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asset-allocation
Webcast – The Center Will Hold – (11min:49sec) – September 11, 2024
Webcasts & Webinars ·
In this week’s Webcast, Peter Perkins discusses the investment outlook and the implications for asset allocation on a 6-12 month horizon.
Asset Allocation Strategy – Powell Signals Green Light For Risk – September 6, 2024
· Asset Allocation ·
Equity markets have been in a sour mood this week, but the U.S. economic expansion will continue and the looming start of a Fed interest rate cutting cycle reinforces a pro-risk investment climate that is set to prevail on a 6-12 month horizon.
Weekly Macro Strategy – Hard Versus Soft Data – August 30, 2024
· Weekly Macro Strategy ·
Equity and credit markets will remain well supported with DM central banks lowering rates and corporate earnings continuing to trend higher.
Weekly Macro Strategy – When The Dust Settles – August 9, 2024
· Weekly Macro Strategy ·
The near-run financial market outlook is clouded by the abrupt souring in investor sentiment related to increased bearishness on the U.S. economic outlook.
Asset Allocation Strategy – Reversals Of Fortune – July 26, 2024
· Asset Allocation ·
What had looked likely to be a quiet balance of the summer has given way to new uncertainties in the forms of recent selling pressure among technology/A.I. stocks and the withdrawal of President Biden from the election this November.
Webcast – Summer Grind – (10min:16sec) – July 10, 2024
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the outlook for capital markets over the next 6-12 months and MRB’s recommended asset allocation.
Asset Allocation Strategy – The Dog That Didn’t Bark – July 5, 2024
· Asset Allocation ·
The U.S. economy is downshifting from its prior brisk pace, but forecasts of an impending period of outright weakness or even recession are misplaced.
Weekly Macro Strategy – (Finally) A Low-Side U.S. CPI Print, But Its Only A Temporary Reprieve – June 14, 2024
· Weekly Macro Strategy ·
This week’s low-side U.S. CPI report followed high-side prints earlier this year, and is not indicative of the underlying trend. The latter is “sticky” and set to hold well above 2% in the coming year.
Asset Allocation Strategy – The End Is Not Nigh – June 7, 2024
· Asset Allocation ·
While the catalyst for an end of the economic expansion is not yet in place, the investment landscape is likely to be choppy over the next 6-12 months…
Long-Term Returns – A Reckoning Is Inevitable – May 30, 2024
Absolute Return · · Asset Allocation ·
Past performance is no guarantee of future returns. This old saw is especially relevant as the macro drivers of strong capital market returns over most of the past 40 years no longer pertain.
Webcast – The Economy, Not The Fed Will Drive Markets – (13min:02sec) – May 7, 2024
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the investment outlook for the next 6-12 months and appropriate asset allocation strategy.
Asset Allocation Strategy – Don’t Bank On Fed Rate Cuts – May 3, 2024
· Asset Allocation ·
Swings in expected interest rate cuts by the Federal Reserve continue to drive global capital market performance.
Weekly Macro Strategy – Buckle Up: The Backdrop Will Be Challenging – April 26, 2024
· Weekly Macro Strategy ·
Remain underweight bonds within a multi-asset portfolio. Monetary conditions are not yet restrictive, as is evident by firming global growth.
Video – Secular Stagnation: A Disastrous Assumption – (16min:15sec) – April 16, 2024
Webcasts & Webinars ·
One of the most damaging assumptions ever made by policymakers, especially the Federal Reserve, as well as the broader investment community, was that the world fell into Secular Stagnation in the 2010s.
Weekly Macro Strategy – Maybe 5%, Not 4%, Is The New 2% – April 12, 2024
· Weekly Macro Strategy ·
A still robust U.S. economy and an improving global economic backdrop are positive for corporate profits and the global stock/bond ratio.
Webcast – Lots Of Good News, Much Is Discounted – (13min:30sec) – April 9, 2024
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the investment outlook for the next 6-12 months and the implications for global asset allocation.
Asset Allocation Strategy – A Spike For The Punchbowl? – April 5, 2024
· Asset Allocation ·
The Fed appears committed to cutting interest rates in the months ahead, despite a U.S. economy that is operating and growing above potential…
Regional Equities – Market Broadening Will Continue – March 28, 2024
· Equities ·
The latest dovish rhetoric from the Fed is a “green light” for risk taking and will support global equities in the near run, especially since global growth momentum is improving.
Weekly Macro Strategy – A Long-Run Tailwind For Treasury Yields – March 28, 2024
· Weekly Macro Strategy ·
Signs of froth have emerged, but risk-on should persist until the next sustained rise in DM government bond yields develops, which we do not expect in the coming months.
Webinar – Global Asset Allocation: How Long Can Easy Money Last? – (69min:44sec) – March 27, 2024
Webcasts & Webinars ·
In today’s Webinar, global strategist Peter Perkins discusses the investment outlook for the next 6-12 months and MRB’s recommended asset allocation recommendations.
Weekly Macro Strategy – The Free Money Era Is Officially Over – March 22, 2024
· Weekly Macro Strategy ·
Further near-run upside is probable in risk asset markets.
Weekly Macro Strategy – The Rate-Cutting Window Closes Another Notch – March 15, 2024
· Weekly Macro Strategy ·
Ongoing U.S. economic strength and an improving global economic outlook warn against complacency on the inflation outlook.
Equities – U.S. Tech Stocks: Size Matters – March 14, 2024
· Equities ·
Today’s U.S. tech stocks may or may not be in a bubble, but it will be increasingly difficult to outperform given their huge size…
Asset Allocation Strategy – Money May Not Be Cheap, But It Is Easy – March 1, 2024
· Asset Allocation ·
Capital markets have moved to the rhythm of the Federal Reserve over the past two years…
U.S. Equities – Exceptionalism Is Fully Discounted – February 22, 2024
· Equities ·
Add to Favorite Reports U.S. equities have rallied strongly over the past four months, climbing to a… Continue
Asset Allocation Strategy – Sugar High – February 2, 2024
· Asset Allocation ·
Capital market pricing is consistent with an ideal future, comprising a sustained period of healthy economic growth, falling and sustained low inflation…
Fixed Income – U.S. High-Yield Corporate Debt: Still Some Juice Left – January 16, 2024
· Fixed Income ·
As is the case in most cycles, the economy, rather than a maturity wall or refinancing risk, will be the crucial driver of U.S. high-yield (HY) corporate bond performance in 2024.
Asset Allocation Strategy – Investors Are Out Over Their Skis – January 5, 2024
· Asset Allocation ·
After their big year-end run-up, capital markets are priced for a near-perfect economic and inflation outcome.
Weekly Macro Strategy – 2024: More Pivots Ahead – December 22, 2023
· Weekly Macro Strategy ·
The risk-on phase is stretched and due for a pause. However, a return to risk-off is unlikely until bond yields resume rising, which is still some ways off.
2024 Regional Equities Outlook – Banking On Better Breadth – December 21, 2023
· Equities ·
Our constructive economic outlook points to a period of catch-up for this year’s laggards, although it will likely take time to develop.
Webinar – Best Ideas For 2024 – (49min:45sec) – December 20, 2023
Webcasts & Webinars ·
MRB’s senior research team provided a series of high-conviction and non-consensus ideas for setting investment strategy in 2024.
2024 Asset Allocation Outlook – A Maturing Cycle, But The End Is Not Yet Nigh – December 1, 2023
· Asset Allocation ·
A global or U.S. recession is not yet in the cards for 2024, although the lifespan of the economic expansion is inevitably shortening.
Weekly Macro Strategy – Wishful Thinking – November 24, 2023
· Weekly Macro Strategy ·
The risk-on phase should persist in the near run, supported by the easing in DM government bond yields, hopes for lower policy rates in 2024 and ongoing uptrend in corporate earnings.
Weekly Macro Strategy – More Of The Same – November 17, 2023
· Weekly Macro Strategy ·
The benign near-run inflation outlook may help to sustain the consensus market view that the rate-hiking cycle is over.
Webcast – A Higher Real Rate-Bar To Hurdle – (13min:27sec) – November 15, 2023
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the long-term outlook for capital markets, portfolio returns and appropriate asset allocations implications.
Long-Term Returns – Higher-For-Longer Rates = Lower Long-Term Returns – November 14, 2023
Absolute Return · · Asset Allocation ·
The outlook for a global balanced portfolio over the next 10 years is unimpressive by the standards of recent decades, reflecting the permanent end of the era of low and/or falling interest rates.
Weekly Macro Strategy – The Wolf Always Eventually Arrives, But Not Yet – November 10, 2023
· Weekly Macro Strategy ·
We are buyers of bonds on weakness and sellers of equities on strength, as the investment cycle is into the late stages.
Webcast – A Late-Stage Market Calming – (12min:51sec) – November 8, 2023
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the outlook for capital markets and the implications for investment strategy and asset allocation over the next 6-12 months.
Asset Allocation Strategy – A Reprieve Before The Endgame – November 3, 2023
· Asset Allocation ·
The near-run backdrop has improved as developed market bonds have calmed after a vicious sell off on hopes that easier monetary policy looms in 2024.
Weekly Macro Strategy – Bullish And Bearish Wild Cards – October 27, 2023
· Weekly Macro Strategy ·
Developments in the Middle East may yet provide support to the bond market if it were to backlash onto the global economy…
Webinar – The Timeline Is Shortening – (67min:04sec) – October 25, 2023
Webcasts & Webinars ·
In today’s Webinar, global strategist Peter Perkins discusses the investment outlook for the next 6-12 months and MRB’s recommended asset allocation recommendations.
Weekly Macro Strategy – Greater Uncertainty, But The World Economy Remains Resilient – October 20, 2023
· Weekly Macro Strategy ·
The near run is fraught with uncertainty given geopolitical events, although our judgement at this time is that the global economic expansion should roll on.
Webcast – Geopolitics Adds Another Risk To Markets – (10min:17sec) – October 11, 2023
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the investment outlook for the next 6-12 months and MRB’s recommended asset allocation recommendations.
Asset Allocation Strategy – The Timeline Is Shortening – October 6, 2023
· Asset Allocation ·
The investment and economic cycles are at risk of expiring unless global bond markets soon calm.
Mexico – Deglobalization And The Peso: Fact Versus Fiction – October 3, 2023
· Emerging Markets ·
Shifts in global supply chains have been one of the main characteristics of the current era of multipolarity and deglobalization.
Weekly Macro Strategy – Rising Bond Yields Versus Wider Cracks In The Weak Links – September 29, 2023
· Weekly Macro Strategy ·
We remain bond-bearish with risk asset markets on downgrade alert.
Regional Equities – Options For De-Risking From The Heavyweight U.S. – September 28, 2023
· Equities ·
Regional equity positioning is complicated by the outsized weight of the U.S. in the global equity benchmark…
Weekly Macro Strategy – The World Changed, But Central Banks Have Not (So Far) – September 22, 2023
· Weekly Macro Strategy ·
Early signs that DM headline inflation is leveling off well above 2% are ominous.
Weekly Macro Strategy – A Bump On The “Road Toward 2%” – September 15, 2023
· Weekly Macro Strategy ·
Continue to favor stocks over bonds, although the upside for global equities should be modest if bond yields undergo another meaningful upleg as we expect.
Webcast – The Bond Bear Market Is Intact – (10min:53sec) – September 12, 2023
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the outlook for capital markets over the next 6-12 months and MRB’s recommended asset allocation.
Asset Allocation Strategy – Don’t Yield To Bond Temptation – September 8, 2023
· Asset Allocation ·
Many investors are tempted to buy bonds on the prospect of the Fed et al nearing the end of the monetary tightening cycle and cutting interest rates down the road.
Weekly Macro Strategy – Not Lethal, But Some Tiny Cracks – September 1, 2023
· Weekly Macro Strategy ·
Bond yields may stay capped for a while as a consequence of ongoing disinflation and cautious central banks.
Weekly Macro Strategy – Approaching Some Important Inflection Points – August 18, 2023
· Weekly Macro Strategy ·
The risk-on phase since October will end if DM government bond yields decisively break out to new cyclical highs.
Weekly Macro Strategy – From Re-Rating Back To De-Rating? – August 11, 2023
· Weekly Macro Strategy ·
The rebound in U.S. layoffs has completely reversed, underscoring that the economic expansion will roll on, and sustain the historically very tight labor market.
