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U.S. Equities – Real Estate Stocks: A Fed Pause Is Not An All-Clear Signal To Buy – November 21, 2023
· Equities ·
U.S. real estate stocks have taken a beating in recent years. The sector, which is mostly comprised of REITs…
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.
MRB TradeBook – Some Tactical Changes – November 10, 2023
Absolute Return · ·
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China – Growth: Half-Full, Or Half-Empty? – November 9, 2023
· Emerging Markets ·
Chinese household consumption is the new version of the analogy of the glass being half full or empty.
U.S. Equities – Machinery Stocks: Staying Cautious – November 6, 2023
· Equities ·
U.S. machinery stocks have underperformed the broad equity market since early-March, even as their relative 12-month forward earnings have continued to improve.
Webcast – EM ex-China Has The Earnings Beta – (7min:09sec) – November 1, 2023
Webcasts & Webinars ·
In today’s Webcast Mehran Nakhjavani looks at the outlook for emerging market equities.
U.S. Equities – Still Premature To Increase Defensive Positioning Beyond Health Care – October 24, 2023
· Equities ·
Defensive sectors such as utilities, consumer staples, and health care have all lagged the broad U.S. equity market year-to-date.
Absolute Return Strategy – Will Higher Bond Yields Break The Global Economy? – October 20, 2023
Absolute Return · ·
The trend in G7 government bond yields remains the dominant driver of global capital markets.
Theme – Will Higher Bond Yields Break The Global Economy? – October 20, 2023
· Themes ·
The trend in G7 government bond yields remains the dominant driver of global capital markets.
China – Recovery Steps Up A Notch – October 12, 2023
· Emerging Markets ·
What will it take for foreign investors to shake off their bearishness on Chinese assets?
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.
U.S. Equities – Communication Services Stocks: Reasons To Stay Overweight – October 5, 2023
· Equities ·
U.S. communication services stocks have seen their fortunes dramatically reverse in 2023.
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…
Webinar – Will The Bond Market Spoil Goldilocks? – (71min:38sec) – September 27, 2023
Webcasts & Webinars ·
Today’s MRB Webinar featured Salvatore Ruscitti discussing the macroeconomic outlook and the implications for the U.S. equity market and sector positioning.
Absolute Return Strategy – Good News (Firmer Growth), But Bad News (Higher Bond Yields) – September 22, 2023
Absolute Return · ·
The Fed and investors have progressively upgraded their outlook on the U.S. economy this year.
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.
China – Higher Equity Prices, Not Home Prices – September 7, 2023
· Emerging Markets ·
Policymakers have followed through on the guidance provided by July’s Politburo meeting with a raft of measures designed to improve investor sentiment and control the risks arising from the recession in the housing market.
U.S. Equities – Aerospace & Defense Stocks: Poised To Regain Altitude – August 22, 2023
· Equities ·
U.S. aerospace & defense stocks have lagged the broad equity market year-to-date following significant outperformance in 2022.
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.
U.S. Equities – Moody’s Downgrade Of Banks Mostly Recognizes What Is Already Known – August 11, 2023
· Equities ·
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China – Capital Inflows Resume, Despite Bearish Narratives – August 10, 2023
· Emerging Markets ·
While some investors have started hyperventilating about the disappearance of “housing is for living in, not for speculating” mantra from the Politburo’s policy discourse…
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.
U.S. Equities – Energy Stocks: Favor Service Providers Over Producers – August 1, 2023
· Equities ·
The recent rally in oil prices has lifted U.S. energy stocks, which have lagged the broad equity market year-to-date.
Global Equities: Identifying Opportunities Among Major Non-U.S. Markets – July 25, 2023
· Equities ·
With all eyes recently on U.S. stocks, it is easy to miss important trends among the major non-U.S. markets.
MRB TradeBook – Long Energy And Japanese Financials – July 14, 2023
Absolute Return ·
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China – Undervalued And Unloved, But Undeniably Growing – July 13, 2023
· Emerging Markets ·
Second-quarter earnings results are about to start rolling in, with the large banks dominating the early phase of the reporting period.
U.S. Equities – S&P 500 Earnings Must Jump Over A Higher Bar In Q2 – July 12, 2023
· Equities ·
Second-quarter earnings are about to get underway, with the large banks dominating the early phase of the reporting period.
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”
Absolute Return Strategy – Risk-On Until Bond Yields Breakout – July 6, 2023
Absolute Return · ·
Central banks and investors have begun capitulating closer to our view that the cost of capital has not yet reached destabilizing levels.
U.S. Equities – Growth Stocks: Mounting Risks To The Rally – July 5, 2023
· Equities ·
U.S. growth stocks have enjoyed a powerful resurgence this year versus their value brethren.
MRB TradeBook – Favor U.S. Large-Cap Banks Versus Their Regional Counterparts – June 30, 2023
Absolute Return ·
Add to Favorite ReportsThe U.S. bank index has started to regain strength relative to the U.S. regional… Continue
Webcast – Three Underappreciated Factors That Will Support U.S. Bank Earnings – (9min:54sec) – June 28, 2023
Webcasts & Webinars ·
In this week’s Webcast, Salvatore Ruscitti discusses the outlook for U.S. bank earnings.
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…
Webcast – China: Asset Prices Stall, The Economy Advances – (7min:40sec) – June 21, 2023
Webcasts & Webinars ·
Despite a fog of heavily negative sentiment surrounding Chinese assets, economic momentum is advancing steadily.
U.S. Equities – Bank Earnings Face A Wall Of Worry, But Not A Cliff-Dive – June 20, 2023
· Equities ·
The earnings of U.S. bank stocks face several crosscurrents in the year ahead.
China – Asset Prices Stall, The Economy Advances – June 15, 2023
· Emerging Markets ·
Despite a fog of heavily negative sentiment surrounding Chinese assets, economic momentum is advancing steadily.
