Highlights Portfolio Strategy A stable China, a depreciating U.S. dollar, rising commodity prices and sustained synchronized global growth signal that the industrials complex, especially the most cyclical part, remains on a solid…
Highlights Q4 earnings are beating raised expectations, and the bar for 2018 EPS is even higher. Housing, capex and a nudge from government spending are set to boost GDP in 2018. BCA's consumer spending model shows that economic…
Highlights U.S. equities 'melted up' in January as tax cuts made the robust growth/low inflation sweet spot even sweeter. Ominously, recent market action is beginning to resemble a classic late cycle blow-off phase. The…
Highlights Portfolio Strategy Relative sector index composition, the macro backdrop, relative operating metrics along with compelling valuations and washed out technicals suggest that a value over growth style bias is warranted.…
Highlights The Beige Book released on January 17 keeps the Fed on track to raise rates at least three times this year and highlights the impact of the tax bill on the economy. BCA's Big 5 Bank Lending Beige Book highlights several…
Highlights The consensus expects a 12% year-over-year increase in EPS in Q4 2017 versus Q4 2016, and 14% for 2018. The repercussions of the tax bill on operating conditions in 2018 will be a focus for corporate management teams and…
Highlights The November jobs report keeps the Fed on track. Despite rising government debt levels, crowding out is not a significant threat. Capex as a share of GDP rises the year before a tax cut and falls in the year after.…
Highlights Global credit markets have endured a surprising bit of turbulence over the past month. Credit spreads in a variety of markets, from U.S. High-Yield (HY) to Euro Area Investment Grade (IG) to Emerging Markets (EM) corporate…