Valuations
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)
House Prices Have Decoupled…
Highlights Chart 1Spending Held Up In August
Spending Held Up In August…
Highlights An uptick in COVID-19 infections and squabbling on Capitol Hill are making investors newly uneasy, … : A rising 7-day moving average of new virus infections and falling probability of new fiscal aid weighed heavily on equities last week. ……
Highlights Global GDP growth estimates from the OECD point to a stronger recovery in oil demand than markets are pricing in at present (Chart of the Week). Our forecast for Brent remains at $46/bbl for 2H20 and $65/bbl on average for 2021. Global…
Highlights We present a thought experiment for the next eight years. 7000 constitutes a reasonable long-term target for the S&P 500. A doubling of the S&P 500 over the coming eight years is in line with the historical experience. Monetary policy…
Highlights Portfolio Strategy We opt to stay patient and refrain from deploying fresh capital especially in the tech sector in the near-term; a better entry point will likely materialize between now and the end of the year. The softening demand backdrop…
“Based on a broad set of indicators, it is hard not to see a certain amount of daylight between risky asset prices and economic prospects” – Claudio Borio, Head of Monetary and Economic Department, BIS, September 14, 2020 A pandemic, the resulting sharpest…
Dear Client, We will be working on our Fourth Quarter Strategy Outlook next week, which will be published on Tuesday, September 29th. We will also be hosting a webcast on Thursday, October 1st at 10:00 AM EDT (3:00 PM BST, 4:00 PM CEST, 10:00 PM HKT)…
Highlights If it can maintain production discipline over the next 2-3 years, OPEC 2.0 will be the oil market’s most important determinant of price levels for years. The massive increase in OPEC 2.0 spare capacity resulting from COVID-19-induced demand…
Highlights Overweighting the SIFI banks is our highest-conviction call, … : Our enthusiasm for the four banks deemed to be systemically important financial institutions is founded on the view that generous monetary and fiscal policy will lead to…