Join Aberdeen’s Adam McCabe, Head of Fixed Income – Asia Pacific, for an overview of the opportunities and outlook in fixed income.
Wall Street will continue reaping rewards from its embrace of blank-check companies for a long time, even if the record-breaking boom in listings comes to an end.
Special purpose acquisition companies (SPACs)—also known as blank-check companies—have gained immense popularity among investors since the beginning of 2020, despite being around for decades.
Widespread lockdowns have resulted in record output declines and soaring debt across the euro area. But the political response to the COVID-19 crisis may be positive for the European integration project—and for euro-area bond markets.
Has the storm passed for Alibaba Group Holding Ltd.?
Labor markets are changing course. When will the Fed do the same? India's second wave will disrupt activity elsewhere.
The strong economic recovery will not be interrupted by inflation or a credit crunch, according to Ed Yardeni, and the S&P 500 will soon reach 4,500.
Seven of eight indexes on our world watch list posted gains through May 10, 2021. The top performer is France's CAC 40 with a gain of 15.03%, our own S&P 500 is in second is with a gain of 11.51% and Germany's DAXK is in third with a gain of 10.31%. Coming in last is China's Shanghai with a loss of 1.30%.
We are about to see “non-transitory inflation,” according to Bianco. His words were chosen carefully to oppose Fed Chair Jay Powell’s statement on April 28 that the U.S. would face only “transitory” inflation.
One of my all-time favorite quotes comes from Winston Churchill, who was just as witty as he was a great leader: “We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.”
I've developed this kind of duality. It's hard to think of the next 20 years or indeed the last 20 years without being very optimistic about the future of humanity.
The markets continue their upward trend, supported by accommodative fiscal policy from the Federal Reserve, strong gross domestic product (GDP) numbers and solid earnings reports.
After a strong rally for value stocks in recent months, some investors are wondering if the rebound will continue.
From digital factories to plant-based clothing, climate change investing is much more than just investing in renewable energy, according to the Templeton Global Equity Group.
Fintech companies in Africa raised more capital despite the Covid-19 pandemic, standing in contrast to their emerging-market peers such as Latin America that saw a decline.
The consensus is that U.S. equities will deliver strong performance as the economy recovers, and that higher inflation will drive rising interest rates. All of that is wrong, according to David Rosenberg.
While gold is valued for a variety of reasons, the uncertainty and economic fallout tied to the COVID-19 pandemic saw investment drive the price of the yellow metal to record highs in 2020.
If you were hoping to visit the Eiffel Tower or Colosseum this summer, you may be in luck.
On 6 May, Scotland will hold parliamentary elections that could ramp up the push for a Scottish independence referendum. We believe this event and the prospect of another independence referendum could introduce market volatility.
Overflowing cargo ships, snarled production lines, copper above $10,000 and a start to earnings season that’s smashing records.
Investors are piling back into some of the fringe corners of the cryptocurrency world, with the frenzy sending Dogecoin surging more than 50% again and crashing Robinhood’s trading app.
Momentum in China’s property market remains strong so far in 2021, driven by healthy demand for housing.
Climate research informs us that in 2017 anthropogenic global warming reached1.0° C above pre-industrial levels (IPCC, 2018).
April 3rd marked the 1-year anniversary of the first investments deployed by GMO’s Quality Cyclicals Strategy,1 within a fortnight of the trough that ended 2020’s quickfire bear market.
Addressing within-country inequality may be the political imperative of the moment.
How to structure your portfolio when interest rates are rising.
Advisor Perspectives has announced its Venerated Voices™ awards for commentaries published in Q1 2021.
The Berkshire Hathaway Annual Meeting was a mixture of caution, wisdom and honesty.
What do financial folly and religious frenzy have in common?
"Buy American:" easier said than done. Sports leagues are still struggling, and tax evasion is costly.
Supply chain disruptions may be a near-term challenge, but base effects will slow inflation next year.
Chief Economist Scott Brown discusses the latest market data.
We believe Asia is the core of growth and innovation within emerging markets, and companies domiciled in Asia comprise over 75% of the benchmark universe.
With everything up, where are the value buying opportunities?
David Bahnsen does a podcast for National Review called Capital Record. We did a two-part series. The following is an edited partial transcript of the first part.
In 2017, Bitcoin entered mainstream conversation even though it had been around since 2009.
Central banks have been net buyers of gold for 11 consecutive years.
The post-pandemic economy could well be defined by the return of robust aggregate productivity growth after 15 years of relative sclerosis.
In December of 2018, I was invited to dinner with some of the world’s largest Bitcoin holders at the Guggenheim museum in New York.
