26 January 2022 Equities, and asset prices in general, have seen a return of volatility during January, following over a year of very subdued volatility and strong returns. Why, especially in a historically favorable seasonal period? In our view, markets…
Read more
19 January 2022 Central bank policy remains a key focus for investors as rates are set to rise in the US this year, with debate about the pace of the rate hikes and balance sheet adjustment ongoing. However, this is…
Read more
12 January 2022 We often hear the narrative that rising long-term bond yields are harmful to valuations of “long duration” Growth stocks, especially the Technology sector that dominates the Growth style. This has been evident in day-to-day swings in the…
Read more
5 January 2022 With 2021 now in the history books, earnings reporting season for Q4 and the full year is set to begin soon. Below we update the current consensus earnings outlook for Q4 as well as the coming year…
Read more
14 December 2021 There have been a number of headlines recently highlighting the extraordinary market capitalization being awarded to Apple Inc. (AAPL), which has retaken the title as the world’s most valuable publicly-traded company. The company’s value is now approaching…
Read more
9 December 2021 We remain overweight the Energy sector, as analysts continue to raise earnings estimates and the sector is very favorably valued, though the picture has become somewhat more mixed as crude oil prices have been volatile recently. News…
Read more
1 December 2021 Fed Chair Jerome Powell testified before Congress on Tuesday alongside Treasury Secretary Janet Yellen, and markets were listening. While many topics were discussed, the markets responded most to Powell’s indication that the Fed may speed up the…
Read more
23 November 2021 Inflation remains a hot topic among investors, policy makers, and voters. While there is not a great deal that policy makers (fiscal or monetary) can do in the short term to control inflation (today’s announcements of coordinated…
Read more
18 November 2021 One of the themes in our sector/style work recently has been to tilt somewhat more toward Growth over Value and Cyclical areas within the US market. Why? Three key factors support Growth over Value, while one remains…
Read more
4 November 2021 As emerging market (EM) equities continue to lag those of developed markets (DM), a question we sometimes get is “why have the stock markets for ‘higher growth’ emerging markets lagged developed markets so much in the last…
Read more