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Regional Equities – Goldilocks “Light” Spurs A Broadening In Equity Leadership – June 25, 2024
 · Equities · 

The investment backdrop remains broadly supportive for global equities, but performance will likely be choppy in the near term given some signs of slowing growth in the U.S. economy…

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.

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.

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…

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.

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.

MRB TradeBook Update – New Equity Pair Trade – October 14, 2022
Absolute Return · 

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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.

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.

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.

Equities – As Go Industrials, So Go Equities – July 22, 2022
Equities · 

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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 – 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.

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.

U.S. Equities – Taking Advantage Of Market Volatility – January 27, 2022
 · Equities · 

U.S. equities have started the year on a turbulent note.

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.

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 – 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.

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.

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.

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. 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.

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

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 – 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

Absolute Return Strategy – Trading Ranges Don’t Last – October 24, 2019
Absolute Return ·  · 

Global equity markets have been rangebound over the past several months, caught between powerful macro and political crosscurrents.

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.

U.S. Equities – Industrials: Global Dark Clouds Take Their Toll – August 1, 2019
 · Equities · 

Recent earnings reports from U.S. industrial companies have indicated that trade uncertainties and sluggish global economic growth have begun to more meaningfully weigh on the sector’s underlying fundamentals.

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. Equities – Road & Rail Stocks: Downside Risks Diminishing, But Caution Is Still Warranted – April 23, 2019
 · Equities · 

Our report examines the prospects for the road & rail sub-group, which is dominated by railroad companies.

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.

U.S. Equities – Industrial Stocks: More Pain Ahead – March 15, 2019
 · Equities · 

Our report examines the prospects for industrial stocks, which have suffered a setback in the past week, due in part, to the selloff in Boeing’s shares.

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.

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. Equities – Some Hopeful Signs Amid The Gloom – November 26, 2018
 · Equities · 

 Add to Favorite Reports U.S. equity markets have remained volatile in the wake of last month’s sell-off…. Continue

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.

U.S. Equities – Are Defensive Stocks Telling Us Something? – August 27, 2018
 · Equities · 

The recent outperformance of defensive sectors has raised some eyebrows and incited concerns about economic prospects.

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 – Solid Corporate Fundamentals Vs Trade Uncertainties: The Tug-Of War Will Go On – July 18, 2018
 · Equities · 

The U.S. equity market has been grinding higher in recent months, but a decisive breakout to new highs is unlikely before trade tensions calm and global economic growth momentum bottoms.

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 – Messy Politics Vs Strong Corporate Fundamentals – June 4, 2018
 · Equities · 

We expect the equity market to remain range-bound in the near run as a strong corporate earnings outlook is offset by ongoing trade tensions, overseas growth concerns, and geopolitical uncertainties.

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 – Good Earnings, Ho-Hum Reaction – April 30, 2018
 · Equities · 

Rising bond yields and uncertainties related to trade policy were likely behind the “sell-the-news” reaction to solid earnings results last week.

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.

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.

U.S. – Capex Cycle: Solid, With Room to Run – December 12, 2017
 · Economics & Policy · 

U.S. business fixed investment accelerated in 2017, following a historically unusual mid-cycle decline that was driven by the prior collapse in commodity prices and appreciation of the dollar.

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.