Technology

To Infinity And Beyond…

Highlights Portfolio Strategy China’s monetary easing, the resilient US dollar, weak operating industry metrics and a looming margin squeeze all signal that an underweight stance is still warranted in the S&P chemicals index.    Lofty…

Overweight The latest MSFT report was very robust and surprised to the upside on nearly every metric, and helped push the S&P software index to uncharted territory. Nevertheless, we do not want to overstay our welcome and a number of yellow flags…

Highlights The liquidity-driven rally will soon be followed by an acceleration in global growth. The economic recovery will bump up expectations of long-term profit growth. The dollar has downside, but the euro will not benefit much. Overweight stocks…

Highlights Portfolio Strategy There are high odds that China’s real GDP deceleration will continue for the next decade, casting a shadow over the profit prospects of the S&P 1500 metals & mining index. A structural below benchmark allocation is…

Overweight The S&P software index has gone parabolic. SPX returns are extremely concentrated as we showed on Monday’s Weekly Report, with the S&P software & services GICS2 sector being responsible for 18% of the broad market’s gains since late-…

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 dominant theme…

Every decade a dominant theme captures investors’ imaginations and morphs into a bubble. Massive speculation typically propels the relevant asset class into the stratosphere as investors extrapolate the good times far into the future and go on a buying…

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 our optimistic 2020…