Asset Allocation Strategy – Bonds Threaten Goldilocks – August 4, 2023
· Asset Allocation ·
The market has embraced the Goldilocks scenario of sturdy global growth, declining inflation and central bank interest rate cuts beginning in 2024.
Webcast – EM Debt: Solid Growth And Rate Cuts Sustain Outperformance – (8min:52sec) – August 2, 2023
Webcasts & Webinars ·
In this week’s Webcast, Amr Abdel Khalek discusses the outlook for emerging market government bonds.
Weekly Macro Strategy – The U.S. Consumer Recession Has Been Deferred, Yet Again – July 28, 2023
· Weekly Macro Strategy ·
In the near run, the combination of economic resilience and disinflation will support risk assets, and we remain positioned accordingly, with tight stops.
Emerging Markets Fixed Income – The Stars Align For EM Local-Currency Debt – July 27, 2023
· Emerging Markets · Fixed Income ·
Emerging market (EM) growth will accelerate over the next 6-12 months, driven primarily by EM Asia.
Theme – Mania Profiling: Framework & Outlook – July 26, 2023
· Themes ·
This MRB Theme Report outlines MRB’s framework for asset manias or bubbles and compares the current macro backdrop with factors that have traditionally led to manic episodes.
Weekly Macro Strategy – Yet Another (Short-Term) Reprieve – July 14, 2023
· Weekly Macro Strategy ·
We remain positioned for a tactical risk-on phase, albeit with tight stops.
Webcast – On Bond Watch – (11min:36sec) – July 11, 2023
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the outlook for capital markets and MRB’s recommended asset allocation for the next 6-12 months.
Asset Allocation Strategy – The Implausible Trinity – July 7, 2023
· Asset Allocation ·
Until this week, investors had been in an upbeat mood about the capital markets outlook, betting on an “implausible trinity”
Weekly Macro Strategy – Betwixt And Between – June 30, 2023
· Weekly Macro Strategy ·
The crosscurrents of resilient global economic activity yet easing DM headline inflation imply trading ranges in most asset markets…
Weekly Macro Strategy – Not Following The Script – June 23, 2023
· Weekly Macro Strategy ·
The global economic backdrop, particularly the strength in hiring intentions in the major economies…
Weekly Macro Strategy – The Punch Bowl Is Still In Place – June 16, 2023
· Weekly Macro Strategy ·
Capital market conditions are likely to remain benign in the near term, thereby supporting positive momentum in global equities and credit.
Weekly Macro Strategy – Skip The Pause – June 9, 2023
· Weekly Macro Strategy ·
The calming in bond markets since late-2022 and expectations of lower DM central bank policy rates down the road are starting to unravel in view of this week’s actions by the RBA and BoC.
Webcast – Long-Term Returns: An Uphill Battle – (12min:36sec) – June 6, 2023
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the outlook for capital market returns over the next decade and implication for structural allocations.
Asset Allocation Strategy – Mixed Signals = Overweight On Cash – June 2, 2023
Asset Allocation ·
Markets are providing decidedly mixed signals about the economic outlook, highlighting investor uncertainty.
Long-Term Returns – Prospective Returns: Prior Tailwinds Are Now Headwinds – May 30, 2023
Absolute Return · · Asset Allocation ·
Real returns on balanced portfolios of global equities and G7 government bonds will be lower over the next 10 years than in recent decades.
Weekly Macro Strategy – Boom Or Bust, Or Both? – May 26, 2023
Weekly Macro Strategy ·
We continue to bet against a global recession, and do not expect DM policy rate cuts later this year.
Weekly Macro Strategy – It Isn’t Over – May 19, 2023
· Weekly Macro Strategy ·
The choppy tactical risk-on phase should persist over the summer.
Webcast – Focused On Selective Opportunities – (11min:46sec) – May 10, 2023
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the outlook for capital markets over the next 6-12 months and MRB’s recommended asset allocation.
Asset Allocation Strategy – Coping With Crosscurrents – May 5, 2023
· Asset Allocation ·
The investment outlook is complicated by fundamental crosscurrents. U.S. recession fears linger, but hard data are consistent with a resilient rather than faltering economy.
Weekly Macro Strategy – Recession Angst Persists, But Is Still Premature – April 28, 2023
· Weekly Macro Strategy ·
We remain positioned for risk-on from a tactical perspective. However, the rate-hiking cycle is not on the verge of reversing, in sharp contrast with forward rate expectations.
Webinar – Investing In EM: China? India? Or Neither? – (59min:17sec) – April 26, 2023
Webcasts & Webinars ·
Today’s MRB Webinar featured Mehran Nakhjavani and Amr Abdel Khalek discussing the outlook for EM investing.
Weekly Macro Strategy – U.S. Economic Prospects Dim, While The Euro Area And China Improve – April 21, 2023
· Weekly Macro Strategy ·
The calming in government bond markets will allow the choppy risk-on phase to grind ahead.
Absolute Return Strategy – Extending A Late-Cycle Expansion – April 18, 2023
Absolute Return · ·
Central banks are pausing from their rate-hiking cycles well before sending their economies into recession, providing a reprieve and helping to extend the expansion.
Weekly Macro Strategy – Another Reprieve – April 14, 2023
· Weekly Macro Strategy ·
Last month’s mini-panic is unwinding, to the benefit of risk assets.
Webcast – Rate-Cut Optimism Is Excessive – (10min:58sec) – April 12, 2023
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the key drivers of capital markets in the year ahead and MRB’s recommended asset allocation.
Asset Allocation Strategy – Don’t Count On A Friendly Fed – April 6, 2023
· Asset Allocation ·
Global equities, G7 government bonds, global corporate bonds and even cryptocurrencies have posted healthy gains over the past month, despite the banking sector panic that erupted beginning with the closing of Silicon Valley Bank on March 9.
Regional Equities – Late-Cycle Positioning – March 30, 2023
· Equities ·
Equity prices have been under pressure in recent weeks, but we expect the banking sector stresses to soon die down and for the global economic expansion to continue at a moderate pace.
Weekly Macro Strategy – More Bumps On The Road To The Finish Line – March 24, 2023
· Weekly Macro Strategy ·
Fragile sentiment relating to banks may linger for a while longer, but DM regulators will ultimately do whatever it takes to restore confidence in their banking systems…
Weekly Macro Strategy – A Widening Gap: Deleveraged Versus Weak Link Economies – March 10, 2023
· Weekly Macro Strategy ·
The risk-on phase seems likely to persist for as long as DM long-term bond markets are relatively calm, because recently only the short-end of the curve has reacted to rising policy rate expectations.
Webcast – Fed Whipsaw – (11min:07sec) – March 8, 2023
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the outlook for capital markets over the next 6-12 months and MRB’s recommended asset allocation.
Asset Allocation Strategy – Bonds Hold The Whip Hand – March 3, 2023
· Asset Allocation ·
The global economy may be firming, but good economic news is now bad news for bonds, and in turn, risk assets.
Weekly Macro Strategy – Service Sectors Gain Momentum, Bond Yields Are Next – February 24, 2023
· Weekly Macro Strategy ·
The global economic outlook has brightened: service sector activity is strengthening, especially in the euro area and Asia.
Webcast – Equity Dilemma: Stronger Economy Vs Higher Bond Yields – (10min:05sec) – February 22, 2023
Webcasts & Webinars ·
In this Webcast Phillip Colmar focuses on the major macro forces driving equities and bonds and narrows in on the current outlook for investment strategy.
Weekly Macro Strategy – Markets Are Still Betting On 2% Inflation – February 17, 2023
· Weekly Macro Strategy ·
The tactical risk-on phase should persist until DM government bond yields break out on the upside.
Equities – Global Trade Is Key To The Earnings Outlook – February 16, 2023
· Equities ·
There remains considerable uncertainty about the economic outlook, but we have been and remain more constructive than the consensus…
Weekly Macro Strategy – Does The Fed Really, Really Mean It? – February 10, 2023
· Weekly Macro Strategy ·
Global growth will improve, particularly in the euro area and Asia.
Webcast – Heed Cyclical Realities – (11min:53sec) – February 7, 2023
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the investment outlook and MRB’s asset allocation recommendations for the next 6-12 months.
Asset Allocation Strategy – Risk-On, But It’s Late, Not Early Cycle – February 3, 2023
· Asset Allocation ·
From 30,000 feet the investment landscape appears appealing.
Webcast – Euro Area Relative Earnings Have Tailwinds – (10min:18sec) – January 25, 2023
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins examines euro area corporate profits to help gauge the sustainability of recent euro area equity strength and global outperformance.
Weekly Macro Strategy – Enjoy It While It Lasts – January 13, 2023
· Weekly Macro Strategy ·
The recent tactical risk-on phase should persist in the first part of 2023.
Webcast – Don’t Worry, Be Happy? At Least For Now – (11min:23sec) – January 11, 2023
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses MRB’s asset allocation recommendations and the outlook for investment strategy.
Asset Allocation Strategy – Navigating An Unusual Cycle – January 6, 2023
· Asset Allocation ·
The economic, policy and capital markets landscape remains unusual by any historical standard, thereby complicating investment strategy.
Webcast – Investment Strategy For 2023 – (9min:20sec) – January 3, 2023
Webcasts & Webinars ·
In this Webcast Phillip Colmar focuses on the key portfolio tilts that we recommend in 2023.
Weekly Macro Strategy – Losing The Last Global Bond Yield Anchor – December 23, 2022
· Weekly Macro Strategy ·
Keep tight stops on risk-on positions, as DM government bond markets have become less supportive of late.
Webinar – Best Ideas For 2023 – (77min:03sec) – December 14, 2022
Webcasts & Webinars ·
MRB’s senior research team provide a series of high-conviction and non-consensus ideas for setting investment strategy in 2023.
Weekly Macro Strategy – Bond Bulls Are Doubling Down Again – December 9, 2022
· Weekly Macro Strategy ·
The risk-on phase will persist in the near run, aided by a decline in headline inflation and the pause in the cyclical uptrend in DM government bond yields.
2023 Asset Allocation Outlook: Better Valuations, But Another Tough Year – December 2, 2022
· Asset Allocation ·
The key drivers of global capital markets in the first-half of the year ahead will be slow/slowing economic growth…
Webcast – Long-Term Returns: Patience And Realism Required – (12min:48sec) – November 22, 2022
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the long-term outlook for capital market returns and the implications for strategic asset allocation over the next decade.
Charts – Monitoring The Weak Links – November 22, 2022
· Economics & Policy ·
A core area of our research over the past several years has been on what we term global “weak links”.
Weekly Macro Strategy – A Soggy U.S. Dollar Helps – November 18, 2022
· Weekly Macro Strategy ·
The risk-on phase should persist in the near run, with the caveat being that government bond markets stay calm;
Long-Term Returns – Setting Realistic Expectations – November 17, 2022
Absolute Return · · Asset Allocation ·
The long-term outlook for a balanced portfolio has improved following this year’s price declines…
Weekly Macro Strategy – A Different Decade – November 11, 2022
· Weekly Macro Strategy ·
Pause #3 in the cyclical bond yield advance is underway, providing relief for all asset markets.
Absolute Return Strategy – Playing The Interest Rate Dominoes – November 10, 2022
Absolute Return · ·
Today’s MRB Absolute Return Strategy revisits our theme of toppling dominoes in response to interest rate normalization and provides a series of investment strategy recommendations.
Webcast – Possible Year-End Rally, But No Turn In The Investment Cycle – (11min:31sec) – November 9, 2022
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the outlook for capital markets over the next 6-12 months and MRB’s recommended asset allocation.
Asset Allocation Strategy – Late Cycle Dynamics – November 4, 2022
· Asset Allocation ·
The Fed wrong-footed investors this week, with Chair Powell’s hawkish press conference comments overwhelming the more moderate policy statement.
Weekly Macro Strategy – Bond Yield Pause #3? – October 28, 2022
· Weekly Macro Strategy ·
The cyclical rise in global government bond yields is set to pause again, as economic activity is slowing…
Roundtable – Global Asset Allocation Strategy: Fortune Favors The Prudent – (59min:01sec) – October 26, 2022
Webcasts & Webinars ·
Today’s Roundtable features Peter Perkins, discussing the outlook for capital markets and global asset allocation on a 6-12 month horizon.
Weekly Macro Strategy – Lower Global Inflation: Waiting For Godot? – October 21, 2022
· Weekly Macro Strategy ·
A tactical long opportunity in risk assets is possible in the coming months, assuming inflation starts to ease and the Fed et al turn less hawkish, as we expect.
