service. In this capacity, he parses the latest economic data and central bank statements, connecting them t...
JeremiePeloso
Jeremie Peloso
Chief Strategist
European Investment Strategy
Jeremie is Chief Strategist for our European Investment Strategy service, which identifies outstanding investment opportunities in relation to the European economy. He is a key member of the...
RajeebPramanik
Rajeeb Pramanik
Senior EM Strategist
Emerging Markets Strategy
Rajeeb serves as Senior EM Strategist within our Emerging Markets Strategy team under the leadership of Arthur Budaghyan. His expertise centers on BCA’s coverage of India, ASEAN and EMEA. ...
Guy Russell
Guy Russell
Associate Vice President
Equity Analyzer
Guy is Associate Editor for our Equity Analyzer (EA) service, which helps BCA’s clients make the connection between stocks and broader economic trends. Guy joined BCA Research in 2020 as ...
Xiaoli Tang
Xiaoli Tang
Associate Strategist
Global Asset Allocation
Xiaoli is Associate Strategist for Global Asset Allocation, our portfolio construction service. In this role, she advises CIOs and asset allocation teams on optimum ways to structure global ...
Yushu Ma
Yushu Ma
Associate Editor
Geopolitical Strategy
US Political Strategy
Yushu is Associate Editor for our Geopolitical Strategy and US Political Strategy services, working closely with Chief Geopolitical Strategist Matt Gertken to cover global policy development...