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.
U.S. Equities – Energy Equipment & Services Stocks: Time To Start Nibbling – June 5, 2023
· Equities ·
The U.S. energy equipment & services sub-group has lagged the overall equity benchmark year-to-date, along with the broader energy sector.
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.
Absolute Return Strategy – Playing The Late Cycle: Leaning Against The Consensus Yet Again – May 18, 2023
Absolute Return · ·
The economic expansion has matured, and the investment cycle is now late.
Webcast – China: Consumers Stay Stingy, For Now – (7min:10sec) – May 17, 2023
Webcasts & Webinars ·
Thrice bitten by the uncertainty of pandemic lockdowns, Chinese consumers are shy.
U.S. Equities – It Gets Tougher From Here – May 16, 2023
· Equities ·
The 6-12 month outlook for the U.S. equity market remains uninspiring.
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.
U.S. Equities – Tech Stocks: Exceptional Valuations For Unexceptional Earnings – May 3, 2023
· Equities ·
U.S. tech stocks have bounced back strongly this year after enduring a brutal sell-off in 2022.
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.
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.
U.S. Equities – Earnings Outlook: Can Sales Expectations Hold Up? – April 19, 2023
· Equities ·
U.S. corporate earnings will remain in the spotlight in the next few weeks as more companies report first-quarter numbers.
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.
China – A “New” China: Growth Without Stimulus, Exports Or Housing – April 6, 2023
· Emerging Markets ·
China’s reopening and economic recovery is finally observable in the hard economic data, rather than only from surveys.
U.S. Equities – Economic Concerns Mount, But Too Early To Go All-In On Defensives – April 5, 2023
· Equities ·
Strains in the banking system have raised concerns about a retrenchment in bank lending, with negative implications for the broader U.S. economy.
U.S. Equities – Changes To The GICS® Structure: What Investors Need To Know – March 22, 2023
· Equities ·
Changes to the Global Industry Classification Standard (GICS®) will be made in the coming months.
Theme – Making Money During China’s Demographic Decline – March 21, 2023
· Emerging Markets · Themes ·
China’s official population count for 2022 was published in January and showed 9.6m births, outweighed by 10.4m deaths.
Webcast – U.S. Bank Stocks: Idiosyncratic Rather Than Systemic Risks – (9min:29sec) – March 14, 2023
Webcasts & Webinars ·
In this week’s Webcast, Salvatore Ruscitti discusses the implications of recent developments in the banking industry and their impact on U.S. bank stocks.
MRB TradeBook – Taking Profits – March 10, 2023
Absolute Return ·
Add to Favorite ReportsMarket volatility has caused us to take profits on three positions this week, these… Continue
U.S. Equities – Bank Stocks: Addressing Three Popular Questions – March 9, 2023
· Equities ·
Rising interest rates bring both opportunities and risks for the banking industry.
China – Surveys Show Recovery, Hard Data Will Follow – March 9, 2023
· Emerging Markets ·
“Soft” data from surveys are showing China’s robust recovery is underway, but the usual seasonal distortions in hard data make it difficult to calibrate the implications for overall economic momentum for the time being.
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.
MRB TradeBook – New Equity Pair Trade – March 3, 2023
Absolute Return ·
Add to Favorite ReportsLong U.S. Industrials Vs Consumer Discretionary Stocks: U.S. industrials have started to outperform their… Continue
Webinar – Investing In A Drawn-Out Late-Cycle Environment – (71min:13sec) – March 1, 2023
Webcasts & Webinars ·
Today’s MRB Webinar featured Salvatore Ruscitti discussing the outlook for the U.S. equity market and the implications of the late-cycle macro environment for portfolio positioning.
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.
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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…
Webcast – Profiting From Understanding The Cycle – (7min:42sec) – February 14, 2023
Webcasts & Webinars ·
In this Webcast Phillip Colmar focuses on the economic and investment cycles.
Absolute Return Strategy – Investors Misinterpret The Cycle Yet Again – February 10, 2023
Absolute Return · ·
Investors are now progressively capitulating to our more upbeat macro view, which has provided a boost for risk assets.
Theme – Investors Misinterpret The Cycle Yet Again – February 10, 2023
Absolute Return · · Themes ·
Add to Favorite Reports Investors are now progressively capitulating to our more upbeat macro view, which has… Continue
China – Services Rebound, Broader Consumption Should Follow – February 9, 2023
· Emerging Markets ·
The traditional travel boom during the Lunar New Year holiday period took place in January…
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.
Track Record – MRB TradeBook Performance: 2022 Review – January 24, 2023
Absolute Return · ·
The objective of the MRB Absolute Return Strategy is to provide a steady stream of investment ideas, rather than be based purely on the track record.
Webcast – The Impediments To A Revival Of U.S. Growth-Stock Leadership In 2023 – (9min:53sec) – January 18, 2023
Webcasts & Webinars ·
In this week’s Webcast, Salvatore Ruscitti discusses the outlook for the U.S. style cycle and addresses whether growth stocks can rebound in 2023.
Equities – Euro Area Earnings: Kicking Into Gear – January 17, 2023
· Equities ·
Prospective better economic growth augurs favorably for euro area corporate profits in aggregate and for key cyclical sectors.
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.
2023 U.S. Style Outlook – Can Growth Stocks Rebound? – January 10, 2023
· Equities ·
Last year was annus horribilis for U.S. growth stocks. The latter bore the brunt of investor concerns over sharply rising inflation and interest rates.
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.
China – Re-Opening Is Palpable, If Not Yet Measurable – January 5, 2023
· Emerging Markets ·
High frequency data and anecdotal evidence suggest that Chinese workers and consumers are shaking off the tsunami of infections arising from the sudden abandonment of the COVID-zero policy.
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.