Weekly Macro Strategy – More Of The Same – October 14, 2022
· Weekly Macro Strategy ·
The global economic outlook is deteriorating, watch out for various “weak links”.
Webcast – Markets On Edge – (10min:10sec) – October 12, 2022
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the outlook for capital markets over the next 6-12 months and MRB’s recommended asset allocation positioning.
Asset Allocation Strategy – Temporary Reprieve – October 7, 2022
· Asset Allocation ·
Capital markets are in payback mode after the huge prices gains in 2020-2021 as the earlier liquidity boom unwinds.
Weekly Macro Strategy – Beware Submerging Economies – September 30, 2022
· Weekly Macro Strategy ·
The heavily-indebted U.K. economy is one of the global weak links, and is now extremely vulnerable to higher borrowing costs.
Weekly Macro Strategy – Too Much Momentum – September 16, 2022
· Weekly Macro Strategy ·
The revival of inflation has ended the era of ever-higher financial asset prices and valuations.
Webcast – Still Lots Of Challenges – (10min:46sec) – September 14, 2022
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the outlook for capital markets and MRB’s recommended asset allocation for the coming 6-12 months.
Asset Allocation Strategy – Lots Of Risks, Limited Rewards – September 9, 2022
· Asset Allocation ·
The investment climate is likely to remain highly challenging over the balance of this year.
Weekly Macro Strategy – Between A Rock And A Hard Place – September 2, 2022
· Weekly Macro Strategy ·
The Fed will have room to pause its rate-hiking cycle by yearend, as U.S. headline inflation will steadily decelerate and the central bank will eventually want to see how its policy has impacted the economy.
Weekly Macro Strategy – Payback Versus Catching Up – August 12, 2022
· Weekly Macro Strategy ·
As expected, U.S. inflation has rolled over and will decelerate in the coming months, which will boost the prospects for extending the global economic expansion.
Webcast – How Much Help Will Economic Stabilizers Provide? – (11min:53sec) – August 9, 2022
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the key drives of the capital market outlook for the next 6-12 months and MRB’s recommended asset allocation.
Asset Allocation Strategy – Self-Correcting Supports Kicking In – August 5, 2022
· Asset Allocation ·
The global economy faces several challenges, but we reiterate that an economic recession is neither imminent nor inevitable, although growth will likely slow further in the near term.
Weekly Macro Strategy – Mixed Messages – July 29, 2022
· Weekly Macro Strategy ·
“Pause #2” in the cyclical bond yield uptrend is well advanced, and further downside in yields from current levels should be limited.
Weekly Macro Strategy – Tactical Versus Cyclical – July 22, 2022
· Weekly Macro Strategy ·
The ingredients needed to pause the risk-off environment are gelling, namely: a consolidation in government bond yields, weaker energy/commodity prices, and an easing in measured inflation expectations.
Weekly Macro Strategy – A Stop-Start Economic World – July 15, 2022
· Weekly Macro Strategy ·
Recession fears are overstated, as employment conditions and corporate profitability remain in good shape in most developed market (DM) economies.
Weekly Macro Strategy – Pessimism Is Overdone – July 8, 2022
· Weekly Macro Strategy ·
The second pause in the cyclical bond bear market is underway, driven by fears that an open-ended rate-hiking cycle will trigger a recession
Webcast – Will Self-Correcting Forces Persist? – (13min:06sec) – July 6, 2022
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the outlook for capital markets and appropriate asset allocation positioning for the next 6-12 months.
Asset Allocation Strategy – Recession Or Resilience? – July 1, 2022
· Asset Allocation ·
Anxiety about the global growth outlook will persist in the near term, resulting in choppy capital market conditions and room for bond yields to retreat at least mildly further.
Weekly Macro Strategy – Recession Watch – June 24, 2022
· Weekly Macro Strategy ·
The outlook for the next few years is not supportive for financial assets given the likelihood that inflation will prove sticky and hold well above central banks’ targets
Weekly Macro Strategy – Disorderly Adjustment – June 17, 2022
· Weekly Macro Strategy ·
Capital markets remain under duress with investors uncertain about whether central banks will be able to contain inflation without upending the economic expansion.
Weekly Macro Strategy – No Landing – June 10, 2022
· Weekly Macro Strategy ·
The cyclical outlook for bonds is bearish, as the global economic expansion is expected to roll on and inflationary pressures are becoming entrenched.
Webcast – The Growth-Inflation Tussle – (11min:45sec) – June 7, 2022
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the outlook for capital markets and MRB’s asset allocation recommendations for the next 6-12 months.
Asset Allocation Strategy – Summer Churn – June 3, 2022
· Asset Allocation ·
Investors should expect capital markets to remain choppy during the northern summer months against a backdrop of resilient economic growth
Weekly Macro Strategy – Euro Area: A Potential Source Of Positive Surprises – May 27, 2022
· Weekly Macro Strategy ·
There is the potential for equity markets to rebound should global growth conditions prove resilient, as we expect, and assuming interest rate expectations and bond yields stay calm for a period of time.
Webinar – Just A Shakeout Or Sustained Rout? – (66min:01sec) – May 25, 2022
Webcasts & Webinars ·
In today’s Webinar MRB’s Global Strategist, Phillip Colmar, discussed the recent violent selloff in equities and other risk assets
Long-Term Returns – The Difficult Path Back To Monetary Normalization – May 24, 2022
· Asset Allocation · Equities ·
The coming decade will be dominated by the further unwinding of several tailwinds that have boosted capital market returns since the early-1980s.
Weekly Macro Strategy – Will A Window Of Opportunity Open? – May 20, 2022
· Weekly Macro Strategy ·
It is premature to worry about an approaching recession until the bond market and central banks push monetary conditions into restrictive territory, which we do not expect in 2022.
Theme – MRB Stylized Investment Cycle In Unprecedented Times – May 19, 2022
Absolute Return · · Asset Allocation · Themes ·
The MRB Stylized Investment Cycle has been one of our most popular thematic frameworks since it was introduced to clients over a decade ago.
Weekly Macro Strategy – The Canaries Are Coughing, Time For A Bond Pause – May 13, 2022
· Weekly Macro Strategy ·
The cyclical outlook remains bearish for bonds, but a temporary pause in the yield uptrend is probable.
Webcast – Fear And Loathing – (12min:10sec) – May 10, 2022
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the outlook for capital markets over the next 6-12 months and MRB’s recommended asset allocation.
Asset Allocation Strategy – A Very Difficult Needle For The Fed To Thread – May 6, 2022
· Asset Allocation ·
Both stocks and bonds face hurdles as central banks step-up efforts to combat the biggest outbreak of inflation in four decades.
Weekly Macro Strategy – Be Careful What You Wish For – April 29, 2022
· Weekly Macro Strategy ·
A pause in the second cyclical upwave in bond yields may be developing, as growth concerns have increased and less alarming inflation data looms.
Asset Allocation – Extraordinary Times – April 29, 2022
Asset Allocation · Equities ·
Add to Favorite Reports
Absolute Return Strategy – Positioning For A Growth Scare – April 29, 2022
Absolute Return · ·
Add to Favorite Reports This report provides tactical recommendations for positioning to capitalize on the developing growth… Continue
Webcast – The Great Bond Market Capitulation – (7min:48sec) – April 27, 2022
Webcasts & Webinars ·
In this week’s Webcast Phillip Colmar discusses this year’s dramatic selloff in government bonds and provides a roadmap of what to expect heading forward.
Weekly Macro Strategy – The Future Has Arrived – April 22, 2022
· Weekly Macro Strategy ·
We remain modestly pro-growth in our investment stance, as the global economic expansion is proving to be durable despite recent hits to economic sentiment.
Theme – Government Bonds: This Is What Capitulation Looks Like (Phase 1) – April 21, 2022
· Fixed Income · Themes ·
The violent selloff in U.S. and G7 government bonds reflects the beginning of a major capitulation by both central banks and bond bulls
Weekly Macro Strategy – Waiting For A Pause – April 14, 2022
· Weekly Macro Strategy ·
We remain positive on economic prospects for most of the world, which implies that the inflation uptrend will persist.
Weekly Macro Strategy – Too Soon To Be Looking Towards The Next Valley – April 8, 2022
· Weekly Macro Strategy ·
The economic backdrop is proving resilient, especially in the U.S. and even in the euro area, despite the surge in bond yields and war in Ukraine.
Webcast – The Lingering Threat From Bonds – (12min:33sec) – April 6, 2022
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses MRB’s outlook for capital markets over the next 6-12 months and key asset allocation recommendations.
Asset Allocation Strategy – A Growling Bond Bear Is Dangerous – April 1, 2022
· Asset Allocation ·
Investor attention has pivoted over the past few weeks from the war in Ukraine and back to the accelerated unwinding of global monetary accommodation.
Global Fixed Income – The Fed Plays Catch-Up – March 30, 2022
· Fixed Income ·
The sell-off in the global fixed-income market has been severe over the past several months, particularly for U.S. Treasurys.
Weekly Macro Strategy – Actions Speak Louder Than Words – March 25, 2022
· Weekly Macro Strategy ·
Prior to March, the world economy, particularly the euro area, was accelerating, and this head of steam should largely remain intact, despite the uncertain near-run outlook.
Weekly Macro Strategy – The Long-Awaited Return Of Rising Wages – March 18, 2022
· Weekly Macro Strategy ·
We remain mildly pro-growth, in expectation that the economic fallout of the Russia-Ukraine war will prove temporary and modest, including in the most vulnerable euro area economy.
Weekly Macro Strategy – A Wobbly Leg: Will The Global Economic Stool Remain Upright? – March 11, 2022
· Weekly Macro Strategy ·
Near-run uncertainty will stay elevated until a lasting Ukraine ceasefire is in sight.
Webcast – Looking Beyond The 0-1 Geopolitical Bet – (10min:42sec) – March 9, 2022
Webcasts & Webinars ·
Peter Perkins discusses the outlook for capital markets and investment strategy for the next 6-12 months in the context of the Ukraine war.
Asset Allocation Strategy – Guarded Optimism – March 4, 2022
· Asset Allocation ·
Market performance in the short run will wax and wane with events in Ukraine, but the investment climate will remain challenging for some time.
Weekly Macro Strategy – A Step Back: Temporary Or Lasting? – February 25, 2022
· Weekly Macro Strategy ·
We are standing pat in terms of our investment stance, while expecting the risk-off backdrop to continue for a while longer.
Weekly Macro Strategy – From Distorting To Reflective To Restrictive – February 18, 2022
· Weekly Macro Strategy ·
We remain cyclically bearish on bonds, although yields could soon pause; conditions are becoming technically stretched and U.S. rate expectations have already ratcheted higher.
Webcast – COVID Fades: The Impact Of Reopening – (9min:03sec) – February 16, 2022
Webcasts & Webinars ·
In this week’s Webcast Phillip Colmar discusses what the unwinding of the pandemic means for the global economy, policy, and investment strategy.
Absolute Return Strategy – End Of COVID And Free Money – February 10, 2022
Absolute Return · ·
The two themes that will be crucial in shaping the global macro environment this year are the fading of COVID as a meaningful restraint on global mobilit
Webcast – The Ebbing Liquidity Wave – (9min:33sec) – February 10, 2022
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the capital markets outlook and MRB’s asset allocation recommendations for the next 6-12 months highlight.
Asset Allocation Strategy – The Turning Tide – February 4, 2022
· Asset Allocation ·
Global investors have ridden a wave of liquidity over the past two years that is slowly beginning to turn.
Weekly Macro Strategy – Equities Correct: Rotate, But Don’t Upgrade – January 28, 2022
· Weekly Macro Strategy ·
The global economy has slowed slightly due to Omicron, but we expect another year of above-trend growth in 2022.
Weekly Macro Strategy – Short-Term Reprieve, Or A Smash-Up Ahead? – January 21, 2022
· Weekly Macro Strategy ·
Pressure on equity markets will persist until DM bond markets stabilize. The latter are becoming oversold, so a short-term pause is possible, which would allow equity markets to regain their footing.
Absolute Return Strategy – A Choppy Transition – January 18, 2022
Absolute Return · ·
Last year was largely characterized by risk-on, fueled by extremely accommodative global monetary and fiscal policies, and a massive liquidity wave.
