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Weekly Macro Strategy – Wishful Thinking – November 24, 2023
· Weekly Macro Strategy ·
The risk-on phase should persist in the near run, supported by the easing in DM government bond yields, hopes for lower policy rates in 2024 and ongoing uptrend in corporate earnings.
2024 Fixed Income Outlook – Diverging Trends – November 22, 2023
· Fixed Income ·
MRB’s fixed-income outlook for 2023 panned out exceptionally well. Our view a year ago was that the global cost of capital was still accommodative and not yet threatening the global economy
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.
Webinar – The Timeline Is Shortening – (67min:04sec) – October 25, 2023
Webcasts & Webinars ·
In today’s Webinar, global strategist Peter Perkins discusses the investment outlook for the next 6-12 months and MRB’s recommended asset allocation recommendations.
Weekly Macro Strategy – Greater Uncertainty, But The World Economy Remains Resilient – October 20, 2023
· Weekly Macro Strategy ·
The near run is fraught with uncertainty given geopolitical events, although our judgement at this time is that the global economic expansion should roll on.
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.
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…
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.
Weekly Macro Strategy – The World Changed, But Central Banks Have Not (So Far) – September 22, 2023
· Weekly Macro Strategy ·
Early signs that DM headline inflation is leveling off well above 2% are ominous.
Weekly Macro Strategy – A Bump On The “Road Toward 2%” – September 15, 2023
· Weekly Macro Strategy ·
Continue to favor stocks over bonds, although the upside for global equities should be modest if bond yields undergo another meaningful upleg as we expect.
Global Foreign Exchange – Distinguishing Between Winners And Losers – September 14, 2023
· Foreign Exchange ·
The U.S. dollar has regained strength over the past two months supported by rising interest rate differentials and stronger relative growth on the back of a further unwinding of U.S. recession fears.
Weekly Macro Strategy – Not Lethal, But Some Tiny Cracks – September 1, 2023
· Weekly Macro Strategy ·
Bond yields may stay capped for a while as a consequence of ongoing disinflation and cautious central banks.
Weekly Macro Strategy – Backing Off Or Breaking Out? – August 25, 2023
· Weekly Macro Strategy ·
Global financial markets are on a knife-edge, with G7 bond yields testing their prior highs.
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.
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.
Weekly Macro Strategy – The U.S. Consumer Recession Has Been Deferred, Yet Again – July 28, 2023
· Weekly Macro Strategy ·
In the near run, the combination of economic resilience and disinflation will support risk assets, and we remain positioned accordingly, with tight stops.
Theme – Mania Profiling: Framework & Outlook – July 26, 2023
· Themes ·
This MRB Theme Report outlines MRB’s framework for asset manias or bubbles and compares the current macro backdrop with factors that have traditionally led to manic episodes.
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.
Weekly Macro Strategy – The Weak Links Are Still Not Snapping – July 21, 2023
· Weekly Macro Strategy ·
The tactical risk-on phase will persist until DM government bond yields resume their underlying uptrend.
Weekly Macro Strategy – Yet Another (Short-Term) Reprieve – July 14, 2023
· Weekly Macro Strategy ·
We remain positioned for a tactical risk-on phase, albeit with tight stops.
MRB TradeBook – Long Energy And Japanese Financials – July 14, 2023
Absolute Return ·
Add to Favorite Reports
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”
Regional Equities – Mitigating Concentration Risk Across Regions And Sectors – June 29, 2023
· Equities ·
Global equity market concentration risk has increased anew following the recent outperformance of U.S. tech and AI-related stocks.
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…
Weekly Macro Strategy – The Punch Bowl Is Still In Place – June 16, 2023
· Weekly Macro Strategy ·
Capital market conditions are likely to remain benign in the near term, thereby supporting positive momentum in global equities and credit.
Foreign Exchange – Patience Is Key For The Japanese Yen – June 13, 2023
· Foreign Exchange ·
The yen has faced renewed selling pressure in recent weeks…
MRB TradeBook – Closing Two Aussie Positions – June 9, 2023
Absolute Return ·
Add to Favorite ReportsThis week’s RBA hike has worked against two positions in the MRB TradeBook: long… Continue