Absolute Return Strategy – Positioning For 2023 – December 22, 2022
Absolute Return · ·
For much of 2022, global portfolios were confronted with the lethal combination of decisively weaker global economic growth
2023 U.S. Sector Outlook – Another Year Of Challenges, But With Some Opportunities – December 21, 2022
· Equities ·
Next year will bring slower U.S. economic growth and moderating inflation, which should lead to at least a temporary pause in Fed rate hikes.
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 China Outlook – How Much Growth Will Reopening Deliver? – December 8, 2022
· Emerging Markets ·
China’s COVID-zero response to the pandemic combined risky political assumptions, faulty epidemiology, and catastrophic economic consequences…
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…
U.S. Equities – The Implications Of A Desynchronized U.S. Profit Cycle – November 23, 2022
· Equities ·
The U.S. profit cycle has decelerated sharply this year after a period of extraordinary growth following the re-opening of the economy in 2021.
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…
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.
U.S. Equities – Semiconductor Stocks: Is All The Bad News Discounted? – November 8, 2022
· Equities ·
U.S. semiconductor stocks have posted big losses in 2022, with the semiconductor & semi-equipment index falling nearly 40% year-to-date on growing fears of a recession.
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.
China – No Imminent Reprieve – November 3, 2022
· Emerging Markets ·
Betting on an imminent relaxation of the COVID-zero policy may seem rational, given the latter’s economic costs and dubious public health benefit.
Webcast – U.S. Consumer Discretionary Stocks Will Remain Challenged – (11min:11sec) – November 2, 2022
Webcasts & Webinars ·
In this week’s Webcast, Salvatore Ruscitti examines the outlook for U.S. consumer discretionary stocks.
U.S. Equities – Consumer Discretionary Stocks: Too Early To Get More Constructive – October 27, 2022
· Equities ·
We entered 2022 with an underweight recommendation on the U.S. consumer discretionary sector.
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”.
U.S. Equities – Road & Rail Stocks: Why Relative Performance Is At Risk Of Getting Derailed – October 13, 2022
· Equities ·
The U.S. Class 1 railroads are great businesses. That said, these companies are not impervious to an economic slowdown/downturn, nor are they immune to operational challenges.
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.
China – Baby Steps To Evolving COVID-Zero – October 6, 2022
· Emerging Markets ·
It may still only be a baby step, and by global standards it is a barely perceptible one.
U.S. Equities – Patience Is Prudence – October 5, 2022
· Equities ·
Equities have started the fourth quarter on a more upbeat note after one of the worst Septembers on record.
Regional Equities – Bond Risks And Regional Positioning – September 29, 2022
· Equities ·
Equities will continue to face headwinds in the near term, with economic growth slowing even as central banks are determined to push interest rates into restrictive territory.
Absolute Return Strategy – Higher Interest Rates Curb Risk Taking – September 23, 2022
Absolute Return ·
Add to Favorite Reports Risk assets are facing renewed selling pressure and will continue to do so… Continue
Roundtable – Positioning In A World Of Higher-For-Longer Interest Rates – (79min:22sec) – September 21, 2022
Webcasts & Webinars ·
Today’s MRB Roundtable featured Salvatore Ruscitti discussing the outlook for the U.S. equity market and the implications of higher-for-longer interest rates on portfolio positioning.
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.
China – Pragmatic Policy In Hibernation – September 8, 2022
· Emerging Markets ·
Deng Xiaoping, China’s paramount leader from 1978 until 1992, famously said “no matter if it is a white cat or a black cat, so long as it can catch mice, it is a good cat”
U.S. Equities – Our Favorite Charts – August 26, 2022
· Equities ·
Today’s report presents some of our recent “favorite” charts.
Last Friday, the U.S. House of Representatives passed the Inflation Reduction Act.
Webcast – Why The Consensus Is Repeatedly Wrongfooted – (13min:54sec) – August 10, 2022
Webcasts & Webinars ·
In this week’s Webcast Phillip Colmar addresses a core difference in what is a fundamental building block between MRB’s view and the consensus.
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.
China – COVID-Zero Implies Continuing Economic Pain – August 4, 2022
· Emerging Markets ·
Prospects for a strong reopening recovery in China are evaporating in the face of the authorities’ obstinate attachment to a COVID-zero policy
U.S. Equities – Chemical Stocks: Trouble Brewing – August 3, 2022
· Equities ·
Year-to-date, U.S. chemical stocks have performed broadly in line with the overall equity market, albeit with considerable volatility.
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.
Theme – Differing From The Consensus – July 28, 2022
· Themes ·
The global economy is currently facing many simultaneous headwinds from higher inflation, monetary “tightening”
Absolute Return Strategy – Differing From The Consensus – July 28, 2022
Absolute Return · ·
The global economy is currently facing many simultaneous headwinds from higher inflation, monetary “tightening”
Webcast – Dividends Matter – (8min:54sec) – July 27, 2022
Webcasts & Webinars ·
In this week’s webcast, Peter Perkins examines dividends across global equity markets to provide support for equity portfolios in a turbulent investment climate.
Equities – As Go Industrials, So Go Equities – July 22, 2022
Equities ·
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Webcast – U.S. Growth Stocks: Relatively Oversold, But Not Compelling – (9min:25sec) – July 13, 2022
Webcasts & Webinars ·
In this week’s Webcast, Salvatore Ruscitti discusses whether U.S. growth stocks can re-assert equity leadership in the second half of the year.
U.S. Equities – Will Recession Concerns Revive The Relative Performance Of U.S. Growth Stocks? – July 7, 2022
· Equities ·
There is a growing belief emerging among some investors that U.S. equity leadership will revert to growth equities in the second half of the year as inflation peaks
China – When Will Reopening Lift Earnings? – July 7, 2022
· Emerging Markets ·
With signs of economic reopening, foreign investors have been piling back into Chinese stocks in recent weeks, having rushed for the exits in prior months during the peak of lockdowns.
