ポリシー

Poland’s inflation will stay elevated. And yet, its return to the European mainstream has improved its financial market outlook. Accordingly, we are recommending new trades on Polish equity, fixed income, and currency.

Mid-caps are the best of both worlds and are an excellent strategic overweight thanks to their size premium, but also better financial quality and higher dividend yield than Small. We are bullish on Mid near term and believe that this may be a great trade. We will initiate a position in the S&P 400 as a tactical overweight but will monitor it very closely.

President Biden is facing foreign challenges on three fronts and these challenges are coalescing around the critical states of the Midwest. Take risks off the table and stay defensive in 2024.

The soft-landing narrative has gotten nowhere at BCA but appears to be making some headway with broker-dealers and investors. We are preparing to lean against it once it pushes equity prices a little higher.