Listen to a short summary of this report.       Executive Summary Chinese Stocks Are Relatively Cheap  The Chinese economy faces a trifecta of economic woes: 1) The threat of renewed Covid lockdowns; 2)…

Listen to a short summary of this report.       Executive Summary Recession Checklist  US stocks were down almost 20% at their lowest point in May. Any lower and they would be pricing in recession.…

Executive Summary Selloffs across financial markets and evidence of decelerating growth have reminded us to play it close to the vest, but they haven't made us bearish. The stability of intermediate- and long-run inflation…

Executive Summary Equities Are Closer To Capitulation  The market appears to be moving away from concerns about inflation toward worries about slowing growth. The initial stage of the sell-off in risky assets, pricing in…

Executive Summary Credit Demand Collapsed  Business activity data from April showed a broad-based contraction in China’s economy. Credit growth tumbled as demand collapsed. Bank loan expansion slowed by the most in…

Listen to a short summary of this report.       Executive Summary Global Equities Are More Attractively Valued After The Recent Sell-Off  We tactically downgraded global equities in late February but see…

Special Report

Executive SummaryIn this report, we look at recent macroeconomic developments through the lens of the business cycle, inflation, and Treasury yield regimes to select winning sectors and styles.The US economy is currently in the slowdown…

Special Report

Executive Summary Rampant talk of a wage-price spiral is premature, ginned up by media reports about union organizing successes and union negotiators’ wins. Recent agreements negotiated by unions have not lit an inflationary…

Executive Summary Everything the banks see indicates that their household customers are in fantastic shape, with overstuffed checking accounts and unusually low outstanding credit card balances. Despite low confidence measures, they…

Listen to a short summary of this report.         Executive Summary Small Caps Are Looking Attractive Relative To Their Large Cap Peers  Adverse supply shocks have pushed down global growth this year…