In recent months, two investment themes have been rewarding investors with outperformance: defense sector companies and those participating in share buybacks.
10 year Treasury rates peaked at the end of March at 1.74% after having risen from low of just 0.56% back in the summer of 2020. Now, the rate stands at 1.57% even as economic data continues to come in smoking hot and policy remains incredibly accommodative.
A powerful economic restart is underway in the U.S. – with Europe and emerging markets (EMs) set to follow.
U.S. college enrollment dropped to the lowest level in almost two decades last year, as the pandemic shut down schools and persuaded students to put their academic plans on hold rather than pay large sums to attend online-only classes.
The exchange-traded fund revolution sweeping through U.S. money management is eliciting little more than a shrug from a European cohort arguably next in line for disruption.
Although we remain constructive about the economic outlook, the recent increase in speculative activity gives us some pause. We continue to favor a cautious approach in the near-to-medium term.
Some major changes could be coming soon to a central bank near you, with an estimated 90% of them at some stage of developing a central bank digital currency, or CBDC.
Investors betting against green trades are going up against the world’s most powerful governments.
The Federal Reserve is expected to announce it will begin trimming its $120 billion in monthly asset purchases before the end of the year as the U.S. economy recovers strongly from Covid-19, according to economists surveyed by Bloomberg.
Review the latest Weekly Headings by CIO Larry Adam.
Mix extremely loose monetary policy, a federal government cutting checks like it’s going out of style, and extensive roll-out of the COVID-19 vaccines, and what do you get?
What value should we place on economic analysis from someone with antisemitic views?
New research shows that, since 2010, “green” stocks – those of companies with a low carbon footprint – have outperformed “brown” stocks. That may have been caused by increased demand from investors pursuing an ESG mandate, which means the effect is temporary and brown stocks now have higher expected returns.
More than 60 central banks right now are believed to be exploring the idea of digital currencies, including retail tokens that would be used by citizens as well as wholesale applications for financial institutions.
I think we will probably have a few months of significantly higher inflation. It will fade but meanwhile hurt certain people and industries. It will be like one of those extremes causing bruised knees and volatile markets.
There were three seemingly strong reasons to predict last year that the US economy was headed for a double-dip recession.
For this Frank Talk, I decided to take a deep dive in the airline industry to see how it fared in the first quarter of 2021, one year after the start of the pandemic.
Checkout.com is leading a $110 million funding round for Saudi payments firm Tamara in one of the Middle East’s largest-ever startup investments as demand booms for e-commerce and fintech solutions.
Infrastructure is the backbone of any healthy economy, and America’s is in desperate need of refurbishment and investment.
Review the latest portfolio strategy commentary from Mike Gibbs, managing director of Equity Portfolio & Technical Strategy.
While a global recovery has now become the base case for financial markets, differences between countries and regions on the path toward normalcy are significant and seem set to widen.
Factor timing is the ability to add value to an investment strategy by altering the exposure to various factors through time.
It often happens that associations which end up leaving an indelible mark on our collective memory of certain market events are the result of sheer happenstance
We have witnessed central banks implement, reduce and exit quantitative easing (QE) programs to influence interest rates.
A broad attempt by Congress to stem China’s influence could put at risk research collaborations and funding that U.S. universities count on by subjecting some foreign gifts and contracts to national security reviews.
China’s first quarter macro results are a mix of fantasy and real life, and distinguishing between the two are important for understanding the sustainability of the post-pandemic economic recovery.
My core values are based on five Hawaiian words: mahalo, aloha, ohana, pono, and imua. These words closely align with the values I learned from my mother and my father.
Emerging-market bulls who’ve benefited from moderating U.S. Treasury yields are bracing for a relapse as political risks pile up.
John Vail of Nikko Asset Management dives into the findings from Nikko’s latest Global Investment Committee meeting.
National corporate tax policies need global coordination; U.S. unemployment rates don't tell the full story.
As markets surge to record highs, analysts are rushing to ratchet up earnings estimates as optimism explodes.
How do we preserve and grow our client's wealth at inflation-adjusted rates, consistent with long-term returns of the requisite asset class, and to do so without taking undue risk of a permanent loss of capital?
Digital currencies stormed Wall Street in a big way this week. Crypto exchange Coinbase went public in a direct listing, opening the floodgates for a number of other crypto-related companies.
We begin with what we hope will be our final substantive COVID update. The vaccines have arrived and are going into people’s arms at an accelerating pace.
The Northern Trust Economics team shares its outlook for global growth in this year of reopening.
Even before the war is over, the winning side needs to consider how to “win the peace” which will follow.
