Dear Client, I will be on vacation next week. Instead of our regular report, we will be sending you a Special Report from my colleague Jonathan LaBerge. Jonathan will explore the risks posed to commercial real estate and the banking…
Highlights The decade-long US equity market outperformance versus the rest of the world could be nearing its end. We are upgrading EM stocks from underweight to neutral within a global equity portfolio. We reiterate the change in our…
Cyclical & Secular Underweight We remain underweight the S&P interactive media & services (IM&S) subgroup on both cyclical and secular (ten-year basis) time horizons as increasing regulation will likely deal…
Highlights Portfolio Strategy Receding interest in the coronavirus epidemic, rising demand prospects, a looming profit turnaround and compelling valuations, all signal that it no longer pays to be bearish the S&P hotels index.…
Feature The purpose of this Special Report is to identify and provoke a healthy debate on the prevailing investment themes for the 2020s and to speculate on what the key US sector beneficiaries and likely losers may be. Every decade a…
As 2019 draws to a close, we thank you for your ongoing readership and support. We wish you and your loved ones a happy holiday season and all the best for a healthy and prosperous 2020. Highlights We explore the principal risks to…
Late Friday night news broke that the DOJ was working on an antitrust investigation into Alphabet Inc., parent of GOOGL/GOOG, and on Monday, according to the Wall Street Journal, the “FTC got jurisdiction for a possible…
Underweight (High-Conviction) The last two weeks have seen earnings reports from the S&P interactive media & services index’s heavyweights Alphabet (the parent of Google) and Facebook and the prints were…