US Equity Markets & Positioning
Connect macro, fundamental, and quantitative signals to equity positioning across US sectors, factors, themes, and baskets.
Sector Chartpack: Tech Rebounds, Bonds Under Pressure
Strong second quarter earnings suggest that the AI story is intact. Buoyed in part by this strength, tech stocks have recoupled with healthy fundamentals after a late-July swoon, posting solid August…
Risks To The Epic Rally In Defense Stocks
US aerospace and defense stocks still have a structural tailwind from geopolitics, but face rising cyclical challenges from macro and market fundamentals, as well as eventual Iran and Ukraine ceasefir…
Sector Chartpack: Strong Earnings, Bond Market Remains the Key Risk
Q2 earnings confirm broad-based strength, but the bond market remains the key risk to equity multiples given today's positive stock/bond correlation regime. We close our tactical GDX long for a 16% ga…
Goldminers, Hyperscalers, And Japan
In this report, we explore opportunities in goldminer equities, AI infrastructure monetization, and Japan's tactical outperformance window.
A Time To Build, A Time To Tear Down: Who Is Creating Value In The AI Capex Boom And Who Is Destroying It?
AI demand remains strong, but the capex boom is creating a growing divide within Tech. Hyperscalers combine superior margins, capital efficiency and financing capacity with multiple paths to monetize…
Digging For Quality: The Case For Goldminers
Gold and goldminers have corrected 25% from January highs. With our commodity team bullish gold, we are getting long GDX. Goldminers offer a gold-linked hedge against macro outcomes that would likely…
