consumer-discretionary


 

MRB TradeBook – Closed One Trade, And Added Two New Positions – February 16, 2024
Absolute Return ·  · 

 Add to Favorite ReportsThere are some changes in positioning in the MRB TradeBook this week: NEW –… Continue



 

2024 U.S. Sector Outlook – Laggards Will Get The Limelight – December 19, 2023
 · Equities · 

U.S. stocks are exiting 2023 riding a wave of optimism, punctuating a year of strong performance for the popular benchmarks.



 

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…



 

MRB TradeBook – Long U.S. Hotels, Restaurants & Leisure Stocks Vs Broad Market – September 8, 2023
Absolute Return · 

 Add to Favorite Reports This position has corrected as of late, forcing us to book a 10%… Continue



 

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.



 

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.



 

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.



 

U.S. Equities – Our Favorite Charts – August 26, 2022
 · Equities · 

Today’s report presents some of our recent “favorite” charts.



 

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.



 

Regional Equities – Regional & Sectoral Balance For Turbulent Times – June 23, 2022
 · Equities · 

The macro backdrop will remain challenging in the near term as investors assess the trade-off between elevated inflation and economic growth risks



 

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.



 

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.



 

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.



 

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.



 

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 – 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 – 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.



 

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.



 

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.



 

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. 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 – 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 – 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 – 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 – 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



 

Theme – Lessons From Previous Equity Bear Markets – March 19, 2020
Absolute Return ·  · Asset Allocation · Themes · 

The speed of the current selloff in equities, credit and oil has been remarkable, with a massive wave of selling pressure as investors rushed for the exits or to buy portfolio insurance.



 

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.



 

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.



 

U.S. Equities – Looking Back At 2019 and Ahead To 2020 – January 9, 2020
 · Equities · 

The U.S. equity market has started the year on a choppy note, with geopolitical tensions between the U.S. and Iran whipsawing stocks prices in recent days.



 

Webcast – U.S. Equity Market Outlook: How To Position In 2020 (19min:04sec) – January 3, 2020
Webcasts & Webinars · 

In this week’s Webcast Salvatore Ruscitti discusses the 2020 outlook for the U.S. equity market and how to position portfolios for the year ahead.



 

U.S. Sector Strategy – 2020 Outlook: Earnings Growth Will Still Be King – December 18, 2019
 · Equities · 

Today’s report discusses how to position U.S. equity portfolios for the year ahead.



 

U.S. Equities – Retailing Stocks: A Tale Of Winners And Losers – December 4, 2019
 · Equities · 

Translating the positive backdrop for consumer spending into an investment stance on retailing sub-groups remains very challenging given the dichotomy between the winners and losers in the industry.



 

U.S. Equities – Stocks Go All-In On A Trade Deal – November 18, 2019
 · Equities · 

U.S. equity prices have made new highs in the past month, with reduced recession fears and optimism about an easing of U.S./China trade tensions driving the advance



 

Webcast – Still Scope For Another Upturn In The Global Earnings Cycle (11min:28sec) – October 23, 2019
Webcasts & Webinars · 

In this week’s Webcast, Peter Perkins assesses the earnings cycle across major markets, its key drivers, and the implications for equity prices.



 

U.S. Equities – A Reality Check For 2020 U.S. Earnings – October 16, 2019
 · Equities · 

Third-quarter earnings season kicks off in earnest this week. Our report offers a preview of what to expect and what trends to watch.



 

Global Equities – An Old, But Not Fully Mature Earnings Cycle – October 15, 2019
 · Asset Class Reports · Equities · 

The global earnings upcycle is advanced, but should continue in the sluggish growth environment we anticipate in the year ahead.



 

U.S. Sector Strategy – Stuck In “No Man’s Land” – August 29, 2019
 · Equities · 

The seesawing in trade tensions between the U.S. and China has kept equities on a rollercoaster ride in recent months.



