Global Macro & Investment Outlook
See how the global macro regime is shifting and what it means for markets, risk, and portfolio positioning.
EM Domestic Bonds: Turbulence Before An Opportunity
EM local bonds face near-term turbulence from rising inflation, global risk aversion, and currency weakness. Use the sell-off to build exposure: medium- and longer-term fundamentals remain favorable.
Beyond Hormuz: Five Chokepoints That Investors Should Monitor
Not all chokepoints are equally dangerous. How we adapt to a shock is often underappreciated. Besides the ongoing Hormuz shock, investors should pay attention to Taiwanese chip production and Chinese…
Chief Economist’s View: Collateral Damage
AI capex is supporting the global economy but also generating collateral damage for rate-sensitive sectors such as housing, as well as highly indebted governments. Maintain a benchmark allocation to e…
Higher Yields, Better Bets?
The global bond selloff is not over, but opportunities are emerging. US Treasuries and French OATs remain vulnerable to further selling, while other European government bonds look increasingly attract…
Dispatches From The Future: World War E
In 2026, against the backdrop of plunging birth rates around the world, investors were focused on AI bottlenecks. Little did they know that the biggest bottleneck to artificial intelligence was, ironi…
The Bond Riot, The AI Peak, And The EM Mirage
US bonds will likely continue selling off until tighter financial conditions – most plausibly a double-digit decline in the S&P 500 – cool nominal growth. Higher discount rates will threaten US equity…
