Consumer Discretionary
Highlights Portfolio Strategy China’s ongoing reflation trifecta, rising commodity prices, a back-half of the year global growth recovery, favorable balance sheet metrics and neutral valuations and technicals all signal that the cyclical vs. defensive outperformance phase has more running room…
Consumer Discretionary Stocks Are Too Expensive…
Consumer Discretionary Stocks Are Too Expensive…
Optimism Is Rising For Home Builders…
U.S. Housing Update
U.S.…
Underweight The S&P hotels, resorts and cruise lines index has been trading sideways for the last several months. Weakness in the cruise lines half of the index has been offset by relative outperformance by hotels, specifically Hilton, who released better than expected Q4 results…
Dear Client, I am travelling this week so this report is a joint effort juxtaposing two contrasting observations about France. The ‘opulence’ part highlights France as the world’s dominant producer of luxury goods, and makes the case that some of the French luxury goods companies should form a…
Auto Components: Aiming For Pole Position…
CHART 7
CHART 7…
Highlights Portfolio Strategy While equities will likely be higher in the coming 9-12 months, we would refrain from committing fresh capital to the market at this juncture. A better entry point lies ahead. Tactically, this market needs a breather to digest the V-shaped formation since last…