Biotechnology

Overweight (Downgrade Alert) We have been overweight the S&P biotech index and adding alpha to our portfolio in the double digits since February 2019. While a few technology sectors and subsectors have come close to vaulting to fresh all-time highs in absolute terms, none other than the S…

Highlights Portfolio Strategy The Fed’s extremely easy monetary backdrop along with easy fiscal policy remain the dominant macro themes, and they will continue to underpin the equity market. We remain constructive on the equity market’s prospects on a cyclical 9-12 month time horizon. While…

Biotech Recovery…

Biotechs Gain Is...…

Highlights Portfolio Strategy The path of least resistance is higher for the broad equity market on the back of a reflationary impulse and a less dogmatic Fed. Now that the SPX forward EPS bar has been lowered to the ground, upward surprises loom, especially if the third catalyst we have been…

Highlights After rising for thousands of years, human intelligence has begun to decline in developed economies. This can be seen in falling IQ scores and a decline in math and science test scores. Environmental factors appear to account for the bulk of this decline, but no one knows what these…

After rising for thousands of years, human intelligence has begun to decline in developed economies. This can be seen in falling IQ scores and a decline in math and science test scores. Environmental factors appear to account for the bulk of this decline, but no one knows what these factors…

Highlights The long term direction for the pound is higher... ...but as the EU withdrawal bill passes through the U.K. parliament, expect a very hairy ride. The stock markets in Norway, Sweden and Denmark are driven by energy, industrials, and biotech respectively. Upgrade Sweden to neutral…