 

Theme – MRB’s Annual Overview Of Key Investment Themes (Part II) – May 29, 2019
 · Themes · 

This is Part II of a two-part annual update of the big-picture themes that form the foundation for MRB’s longer-term investment strategy.



 

U.S. Equities – Navigating Trade Uncertainties – May 14, 2019
 · Equities · 

Equities have been jolted in the past week after an abrupt escalation in trade tensions between the U.S. and China.



 

U.S. Sector Strategy – Signs Of Stability, But Too Early To Rotate Out Of Quality And Growth – April 4, 2019
 · Equities · 

The first quarter saw cyclical stocks rebound from deeply oversold levels relative to their defensives counterparts.



 

Webcast – An Update On The U.S. Market Outlook And Sector Positioning (7min:45sec) – February 13, 2019
Webcasts & Webinars · 

In this week’s webcast, Salvatore Ruscitti discusses the outlook for U.S. equities and MRB’s recommended positioning.



 

Absolute Return Strategy – Crisis Of Confidence – January 7, 2019
Absolute Return ·  · 

Investors have been suffering a “crisis of confidence” in monetary and political leadership in several major economies around the globe.



 

Webcast – Perspectives From MRB Strategists (22min:43sec) – January 3, 2019
Webcasts & Webinars · 

In this week’s Webcast, Warren C. Smith chats with various MRB strategists in our three offices, and examines the key investment issues that we expect will dominate the landscape in 2019.



 

U.S. Sector Strategy – 2019 Outlook: Staying Balanced And Diversified – December 21, 2018
 · Equities · 

Equity markets are ending the year on a downbeat note, with end-of-cycle fears and political uncertainties continuing to weigh heavily on investor sentiment.



 

U.S. Equity Sectors – Don’t Chase Mini Rotations – October 4, 2018
 · Equities · 

The crosscurrents of strong corporate earnings and global trade/non-U.S. growth uncertainties warrant maintaining only a modestly pro-growth sector positioning stance.



 

Webcast – Staying Diversified, But With A Pro-Growth Bias (11min:07sec) – September 19, 2018
Webcasts & Webinars · 

In this week’s webcast, Salvatore Ruscitti provides a quick update on our U.S. sector positioning views and discusses the outlook for multiline retailing stocks, as well as risks and opportunities within the health care sector.



 

U.S. Equities – Staying Diversified, But With A Pro-Growth Bias – September 14, 2018
 · Equities · 

Rising earnings are continuing to provide support to the U.S. equity market. However, a further significant advance in equity prices is dependent on the U.S. protectionist threat receding and non-U.S. economic growth momentum showing definitive signs of firming.



 

Weekly Macro Strategy Report – Opposing Forces – September 14, 2018
 · Weekly Macro Strategy · 

Once again, there are glimmers of hope on the trade front. A meaningful easing in tensions would signal that the risk-on backdrop in the U.S. will spread abroad.



 

Webcast – GICS Reclassification And Its Implications (10min:07sec) – August 1 2018
Webcasts & Webinars · 

In this week’s webcast, Salvatore Ruscitti looks at the upcoming changes to the Global Industry Classification Standard (GICS), and discusses their potential impact on sector behavior and the implications for investment strategy.



 

U.S. Equities – The Upcoming Reshuffling Of Sectors: What Are The Implications For Investors? – July 31, 2018
 · Equities · 

Major revisions to the Global Industry Classification Standard (GICS) structure are scheduled to go into effect on September 28, 2018.



 

U.S. Equities – Fundamentals Still Favor A Moderately Pro-Cyclical Positioning Stance – July 10, 2018
 · Equities · 

The equity market has been resilient of late despite escalating trade tensions.



 

Asia Ex-Japan Report – China’s Bear: Hunt Or Run? – July 10, 2018
 · Emerging Markets · Equities · 

Despite large differences in sector composition, valuations, and international trade exposure, correlations between China’s CSI-300 index, the MSCI China and MSCI Hong Kong indexes have risen to the highest levels in more than a decade.



