MRB News

MRB on CNBC – June 1, 2019

Salvatore Ruscitti, U.S. equity strategist at MRB Partners, notes investors should remain cautious on semiconductors given their high exposure to China.

“Chip stocks will remain vulnerable until U.S./China trade negotiations improve. We recommend staying on the sidelines with a neutral stance,” he wrote in a note Thursday. “A further significant escalation in the U.S./China trade dispute that restricts access to the fast-growing Chinese market would represent a significant threat to the longer-term prospects of the semiconductor industry and warrant a downgrade of the sub-group to underweight.”

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MRB on CNBC – May 16, 2019

“The recent flare-up in U.S./China trade tensions is a near-term negative for equities,” said Salvatore Ruscitti, equity strategist at MRB Partners, in a note. But “assuming the U.S. and China eventually reach a trade deal within the next few months, the weakness in equities should be temporary, and stock prices should move higher on a 6-12 month horizon.”

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MRB Chart Of The Week: U.S. Equities: Superior Profits, But Relatively Expensive – April 15, 2019

Last Friday’s MRB Macro Strategy Report “Still Climbing The Wall Of Worry: Part V” addressed a number of the key topical investment issues, including a version of the “do great companies make great stocks?”. While U.S. stocks have outperformed in recent years and offer many compelling attributes (superior economic growth, more favorable sector composition, and better profitability), they do not offer good value when measured against comparative profitability. In other words, the U.S. is now comparatively expensive even adjusted for its superior profitability, with several key sectors trading at or near all-time relative valuation premiums. These premiums would be difficult to sustain if the relative earnings trend shifts away from the U.S. as global growth momentum firms anew, which is our base-case scenario. On a 6-12 month horizon, we recommend a mild underweight in U.S. equities, with select overweights in the EM, euro area and Japanese markets.

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MRB on Expresso Portugal – March 16, 2019

Monetary policy is rendered somewhat impotent in economies that are deleveraging. This is because the supply and demand for credit are being influenced by something other than merely the cost of capital. Monetary policy can help slow deleveraging drags, but fiscal stimulus is often necessary to providing an offset and encourage a sustained economic expansion. This has been lacking in the euro area, which is why economic growth is subdued and prone to downside risks. A great deal of progress has been made in terms of balance sheet repair which makes the region more resilient than earlier this decade and more so than investors expect. Nonetheless, a fiscal offset would be helpful, at least until the deleveraging cycle runs its course.

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MRB on CNBC – March 8, 2019

“A pullback in risk assets was needed, but underlying technical and fundamental conditions are positive,” Peter Perkins, partner at MRB Partners, wrote in a note to clients. “The global growth outlook remains mixed, but there are signs that economic growth momentum in China and the euro area is bottoming, while the U.S. economy continues to chug along at a moderately above-potential pace.”

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Taking A Look At The Long Term – March 6, 2019

After the wild ride in global financial markets over the past several months, there is considerable uncertainty about prospects going forward. Such sentiment has been the case for much of the current decade, because the environment has been unusual on so many fronts – economic, policy and market trends. Lacking a roadmap, most investors’ time horizons seem to have shrunk to the very short term, reflecting a low conviction in how the future may unfold.

Last week’s MRB Absolute Return Strategy “The High-Conviction Multi-Year Portfolio” updated the MRB TradeBook, and modified a number of positions. It also examined the outlook beyond the current cycle, and how it might unfold based on developing trends and themes that we have identified. The main conclusion was that the next global recession would likely witness a major reset of investor expectations and kickstart several multi-year asset price trends. To this end, the report provided a number of multi-year recommendations, several of which can either be acted upon now, or at least gradually augmented in the coming year or two.

BCI Global Investment Conference , South Africa – May 15-16 2018

MRB is participating in the BCI Global Investment Conference in Stellenbosch, South Africa on 15th and 16th May 2018. Peter Perkins will be speaking on the independent research panel on the second day of the event.

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Global Independent Research Conference, London – March 1, 2018

Global Independent Research Conference

MRB is participating in the fourth Global Independent Research Conference in London on Thursday 1st March 2018. Peter Perkins will be speaking on the Global Macro panel and Adam Wolfe will take part in the Emerging Markets panel.

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We Have Moved To A New MRB-London Office

The MRB London office has moved to 39 Houndsditch, 4th Floor, London EC3A 7DB. Please note our phone number has changed to +44 20 3667 2160.

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