Technology
An analysis on Ukraine is available below. Highlights A number of liquidity and technical reasons have led us to give benefit of the doubt to the bullish market action and chase this EM rally. We still doubt that the US-China trade truce alone…
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…
SPX Return In Perspective…
2020 High-Conviction Calls: S&P Semi Equipment…
Highlights Portfolio Strategy Interest rates are one of the most important macro drivers of overall equity returns via valuations. BCA’s view of a selloff in the bond market is a key factor underpinning most of our 2020 high-conviction calls. A 50bps to…
Highlights Building on a previous special report focused on the investable market, in this report we construct and present models designed to predict the odds of Chinese domestic equity sector outperformance. BCA Research's China Investment Strategy…
Underweight We reiterate our recent downgrade in the S&P semi equipment index to underweight. Our previous mid-year attempt to fight this rally in chip equipment stocks fell short, but thankfully our prudent risk management metric limited our losses.…
Neutral (Downgrade Alert) Tech stocks have been on a tear with the sector besting the SPX by over 40% since 2015. While such a breakneck pace is unsustainable, what is missing from this outperformance is relative forward earnings participation. Specifically…
Disconnected…
Lost Signal…