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Weekly Macro Strategy – No More One-Way Discounting – October 30, 2020
equities
Weekly Macro Strategy – No More One-Way Discounting – October 30, 2020
· Weekly Macro Strategy ·
Short-term risks are elevated for equities, although a clear U.S. election result next week would ease this source of tension.
Absolute Return Strategy – Looking Past The U.S. Election – October 29, 2020
Absolute Return · ·
Global equities and other risk assets were hit hard this week as COVID-19 infections continue to spike throughout Europe and parts of North America, forcing several countries into renewed shutdowns.
Long-Term Returns – Lower-For-Longer Real Portfolio Returns – October 29, 2020
Absolute Return · · Asset Allocation ·
The cyclical economic outlook has brightened since the Spring as the depressing effects of COVID-19 diminish, but the long-run return prospects for multi-asset portfolios remain challenging.
Weekly Macro Strategy – One Out Of Three Is Not Great – October 23, 2020
· Weekly Macro Strategy ·
The Chinese economy is in solid shape. The U.S. and Europe are not. The lack of full mobility will continue to hamper the global economic recovery; a self-reinforcing expansion awaits a medical breakthrough.
Webinar – How Will The U.S. Election Impact Equity Sectors? – (61min:33sec) – October 21, 2020
Webcasts ·
The outcome of the U.S. election will play an important role in shaping policy in the coming years, thereby influencing the investment landscape.
Theme – Secular Equity Bull Market: Is There More Upside? – October 21, 2020
Absolute Return · · Asset Allocation · Themes ·
Most investment strategy is focused on the cyclical trend in asset prices (i.e. the swings within a single economic or business cycle).
Weekly Macro Strategy – Will Equity Markets Stay Resilient? – October 16, 2020
· Weekly Macro Strategy ·
The recent acceleration in COVID-19 infection rates is slowing the global economic rebound.
Weekly Macro Strategy – Still A Long Road Ahead – October 9, 2020
· Weekly Macro Strategy ·
There remains a race between a medical breakthrough and more normal economic and social mobility, versus mounting permanent layoffs.
Equities – Global Bank Stocks: Cheap, But… – October 9, 2020
Equities ·
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U.S. Equities – Trump Vs Biden: Where The Presidential Nominees Stand On Energy Policy – October 8, 2020
· Equities ·
The upcoming election presents a stark contrast between Democratic nominee Joe Biden’s promise to overhaul the U.S. energy system to urgently deal with climate change
China – Robust Recovery Offers Scant Global Comfort – October 6, 2020
· Emerging Markets ·
The pace of China’s torrid post-Q1 economic rebound will ease off, but solid growth will be sustained thanks primarily to the robust service sector.
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.
In this week’s webcast, Peter Perkins discusses the outlook for performance across the major equity markets and MRB’s recommended positioning in a global equity portfolio.
Weekly Macro Strategy – Still A Stop-Start World – September 25, 2020
· Weekly Macro Strategy ·
The setback to the global economic recovery, primarily in the service sector, was to be expected, and somewhat frothy equity market sentiment is now deflating.
Regional Equities – Rotation Drivers Are Still Not In Place – September 24, 2020
· Equities ·
A global economic recovery increases the potential for a rotation away from richly-valued U.S. stocks, but the growth outlook is not yet sufficiently robust to warrant such a shift.
Webcast – The Case For EM In A Global Equity Portfolio – (7min:46sec) – September 23, 2020
Webcasts ·
In today’s Webcast Mehran Nakhjavani discusses the outlook for emerging markets in a global equity portfolio.
Weekly Macro Strategy – Rotation Update – September 18, 2020
· Weekly Macro Strategy ·
We remain short-term cautious on equities (and industrial commodities) because the economic recovery is proving underwhelming in many countries and there are a number of potential risks ahead.
Equities – U.K.: If It’s Not One Thing, It’s Another – September 18, 2020
Equities ·
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Policy – U.S. Economy: The Danger Of Premature Austerity – September 17, 2020
· Economics & Policy · Themes ·
The aftermath of the Great Recession highlights the dangers of enacting premature fiscal austerity.
Webcast – Growth Vs Value: An Unsustainable Divergence – (11min:26sec) – September 16, 2020
Webcasts ·
In this week’s Webcast Salvatore Ruscitti discusses the outlook for U.S. style performance and how to navigate the extreme divergence in the performance between growth and value stocks.
Emerging Markets Equities – Still Searching For Positive Earnings Signals – September 15, 2020
· Emerging Markets · Equities ·
Tuesday’s report maintained our neutral call on EM within a global equity portfolio even though we would be more inclined to upgrade our overall positioning on EM stocks than to downgrade it in the months ahead.
U.S. Equities – Will Gravity Finally Drag Down Growth Stocks? – September 14, 2020
· Equities ·
The recent sell-off in the tech-heavy NASDAQ has rekindled optimism about a broadening of U.S. stock market leadership away from growth stocks and towards laggard value sectors.
Weekly Macro Strategy – A Small Crack, So Far – September 11, 2020
· Weekly Macro Strategy ·
We remain cautious on the near-run outlook, as the recovery in the global economy will have difficulty matching the elevated expectations discounted by equities and industrial commodities.
Equities – Japanese Equities: Uncertain Earnings Upside In A Recovery – September 11, 2020
Equities ·
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Absolute Return Strategy – The Opportunities Are In The Laggards – September 10, 2020
Absolute Return · ·
It has been a bumpy ride for investors over the past week as equities abruptly pulled back from overbought levels, before catching a bid yesterday.
Webcast – Markets Now Testing Optimistic Expectations – (10min:59sec) – September 9, 2020
Webcasts ·
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.
China – Torrid Recovery Will Ease Off – September 8, 2020
Emerging Markets ·
China’s growth trajectory can be broken down into two components.
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.
Absolute Return Strategy – Equity Leaders Vs Everything Else – September 3, 2020
Absolute Return · ·
Market leaders typically have a material influence on overall equity performance, but it has been dramatic this year.
U.S. Equities – Trump Vs Biden: Who’s Better For U.S. Tech Stocks? – August 31, 2020
· Equities ·
The occupant of the White House over the next four years will have an influence on the outlook for the tech industry