U.S. Equities – Health Care Stocks Remain A Core Defensive Holding – June 23, 2022
· Equities ·
U.S. health care stocks have outperformed the broad equity market year-to-date, led by the pharmaceuticals and biotechnology sub-groups
Webcast – Chinese Lockdowns Creating Pent-up Demand – (8min:58sec) – June 15, 2022
Webcasts & Webinars ·
In this week’s Webcast Mehran Nakhjavani examines the outlook for China’s economy and markets in the context of renewed lockdowns imposed on Beijing and Shanghai in recent days
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.
U.S. Equities – Bank Stocks: Earnings Upgrades Starting To Take Hold – June 9, 2022
· Equities ·
After sharply outperforming in January, U.S. bank stocks have lagged the broad equity market since the Russian invasion of Ukraine amid rising recession concerns
Absolute Return Strategy – Realigning The Cycle – June 9, 2022
Absolute Return · ·
One of MRB’s core themes since the pandemic erupted has been that the global authorities forcefully divorced the policy cycle from the cycle in economic growth and inflation.
Theme – Realigning The Cycle – June 9, 2022
· Themes ·
One of MRB’s core themes since the pandemic erupted has been that the global authorities forcefully divorced the policy cycle from the cycle in economic growth and inflation.
China – The Stock Bounce Has Begun – June 8, 2022
· Emerging Markets ·
A much-anticipated positive shift in sentiment towards Chinese stocks appears to have begun, supported by easier liquidity conditions
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
U.S. Equities – Q1 Earnings: What We Learned And What To Expect Going Forward – May 26, 2022
· Equities ·
U.S. first-quarter earnings season is nearly in the books, with most members of the S&P 500 having reported results.
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
Webcast – China: How Will Contradictory Policies Net Out? – (7min:47sec) – May 18, 2022
Webcasts & Webinars ·
In this week’s Webcast, Mehran Nakhjavani discusses the outlook for China’s economy and markets.
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.
U.S. Equities – Waiting For The Inflation Fever To Break – May 11, 2022
· Equities ·
U.S. stocks have corrected sharply year-to-date, with the rise in corporate earnings more than offset by a sharp multiple compression as bond yields have surged.
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.
China – How Will Contradictory Policies Net Out? – May 5, 2022
· Emerging Markets ·
Chinese stocks and its currency have been buffeted by the fallout from draconian lockdowns that have spread out from the major trade hubs of the country during the course of March and April.
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
U.S. Equities – Aerospace & Defense Stocks: On A Slow, But Positive Trajectory – April 28, 2022
· Equities ·
U.S. aerospace & defense stocks have significantly outperformed the broad equity market year-to-date.
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.
U.S. Equity Sectors – Tech Stocks: It May Be More Than Just Valuation Headwinds – April 22, 2022
Equities ·
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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.
Webcast – U.S. Bank Stocks: Earnings Will Have A Second Upleg – (11min:50sec) – April 13, 2022
Webcasts & Webinars ·
In this week’s Webcast, Salvatore Ruscitti discusses the outlook for U.S. bank stocks.
U.S. Equities – Utility Stocks: The Catalysts For Sustained Outperformance Are Not In Place – April 6, 2022
· Equities ·
U.S. utility stocks have enjoyed a relative bounce in recent months after a period of extended underperformance.
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.
U.S. Equities – Putin Or Powell: Who Matters More For U.S. Bank Stocks? – March 29, 2022
· Equities ·
After strongly outperforming in January, U.S. bank stocks have lagged in the past couple of months, with relative performance weighed down by economic uncertainty stemming from the war in Ukraine.
Regional Equities – Post-War Performance Shifts Lie Ahead – March 24, 2022
· Equities ·
The war in Ukraine is a near-term wildcard, but our expectation of an ongoing global economic recovery…
Roundtable – Positioning In Treacherous Markets – (72min:33sec) – March 23, 2022
Uncategorized · Webcasts & Webinars ·
In this week’s Roundtable, Salvatore Ruscitti discussed the outlook for the U.S. equity market and provided a road map for how to position portfolios for the next 6-12 months.
Absolute Return Strategy – From Russia To Reopening – March 21, 2022
Absolute Return · ·
The Russian invasion of Ukraine is dominating the headlines, causing increased volatility across financial asset markets.
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.
U.S. Equities – Hotel, Restaurant & Leisure Stocks: The Bullish Case Rests On Blockbuster Earnings – March 3, 2022
· Equities ·
The sharp decline in Omicron cases has rekindled investor interest in stocks leveraged to a recovery in consumer spending on travel and leisure.
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.
U.S. Equities – Continue To Favor U.S. Health Care Stocks Over Other Defensive Sectors – February 17, 2022
· Equities ·
The shift of monetary policy from ultra-accommodative towards normalization is ushering in a regime of greater volatility in the equity and bond markets
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.
U.S. Equities – Growth Stocks: The Road Ahead Will Remain Rocky – February 9, 2022
· Equities ·
U.S. growth stocks are in a tough spot. After massively re-rating in recent years, valuations relative to value equities are stretched at a time when bond yields are rising and central banks have started removing monetary accommodation.
China – Limping Into The Tiger – February 8, 2022
Emerging Markets ·
Appropriately enough, as the world celebrates the lunar new year, both bravery and unpredictability are the Tiger’s hallmarks in the Chinese zodiac.
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.
U.S. Equities – Taking Advantage Of Market Volatility – January 27, 2022
· Equities ·
U.S. equities have started the year on a turbulent note.
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.
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.
U.S. Sector Strategy – 2022 U.S. Sector Outlook: Slower Growth Does Not Mean Low Growth – December 22, 2021
· Equities ·
Next year is shaping up to be a more challenging period for the U.S. equity market.