There are a few different ways to measure the size of a shipping fleet.
A few years after launching Grab Holdings Inc. in 2012, Anthony Tan got a piece of advice from Jack Ma. The co-founder of Alibaba Group Holding Ltd. told the entrepreneur that life is a tsunami. When you’re up on the wave, get ready for the crash, he said.
The full implications of Beijing’s rapid-fire moves against Jack Ma’s internet empire in recent days won’t be apparent for weeks, but one lesson is already clear: The glory days for China’s technology giants are over.
New money is flowing to low-cost airlines in the U.S. as they take on giant carriers racing to recover from the unprecedented collapse in travel during the pandemic.
Lost in the debate over whether today's ultra-loose fiscal and monetary policies will trigger painful inflation is the broader risk posed by potential negative supply shocks.
The 2015 Paris Agreement introduced the legally binding goal of maintaining the average global temperature below the pre-industrial revolution average plus 2o Celsius in order to avoid severe stress on natural and socioeconomic systems.
Bond traders searching for an opportunity to challenge central banks are starting to look Down Under, where a likely showdown over yield-curve control is set to test the power of policy makers to contain the next wave of reflation bets.
Hundreds of years of history shows us that investment bubbles have been a regularly occurring feature of the financial markets.
As the end of the pandemic came into view in the U.S. and the new administration’s stimulus plan became more probable, expectations for economic growth and inflation have increased.
Economics used to offer lots of metrics that claimed to show when growing economies were approaching some kind of speed limit. But increasingly, inflation is the only one that’s taken seriously.
Institutions are increasingly allocating to digital assets, but their role in a portfolio is not yet well defined or studied. This piece focuses on Bitcoin and reviews its relationship with major asset classes in the context of an institutional caliber portfolio. Standard techniques are used to help advisors better understand position sizing and the associated risk/reward tradeoff.
Infrastructure merits more investment, everywhere; we look at the specifics of the U.S. proposal.
Computer chips, or semiconductors, power everything from cars to consumer electronics, such as PCs, gaming consoles and smartphones.
We’re more than ready to put the pandemic in the rearview mirror. For the first time since this all started a year ago, more than one million people per day have been flying commercial in the U.S. for 30 straight days.
As a backdrop, we’ll bring a bit of scientific language to our analysis this quarter as we celebrate the amazing feats of our scientific brothers and sisters.
Asian/European Markets
Opportunities in Fixed- Income
Join Aberdeen’s Adam McCabe, Head of Fixed Income – Asia Pacific, for an overview of the opportunities and outlook in fixed income.
Wall Street Will Keep Gorging on SPAC Fees Long After Boom Fades
Wall Street will continue reaping rewards from its embrace of blank-check companies for a long time, even if the record-breaking boom in listings comes to an end.
SPACs: What Are They, and Are They a Risk to the Market?
Special purpose acquisition companies (SPACs)—also known as blank-check companies—have gained immense popularity among investors since the beginning of 2020, despite being around for decades.
Will COVID-19 Accelerate Euro-Area Integration?
Widespread lockdowns have resulted in record output declines and soaring debt across the euro area. But the political response to the COVID-19 crisis may be positive for the European integration project—and for euro-area bond markets.
After $260 Billion Slide, Alibaba Aims to Show the Worst Is Over
Has the storm passed for Alibaba Group Holding Ltd.?
Fed's Patience Tested, Slow Labor Markets, India's COVID Crisis
Labor markets are changing course. When will the Fed do the same? India's second wave will disrupt activity elsewhere.
Ed Yardeni – The S&P is Going to 4,500
The strong economic recovery will not be interrupted by inflation or a credit crunch, according to Ed Yardeni, and the S&P 500 will soon reach 4,500.
World Markets Update: May 10, 2021
Seven of eight indexes on our world watch list posted gains through May 10, 2021. The top performer is France's CAC 40 with a gain of 15.03%, our own S&P 500 is in second is with a gain of 11.51% and Germany's DAXK is in third with a gain of 10.31%. Coming in last is China's Shanghai with a loss of 1.30%.
Jim Bianco – We Will Face “Non-Transitory” Inflation
We are about to see “non-transitory inflation,” according to Bianco. His words were chosen carefully to oppose Fed Chair Jay Powell’s statement on April 28 that the U.S. would face only “transitory” inflation.
No Country Has Ever Taxed Itself into Prosperity
One of my all-time favorite quotes comes from Winston Churchill, who was just as witty as he was a great leader: “We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.”
This Kind of Duality
I've developed this kind of duality. It's hard to think of the next 20 years or indeed the last 20 years without being very optimistic about the future of humanity.
