Highlights Since the 1950s, the trends in margins and earnings growth have been one and the same: as profit margins decline, so does earnings growth. The decline in profit margins that began in early 2015 has gone on hiatus for the…

Special Report

Feature Chart I-1Corporate Leverage Situation##br## Has Continued To Improve  This week we are updating our China Industry Watch thematic chartpack to present a visual presentation of the changing situation in China's…

Highlights Nervousness and uncertainty abound within the investment community, but greed is overwhelming fear as the U.S. equity market breaks out and other stock markets test the upside. Technical conditions are stretched and a…

Highlights Portfolio Strategy Food price deflation bodes well for increased volumes, and by extension, packaging stocks. Upgrade to overweight. Prospects for intensifying market and economic volatility argue for reestablishing a…

Highlights Portfolio Strategy Pricing power has improved across a number of industries, with the exception of technology, a necessary development to sustain an overall profit recovery. The S&P railroads index has surged to the…

Highlights U.S. policy uncertainty has increased again early in the New Year. President Trump's inaugural speech highlighted that he has not tempered his "America First" policy prescription. The Trump/GOP agenda is still…

Highlights Portfolio Strategy Media stocks are poised to challenge previous relative performance highs as sales growth reaccelerates. Stay overweight. The materials sector has lagged behind the commodity price rally, a sign of…

Special Report

Feature China's corporate debt problem has been widely perceived as an alarming systemic risk - not only to China but also to the rest of the world. This has prompted a deep concern within the investment community, and has also…