Industrials

Executive Summary Non-Commodity Enterprises: No Profit Expansion For 12 Years Flat Profits For Non-Commodity Enterprises…

Executive Summary Iran Reaches Nuclear Breakout Biden And Putin Court The Middle East…

Executive Summary Analysts Have Little Confidence In Their Forecasts Analysts Have Little Confidence In Their Forecasts…

Executive Summary There has never been a modern era recession or sharp slowdown in which the oil price did not collapse. In a recession, the massive destruction of oil demand always overwhelms a tight supply. Across the last six recessions, the median collapse in the oil price was -60 percent…

In this week’s report “Adaptive Expectations: Revisiting Our Views”, we concluded that the S&P 500 is unlikely to find a bottom until inflation turns and monetary conditions stabilize, and US equities will follow a “fat and down” trajectory. We recommended that investors should overweight…

Executive Summary Structural Tailwinds For The Franc Structural Tailwinds For The Franc…

Executive Summary Structural Tailwinds For The Franc Structural Tailwinds For The Franc…

Executive Summary ECB & Inflation: Whatever It Takes? Pricey Industrials…

Executive Summary Allies Still Have Faith In USD Allies Still Have Faith In USD…

The US economy is in the midst of an economic growth slowdown, exacerbated by the nascent monetary tightening cycle, a war in Ukraine, and COVID-19 lockdowns in China. To protect our portfolio against the negative economic backdrop, we have been gradually shifting exposure away from cyclicals and…