Strategic Asset Allocation

For almost two decades, beta was the only game in town and alpha a loser's game. This era is ending, and we lay out why a more multipolar, dirigiste, and AI-disrupted world is pushing dispersion struc…

BCA's bull/bear debate webcast, held on July 13, 2026 (replay here) and moderated by Chief Investment Strategist Marko Papic, pitted Peter Berezin and Arthur Budaghyan on the bearish side against Juan…

How should I hedge my portfolio for the next bear market? This is a question many of our clients face, and one that investors too often answer on the basis of intuition or narrative. The All-Defense C…

We have long argued, on a case-by-case basis, that countries willing to play the superpowers against each other win in a multipolar world. The logic is intuitive, and in this report, we measure it sys…

We have received several questions from clients regarding practical issues surrounding strategic positions on gold. We find that gold is liquid and relatively inexpensive to trade while being a reliab…

We introduce our Macro Regime Indicators (MRI), a framework for forecasting growth and inflation surprises in the US. The MRI on the economy shows no substantial mispricing in either growth or inflati…