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.
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.
U.S. Equities – Favor Industrials Over Consumer Discretionary For 2022 – December 9, 2021
· Equities ·
U.S. consumer discretionary stocks have outperformed their industrial counterparts year-to-date.
China – The Coming Consumption/Policy-Led Recovery – December 7, 2021
· Emerging Markets ·
After an eventful year of widespread policy interventions that dragged growth from above-trend to its current below-trend pace, a modest policy stimulus is set to recalibrate China’s growth prospects in the months ahead.
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.
Webcast – Navigating The COVID-19 Roller Coaster – (9min:19sec) – December 1, 2021
Webcasts & Webinars ·
In this week’s Webcast, Salvatore Ruscitti discusses how the emergence of the Omicron variant impacts U.S. investment strategy
U.S. Equities – Setting The Tone For 2022 – November 24, 2021
· Equities ·
The overall macro backdrop will become less favorable for the equity market in the year ahead.
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
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.
Absolute Return Strategy – When The Unprecedented Liquidity Boom Fades – November 11, 2021
Absolute Return · ·
Central banks have suppressed interest rates (and bond yields) and created an environment where there is no alternative but to buy risk assets
U.S. Equities – Will Rising Bond Yields Pummel Tech Stocks? – November 9, 2021
· Equities ·
U.S. technology stocks and growth equities more generally have been enormous beneficiaries of financial repression and the low interest rate environment that has prevailed since the Great Financial Crisis.
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
U.S. Equities – Semiconductor & Semi Equipment Stocks: Risks To The Cycle Are Piling Up – October 27, 2021
· Equities ·
After a huge run in the second half of 2020, the relative performance of U.S. semiconductor stocks has leveled off this year.
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).
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.
U.S. Equities – Household Durable Stocks: Taking Profits – October 18, 2021
· Equities ·
For much of 2020 and the early part of this year, robust housing market conditions have driven the strong outperformance of the U.S. household durables sub-group.
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.
Equities – Global Earnings: Sectors To Watch – October 15, 2021
Equities ·
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Emerging Markets – EEMEA Equities: Any Juice Left To Squeeze? – October 14, 2021
· Emerging Markets ·
The Emerging Markets Europe, Middle East, and Africa (EEMEA) index has been on a tear this year, driven by the near-parabolic rise in commodity prices.
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.
U.S. Equity Sectors – U.S. Small-Cap Stocks: Another Leg Of Outperformance Ahead – October 8, 2021
Equities ·
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China – Policy Bandwidth Is Being Overwhelmed – October 7, 2021
· Emerging Markets ·
Chinese policymakers were probably hoping to take their victory lap during last week’s national holidays, after reducing excess leverage and nipping a housing bubble in the bud.
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.
U.S. Equities – Bank Stocks: Proving Their Resilience – September 30, 2021
· Equities ·
U.S. bank stocks are enjoying a banner year of outperformance.
Absolute Return Strategy – Early, Mid or Late Cycle? – September 28, 2021
Absolute Return · ·
The extraordinary events over the past couple of years have left many investors struggling to sort out the economic and policy crosscurrents and determine if we are now early, midway, or late in the cycle.
Theme – Early, Mid or Late Cycle? – September 28, 2021
Themes ·
Add to Favorite Reports The extraordinary events over the past couple of years have left many investors… Continue
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.
U.S. Equities – Metal & Mining Stocks: Buyer Beware – September 21, 2021
· Equities ·
The relative performance of the U.S. metals & mining sub-group has weakened in recent months due to mounting concerns that the global economic recovery is losing steam.
Webcast – U.S. Industrials: Heeding The Message From Sluggish Relative Earnings – (9min:31sec) – September 15, 2021
Webcasts & Webinars ·
In this week’s Webcast Salvatore Ruscitti discusses the outlook for the U.S. industrial sector and machinery stocks, which are one of its key sub-groups.
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.
U.S. Equities – Recovery Delayed, Not Lost – September 8, 2021
· Equities ·
While growth momentum is moderating, economic conditions remain consistent with above-trend U.S. growth for the balance of this year and 2022.
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
Equity Sectors – U.S. Earnings: Margins Remain The Story – August 20, 2021
Equities ·
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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.
The spreading COVID-19 Delta variant, looming Fed bond tapering, and headline risks associated with corporate tax increases are potential sources of equity market volatility in the coming weeks and months.
U.S. Equities – U.S. Growth Stocks: The Bar For Positive Surprises Is Very High – August 6, 2021
· Equities ·
Peak earnings growth, easing bond yields, and anxieties about the economic outlook have put U.S. growth stocks back in favor.
Absolute Return Strategy – Stuck In A Moment (The 2010s) – August 5, 2021
Absolute Return · ·
It is common for investors and central bankers to get stuck in a preceding longstanding macro trend well after fundamentals have shifted.
Theme – Stuck In A Moment (The 2010s) – August 5, 2021
· Themes ·
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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.
U.S. Equities – The Reflation Trade Is Not Over – July 23, 2021
· Equities ·
The spread of COVID-19 variants and peak growth momentum have fueled anxiety about the global economic outlook, boosted government bonds, and spurred a rotation out of cyclical stocks and into secular growth plays.
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 – 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.
China – Back To Normal – July 6, 2021
· Emerging Markets ·
While investors in the U.S. suffer bouts of anxiety over the first mutterings of a possible thought that the Fed may consider setting a date for the start of policy normalization, Chinese policymakers have already barged through the gates along this path
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.
Weekly Macro Strategy – A (Brief) Taste Of Risk-Off – June 25, 2021
· Weekly Macro Strategy ·
The recent pause in the cyclical uptrend in bond yields may persist for a while longer, but time is not on the side of bond bulls.
Equity Sectors – U.S. Bank Stocks: Buy On Weakness – June 25, 2021
· Equities ·
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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.
