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Why will Chinese consumer spending recover but not its industrial sectors? Will China's reopening boost the global business cycle and inflation? How fast will US core inflation fall and what are the implications for corporate profits? Are global equities pricing in enough bad news/profit contraction?

The BCA Score's safety tilt pays off in a turbulent year. USHQ outperformed the SPY in December and USHQ SMID performed inline with its MSCI US SMID Cap benchmark.

This week we present our Portfolio Allocation Summary for January 2023.

This digest version of our Special Report contains its conclusion along with a high-level review of how we reached it. It is structured identically to the full document, but with less than half the word count, so a reader can swiftly absorb the punch line while easily moving between the versions to zoom in on the details most relevant to his/her process.

Today we are publishing a charts-only report focused on the key macroeconomic data as well as each GICS1 S&P 500 sector. Many of the charts are self-explanatory; to some we have added a short commentary. The charts cover macro, valuations, fundamentals, technicals, and the uses of cash. Our goal is to equip you with all the data you need to make investment decisions in these sectors.

Los trabajadores tienen un viento cíclico a favor mientras la demanda de mano de obra supera la oferta, pero una espiral salarios-precios no es más que una posibilidad remota. El trasfondo estructural se ha vuelto significativamente en su contra desde la última oleada de alta inflación hace más de 40 años y ya no son formadores de precios.