Webcast – As Go Bonds, So Will Go Risk Assets – (8min:35sec) – January 12, 2022
Webcasts & Webinars ·
In this week’s Webcast, Peter Perkins discusses the outlook for capital markets over the next 6-12 months and MRB’s recommended global multi-asset positioning.
Asset Allocation Strategy – It’s All About Bonds – January 7, 2022
· Asset Allocation ·
Risk assets remain resilient and still have growth tailwinds, but face a clear threat in the year ahead as global interest rates will finally shift meaningfully higher.
Webcast – Investment Strategy For 2022 – (11min:55sec) – January 4, 2022
Webcasts & Webinars ·
In this week’s Webcast Phillip Colmar focuses on the key portfolio tilts that we recommend in 2022.
Weekly Macro Strategy – Another Wave, But Better Foundations – December 23, 2021
· Weekly Macro Strategy ·
The near-run outlook is for slightly weaker economic growth as a result of another COVID-19 wave and related mobility restrictions.
Webinar – Best Ideas For 2022 – (74min:29sec) – December 22, 2021
Webcasts & Webinars ·
MRB’s senior research team provides a series of high-conviction and non-consensus ideas for setting investment strategy in 2022.
Weekly Macro Strategy – Across The 2% Rubicon – December 17, 2021
Weekly Macro Strategy ·
We remain modestly pro-growth in our positioning, mostly reflecting our very bearish bond stance.
Absolute Return Strategy – 2022 Outlook & Strategy (Part II) – December 16, 2021
Absolute Return · · Themes ·
This is Part II of our 2022 Outlook for the MRB Absolute Return Strategy.
Absolute Return Strategy – 2022 Outlook & Strategy (Part I) – December 16, 2021
Absolute Return · · Themes ·
One of our core themes in 2021 has been that the global authorities have forcefully divorced the policy cycle from the cycle in economic growth and inflation.
Weekly Macro Strategy – Prolonging The Cycle – December 10, 2021
· Weekly Macro Strategy ·
Near-run COVID-19 related headwinds will act to prolong the economic cycle, but seem unlikely to derail the recovery, based on current information.
Asset Allocation Strategy – Positioning For A Turbulent 2022 – December 3, 2021
· Asset Allocation ·
Next year is shaping up to be more challenging for investors, as central banks progressively unwind monetary accommodation in response to the ongoing economic recovery/expansion and elevated inflation readings.
Weekly Macro Strategy – Economic Resilience Means Higher Bond Yields (Eventually) – November 26, 2021
· Weekly Macro Strategy ·
The global economic outlook remains upbeat, based on forward-looking indicators and extremely supportive monetary and fiscal policies.
Webcast – Sub-Par Returns For The Long Run – (13min:26sec) – November 24, 2021
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the long-term outlook for capital market returns
Weekly Macro Strategy – Higher Nominal, But Lower Real Yields – November 19, 2021
· Weekly Macro Strategy ·
The rise in underlying inflation in the major developed economies is broadening and will persist even after temporary supply-induced price hikes unwind. Emergency monetary conditions are not warranted.
Long-Term Returns – Payback Looms – November 18, 2021
Absolute Return · · Asset Allocation ·
The investment climate promises to be much more challenging over the next 10 years than in recent decades.
Asset Allocation – The Fate Of The 60/40 Portfolio – November 18, 2021
Asset Allocation ·
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Weekly Macro Strategy – A Slippery Slope – November 12, 2021
· Weekly Macro Strategy ·
We remain moderately pro-growth in our investment positioning.
Asset Allocation Strategy – The Threat Of A Gradual Monetary Accommodation Unwind – November 5, 2021
· Asset Allocation ·
A gradual unwinding of monetary accommodation poses little threat to the global economic recovery but could prove more disruptive for capital markets
Weekly Macro Strategy – Monetary Tightening: “Short & Abort”? – October 29, 2021
· Weekly Macro Strategy ·
The shift from hyper-accommodative monetary conditions to a restrictive stance will play out over a long period
Weekly Macro Strategy – Bet With, Or Against, The Consensus? – October 22, 2021
· Weekly Macro Strategy ·
We remain positioned for a moderately higher global stock/bond ratio in the next 6-12 months, with losses in the denominator and positive, but more muted, gains in equities (with greater volatility).
Absolute Return Strategy – The End Of “Transitory” – October 21, 2021
Absolute Return · ·
The current consensus view among investors and central banks is that the spike in growth and inflation will peter out with the world returning to something better characterized by the secular stagnation narrative.
Webinar – Asset Allocation Strategy: Navigating The Crosscurrents – (104min:43sec) – October 20, 2021
Webcasts & Webinars ·
This Webinar featured MRB’s senior research team who outlined the macro-economic and inflation outlook for the coming 6-12 months.
Theme – The End Of “Transitory” – October 21, 2021
· Themes ·
Add to Favorite ReportsInvestors have focused on peak global growth and the potential downside risks ahead. However,… Continue
Weekly Macro Strategy – A Bumpier Second Wave – October 15, 2021
· Weekly Macro Strategy ·
This week’s change in energy policy in China was positive for the economy, and reinforces the upbeat global economic outlook. Moreover, signs that inflation will prove sticky continue to mount.
Weekly Macro Strategy – A Bout Of Vertigo – October 8, 2021
· Weekly Macro Strategy ·
Equity prices have moved ahead of improving underlying corporate earnings, leaving stocks overbought at a point when some short-term threats have developed.
Webcast – The Decoupling Of The Policy, Economic & Investment Cycles – (17min:21sec) – October 6, 2021
Webcasts & Webinars ·
In this week’s Webcast, Phillip Colmar discusses how the unprecedented events over the past couple of years have led to an abnormal decoupling of the policy
Asset Allocation Strategy – Moderating From Boom To Still Solid – October 1, 2021
· Asset Allocation ·
Global growth and inflation will both downshift over the next few months before stabilizing at faster rates than most investors expect.
Weekly Macro Strategy – The Canaries Are Still Chirping – September 24, 2021
· Weekly Macro Strategy ·
The risk of global contagion from Chinese real estate woes and policy uncertainty should remain low.
Weekly Macro Strategy – Wanna Job? – September 17, 2021
· Weekly Macro Strategy ·
Q4 employment surveys showed a further huge surge in hiring plans, underscoring that the global economic recovery will be solid and durable.
Weekly Macro Strategy – Government Bond Yields: Is The Pause Ending? – September 10, 2021
· Weekly Macro Strategy ·
Soggy economic data in China in the near run and a moderation in growth rates in the developed world could cause equity markets to churn further.
Webcast – Transitioning From Maximum Growth And Policy Thrust – (9min:37sec) – September 7, 2021
Webcasts & Webinars ·
In this week’s Webcast, Peter Perkins discusses the shifting macro and policy backdrop and the implications for investment strategy and asset allocation.
Asset Allocation Strategy – It Will Get Tougher From Here – September 3, 2021
· Asset Allocation ·
Two important shifts in the macro climate over the next 6-12 months point to lower investment returns and more painful corrections, which will challenge current trends in capital markets.
Weekly Macro Strategy – Fiscal Cliff, Or Fiscal Liftoff? – August 27, 2021
· Weekly Macro Strategy ·
Near-run headwinds for equities and credit will persist given heightened virus anxiety and peak growth concerns.
Weekly Macro Strategy – Dragging Out The Cycle – August 20, 2021
· Weekly Macro Strategy ·
Virus angst may hold back equities in the near run, while keeping bond yields pinned down and delaying monetary policy from becoming less hyper-accommodative
Weekly Macro Strategy – A Different Decade Ahead – August 13, 2021
· Weekly Macro Strategy ·
Sentiment remains upbeat in the major economies despite ongoing angst about the COVID-19 Delta variant.
Asset Allocation Strategy – Transitioning From The Acceleration Phase – August 6, 2021
· Asset Allocation ·
The inherent contradictions in the price of risk assets and the level of real interest rates against a backdrop of an early-stage economic recovery argue against a full-bore pro-growth investment posture.
Weekly Macro Strategy – Early Cycle, Or Late Cycle? – July 30, 2021
Weekly Macro Strategy ·
Global risk asset markets remain well supported by the economic and policy backdrop.
Weekly Macro Strategy – A Transitory Recovery? – July 23, 2021
· Weekly Macro Strategy ·
Our investment stance remains mildly pro-growth on a 6-12 month horizon.
Momentum – MRB Cyclical Momentum Indicator: Gauging Technical Conditions – July 21, 2021
Absolute Return · · Asset Allocation ·
The MRB Cyclical Momentum Indicator (MRB CMI) helps investors understand which markets have the biggest technical downside risk as well as upside potential ahead.
Weekly Macro Strategy – Too Much Stimulus Breeds Complacency – July 16, 2021
· Weekly Macro Strategy ·
The recent easing in bond yields will keep risk asset markets well supported. Investors (and central banks) are looking through the current period of strong growth and higher inflation, but are likely to be surprised at the underlying resilience of both.
Weekly Macro Strategy – Be Careful Extrapolating Last Decade’s Trends – July 9, 2021
· Weekly Macro Strategy ·
We remain mildly pro-growth in terms of investment positioning. However, using the 2010s’ playbook for investing this decade will not pan out well.
Asset Allocation Strategy – Sustaining The Unsustainable – July 2, 2021
· Asset Allocation ·
The basic narrative for capital markets remains generally positive for risk assets.
Webinar – Long-Term Returns: A Challenging Road Ahead – (78min:38sec) – June 30, 2021
Webcasts & Webinars ·
Today’s Webinar features MRB’s Global Asset Allocation Strategist, Peter Perkins, discussing MRB’s long term returns framework.
Long-Term Returns – A Challenging Road Ahead – June 22, 2021
Absolute Return · · Asset Allocation ·
The poor starting point for equity, bond, credit, and commodity valuations points to subpar returns on balanced portfolios over the next decade, even as the global economy expands at a reasonable pace.
Weekly Macro Strategy – Strong Global Growth, But No Inflation? – June 18, 2021
· Weekly Macro Strategy ·
The global economic recovery is accelerating. Although China’s growth rate has now moderated, the U.S. is likely to continue to boom and Europe is set to catch up.
Asset Allocation Strategy – Beware Too Much Good News – June 4, 2021
· Asset Allocation ·
Markets have already priced in a lot of good news, but there is good news still to come.
Weekly Macro Strategy – From Virtuous To Vicious – May 14, 2021
· Weekly Macro Strategy ·
The brightening economic outlook means that inflation pressures will steadily build and bond yields will move higher in waves.
Webinar – MRB’s Big Picture Themes – (73min:46sec) – May 12, 2021
Webcasts & Webinars ·
In this week’s Webcast, Phillip Colmar and Warren Smith, examined the major macro and investment trends that will be key to generating outsized portfolio returns over the next several years.
Asset Allocation Strategy – As Good As It Gets – May 7, 2021
· Asset Allocation ·
The aggressive monetary and fiscal support of the past year helped bring forward and fortify the robust rebound in capital markets relative to underlying economic growth conditions.
Webcast – Key Portfolio Tilts For Outsized Returns – (8min:45sec) – April 28, 2021
Webcasts & Webinars ·
In this week’s Webcast, Phillip Colmar outlines four longer-term global investment trends that will be key to generating outsized portfolio returns over the next several years.
Webcast – A Consolidation Or Correction Phase Is Overdue – (12min:45sec) – April 7, 2021
Webcasts & Webinars ·
In this week’s webcast, Peter Perkins discusses the outlook for capital markets on a 6-12 month horizon and MRB’s asset allocation recommendations.
Asset Allocation Strategy – Capital Markets Begin Re-Aligning To Fundamentals – April 1, 2021
· Asset Allocation ·
The overbought global S/B ratio signals increasing risk of a near-term correction or consolidation phase, but underlying economic fundamentals remain quite positive.
Webcast – The Rebirth Of The Bond Vigilante – (10min:49sec) – March 17, 2021
Webcasts & Webinars ·
In this week’s Webcast, Phillip Colmar discusses the recent sharp selloff in government bonds and the ramifications for investment strategy.
Webcast – From Reflation To Growth – (11min:05sec) – March 10, 2021
Webcasts & Webinars ·
In this week’s webcast, Peter Perkins discuss the 6-12 month outlook for capital markets and MRB’s recommended multi-asset positioning strategy.
