This week’s Special Report evaluates the reward and risk in corporate bonds. We address the question of whether low expected excess returns today are justified by low risk or an example of overvaluation....
The Fed is undergoing a regime-change in which the primacy of price stability is displaced by the primacy of ultra-low real rates. This will structurally underpin real assets such as gold, cryptocurrencies, and stocks....
The denizens of GeoMacro strategy have remained bullish into October, despite our gut telling us that the equity rally has overextended itself on a technical basis. On cue, markets ripped our face off with a single missive from the Twitterer-in-Chief. While we scoff at the idea that the President wi...
Broad GenAI adoption and monetization, alongside falling inference costs, should make hyperscalers’ and enterprise investments worthwhile. While the GenAI boom echoes the dot-com era, it differs in key ways: Valuations are elevated but not extreme, and the rally is still underpinned by solid earning...
The structural demand base for electricity is expanding, requiring massive investment in grid capacity, storage solutions, and renewable generation. For investors, this trend highlights long-duration opportunities in utilities as electricity responds to the ever-growing needs of data centers and bec...
President Trump has threatened to cancel his planned meeting with President Xi Jinping on October 31 in South Korea at the Asia-Pacific Economic Cooperation summit. Responding to the October 9 announcement by Beijing that it was imposing new restrictions on refined rare earth minerals – and technolo...
The belief that net portfolio outflows out of the US will fuel EM assets is a common but misguided narrative. If the US starts experiencing net capital outflows, it would need to run a current account surplus. A shift in the US current account from deficit to surplus would be devastating for the glo...
Treasury yields are generally following the pattern of past interest rate cycles, but with a larger term premium keeping the curve steeper than usual....
