Chart 1 The S&P Media & Entertainment (M&E) index remains under fire due to its exposure to high beta names like GOOG(L), NFLX, FB, and DIS. These four companies dominate the industry group, comprising nearly 80% of…
Highlights The current burst of inflation in developed economies is due to a (negative) supply shock rather than a (positive) demand shock. Consumer complaints of “poor buying conditions” mean that higher prices will cause…
Overweight The S&P movies & entertainment index has been on a tear recently likely due to receding fiscal uncertainty and the normalization process in the economy (third panel). This niche communication services sub-…
Overweight The S&P movies & entertainment industry has sprung to life on the back of encouraging DIS news. In more detail, Disney’s price hike for the Disney+ service along with exponential subscription growth…
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…