Since our publication of Cost of Higher for Longer in February, we have seen interest rates across the curve move higher with expectation for rates to remain restrictive for longer. Liquidity continues to contract as G5 Central Banks shrink balance sheets at an unprecedented pace (~$5.5T over the last six quarters, see Figure 12MSCI ACWI Co-moves with Big-5 CB Assets…
There is nothing wrong with unbridled enthusiasm when it’s correlated to the appropriate level of rationale. That’s the premise...
Good weekend all! During our off-reporting weekend, please consider our 3rd-party Research compilation from around Wall Street. Our final...
Remember that valuation is only expensive relative to history, and irrespective of the future! If I might introduce you...
Nailed it! That must be what Fundstrat strategist Tom Lee is thinking at the end of the trading week...
Alpha over Beta. The wild price swings of the past month are a function of two things in our...
From inside Oaktree Financial Services monthly newsletter, written by famed investor Howard Marks. Here’s an excerpt from an excellent...
Merrill Lynch: Macro Risk Macro Strategy—Risky Business (Cycle): We believe the probability of a recession this year is low...
After a first quarter decline for the major averages, and during a midterm election year, it became clear that...
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