India’s credit impulse has turned negative. Government spending is contracting. The country’s growth will remain subdued; and both drivers of stock prices – profits and multiples – are headed lower at a time when equity valuations…

October seasonality tends to be negative for stocks in an election year. That is the only thing that has stayed our hand from shifting out of our tactical underweight on US equities, initiated – poorly – in July. But the big macro…

Our Portfolio Allocation Summary for October 2024.

The politically induced selloff in Mexican markets has gone too far. In our view, investor fears about the constitutional changes are largely unwarranted. These reforms will have little to no ramifications for the economy in the…

The market got excited by the 50 bps Fed cut and China stimulus. But these are a recognition that economies are slowing significantly. Stocks often rally after the first Fed cut, before falling sharply. Investors should stay…