Strong Earnings and Stimulus Push Stocks Higher
The markets continue their upward trend, supported by accommodative fiscal policy from the Federal Reserve, strong gross domestic product (GDP) numbers and solid earnings reports.
Value Stocks—Still Plenty of Fuel in the Tank
After a strong rally for value stocks in recent months, some investors are wondering if the rebound will continue.
Climate Change Sectors Heat Up
From digital factories to plant-based clothing, climate change investing is much more than just investing in renewable energy, according to the Templeton Global Equity Group.
Fintech Bright Spot Africa Catches Up in Bumper Funding Year
Fintech companies in Africa raised more capital despite the Covid-19 pandemic, standing in contrast to their emerging-market peers such as Latin America that saw a decline.
David Rosenberg – The Consensus is Wrong about Stocks, Bonds and Inflation
The consensus is that U.S. equities will deliver strong performance as the economy recovers, and that higher inflation will drive rising interest rates. All of that is wrong, according to David Rosenberg.
Reasons We Remain Bullish on Gold
While gold is valued for a variety of reasons, the uncertainty and economic fallout tied to the COVID-19 pandemic saw investment drive the price of the yellow metal to record highs in 2020.
European Union Seeks to Open Its Borders to Vaccinated Travelers this Summer
If you were hoping to visit the Eiffel Tower or Colosseum this summer, you may be in luck.
Scotland’s Election Becomes a Referendum on a Referendum—With Global Resonance
On 6 May, Scotland will hold parliamentary elections that could ramp up the push for a Scottish independence referendum. We believe this event and the prospect of another independence referendum could introduce market volatility.
Inflation Haunts Stock Traders in Blockbuster Earnings Season
Overflowing cargo ships, snarled production lines, copper above $10,000 and a start to earnings season that’s smashing records.
Crypto Mania Sends Doge Soaring, Crashes Robinhood Token Trading
Investors are piling back into some of the fringe corners of the cryptocurrency world, with the frenzy sending Dogecoin surging more than 50% again and crashing Robinhood’s trading app.
China Property Sector Remains Robust Despite Policy Headwind
Momentum in China’s property market remains strong so far in 2021, driven by healthy demand for housing.
The Time Is Now: Climate Transition Investing for US Investors
Climate research informs us that in 2017 anthropogenic global warming reached1.0° C above pre-industrial levels (IPCC, 2018).
A Year Of Investing In Quality Cyclicals
April 3rd marked the 1-year anniversary of the first investments deployed by GMO’s Quality Cyclicals Strategy,1 within a fortnight of the trough that ended 2020’s quickfire bear market.
Helping the Other 66%
Addressing within-country inequality may be the political imperative of the moment.
The Year of Living Dangerously
How to structure your portfolio when interest rates are rising.
Venerated Voices™ Q1 2021 Rankings
Advisor Perspectives has announced its Venerated Voices™ awards for commentaries published in Q1 2021.
Buffett: No Fish in the Barrel
The Berkshire Hathaway Annual Meeting was a mixture of caution, wisdom and honesty.
Financial Folly, Religious Frenzy and the Delusions of Crowds
What do financial folly and religious frenzy have in common?
Economic Commentary: "Buy American," Economics of Sports, Tax Evasion
"Buy American:" easier said than done. Sports leagues are still struggling, and tax evasion is costly.
The Coming Disinflation
Supply chain disruptions may be a near-term challenge, but base effects will slow inflation next year.
Weekly Market Snapshot
Chief Economist Scott Brown discusses the latest market data.
Matthews Emerging Markets Small Companies Fund
We believe Asia is the core of growth and innovation within emerging markets, and companies domiciled in Asia comprise over 75% of the benchmark universe.
With Everything Up Right Now, Where are the Value Buying Opportunities?
With everything up, where are the value buying opportunities?
Anomaly of a Recovery
David Bahnsen does a podcast for National Review called Capital Record. We did a two-part series. The following is an edited partial transcript of the first part.
Bitcoin and Coinbase in Lofty Territory
In 2017, Bitcoin entered mainstream conversation even though it had been around since 2009.
Top 10 Countries with Largest Gold Reserves
Central banks have been net buyers of gold for 11 consecutive years.
High Growth Sectors in the Post-Recovery Decade
The post-pandemic economy could well be defined by the return of robust aggregate productivity growth after 15 years of relative sclerosis.
Bitcoin Is An Ecological And Monetary Disaster And It Happens To Be Worth Zero.
In December of 2018, I was invited to dinner with some of the world’s largest Bitcoin holders at the Guggenheim museum in New York.
