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Global Equities – Elevated Cyclically-Adjusted Valuations Underscore Risk – February 23, 2023
 · Equities · 

Equity valuations are often elevated toward the end of economic expansions when investor sentiment is optimistic, and earnings are high, which is the case today.

Webcast – Equity Dilemma: Stronger Economy Vs Higher Bond Yields – (10min:05sec) – February 22, 2023
Webcasts & Webinars · 

In this Webcast Phillip Colmar focuses on the major macro forces driving equities and bonds and narrows in on the current outlook for investment strategy.

Foreign Exchange – Gold Or Cryptos: Which One Is More Appealing? – February 21, 2023
 · Foreign Exchange · 

The pause in bond yields late last year encouraged global equity investors to embrace risk-on across the board…

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.

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.

Weekly Macro Strategy – Does The Fed Really, Really Mean It? – February 10, 2023
 · Weekly Macro Strategy · 

Global growth will improve, particularly in the euro area and Asia.

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.

Foreign Exchange – Euro: Digesting Its Early Gains – February 10, 2023
Foreign Exchange · 

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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

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.

Commodities – Upgrade As Headwinds Fade – February 3, 2023
Commodities · 

 Add to Favorite ReportsWe are upgrading commodities to neutral as China and the euro area regain economic… Continue

Weekly Macro Strategy – Risk Assets Revel From An (Expected) Rate Pause – January 27, 2023
 · Weekly Macro Strategy · 

We remain positioned for a further period of risk-on, as headline inflation will steadily decelerate in the first half of 2023 and DM central banks will soon pause their rate hikes.

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.

Weekly Macro Strategy – Corporations Are Profitable And Still Want To Hire – January 20, 2023
 · Weekly Macro Strategy · 

We remain positioned for a further period of risk-on.

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.

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.

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.

Weekly Macro Strategy – Losing The Last Global Bond Yield Anchor – December 23, 2022
 · Weekly Macro Strategy · 

Keep tight stops on risk-on positions, as DM government bond markets have become less supportive of late.

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 Regional Equities Outlook – Positioning For A Resilient Global Economy – December 22, 2022
 · Equities · 

A resilient global economy, elevated U.S. earnings and valuations, and an expected further depreciation of the U.S. dollar

Weekly Macro Strategy – Global Economic Headwinds Easing – December 16, 2022
 · Weekly Macro Strategy · 

Some economic headwinds have recently eased, even as the major DM central banks have continued to hike their policy rates.

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.

MRB TradeBook – Tightening Stops – December 9, 2022
Absolute Return · 

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Theme – U.S. Treasurys: Rhyming (Inversely) With The 1980s – December 8, 2022
 · Fixed Income · Themes · 

It is common for investor expectations and market pricing to persistently lag economic fundamentals at secular turning points.

2023 Fixed Income Outlook – Some Calm Before The Next Storm – December 6, 2022
 · Fixed Income · 

We expect a calmer period for global bond markets, at least during the first half of 2023. Thereafter, bond markets will face renewed headwinds, since the level of yields still does not reflect that the disinflationary era is over.