Investors should go long US treasuries and stay overweight defensive versus cyclical sectors, large caps versus small caps, and aerospace/defense stocks. Regionally we favor the US, India, Southeast Asia, and Latin America, while…
This week’s Global Investment Strategy report titled Fourth Quarter 2022 Strategy Outlook: A Three-Act Play discusses the outlook for the global economy and financial markets for the rest of 2022 and beyond.
S&P 500 Chart 1Macroeconomic Backdrop Chart 2Profitability Chart 3Valuations And Technicals Chart 4Uses Of Cash Cyclicals Vs Defensives Chart 5Macroeconomic Backdrop Chart…
Executive Summary Biden Taps China-Bashing Consensus House Speaker Nancy Pelosi’s visit to Taiwan reflects one of our emerging views in 2022: the Biden administration’s willingness to take foreign policy risks…
Executive Summary Small Do Poorly During The Slowdown Phase Small Caps are a more cyclical and high-octane version of Large Caps. Small underperforms Large during the slowdown stage of the business cycle. The yield curve…
Executive Summary Lower Rates Are A Tailwind For Growth Stocks We remain in the bearish camp. While the market bottom is getting closer, there are still hurdles to overcome such as elevated economic and earnings…
Executive Summary Ingredients For A Policy Mistake The hawks on the European Central Bank Governing Council have become vocal about a July rate hike. Such a move would be a policy mistake because European growth is weak,…
Listen to a short summary of this report. Executive Summary Small Caps Are Looking Attractive Relative To Their Large Cap Peers Adverse supply shocks have pushed down global growth this year…
Executive Summary Equities Are Still Attractive Versus Bonds Macroeconomic Outlook: Global growth will reaccelerate in the second half of this year provided a ceasefire in Ukraine is reached. Inflation will temporarily come…
Executive Summary Ebbing Stagflation Fear Will Prompt Rerating European inflation will rise further before peaking this summer. Core CPI will reach between 2.8% and 3.2% by year-end before receding. The combination of…