Several clients hailing from the global allocator community have schooled us to the existence of the “Section 899,” a feature of the “One Big Beautiful Bill Act” (OBBBA) that passed the House of Representatives on May 22. The bill is currently being reviewed by the Senate and Section 899 – which add...
Rising bond yields may present an even greater danger to the global economy than the trade war. With equity valuations no longer discounting much economic risk, investors should position themselves defensively....
Chinese tourism will continue growing, but investors should be mindful not to overpay for Chinese tourism stocks by extrapolating their past double-digit revenue growth into the future....
Are bond yields overextended? We introduce a new global technical indicator that helps spot mean-reversion opportunities and shows which markets are nearing exhaustion....
Oil, copper, and gold futures curves have recently experienced abnormal shifts and twists. Brent is no longer fully backwardated, copper curves on the LME and CME have diverged, and gold is in a steep contango. We examine the drivers and implications of these shifts for prices and curve structure ac...
In this report, we take stock of the Q1 2025 earnings season. Corporate commentary and forward guidance provide valuable insights into the state of the economy, tariff mitigation strategies, and consumer spending....
Peru’s economic resilience will help its markets outperform their EM peers. Domestic macro fundamentals are robust, and strong external accounts will lead to a stable-to-strengthening currency versus the US dollar. Overweight Peruvian equities, local bonds, and sovereign credit relative to their res...
Five questions, five answers from the road. We unpack what Europe’s biggest investors are worried about right now, from trade‑war whiplash to bund‑versus‑Treasury positioning; and where the real opportunities still lie....
We perform a decomposition of yields moves across six major developed government bond markets to get to the bottom of what’s been driving the global bond selloff of the past eight months....