Asset Allocation Strategy – Into A More Challenging Phase For Risk Assets – March 5, 2021
· Asset Allocation ·
Add to Favorite Reports Having been bearish on government bonds, their current selloff does not alter our… Continue
Roundtable – Key Issues For Asset Allocation In 2021 – February 25, 2021
Webcasts & Webinars ·
The conventional playbook of an economic recovery and hyper-accommodative monetary/fiscal policy continues to underpin the bullish narrative on risk assets.
Asset Allocation – Which Inflation Hedges Are Appealing? – February 25, 2021
· Asset Allocation ·
We have regularly noted that there is scope for medium term upside in the years ahead.
Theme – MRB’s Overview Of Key Macro Themes (Part II) – February 18, 2021
· Themes ·
This is Part II of an update of the big-picture themes that form the foundation for MRB’s longer-term investment strategy.
Webcast – Running Hot- (11min:06sec) – February 10, 2021
Webcasts & Webinars ·
In this week’s Webcast, MRB strategist Peter Perkins discusses the capital markets outlook for the next 6-12 months and MRB’s recommended positioning within a global multi-asset portfolio.
Asset Allocation Strategy – The Best Of All Possible Worlds Is Priced – February 5, 2021
· Asset Allocation ·
The tension between a pro-growth macro and policy outlook and overheated risk assets continues to intensify.
Weekly Macro Strategy – Free Money Forever – January 29, 2021
· Weekly Macro Strategy ·
Equity market risks have recently eased on the fundamental side, as Treasury yields have calmed, but worsened on the technical side, as speculative froth has erupted. A pause in augmenting favored positions is still warranted.
Webcast – Froth And Fundamentals – (10min:36sec) – January 13, 2021
Webcasts & Webinars ·
In this week’s Webcast, MRB strategist Peter Perkins discusses the outlook for capital markets and highlights MRB’s current recommended positioning for multi-asset portfolios.
Asset Allocation Strategy – The Inevitable Test Of Investor Nerves – January 8, 2021
· Asset Allocation ·
Risk assets are already discounting a very favorable multi-year macro outlook and are expensive based on historical metrics.
Webcast – Outlook 2021: Guarding Against Exuberance – (12min:27sec) – December 10, 2020
Webcasts & Webinars ·
In this week’s Webcast, MRB strategist Peter Perkins discusses the 2021 outlook for multi-asset investing and appropriate positioning.
Asset Allocation Strategy – Outlook 2021: Rotation Or Bust – December 4, 2020
· Asset Allocation ·
Speculative fever has taken hold, with equities, credit, industrial metals prices and cryptocurrencies surging in the past month on optimism about the economic outlook following positive news on COVID-19 vaccines.
Webcast – Top 5 Client Requests Of The Month – (12min:59sec) – December 1, 2020
Webcasts & Webinars ·
MRB assists clients with on-demand questions which cover a wide range of issues and asset markets.
Asset Allocation Strategy – A Choppy Path To A Synchronized Economic Recovery – November 6, 2020
· Asset Allocation ·
Markets have celebrated the mixed outcome of the U.S. election, but global growth momentum is set to wane in the near term as COVID-19 cases escalate in Europe and the U.S.
Asset Allocation Strategy – The Coming Test Of Corporate Earnings – October 2, 2020
· Asset Allocation ·
The developing economic recovery favors equities over bonds on a multi-year basis, but the global S/B ratio has run ahead of fundamentals and is vulnerable to negative surprises.
Webcast – Markets Now Testing Optimistic Expectations – (10min:59sec) – September 9, 2020
Webcasts & Webinars ·
In this week’s webcast, Peter Perkins discusses the investment outlook and MRB’s recommended asset allocation strategy and positioning for the next 6-12 months.
Asset Allocation Strategy – A Now Formally Asymmetric, Pro-Growth Fed – September 4, 2020
· Asset Allocation ·
Economic recoveries are inherently beneficial for pro-growth assets, especially given open-ended monetary accommodation.
Weekly Macro Strategy – Dollar Doldrums – August 21, 2020
· Weekly Macro Strategy ·
Equities are at near-run risk as they have front-run a positive economic outcome. Regional rebounds in COVID-19 infections remain both a source of economic drag and ongoing uncertainty about the future.
Theme – Stylized Investment Cycle: Did Policymakers Avoid A Final Flush? – August 20, 2020
· Themes ·
MRB Stylized Investment Cycle has been one of our most popular thematic frameworks as it provides a starting point when building a multi-year roadmap, and helps investors look for major inflection points.
Asset Allocation Strategy – Tread Carefully, And Tactically – August 7, 2020
· Asset Allocation ·
Momentum, sentiment and policy can be crucial drivers of capital markets over a 3-6 month horizon, but ultimately fundamentals determine asset performance.
Webcast – Is The U.S. Set To Lose Equity & Currency Leadership? – (11min:55sec) – July 30, 2020
Webcasts & Webinars ·
In this week’s Webcast, Phillip Colmar explores the potential for a broad-based rotation in relative performance away from U.S. leadership, and provides several investment strategy recommendations.
Absolute Return Strategy – Do U.S. Assets Justify Their Premium? – July 28, 2020
Absolute Return · ·
Today’s report explores the potential for a broad-based rotation in relative performance away from U.S. equity and currency leadership.
Theme – Do U.S. Assets Justify Their Premium? – July 28, 2020
· Themes ·
Today’s report explores the potential for a broad-based rotation in relative performance away from U.S. equity and currency leadership.
Webcast – COVID-19 Lingers As A Recovery Headwind – (8min:32sec) – July 8, 2020
Webcasts & Webinars ·
In this week’s Webcast, MRB strategist Peter Perkins discusses the investment outlook and MRB’s recommended multi-asset positioning for the next 6-12 months.
Asset Allocation Strategy – Step Function Recovery Process – July 2, 2020
· Asset Allocation ·
The resurgence of COVID-19 cases in the U.S. is a reminder that the global economic recovery process is likely to be choppy, uneven and more drawn out than many expect.
Weekly Macro Strategy – Reality Test – June 12, 2020
· Weekly Macro Strategy ·
Global economic activity will remain below pre-COVID-19 levels for a long time. Thus, recent equity market optimism is at odds with the corporate profit outlook; stocks face a bumpy period in the coming months before renewed gains develop.
Webcast – Taking Selective Bets – (9min:52sec) – June 10, 2020
Webcasts & Webinars ·
In this week’s Webcast, MRB strategist Peter Perkins discusses the outlook for capital markets over the next 6-12 months and MRB’s asset allocation recommendations.
Asset Allocation Strategy – Keep A Hold Of The Reins – June 5, 2020
· Asset Allocation ·
The recent strong rebound in risk assets and the global stock /bond ratio is likely to taper in the months ahead against a backdrop of a hesitant economic recovery and lingering health and political uncertainty.
Webcast – Top 5 Client Requests Of The Month – (10min:37sec) – May 13, 2020
Webcasts & Webinars ·
In this week’s Webcast, Warren Smith and Santiago Espinosa discuss the top five queries from clients in the past month.
Theme – Mania Profiling (Part VI): What Assets Will Be Next? – May 12, 2020
· Themes ·
This report concludes our series on profiling asset manias. We began this series in late-2019 by outlining MRB’s framework for asset bubbles and compared the current macro backdrop with factors that have traditionally led to manic episodes.
Asset Allocation Strategy – Don’t Ignore Reopening Risks – May 1, 2020
· Asset Allocation ·
Trends in COVID-19 growth rates and key economic indicators, combined with aggressive policy support, augur positively for risk assets and the global S/B ratio, but much of the good news is already discounted.
Webcast – Necessary But Not Yet Sufficient – (11min:29sec) – April 8, 2020
Webcasts & Webinars ·
In this week’s Webcast, MRB strategist Peter Perkins assesses COVID-19 trends and the potential economic impacts, and looks at key drivers of equities and credit for overall investment strategy and asset allocation.
Asset Allocation Strategy – Follow The Policy Lead – April 3, 2020
· Asset Allocation ·
Policymakers are “all in” in attempting to overcome the health crisis and its economic consequences.
Theme Report – Fallout From COVID-19: Most Asked Questions – March 12, 2020
Absolute Return · · Themes ·
The rapid spread of COVID-19 across the globe has dramatically heightened investor uncertainty and rocked global financial markets.
Asset Allocation Strategy – It Is Still A Recession Call – March 6, 2020
· Asset Allocation ·
Investors should expect a bumpy path in the near term as COVID-19 spreads more deeply into the U.S. and Europe.
Webcast – Top 5 Client Requests Of The Month (19min:00sec) – February 26, 2020
Webcasts & Webinars ·
. In this week’s Webcast, Warren Smith and Santiago Espinosa discuss the top five queries from clients in the past month, including the virus.
Webcast – Another Test Of The Investment Cycle (9min:04sec) – February 5, 2020
Webcasts & Webinars ·
In this week’s Webcast, Peter Perkins discusses the outlook for capital markets in the coming 6-12 months and appropriate positioning in light of underlying fundamentals and the uncertain impact of the coronavirus.
Asset Allocation Strategy – An Early-2020 Reality Check – January 31, 2020
· Asset Allocation ·
The escalation of the coronavirus has put paid to complacency, at least for now.
Webcast – Geopolitically-Driven Digestion Phase (8min:20sec) – January 8, 2020
Webcasts & Webinars ·
In this week’s Webcast, Peter Perkins assesses the outlook for capital markets in 2020, including the implications of the latest geopolitical crisis on investment strategy.
Asset Allocation Strategy – Extrapolation Risk – January 7, 2020
· Asset Allocation ·
Prior to the past week’s geopolitical stress, markets were increasingly vulnerable to extrapolation risk and excessive optimism about the economic outlook for the coming year.
Webcast – Exuberance Is Premature (10min:45sec) – December 11, 2019
Webcasts & Webinars ·
In this week’s Webcast, Peter Perkins discusses three key issues for investment strategy and asset allocation for the next 6-12 months.
Webcast – Middling Growth Outlook Should Temper Optimism (10min:18sec) – November 6, 2019
Webcasts & Webinars ·
In this week’s Webcast, Peter Perkins discusses the outlook for global capital markets and appropriate investment strategy, following the release of the latest MRB Asset Allocation Strategy report.
Asset Allocation Strategy – No Recession, But Not Much Growth Ahead – November 1, 2019
· Asset Allocation ·
We expect the economic expansion to continue, but there is little basis for concluding a robust rebound in activity and profits looms over the next year that would justify a decidedly pro-growth investment posture.
Long-Term Returns – Stocks, Not Bonds, For The Long Run – October 24, 2019
· Asset Allocation ·
Returns from balanced portfolios over the next decade will be middling by historical standards.
Webcast – Political Noise Testing Market Resilience (9min:16sec) – October 9, 2019
Webcasts & Webinars ·
In this week’s Webcast,Peter Perkins discusses MRB’s investment strategy outlook and asset allocation recommendations amidst the increasingly noisy political backdrop.
Canada – On Borrowed Time – October 8, 2019
· Economics & Policy ·
The increasing imbalances and building vulnerabilities of the Canadian economy have been a regular theme in our research since the commodity Supercycle crested in 2013.
Asset Allocation Strategy – Navigating A Unique Cycle – October 4, 2019
· Asset Allocation ·
Investors need to navigate carefully given the late stage of the capital markets cycle, the slowing global economy and a precarious political landscape.
Theme – A Tradeless Cycle: Unrecognized Causality & Implications – September 13, 2019
· Economics & Policy · Themes ·
Global trade growth has cooled dramatically over the past decade fueling speculation that global import demand may be structurally impaired.
Webcast – Top 5 Client Requests Of The Month (15min:45sec) – September 11, 2019
Webcasts & Webinars ·
Political risks have been erupting all over the world, creating tremendous market volatility and a steady increase in angst about the financial and economic market outlook
Asset Allocation Strategy – Profiting From Prudence – September 6, 2019
· Asset Allocation ·
Despite the potential allure of an aggressive cyclical bet, prudence warrants plotting a broadly neutral course for now.
Weekly Macro Strategy – Nearing A Tipping Point – August 9, 2019
· Weekly Macro Strategy ·
Protectionism and isolationism have recently risen, implying that the weakness in trade will persist, with increased risks of contagion on the broader economy.
Webcast – Another Threat To Growth (9min:32sec) – August 6, 2019
Webcasts & Webinars ·
In this week’s webcast, Peter Perkins discusses the escalation of the trade war between the U.S. and China and the implications for capital markets, within the context of broader asset allocation strategy.