 

U.S. Equities – Staying Constructive, But Keep An Eye On Brewing Trade Tensions – June 26, 2018
 · Equities · 

The equity market will remain choppy until trade uncertainties recede and global growth momentum bottoms.



 

U.S. Equities – A Valuation Deep Dive Across Sectors – June 18, 2018
 · Equities · 

Valuations for the broad U.S. equity market have re-set lower since late-January.



 

U.S. Equities – Too Early To Tilt Towards Defensives – May 29, 2018
 · Equities · 

 Add to Favorite Reports Equity markets will remain in a churning phase as investors continue to digest… Continue



 

U.S. Equities – The End Of Cheap Oil? – May 14, 2018
 · Equities · 

 Add to Favorite Reports Despite the recent positive price action, we expect macro cross-currents to keep equity… Continue



 

U.S. Equities – Banks And Semis: Are The Bearish Narratives Justified? – April 23, 2018
 · Equities · 

The upward bias in inflation expectations and bond yields implies that the digestion phase for the U.S. equity market will persist in the near run.



 

U.S. Equities – Will Earnings Assuage Investors? – April 16, 2018
 · Equities · 

The U.S. equity market will remain volatile as economic growth momentum moderates and the cyclical build-up of inflationary pressures persists.



 

U.S. Equities – A Negative News Cycle For Stocks – March 26, 2018
 · Asset Class Reports · Equities · 

U.S. equity markets were roiled last week as investors worried about several issues including the prospects of a trade war, the fallout from the data harvesting scandal at Facebook, and anxiety over Fed rate hikes.



 

Webcast – Volatility Redux: Assessing U.S. Portfolio Positioning (10min:31sec) – February 21, 2018
Webcasts & Webinars · 

In this week’s Webcast,Salvatore Ruscitti provides an update on our U.S. equity sector views given the shifting macro landscape



 

U.S. Equity Sectors – Positioning In A Higher Volatility World – February 20, 2018
 · Equities · 

After a long absence, volatility returned to the equity market earlier this month, triggered by a breakout in Treasury yields.



 

Charts – U.S. Consumer Discretionary Stocks: Eight Reasons To Sell – February 8, 2018
 · Equities · 

 Add to Favorite Reports After lagging for most of 2017, the relative performance of consumer discretionary stocks… Continue



 

Asset Allocation Strategy – Too Much Of A Good Thing – February 2018
 · Asset Allocation · 

 Add to Favorite Reports Risk assets have been on fire in response to a nearly ideal macro… Continue



 

Webcast – 2018 U.S. Sector Outlook (14min:41sec) – January 3, 2018
Webcasts & Webinars · 

In this week’s webcast, equity sectors strategist Salvatore Ruscitti, assesses the macro outlook for 2018 and the implications for U.S. equity sector positioning.



 

U.S. Equity Sectors Report – 2018 U.S. Sector Outlook: Remain Diversified – December 19, 2017
 · Equities · 

The U.S. equity market has enjoyed a banner year, with gains being fueled by a favorable macro backdrop.



 

Webcast – What Is The MRB Stylized Investment Cycle Telling Us? (10min:55sec) – November 15, 2017
Webcasts & Webinars · 

In this week’s Webcast, Phillip Colmar and Santiago Espinosa provide MRB’s key takeaways from our four-part theme report on the MRB Stylized Investment Cycle.



 

Charts – Equity Sectors: Our Favorite Charts – November 2, 2017
 · Equities · 

Today’s report provides our 12 favorite U.S. sector/industry sub-group charts. We also discuss their implications.



 

Theme – Stylized Investment Cycle (Part II): Asset Class Positioning – October 25, 2017
Absolute Return ·  · Asset Allocation · Economics & Policy · Equities · Fixed Income · Themes · 

This is the second MRB Theme Report in a multi-part series updating the MRB Stylized Investment Cycle, which is one of our most popular thematic frameworks. Part I outlined our framework and where financial markets currently are within the investment cycle.