U.S. Equities – Energy Stocks: Stay Long For The Beta Trade – June 17, 2021
· Equities ·
Energy has been the top-performing U.S. sector this year.
Absolute Return Strategy – Six Best Inflation Bets – June 15, 2021
Absolute Return ·
The outlook for U.S. and global consumer price inflation has become a hotly debated topic in recent months and now central to investment strategy.
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.
U.S. Equities – The Value Resurgence Has Room To Run – June 1, 2021
· Equities ·
The rotation from growth to value has been one of the outstanding features of the U.S. equity market rally over the past 7 months.
U.S. Equities – Consumer Finance Stocks: More Tailwinds To Play Out – May 12, 2021
· Equities ·
U.S. consumer finance stocks have strongly outperformed year-to-date.
Absolute Return Strategy – Risk Of Another 1987 Crash – May 10, 2021
Absolute Return · ·
The investment cycle is decisively ahead of the economic cycle, with many signs of frothy conditions, at a point when consumer price inflation is rising, bonds have entered a durable bear market and the U.S. dollar is vulnerable.
Theme – Risk Of Another 1987 Crash – May 10, 2021
Themes ·
Add to Favorite Reports The investment cycle is decisively ahead of the economic cycle, with many signs… Continue
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.
U.S. Equities – Stay Selectively Focused On Value – May 3, 2021
· Equities ·
U.S. first-quarter earnings reports have been overwhelmingly positive.
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.
Weekly Macro Strategy – Bumps, But No Derailing – April 23, 2021
· Weekly Macro Strategy ·
Global economic prospects are steadily improving, although investors should expect periodic minor setbacks until the pandemic truly recedes.
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Absolute Return Strategy – Playing Major Global Trends – April 22, 2021
Absolute Return · ·
The global reflation trade has cooled of late, after becoming technically stretched in recent months.
Theme – Playing Major Global Trends – April 22, 2021
Themes ·
Add to Favorite Reports The global reflation trade has cooled of late, after becoming technically stretched in… Continue
Weekly Macro Strategy – The Key Is To Stay Open – April16, 2021
· Weekly Macro Strategy ·
The risk of a near-term correction in equities, due to overstretched technical conditions and already elevated earnings expectations, has diminished because the uptrend in Treasury yields has paused.
Webcast – Our Differentiated Views On U.S. Consumer Discretionary And Industrial Stocks – (12min:06sec) – April 14, 2021
Webcasts & Webinars ·
In this week’s Webcast Salvatore Ruscitti discusses the 6-12 month prospects for the U.S. consumer discretionary and industrial sectors.
U.S. Equities – Industrial Stocks: Will Earnings Deliver? – April 13, 2021
· Equities ·
After lagging in December and January, U.S. industrial stocks have resumed outperforming in recent months.
Equities – Earnings Prospects Favor Further Global Value Outperformance – April 13, 2021
· Equities ·
The rich valuations of growth stocks and the increasingly positive outlook for economic growth have recently helped boost investor interest in value stocks as a potential catch-up play.
Weekly Macro Strategy – Risk Assets Benefit As The Rise In Treasury Yields Pauses – April 9, 2021
· Weekly Macro Strategy ·
Global growth is strengthening and broadening, helping to sustain rising earnings expectations.
Equities – Global Equity Sectors: Sector Earnings Shifts Underway – April 9, 2021
Equities ·
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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.
U.S. Equities – Consumer Discretionary Stocks: Not As Leveraged To Re-Opening As You Might Think – March 31, 2021
· Equities ·
The combination of historically huge fiscal transfers, a high savings rate, and healthy household balance sheets has left the U.S. consumer primed to spend once the economy fully re-opens.
Weekly Macro Strategy – Hitting A Fog Patch – March 26, 2021
· Weekly Macro Strategy ·
This week’s PMI flashes confirmed that the global expansion is both broadening and strengthening.
Theme – MRB’s Overview Of Key Investment Themes (Part III) – March 24, 2021
· Themes ·
This is Part III of an update of the big-picture themes that form the foundation for MRB’s longer-term investment strategy.
Weekly Macro Strategy – The Fed Is Losing Its Grip On The Treasury Market – March 19, 2021
· Weekly Macro Strategy ·
Global monetary and fiscal stimulus is so massive that, when combined with vaccinations, it will be hard for economic growth to disappoint.
U.S. Equities – Air Freight & Logistics Stocks: Climbing Back On Board – March 19, 2021
Equities ·
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U.S. Equities – Near-Term Speed Bumps In The Re-Opening Trade – March 19, 2021
Equities ·
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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.
Weekly Macro Strategy – Self-Limiting – March 12, 2021
· Weekly Macro Strategy ·
We remain mildly pro-growth on a 6-12 month basis, but cautious on risk assets in the short-term, given the backdrop of overbought/overheated technical conditions and rising bond yields.
U.S. Equities – Hotel, Restaurant & Leisure Stocks: Priced For Normalcy – March 11, 2021
· Equities ·
No group of stocks is more emblematic of the re-opening trade than the U.S. hotels, restaurants & leisure sub-group.
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
Absolute Return Strategy – Is Good News Now Bad? – March 4, 2021
Absolute Return · ·
One of the leading threats we identified for financial markets in 2021 is now occurring, namely that bond yields rise too fast.
U.S. Equities – What The Bond Market Rout Means For U.S. Equities – March 2, 2021
· Equities ·
U.S. equity prices have been volatile of late due to a rapid rise in bond yields as government fixed-income markets have begun to discount stronger-than-expected economic growth and higher inflation.
Weekly Macro Strategy – Some Bumps – February 26, 2021
· Weekly Macro Strategy ·
The bond market outlook is bearish, with few places left to hide to avoid total return losses in the coming year.
