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.



 

Webcast – Equity Rotation: Stronger Global Growth Is The Necessary Condition – (10min:12sec) – September 30, 2020
Webcasts · 

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