Asset Allocation Strategy – Bonds And Stocks Are Set To Diverge – August 2, 2019
· Asset Allocation ·
The investment climate is poised to become more challenging, as hard as that may seem (especially following yesterday’s announcement that the U.S. will apply new tariffs on Chinese imports next month).
Weekly Macro Strategy – Still Lacking A Catalyst – July 26, 2019
· Weekly Macro Strategy ·
Global manufacturing weakness is persisting, which is dampening economic sentiment and investor risk-taking.
Webcast – The Fed Alone Is Not Enough (9min:53sec) – July 10, 2019
Webcasts & Webinars ·
In this week’s Webcast, Peter Perkins discusses the investment outlook for the next 6-12 months and appropriate asset allocation strategy.
Asset Allocation Strategy – Sorting The Signals From A Lot Of Noise – July 5, 2019
· Asset Allocation ·
Economic growth rather than monetary policy will determine the duration and vitality of the current investment cycle.
Webcast – Asset Allocation And The Trade Risk Premium (12min:08sec) – June 12, 2019
Webcasts & Webinars ·
In this week’s webcast, Peter Perkins discusses the latest MRB Asset allocation recommendations and the lingering trade threat to global growth.
Asset Allocation Strategy – Trade Threat Testing Economic Resilience – June 7, 2019
· Asset Allocation ·
It is still premature to forecast an economic recession, but trade risks have risen markedly.
Theme – MRB’s Annual Overview Of Key Investment Themes (Part II) – May 29, 2019
· Themes ·
This is Part II of a two-part annual update of the big-picture themes that form the foundation for MRB’s longer-term investment strategy.
Webcast – Long-Term Returns: Reality Check (9min:52sec) – May 29, 2019
Webcasts & Webinars ·
In this week’s webcast, Peter Perkins discusses the 10-year outlook for global capital markets following the release of the latest MRB Long-Term Returns report.
Long-Term Returns – A Limited Opportunity Set – May 23, 2019
Absolute Return · · Asset Allocation · Asset Class Reports · Economics & Policy ·
The current economic expansion is now the longest on record and has delivered solid returns for global multi-asset investor.
Webcast – A Friendly Fed, If Not Trumped By Trade (8min:41sec) – May 8, 2019
Webcasts & Webinars ·
In this week’s Webcast, Peter Perkins discusses MRB’s recommended investment positioning for the next 6-12 months following the latest Asset Allocation Strategy report, as well as the potential renewed escalation of the U.S.-China trade battle.
Asset Allocation Strategy – The Fed Is Still Friendly – May 3, 2019
· Asset Allocation ·
Markets have come almost full circle in the past seven months, with global equities having fully reversed the fourth-quarter collapse, U.S. investment-grade corporate spreads back at late-Q3 levels and oil prices up 50% from their lows.
Webcast – Signs Of An Economic Inflection Point (9min:18sec) – April 10, 2019
Webcasts & Webinars ·
In this week’s Webcast, Peter Perkins discusses MRB’s investment outlook and the implications for asset allocation for the next 6-12 months.
Asset Allocation Strategy – Tentative Economic Green Shoots – April 5, 2019
· Asset Allocation ·
There are tentative economic green shoots starting to emerge which should lend further support to risk assets.
Webcast – Policy Support For Risk Assets (7min:40sec) – March 13, 2019
Webcasts & Webinars ·
In this week’s Webcast, Peter Perkins discusses the key drivers of MRB’s 6-12 month outlook for capital markets and recommended asset allocation.
Asset Allocation Strategy – More Punch For The Punchbowl – March 8, 2019
· Asset Allocation ·
This week’s setback aside, risk assets have recovered strongly from their fourth-quarter selloff, reflecting both an unwinding of earlier excessive growth fears and policy support.
Webcast – The Fed Leaves The Punchbowl (8min:16sec) – February 6, 2019
Webcasts & Webinars ·
In this week’s Webcast, Peter Perkins discusses the outlook for capital markets and appropriate investment position, drawing upon the most recent MRB Asset Allocation Strategy report.
Asset Allocation Strategy – And The Band Played On – February 1, 2019
· Asset Allocation ·
Any investor fears of an impending U.S. recession should recede further following this week’s signal by the Fed that monetary policy is effectively on hold for the foreseeable future.
Theme – The Next Recession: 12 Non-Consensus Views (Part I) – January 16, 2019
· Economics & Policy · Themes ·
This is the first of a two-part Theme Report that steps back and evaluates what the next global economic recession will look like
Webcast – Excessive Pessimism Priced In (10min:32sec) – January 9, 2019
Webcasts & Webinars ·
In this week’s webcast, Peter Perkins discusses MRB’s latest asset allocation strategy, arguing that markets are discounting an overly bearish economic outlook in 2019.
Asset Allocation Strategy – Precarious Footing – January 4, 2019
· Asset Allocation ·
Markets are discounting a pronounced further slowdown in global economic growth in 2019, with a significant probability of recession.
Webcast – It Is Premature To Bet On Recession (8min:55sec) – December 12, 2018
Webcasts & Webinars ·
In this week’s Webcast, Peter Perkins discusses MRB’s latest asset allocation recommendations and outlook for the coming 6-12 months, amidst the significant market disruptions of recent weeks.
Asset Allocation Strategy – The Bell Has Not Yet Tolled – December 7, 2018
· Asset Allocation ·
The sharp sell-off in risk assets that began in early-September and escalated in early-October reflects a significant downgrading by investors of the economic outlook for 2019.
Webcast – Stylized Investment Cycle: Navigating The Endgame (11min:42sec) – December 6, 2018
Webcasts & Webinars ·
Global equity markets are in turmoil, as investors are rapidly downgrading the growth expectations and starting to panic about the potential for a global recession.
Theme – MRB Stylized Investment Cycle: Extended Topping Out Process – December 4, 2018
Absolute Return · · Asset Allocation · Themes ·
The MRB Stylized Investment Cycle has been one of our most popular thematic frameworks since we introduced it to clients earlier this decade.
Webcast – Long-Term Returns: Realistic Expectations (9min:17sec) – November 21, 2018
Webcasts & Webinars ·
In this week’s Webcast, Peter Perkins discusses the outlook for capital markets over the coming decade, following the release of the MRB Long-Term Returns Report.
Theme – The Great Convergence: U.S. Vs Global Equities – November 21, 2018
Absolute Return · · Asset Allocation · Equities · Themes ·
U.S. equity prices have surged this cycle relative to their non-U.S. counterparts by a magnitude that that has been on par with the 1990s economic expansion and equity bull run.
Long-Term Returns Report – Be Sober, But Not Pessimistic – November 15, 2018
· Asset Allocation ·
Setting long-run return expectations is a function of realistic economic forecasts and the current starting point.
Webcast – No Major U.S. Election Wave To Disrupt Markets (9min:05sec) – November 7, 2018
Webcasts & Webinars ·
In this week’s Webcast, Peter Perkins lays out the impact of the U.S. mid-term elections on capital markets and U.S. policy, as well as discussing the key drivers of investment positioning recommendations.
Asset Allocation Strategy – Excessive Growth Anxiety – November 2, 2018
· Asset Allocation ·
Last month’s market reaction was largely overdone. That U.S. economic and earnings growth are in the process of peaking which goes without saying given that this year’s fiscal stimulus will fade in 2019.
Webcast – A Fresh Test For Investors (8min:45sec) – October 10, 2018
Webcasts & Webinars ·
In this week’s webcast, Peter Perkins discusses the outlook for capital markets and MRB’s asset allocation recommendations.
Asset Allocation Strategy – The Bond Bear Growls – October 5, 2018
· Asset Allocation ·
The breakout in U.S Treasury yields represents a fresh challenge to a global economy that has been resilient this year, thanks to ongoing policy support and still-positive cyclical dynamics.
Asset Allocation Strategy – Liquidity Fears Are Overdone – September 7, 2018
· Asset Allocation ·
Fears of a squeeze on global liquidity are increasing, as the Fed shrinks its balance sheet and continues its grad
Weekly Macro Strategy Report – A Window Of Opportunity – August 31, 2018
· Weekly Macro Strategy ·
Trade tensions have eased a notch, reducing the threat to the global economic expansion. Meanwhile, U.S. and euro area economic indicators point to above-trend growth ahead, which should coincide with another upleg in the global stock/bond ratio.
Asset Allocation Strategy – Markets In Limbo – August 3, 2018
· Asset Allocation ·
Capital markets remain in limbo, with key equity, bond and currency benchmarks still largely range-bound.
Webcast – MRB Q&A: Top Questions From Clients (9min:35sec) – July 25, 2018
Webcasts & Webinars ·
Peter Perkins answers some of the key client questions we have recently received, ranging from the impact of trade protectionism on investment strategy to the outlook for gold.
Asset Allocation Strategy – Stress-Testing The Floorboards – July 6, 2018
· Asset Allocation ·
The synchronized global economic expansion of 2017 has given way to widespread anxiety, especially with global trade at risk from U.S. restrictions and escalating reprisals.
Asset Allocation Strategy – Bet On Resilience – June 1, 2018
· Asset Allocation ·
The political crisis in Italy is the latest headwind for risk assets and the global economy
Webcast – Long-Term Returns: Fundamental Headwinds (10min:38sec) – May 30, 2018
Webcasts & Webinars ·
In this week’s Webcast, Peter Perkins discusses the long-term outlook for global capital markets and returns for major asset classes.
Long-Term Returns Report – The Loss Of The Bond Anchor – May 25, 2018
· Asset Allocation · Asset Class Reports · Themes ·
Multi-asset portfolios are fated to deliver historically modest returns in the coming decade, primarily because the tailwind from bonds has ended and will gradually reverse.
Asset Allocation Strategy – Cash Is King – May 4, 2018
· Asset Allocation ·
The crosscurrents of a moderation in global growth momentum, combined with ongoing Fed rate hikes, rising U.S. inflation, and looming U.S. protectionist measures, portends continued churning in global capital markets in the near term.
Theme Report – The Next Global Recession: Watching The Canaries – May 2, 2018
Absolute Return · · Asset Allocation · Asset Class Reports · Economics & Policy · Themes ·
The world economy has transitioned from subdued and desynchronized growth with disinflation and emergency policy settings, to a faster paced expansion with gradually building price pressures, and a slow but steady unwinding of hyper-accommodative monetary settings.
Asset Allocation Strategy – Too Many Moving (i.e. Conflicting) Parts – April 6, 2018
· Asset Allocation ·
A moderation in growth momentum, combined with additional Fed rate hikes and, more recently, the escalating trade battle between the U.S. and China, implies continuing market volatility and warrants near-term caution toward risk assets.
Theme Report – The New Macro Roadmap – March 29, 2018
Absolute Return · · Asset Allocation · Asset Class Reports · Economics & Policy · Themes ·
Add to Favorite Reports The “new normal” or “secular stagnation” thesis was the wrong framework, and just… Continue
Asset Allocation – Global Portfolio Performance: Fading Tailwinds – March 22, 2018
· Asset Allocation ·
A major inflection point is underway for global multi-asset portfolios.
Asset Allocation Strategy – Choppiness Will Persist In The Near Term – March 2018
· Asset Allocation ·
Capital markets will continue to be in flux in the near term given uncertainty about the inflation and interest rate outlook as well as fresh policy risks, including the recent U.S. protectionist measures.
WMS – Financial Markets – Key Market Technicals: Cyclical Trends Intact, But A Pause Ahead – February 16, 2018
Asset Allocation ·
Add to Favorite Reports
Weekly Macro Strategy Report – Transitioning To A New Era – February 9, 2018
· Weekly Macro Strategy ·
Add to Favorite Reports Risk asset prices will remain under pressure until bond yields stabilize. The latter… Continue
Webcast – The Correction Must Run Its Course (8min:50sec) – February 7, 2018
Webcasts & Webinars ·
Add to Favorite Reports Click here to download the full Webcast (zip format, 5mb). February 7 after… Continue
Asset Allocation Strategy – Too Much Of A Good Thing – February 2018
· Asset Allocation ·
Add to Favorite Reports Risk assets have been on fire in response to a nearly ideal macro… Continue
Weekly Macro Strategy Report – Into The Extrapolation Phase – January 19, 2018
· Weekly Macro Strategy ·
Investors are discounting positive earnings trends well into the future, but have not yet made a parallel adjustment to their interest rate expectations.