U.S. Equity Sectors – Tech Stocks: Gathering Headwinds – February 26, 2021
Equities ·
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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.
Equities – Canada: Earnings Beta Still Tied To Resources – February 24, 2021
· Equities ·
Canadian stocks will benefit from an improving domestic and global economy over the next 6-12 months, but we expect them to continue to underperform their global peers during the period.
Weekly Macro Strategy – Losing An Anchor – February 19, 2021
· Weekly Macro Strategy ·
The rebound in Treasury yields has spread abroad and has increased the odds of a correction in overbought risk asset markets.
U.S. Equities – Small Caps: In Need Of A Pause That Refreshes – February 16, 2021
· Equities ·
U.S. small-cap stocks have been on a tear since early-November when positive vaccine news began to trickle out.
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.
Theme – MRB’s Overview Of Key Macro Themes (Part I) – February 9, 2021
· Themes ·
This is Part I of an update of the big-picture themes that form the foundation for MRB’s longer-term investment strategy.
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.
U.S. Equities – Road & Rail Stocks: Are They Worth The Ride? – February 4, 2021
· Equities ·
After rebounding from their late-March 2020 lows, the relative share prices of the road & rail sub-group have stalled in recent months, along with the broader transportation index.
Roundtable – U.S. Equity Sectors With Salvatore Ruscitti – January 28, 2021
Webcasts & Webinars ·
In this Roundtable, MRB’s U.S. Equity Strategist, Salvatore Ruscitti, discusses the outlook for the U.S. equity market and highlights our recommended sector positioning.
U.S. Equities – U.S. Banks: Taking Stock Of The Earnings Drivers – January 21, 2021
· Equities ·
U.S. bank stocks have soared in recent months, boosted by positive vaccine news, a steepening yield curve, and the Fed’s decision in December to reverse the ban on share buybacks for the largest banking institutions.
Weekly Macro Strategy – Extrapolating Can Be Dangerous – January 15, 2021
· Weekly Macro Strategy ·
The recent stall in U.S. employment trends underscores the need for rapid vaccinations to clear the path to a self-reinforcing global economic expansion.
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.
Absolute Return Strategy – Selectivity After The Runup – January 12, 2021
Absolute Return · ·
This report focuses on positioning around the potential for some near-term turbulence in global equity markets following the recent sharp upleg.
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.
U.S. Sector Strategy – 2021 Outlook: From Rally To Rotation – December 23, 2020
· Equities ·
The expected widespread rollout of COVID-19 vaccines has boosted the outlook for the global economy.
Absolute Return Strategy – Positioning For 2021 – December 16, 2020
Absolute Return · ·
The COVID-19 pandemic took global policy and the economy hostage in 2020.
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.
U.S. Equities – Revisiting Two Ideas – December 8, 2020
· Equities ·
Our strategy this year has been to take a barbell approach to positioning U.S. equity portfolios, with selective bets on cyclicals and defensives/growth equities.
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.
Weekly Macro Strategy – Getting Overheated – November 27, 2020
· Weekly Macro Strategy ·
The global economy is not yet in a synchronized and durable expansion.
Equity Sectors – U.S. Industrials: Earnings Optimism Is Unlikely To Be Validated – November 27, 2020
Equities ·
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Webcast – Is It Time For Financial Stocks? – (11min:28sec) – November 25, 2020
Webcasts & Webinars ·
In this week’s Webcast, Peter Perkins discusses the outlook for global financial stocks following the release of the MRB Research Highlight:
“Global Financial Stocks: Look For U.S. And EM Leadership” on November 18, 2020.
Webinar – The Great Equity & Currency Rotation – (89min:16sec) – November 18, 2020
Webcasts & Webinars ·
In this week’s special MRB Webinar, Phillip Colmar and Mehran Nakhjavani address the question of asset rotation and answer questions from clients.
Global Equities – Global Financial Stocks: Look For U.S. And EM Leadership – November 18, 2020
· Emerging Markets · Equities ·
Global financial stocks have enjoyed a solid bounce in recent weeks, breaking out of a trading range that had prevailed from June through October.
U.S. Equities – Election Post-Mortem: The Implications For U.S. Equity Sectors – November 17, 2020
· Equities ·
The U.S. election will not be certified by the Electoral College until mid-December, but Joe Biden is almost certain to be the next president.
Weekly Macro Strategy – Moving Another Notch – November 13, 2020
· Weekly Macro Strategy ·
The pandemic is slowing the rebound in economic activity outside of Asia. However, the 6-12 month outlook has improved because U.S. political uncertainty has diminished and there are higher odds of successful COVID-19 remedies.
Election 2020 – How Will The U.S. Election Shape Financial Sector Regulation? – November 2, 2020
· Equities ·
Financial sector policy proposals have largely been absent from this year’s election campaign as debates have mostly focused on issues such as the pandemic
Webinar – How Will The U.S. Election Impact Equity Sectors? – (61min:33sec) – October 21, 2020
Webcasts & Webinars ·
The outcome of the U.S. election will play an important role in shaping policy in the coming years, thereby influencing the investment landscape.
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
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.
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.
Webcast – Growth Vs Value: An Unsustainable Divergence – (11min:26sec) – September 16, 2020
Webcasts & Webinars ·
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.
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.
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 & 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.
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
Equities – Global Sector Composition Is Driving Relative Performance – August 28, 2020
Equities ·
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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.
Webcast – Selecting Euro Area Cyclical Sectors – (9min:17sec) – August 19, 2020
Webcasts & Webinars ·
In this week’s webcast, strategist Peter Perkins discusses the outlook for key euro area cyclical equity sectors. He expects cyclical sectors to outperform the euro area equity benchmark on a 6-12 month horizon, although selectivity is appropriate.
