Special Report

We are overweight Private Credit. Improvements in yield, negotiating leverage, and structuring upside are major tailwinds over the coming years. The business cycle provides an attractive backdrop for all Private Credit sub-asset…

Special Report

We recommend investors to be cautious on Growth Equity and Late-Stage Venture Capital. The marginal dollar is currently best suited for Private Credit at the expense of Private Equity. Our next Special Report will examine why we…

We see a more positive backdrop for credit providers, with bilateral and structuring features as tailwinds for Private Credit. While there may be potential green shoots in some areas of Private Equity, current valuations are not…

Listen to a short summary of this report.       Executive Summary Tighter Financial Conditions May Affect Growth  It is still possible that equities can outperform bonds over the next 12 months, but the…

  Dear Client, The subject of cryptocurrencies elicits more emotion that any topic I can think of. As is true for the broader investment community, there is no unanimity of opinion among BCA strategists on the matter. This week, our…

Special Report

Highlights As investors’ hunt for yield continues, REITs emerge as an attractive asset class. Characterized by an attractive risk-adjusted return (comparable to public equities), and high dividend yields, REITs can add value to…

Special Report

Highlights Commodity markets will face growing supply challenges over the next decade as the US and China prepare for war, if only to deter war. Chinese President Xi Jinping's push for greater self-reliance at home and supply…

Highlights US labor-market disappointments notwithstanding, the global recovery being propelled by real GDP growth in the world's major economies is on track to be the strongest in 80 years. This growth will fuel commodity demand,…

Highlights China's high-profile jawboning draws attention to tightness in metals markets, and raises the odds the State Reserve Board (SRB) will release some of its massive copper and aluminum stockpiles in the near future. Over…