WMS – Economy & Asset Allocation – Financial Stability: Watch The U.S. Dollar – January 19, 2018
Asset Allocation · Economics & Policy ·
Add to Favorite Reports
Asset Allocation Strategy –Risk Assessment: It’s Still Too Soon To Bail – January 2018
· Asset Allocation ·
The economic and policy outlook remains positive for risk assets and we remain moderately overweight equities versus government bonds in a multi-asset portfolio.
Webcast – What’s In Store For 2018 (8min:45sec) – December 6, 2017
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins assesses the outlook for the macro backdrop and the implications for capital markets in 2018.
Asset Allocation Strategy – The Outlook For 2018 – December 2017
· Asset Allocation ·
Strong returns for most risk assets combined with the advanced age of the U.S. economic expansion have many investors wondering to what extent dangers are building going into 2018.
Asset Allocation – The Yield Curve, Recessions And Asset Allocation – December 1, 2017
· Asset Allocation · Fixed Income ·
An inverted yield curve has a reasonable track-record as an economic signal and hence the curve should be closely monitored in setting investment strategy and risk exposure. However, as an asset allocation and timing tool, there are several considerations in interpreting it.
Asia Ex-Japan – On The Road Again — Asia Trip Perspectives – November 29, 2017
· Asset Allocation ·
Last week included a trip of client visits in Singapore and Hong Kong, the major theme of which was the outlook for capital markets in 2018 and appropriate asset allocation.
Weekly Macro Strategy Report – November 17, 2017
· Weekly Macro Strategy ·
A near-run correction in risk assets is underway. We do not expect it to progress into a significant setback and thus are not de-risking our moderately pro-growth stance.
Webcast – What Is The MRB Stylized Investment Cycle Telling Us? (10min:55sec) – November 15, 2017
Webcasts & Webinars ·
In this week’s Webcast, Phillip Colmar and Santiago Espinosa provide MRB’s key takeaways from our four-part theme report on the MRB Stylized Investment Cycle.
Theme – Stylized Investment Cycle (Part IV): Timing The End Of The Bull Market – November 10, 2017
Absolute Return · · Asset Allocation · Equities · Fixed Income · Themes ·
This is the fourth and final MRB Theme Report in a multi-part series updating the MRB Stylized Investment Cycle.
Webcast – It Will Be More Difficult Next Year (8min:07sec) – November 8, 2017
Webcasts & Webinars ·
Add to Favorite Reports Click here to download the full Webcast (zip format, 5mb). November 8 after… Continue
Asset Allocation Strategy – November 2017
· Asset Allocation ·
Add to Favorite Reports It’s been a banner year for investors. Global equity returns are 21% year-to-date… Continue
Webcast – The Disinflation Tailwind Has Passed (9min:23sec) – November 1, 2017
Webcasts & Webinars ·
In this week’s Webcast, global strategist Peter Perkins discusses the long-term outlook for the major asset classes and examines the key economic, policy and valuations drivers.
Theme – Stylized Investment Cycle (Part III): Regional Equity Positioning – November 1, 2017
Absolute Return · · Asset Allocation · Economics & Policy · Equities · Themes ·
This is the third MRB Theme Report in a multi-part series updating the MRB Stylized Investment Cycle.
Long-Term Returns Report – October 26, 2017
Absolute Return · · Asset Allocation · Emerging Markets · Equities · Fixed Income ·
The coming decade will see an end to an era of steadily declining discount rates and the associated boost to asset valuations. Prospective returns for balanced portfolios will be middling by historical standards, accompanied by lower Sharpe ratios.
Webcast – The Submerging World: A New Roadmap (9min:02sec) – October 25, 2017
Webcasts & Webinars ·
In this week’s Webcast, Santiago Espinosa and Phillip Colmar provide MRB’s latest research and thoughts on the evolution of the deleveraging part of the global economy, which we term the submerging world.
Theme – Stylized Investment Cycle (Part II): Asset Class Positioning – October 25, 2017
Absolute Return · · Asset Allocation · Economics & Policy · Equities · Fixed Income · Themes ·
This is the second MRB Theme Report in a multi-part series updating the MRB Stylized Investment Cycle, which is one of our most popular thematic frameworks. Part I outlined our framework and where financial markets currently are within the investment cycle.
Weekly Macro Strategy Report – October 20, 2017
· Economics & Policy · Weekly Macro Strategy ·
Prospects for the three legs in the global economic stool – the U.S., euro area and China – remain upbeat.
Theme – Ebb & Flow Of The Submerging World (Part II): The Next Wave – October 19, 2017
Absolute Return · · Asset Allocation · Economics & Policy · Themes ·
This is the second report of a two-part series, updating our submerging world theme. Part I outlined the ramifications resulting from the mushrooming and subsequent erosion of this segment of the global economy over the past decade.
Theme – Stylized Investment Cycle (Part I): Framework & Current Cycle – October 11, 2017
Absolute Return · · Asset Allocation · Economics & Policy · Equities · Fixed Income · Themes ·
The MRB Stylized Investment Cycle has been one of our most popular thematic frameworks over the years.
Theme – Ebb & Flow Of The Submerging World (Part I): Implications & Strategy – October 3, 2017
Absolute Return · · Asset Allocation · Economics & Policy · Themes ·
One of our most powerful macro themes over the past few years has been something we term the Submerging world.
Webcast – Geopolitical Jitters: De-Risking Not Yet Warranted (6min:36sec) – September 6, 2017
Webcasts & Webinars ·
In this week’s Webcast, MRB strategist Peter Perkins discusses asset allocation and investment strategy amidst the challenging political/policy backdrop.
Asset Allocation Report – September 2017
· Asset Allocation ·
An essentially quiet summer season (Northern Hemisphere) in capital markets has given way to renewed
Policy – Can Trump Tweet A Bear Market? – August 17, 2017
· Asset Allocation · Economics & Policy · Themes ·
Add to Favorite Reports Market participants normally desire a solid economy, pro-growth policies, stability and predictability. President… Continue
Asset Allocation Report – August 2017
· Asset Allocation ·
Add to Favorite Reports Many investors fear that the bull market in risk assets is in increasing… Continue
Theme – Yield Curve: Don’t Fear The Flattener, Fear The Steepener – July 20, 2017
· Asset Allocation · Equities · Fixed Income · Themes ·
Add to Favorite Reports Investors have grown accustomed to viewing a flattening yield curve as a bad… Continue
Webcast – It’s The Economy… (8min:44sec) – June 7, 2017
Webcasts & Webinars ·
Add to Favorite Reports Click here to download the full Webcast (zip format, 5mb). June 7 after… Continue
Asset Allocation Report – June 2017
· Asset Allocation ·
Add to Favorite Reports Some bumps are likely in the near run, but the fundamentals point to… Continue
Webcast – A Political Bullet Dodged (10min:29sec) – May 10, 2017
Webcasts & Webinars ·
Add to Favorite Reports Click here to download the full Webcast (zip format). May 10 after 2:00… Continue
Asset Allocation Report – May 2017
· Asset Allocation ·
Add to Favorite Reports Expect further choppiness in the near term, but economic and policy conditions favor… Continue
Asset Allocation Report – April 2017
· Asset Allocation ·
Add to Favorite Reports A correction/consolidation phase for risk assets may prevail in the near term, but… Continue
Asset Allocation Report – March 2017
· Asset Allocation ·
Add to Favorite Reports Continue to overweight equities versus bonds on a 6-12 month horizon, although risks… Continue
Webcast – Policy Uncertainty Amidst Improving Growth (9min:27sec) – February 8, 2017
Webcasts & Webinars ·
Add to Favorite Reports Click here to download the full Webcast (zip format, 5mb). February 8 after… Continue
Asset Allocation Report – February 2017
· Asset Allocation ·
Add to Favorite Reports Favorable economic tailwinds warrant staying cyclically overweight equities versus bonds in a global… Continue
Asset Allocation Report – January 2017
· Asset Allocation ·
Add to Favorite Reports Risk assets are overbought in the near term, but cyclical conditions remain favorable…. Continue
Asset Allocation Report – December 2016
· Asset Allocation ·
Add to Favorite Reports Continue to overweight equities versus bonds in a multi-asset portfolio given the improving… Continue
Long-Term Returns Report – November 8, 2016
· Asset Allocation ·
Add to Favorite Reports A balanced portfolio of equities, bonds, commodities and cash will produce unimpressive real… Continue
Asset Allocation Report – November 2016
· Asset Allocation ·
Add to Favorite Reports We are maintaining our mildly pro-growth investment stance given the gradually improving economic… Continue
Asset Allocation Report – October 2016
· Asset Allocation ·
Add to Favorite Reports Continue to mildly overweight stocks versus bonds in a global multi-asset portfolio given… Continue
Asset Allocation Report – September 2016
· Asset Allocation ·
Add to Favorite Reports Maintain a mildly pro-growth investment stance, with a moderate overweight on stocks offset… Continue
Asset Allocation Report – August 2016
· Asset Allocation ·
Add to Favorite Reports Continue to hold equities and bonds at benchmark in a global multi-asset portfolio…. Continue
Asset Allocation Report – July 2016
· Asset Allocation ·
Add to Favorite Reports A cautious investment stance is appropriate in the near term, given the new… Continue
Asset Allocation Report – June 2016
· Asset Allocation ·
Add to Favorite Reports Global growth conditions should gradually improve. Continue to overweight stocks versus bonds. Key… Continue
Long-Term Returns Report – May 17, 2016
· Asset Allocation ·
Add to Favorite Reports Investors should expect modest real returns from a balanced portfolio in the coming… Continue
Asset Allocation Report – May 2016
· Asset Allocation ·
Add to Favorite Reports Global growth should gradually improve as headwinds from the prior dollar strength and… Continue
Asset Allocation Report – April 2016
· Asset Allocation ·
Add to Favorite Reports Global economic conditions should gradually improve in the year ahead, warranting a mildly… Continue
Asset Allocation Report – March 2016
· Asset Allocation ·
Add to Favorite Reports Markets are unwinding previously overblown recession fears. A consolidation phase is probable in… Continue
Asset Allocation Report – February 2016
· Asset Allocation ·
Add to Favorite Reports Risk assets will remain under pressure until there is greater policy support from… Continue
Asset Allocation Report – January 2016
· Asset Allocation ·
Add to Favorite Reports Current growth fears will diminish, allowing stocks to resume their rise and pushing… Continue
Asset Allocation – Equity Risk Premia Indicate Fears And Opportunities – December 8, 2015
· Asset Allocation ·
Add to Favorite Reports Click on the links below to view each individual region (pdf format) MRB… Continue
Asset Allocation Report – December 2015
· Asset Allocation ·
Add to Favorite Reports The recent growth scare is fading and will give way to improving economic… Continue
Asset Allocation Report – November 2015
· Asset Allocation ·
Add to Favorite Reports The recent growth scare is fading and will give way to improving economic… Continue
Long-Term Returns Report – October 20, 2015
· Asset Allocation ·
Add to Favorite Reports A balanced portfolio of stocks, bonds, commodities and cash will generate middling real… Continue
Asset Allocation Report – October 2015
· Asset Allocation ·
Add to Favorite Reports Multi Assets Markets are overly bearish about the growth outlook. Weak economic growth… Continue
Asset Allocation Report – September 2015
· Asset Allocation ·
Add to Favorite Reports Multi Assets The decline in global equity prices represents a correction and not… Continue
Asset Allocation Report – August 2015
· Asset Allocation ·
Add to Favorite Reports Multi Assets A resilient global economy and supportive monetary policy warrant maintaining an… Continue
Asset Allocation – The Fed And Asset Allocation – August 7, 2015
· Asset Allocation ·
Add to Favorite Reports The start of a gradual Fed tightening cycle points to a period of… Continue
Asset Allocation Report – July 2015
· Asset Allocation ·
Add to Favorite Reports Multi Assets There remains considerable uncertainty about how the Greek crisis will play… Continue
Asset Allocation Report – June 2015
· Asset Allocation ·
Add to Favorite Reports Multi Assets Economic and policy fundamentals point to the further outperformance of stocks… Continue
Long-Term Returns Report – May 12, 2015
· Asset Allocation ·
Add to Favorite Reports Global multi-asset portfolios will produce middling real returns in the coming decade, reflecting… Continue
Asset Allocation Report – May 2015
