Global Portfolio Strategy Research
In financial markets, it seems like “everything” is going up recently. Stocks, bonds, precious metals, even Bitcoin. Perhaps that should not be surprising given the huge amount of liquidity being produced by global central banks in addition to the fiscal…
Read more
Much of the attention in equity markets has been focused on the Technology sector, many of whose constituents are reporting Q2 earnings now. The Technology sector has outperformed dramatically both in the US and globally in recent years as well…
Read more
Among the various asset allocation decisions for which we provide guidance to clients is whether to favor small-caps or large-caps (i.e., the “size” factor) within the US equity market. In our view, small-caps do not reliably outperform large-caps consistently over…
Read more
*with apologies to Irwin M. Fletcher Much has been made about the divergence between the path of the US (and global) economy and that of the stock and corporate bond markets. Even while economic and earnings growth is historically weak…
Read more
July 14, 2020 Stock prices globally have remained unusually buoyant in the face of well-known health and financial risks. Thanks largely to aggressive global monetary and fiscal stimulus starting in March and still going on (though arguably fading), risk appetite…
Read more
July 10, 2020 As Q2 earnings season gets underway, the level of uncertainty about future earnings among analysts remains extremely high. Despite somewhat calmer equity market activity recently, our data shows that the level of disagreement among analysts regarding earnings…
Read more