Special Report

Your feedback is important to us. Please take our client survey today. Feature Feature ChartHouse Prices Have Decoupled From Rents Again (And It Didn't End Happily Last Time)  Real estate is the world’s most important asset…

Underweight   We remain bearish on the prospects of the S&P real estate sector as the pandemic will continue to severely bruise REITs. Already, YTD relative share prices are down 10%, and were it not for the tech/…

Special Report

Highlights Several malls are likely to fail in 2020 and 2021, but the overall economy will emerge unscathed … : Although lenders will recover a good bit less than par and equity holders will be wiped out, the losses will not…

Special Report

Dear Client, I am on vacation this week. Instead of our regular report, we are sending you a Special Report from my colleague Jonathan LaBerge. Jonathan explores the risks posed to commercial real estate and the banking system from work…

Dear clients, The Foreign Exchange Strategy will take a summer break next week. We will resume our publication on September 4th. Best regards, Chester Ntonifor, Vice President Foreign Exchange Strategy Feature The economy of Hong…

Special Report

Highlights COVID-19 shutdowns have intensified the pressure on the original “everything stores,” … : A combination of factors has been weighing on department stores since at least the early 2000s. Pandemic store…

Special Report

Highlights Even after the COVID-19 pandemic is over, likely within 18 months, many behavioral changes that were forced on society by social distancing will remain. Individuals who have gotten used to working from home, shopping online…

Special Report

Highlights The housing market is tight, but not undersupplied, as the construction of new homes has kept up with the pace of household formation. Demand for homes should remain well supported as household formation has room to…