· Asset Allocation ·
Add to Favorite Reports Multi Assets Continue to overweight stocks versus bonds, consistent with slowly improving global… Continue
Asset Allocation Report – April 2015
· Asset Allocation ·
Add to Favorite Reports Multi Assets Improving global economic conditions and highly favorable monetary policies warrant maintaining… Continue
Asset Allocation Report – March 2015
· Asset Allocation ·
Add to Favorite Reports Multi Assets The global economic recovery is gaining momentum, warranting a pro-growth bias… Continue
Asset Allocation – Investing In A Strong Dollar Environment – February 17, 2015
· Asset Allocation ·
Add to Favorite Reports The U.S. dollar will advance further in the year ahead, given relative growth… Continue
Asset Allocation Report – February 2015
· Asset Allocation ·
Add to Favorite Reports Multi Assets Deflation fears are overdone and will fade as the global economic… Continue
Asset Allocation Report – January 2015
· Asset Allocation ·
Add to Favorite Reports Multi Assets Stay constructive on the global economic outlook and select risk assets,… Continue
Asset Allocation Report – December 2014
· Asset Allocation ·
Add to Favorite Reports Multi Assets Central banks remain a key ally of risk asset investors. Maintain… Continue
Asset Allocation Report – November 2014
· Asset Allocation ·
Add to Favorite Reports Multi Assets The global economy remains on a path of gradual improvement, despite… Continue
Long-Term Returns Report – October 30, 2014
· Asset Allocation ·
Add to Favorite Reports A balanced portfolio of global equities, government bonds, commodities and cash will produce… Continue
Asset Allocation Report – October 2014
· Asset Allocation ·
Add to Favorite Reports Multi Assets The current correction does not herald the end of the global… Continue
Theme – Positioning For A Fed Tightening Cycle – September 18, 2014
· Asset Allocation · Economics & Policy · Themes ·
Add to Favorite Reports The U.S. economic recovery is becoming self-reinforcing and no longer warrants near zero… Continue
Asset Allocation Report – September 2014
· Asset Allocation ·
Add to Favorite Reports Multi Assets The global economic recovery will continue to solidify, barring a material… Continue
Asset Allocation Report – August 2014
· Asset Allocation ·
Add to Favorite Reports Multi Assets Positive cyclical conditions warrant maintaining an overweight stance on risk assets,… Continue
Asset Allocation Report – July 2014
· Asset Allocation ·
Add to Favorite Reports Multi Assets A resilient and improving global economy warrants continuing to overweight equities… Continue
Asset Allocation Report – June 2014
· Asset Allocation ·
Add to Favorite Reports Multi Assets The outperformance of stocks over bonds will persist. Stay overweight equities… Continue
Long-Term Returns Report – May 22, 2014
· Asset Allocation ·
Add to Favorite Reports Balanced global portfolios will deliver modest real returns in the coming decade, weighed… Continue
Asset Allocation Report – May 2014
· Asset Allocation ·
Add to Favorite Reports Multi Assets The outperformance trend of stocks versus bonds is poised to resume… Continue
Asset Allocation Report – April 2014
· Asset Allocation ·
Add to Favorite Reports Multi Assets The global economic recovery this year will push up equity prices… Continue
Asset Allocation Report – March 2014
· Asset Allocation ·
Add to Favorite Reports Multi Assets A major near-term escalation of geopolitical tensions is improbable. Continue to… Continue
Asset Allocation Report – February 2014
· Asset Allocation ·
Add to Favorite Reports The recent turmoil in emerging markets will not morph into a global crisis… Continue
Theme – Stylized Investment Cycle (Part III): Regional Equity Positioning – February 6, 2014
· Asset Allocation · Equities · Themes ·
Add to Favorite Reports Stay overweight pro-cyclical regional equity markets that are heavily weighted in manufacturing, technology… Continue
Theme – Stylized Investment Cycle (Part II): Optimizing Asset Selection – February 4, 2014
· Asset Allocation · Themes ·
Add to Favorite Reports Risk assets are in the midst of a material correction, but the cyclical… Continue
Theme – Stylized Investment Cycle (Part I): Where Are We & How To Position? – January 28, 2014
· Asset Allocation · Themes ·
Add to Favorite Reports The macro and policy backdrop is very different than in the past, but… Continue
Asset Allocation Report – January 2014
· Asset Allocation ·
Add to Favorite Reports The improving global economy and supportive monetary policies warrant maintaining an overweight stance… Continue
Monthly Asset Allocation – December 2013
· Asset Allocation ·
Add to Favorite Reports Continue to overweight equities versus bonds in multi-asset portfolios to take advantage of… Continue
Theme – Long-Term Return Projections: An Era Of Low Returns Looms – November 12, 2013
· Asset Allocation · Themes ·
Add to Favorite Reports Balanced portfolios of stocks, bonds, commodities and cash will produce low real returns… Continue
Monthly Asset Allocation – November 2013
· Asset Allocation ·
Add to Favorite Reports Continue to maintain an overweight stance on stocks versus bonds, underpinned by improving… Continue
Monthly Asset Allocation – October 2013
· Asset Allocation ·
Add to Favorite Reports Continue to overweight stocks versus bonds in global portfolios, consistent with an improving… Continue
Monthly Asset Allocation – September 2013
· Asset Allocation ·
Add to Favorite Reports We are maintaining our moderately pro-growth investment stance, favoring equities over bonds to… Continue
Monthly Asset Allocation – August 2013
· Asset Allocation ·
Add to Favorite Reports Continue to overweight equities versus bonds in a global multi-asset portfolio given an… Continue
Monthly Asset Allocation – July 2013
· Asset Allocation ·
Add to Favorite Reports Stay overweight equities versus bonds on a 6-12 month horizon, although the current… Continue
Monthly Asset Allocation – June 2013
· Asset Allocation ·
Add to Favorite Reports Continue to overweight equities versus bonds in global portfolios. Stocks are overbought in… Continue
Theme – Long-Term Returns Update: A Good Return Will Be Hard To Find – May 21, 2013
· Asset Allocation · Themes ·
Add to Favorite Reports Investors should expect low real returns by historical standards on balanced portfolios in… Continue
Monthly Asset Allocation – May 2013
· Asset Allocation ·
Add to Favorite Reports Stay overweight equities versus bonds on a 6-12 month horizon, as global growth… Continue
Monthly Asset Allocation – April 2013
· Asset Allocation ·
Add to Favorite Reports Continue to overweight risk assets in global multi-asset portfolios, in anticipation of better… Continue
Theme – This Is Not 1994 – March 27, 2013
· Asset Allocation · Economics & Policy · Fixed Income · Themes ·
Add to Favorite Reports The Fed will remain extremely transparent and try to limit interest rate volatility… Continue
Monthly Asset Allocation – March 2013
· Asset Allocation ·
Add to Favorite Reports We are maintaining our overweight stance on equities versus bonds, despite the potential… Continue
Monthly Asset Allocation – February 2013
· Asset Allocation ·
Add to Favorite Reports Equity/Bond Allocation Stay upbeat on risk assets for 2013. Maintain overweight exposure on… Continue
Monthly Asset Allocation – January 2013
· Asset Allocation ·
Add to Favorite Reports Equity/Bond Allocation: Stay upbeat on risk assets for 2013. Maintain overweight exposure on… Continue
Monthly Asset Allocation – December 2012
· Asset Allocation ·
Add to Favorite Reports Equity/Bond Allocation: Stay overweight risk assets in a global portfolio. The odds of… Continue
Monthly Asset Allocation – November 2012
· Asset Allocation ·
Add to Favorite Reports We are maintaining our overweight stance on risk assets, favoring equities and commodities… Continue
Theme – Long-Term Return Projections: A Dose Of Reality Required – October 23, 2012
· Asset Allocation · Themes ·
Add to Favorite Reports Investors need to lower their long-term return expectations. A balanced portfolio of equities,… Continue
Monthly Asset Allocation – October 2012
· Asset Allocation ·
Add to Favorite Reports Asset Allocation: Stay overweight risk assets in global portfolios. Global growth should gradually… Continue
Monthly Asset Allocation – September 2012
· Asset Allocation ·
Add to Favorite Reports Asset Allocation: Stepped up policy support is increasing our confidence that global growth… Continue
Monthly Asset Allocation – August 2012
· Asset Allocation ·
Add to Favorite Reports We are maintaining our moderately pro-risk portfolio bias, despite this week’s disappointing ECB… Continue
Theme – U.S. Retail Investor Behavior: Still A Contrary Indicator? – July 10, 2012
· Asset Allocation · Equities · Fixed Income · Themes ·
Add to Favorite Reports The cult of equities ended in the early-2000s and has been replaced by… Continue
Monthly Asset Allocation – July 2012
· Asset Allocation ·
Add to Favorite Reports A risk-on phase should prevail in the near-term, underpinned by fresh global policy… Continue
Monthly Asset Allocation – June 2012
· Asset Allocation ·
Add to Favorite Reports Maintain a cautious investment stance in the near term until decisive policy action… Continue
Monthly Asset Allocation – May 2012
· Asset Allocation ·
Add to Favorite Reports We maintain our mildly positive view on the global economy and risk assets… Continue
Monthly Asset Allocation – April 2012
· Asset Allocation ·
Add to Favorite Reports Stay overweight risk assets on a 6-12 month horizon, despite the potential for… Continue
Monthly Asset Allocation – March 2012
· Asset Allocation ·
Add to Favorite Reports There are no changes to our asset allocation recommendations. Stay overweight risk assets… Continue
Monthly Asset Allocation – February 2012
· Asset Allocation ·
Add to Favorite Reports Please note: There will be a Webcast on Wednesday, February 8th, which is… Continue
Monthly Asset Allocation – January 2012
· Asset Allocation ·
Add to Favorite Reports Downside threats to risk assets are slowly abating, but more aggressive policy action… Continue
Monthly Asset Allocation – December 2011
· Asset Allocation ·
Add to Favorite Reports Maintain neutral weightings in equities versus bonds until there is a more aggressive… Continue
Monthly Asset Allocation – November 2011
· Asset Allocation ·
Add to Favorite Reports We recommend gradually boosting equities and commodities back to neutral in response to… Continue
Monthly Asset Allocation – October 2011
· Asset Allocation ·
Add to Favorite Reports Risk assets are vulnerable until European policymakers resolve the region’s sovereign debt and… Continue
Monthly Asset Allocation – September 2011
· Asset Allocation ·
Add to Favorite Reports The rising threat of recession in the developed economies implies equally probable outcomes… Continue
Monthly Asset Allocation – August 2011
· Asset Allocation ·
Add to Favorite Reports There is a Wednesday Webcast based on this report from Wednesday, August 3rd…. Continue
Monthly Asset Allocation – July 2011
· Asset Allocation ·
Add to Favorite Reports There is a Webcast based on this report from Wednesday, July 6th. It… Continue
Monthly Asset Allocation – June 2011
· Asset Allocation ·
Add to Favorite Reports There is a Webcast based on this report from Wednesday, June 8th. It… Continue
Monthly Asset Allocation – May 2011
· Asset Allocation ·
Add to Favorite Reports There is a Webcast based on this report from Wednesday, May 4th. It… Continue
Monthly Asset Allocation – April 2011
· Asset Allocation ·
Add to Favorite Reports Maintain a pro-growth portfolio bias, favoring equities versus bonds. Lighten government bond exposure… Continue
Monthly Asset Allocation – March 2011
· Asset Allocation ·
Add to Favorite Reports Geopolitical tensions in the Middle East pose a risk to the global economy… Continue
Monthly Asset Allocation – February 2011
· Asset Allocation ·
Add to Favorite Reports Stay overweight risk assets and equities versus bonds. Bond yields will move moderately… Continue
Monthly Asset Allocation – January 2011
· Asset Allocation ·
Add to Favorite Reports Equities and most other risk assets will make solid gains in 2011. Stay… Continue
Monthly Asset Allocation – December 2010
· Asset Allocation ·
Add to Favorite Reports The cyclical uptrend in risk assets is intact. Use any near-term corrections to… Continue
Monthly Asset Allocation – November 2010
· Asset Allocation ·
Add to Favorite Reports Let your winners run. QE2 will provide more juice for emerging market and… Continue
Monthly Asset Allocation – October 2010
· Asset Allocation ·
Add to Favorite Reports The liquidity boom has ratcheted up another notch: open-ended central bank policy support… Continue
Monthly Asset Allocation – September 2010
· Asset Allocation ·
Add to Favorite Reports A grinding economic recovery remains our base case scenario, but deteriorating global growth… Continue