Euro Area Equities – Cyclical Earnings Recovery Opportunities – August 18, 2020
· Equities · Research Reports ·
Euro area traditional cyclical sectors, including consumer discretionary, industrials and materials should benefit from absolute and relative earnings upside over the next 6-18 months as the global economy recovers.
U.S. Equities – Health Care Stocks: What’s At Stake In The Election? – August 13, 2020
· Equities ·
Health care is one of the most exposed sectors to the outcome of the November presidential election.
Webinar – U.S. 2020 Elections: A Lot Is At Stake For Markets – (72min:12sec) – August 12, 2020
Webcasts & Webinars ·
Elections always matter and this year’s will be no exception, as the outcome will have a major impact on the U.S. economy and capital markets.
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.
U.S. Equities – Follow The Profit Cycle – July 23, 2020
· Equities ·
The uncertainties unleashed by the COVID-19 pandemic pose a significant challenge for investment strategy.
U.S. Equities – Industrial Stocks: Tempering Our Negativity – July 9, 2020
· Equities ·
U.S. industrial stocks have mostly lagged since late 2016, although they have recently bounced from their relative lows.
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.
Webcast – Catalyst For A Regional Equity Rotation Is Not Yet In View – (9min:51sec) – June 24, 2020
Webcasts & Webinars ·
In this week’s Webcast, MRB strategist Peter Perkins discusses the outlook for the major equity markets and MRB’s recommended positioning on a 6-12 month horizon.
Absolute Return Strategy – Setting Up For Another Shakeout? – June 23, 2020
Absolute Return · ·
The powerful bounce back in global risk assets since late-March has benefited our pro-growth positioning.
Webcast – Will Earnings Validate The Rally? – (9min:50sec) – June 17, 2020
Webcasts & Webinars ·
In this week’s Webcast Salvatore Ruscitti discusses the outlook for the U.S. equity market and the timeline for a normalization of earnings.
U.S. Equities – Valuations Demand A V-Shaped Recovery In Earnings – June 16, 2020
· Equities ·
The huge rally in the equity market from the late-March lows has driven a wide gap between share prices and underlying fundamentals.
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 – Growth Vs Value: A Little Bit Of Both – (10min:18sec) – May 28, 2020
Webcasts & Webinars ·
In this week’s Webcast Salvatore Ruscitti weighs in on the growth vs value debate and discusses how investors should position U.S. equity portfolios in the context of the style cycle.
U.S. Equities – Real Estate Stocks: No Longer A Safe Haven – May 21, 2020
· Equities ·
The clouds hanging over the U.S. real estate sector have darkened since the outbreak of the COVID-19 pandemic.
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.
U.S. Equities – Navigating The Growth Vs Value Style Imbalance – May 7, 2020
· Equities ·
Growth stocks have continued to exert market leadership this year amid the COVID pandemic.
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.
Absolute Return Strategy – Catch The Waves: The Next Is Approaching – April 30, 2020
Absolute Return · ·
Investor sentiment has shifted rapidly from being overly optimistic on expectations of an acceleration in global growth conditions in late-January, to pricing in another deep recession by late-March, to now seemingly overly complacent about the likely recovery path ahead.
U.S. Equities – Tech Stocks: An Overdue Reality Check – April 27, 2020
· Equities ·
U.S. technology stocks have been relatively resilient amid the COVID-19 health crisis and economic shutdown.
Weekly Macro Strategy – The Race To Re-Start – April 24, 2020
· Weekly Macro Strategy ·
Re-starting economic activity is going to be challenging in the near run, and there is a significant risk of disappointments if politicians/businesses move too quickly.
Equities – Across-The-Board U.S. Sector Outperformance – April 24, 2020
Equities ·
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U.S. Equities – A COVID-19 Stress Test For U.S. Bank Stocks – April 14, 2020
· Equities ·
The economic disruptions from the COVID-19 outbreak will weigh heavily on U.S. bank earnings this year.
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.
U.S. Equities – The Virus Makes The Timeline – March 31, 2020
· Equities ·
U.S. stock prices have recently bounced from their lows. To a large degree, the performance of the equity market going forward will be a function of sentiment towards the 2021 earnings outlook
Regional Equities – The Best Offense Is A Good Defense – March 26, 2020
· Equities ·
The uncertainty associated with COVID-19 and the countermeasures being taken to ameliorate it justify a conservative regional equity allocation in the near term.
U.S. Equities – S&P 500 Earnings: Assessing The Impact Of COVID-19 – March 23, 2020
· Equities ·
Assessing equity valuations during these uncertain times is challenging given the lack of earnings visibility.
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 – COVID-19 And Investment Strategy (10min:09sec) – March 4, 2020
Webcasts & Webinars ·
In this week’s Webcast, Phillip Colmar provides our latest take on COVID-19 and how it will impact investment strategy.
Weekly Macro Strategy – The Race Is On – February 28, 2020
· Weekly Macro Strategy ·
Just as the COVID-19 crisis has crested in China, it has now gone global, and will hit all countries to varying degrees.
U.S. Equity Sectors – Navigating The Sell-Off – February 28, 2020
Equities ·
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U.S. Equities – Will The Equity Market Catch The Flu? – February 12, 2020
· Equities ·
After an initial modest drawdown, the U.S. equity market has more than recouped all its earlier losses from coronavirus fears.
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.
U.S. Equities – Household Durable Stocks: A Pause Followed By More Relative Upside – January 31, 2020
· Equities ·
U.S. household durable stocks enjoyed a comeback last year, with the sub-group outperforming the broad equity market in 2019.
Absolute Return Strategy – Trading Manias & Crashes – January 29, 2020
Absolute Return · ·
Global equities stumbled in the last week after surging over the past year.
Absolute Return Strategy – MRB TradeBook Track Record: 2019 Review – January 29, 2020
Absolute Return ·
Add to Favorite Reports In 2019, we leaned against repeated calls for an imminent recession, which benefited… Continue