Structural Macro Themes In-depth research on the long-term forces shaping economies, and the implications for markets and portfolios. Image China And EM Profitability: A Floor, Not A Launch Pad Outside semiconductor stocks, EM/China profitability has been well below both their US peers and the levels that prevailed during the EM structural bull market in the 2000s. Over a 3- to 5-year horizo… by Arthur Budaghyan, Ziyuan Huang Aug 7, 2026 Image What Really Ails China China does not produce too much. It spends too little. The only viable way for China to reduce investment without raising unemployment is by lowering national savings. Doing so is likely to be politic… by Peter Berezin Aug 6, 2026 Image Japanese Profit Margin Expansion: The End Is Nigh Over the past 10 years, Japan’s profit margin expansion has been driven neither by advances in labor productivity nor by operational efficiency gains, but by massive currency devaluation and lower dep… by Rajeeb Pramanik, Arthur Budaghyan Jul 31, 2026 Image The Rent Is Too Damn High And Other Housing Misnomers News flash: Young urban professionals are not gasping under the weight of an impossible rent burden. Investors should not be led astray by lightly examined popular narratives. by Doug Peta Jul 20, 2026 Image Echoes Of The Late 1960s: Get Out Of The Dollar (G.O.D.) The US dollar will become a pro-cyclical currency going forward. This regime shift would upend financial market correlations, and most investment portfolios are not positioned for it. A great deal of… by Arthur Budaghyan Jul 17, 2026 Image US Profit Margins: How High Can They Go? The Goldilocks environment for US profit margins should start to sour next year. Contrary to conventional wisdom, AI could end up eroding margins for both producers and consumers of artificial intelli… by Peter Berezin Jul 9, 2026 Our Strategists Jonathan LaBerge Chief Strategist | Special Reports Jonathan helps institutional investors navigate complex macro environments through high-conviction thematic research. His work focuses on cross-asset analysis and identifying inflection points that...
Jonathan LaBerge Chief Strategist | Special Reports Jonathan helps institutional investors navigate complex macro environments through high-conviction thematic research. His work focuses on cross-asset analysis and identifying inflection points that...