What’s Working? Two Ideas For Investors
In recent months, two investment themes have been rewarding investors with outperformance: defense sector companies and those participating in share buybacks.
Why Rates Could Still Drift Lower, But Will Ultimately Go Higher
10 year Treasury rates peaked at the end of March at 1.74% after having risen from low of just 0.56% back in the summer of 2020. Now, the rate stands at 1.57% even as economic data continues to come in smoking hot and policy remains incredibly accommodative.
Why We Remain Pro-risk
A powerful economic restart is underway in the U.S. – with Europe and emerging markets (EMs) set to follow.
U.S. College Enrollment Hits Two-Decade Low in 2020
U.S. college enrollment dropped to the lowest level in almost two decades last year, as the pandemic shut down schools and persuaded students to put their academic plans on hold rather than pay large sums to attend online-only classes.
Fund Managers Are Fearless as $1 Trillion ETF Wave Hits Europe
The exchange-traded fund revolution sweeping through U.S. money management is eliciting little more than a shrug from a European cohort arguably next in line for disruption.
Nonplussed – Strategic Income Outlook, Second Quarter
Although we remain constructive about the economic outlook, the recent increase in speculative activity gives us some pause. We continue to favor a cautious approach in the near-to-medium term.
Gold Off to a Slow Start as Central Banks Pivot Toward Digital Currencies
Some major changes could be coming soon to a central bank near you, with an estimated 90% of them at some stage of developing a central bank digital currency, or CBDC.
Governments Want You to Buy Green. Ignore Them at Your Peril
Investors betting against green trades are going up against the world’s most powerful governments.
Fed to Announce Bond Taper in Fourth Quarter, Economists Say
The Federal Reserve is expected to announce it will begin trimming its $120 billion in monthly asset purchases before the end of the year as the U.S. economy recovers strongly from Covid-19, according to economists surveyed by Bloomberg.
Weekly Investment Strategy
Review the latest Weekly Headings by CIO Larry Adam.
The Sugar High Economy
Mix extremely loose monetary policy, a federal government cutting checks like it’s going out of style, and extensive roll-out of the COVID-19 vaccines, and what do you get?
Economics meets Antisemitism
What value should we place on economic analysis from someone with antisemitic views?
”Green” Stocks Outperformed “Brown” Ones
New research shows that, since 2010, “green” stocks – those of companies with a low carbon footprint – have outperformed “brown” stocks. That may have been caused by increased demand from investors pursuing an ESG mandate, which means the effect is temporary and brown stocks now have higher expected returns.
Are Central Bank Digital Currencies the Future of Money?
More than 60 central banks right now are believed to be exploring the idea of digital currencies, including retail tokens that would be used by citizens as well as wholesale applications for financial institutions.
Stumbling to Scarcity
I think we will probably have a few months of significantly higher inflation. It will fade but meanwhile hurt certain people and industries. It will be like one of those extremes causing bruised knees and volatile markets.
My Worst Forecasting Mistake
There were three seemingly strong reasons to predict last year that the US economy was headed for a double-dip recession.
Airline Industry Highs and Lows: First Quarter 2021
For this Frank Talk, I decided to take a deep dive in the airline industry to see how it fared in the first quarter of 2021, one year after the start of the pandemic.
Checkout.com Leads $110 Million Round for Saudi Fintech Tamara
Checkout.com is leading a $110 million funding round for Saudi payments firm Tamara in one of the Middle East’s largest-ever startup investments as demand booms for e-commerce and fintech solutions.
The Winners and Losers of the American Jobs Plan
Infrastructure is the backbone of any healthy economy, and America’s is in desperate need of refurbishment and investment.
Weekly Market Guide
Review the latest portfolio strategy commentary from Mike Gibbs, managing director of Equity Portfolio & Technical Strategy.
On My Mind: A Tale of Two Recoveries
While a global recovery has now become the base case for financial markets, differences between countries and regions on the path toward normalcy are significant and seem set to widen.
Factor Timing: Keep It Simple
Factor timing is the ability to add value to an investment strategy by altering the exposure to various factors through time.
Shiller’s ECY Makes Relative Sense, but the Market’s Absolute Return May Be Another Story
It often happens that associations which end up leaving an indelible mark on our collective memory of certain market events are the result of sheer happenstance
Even Central Banks Experiment
We have witnessed central banks implement, reduce and exit quantitative easing (QE) programs to influence interest rates.
College Foreign Cash at Risk as Senate Targets China’s Clout
A broad attempt by Congress to stem China’s influence could put at risk research collaborations and funding that U.S. universities count on by subjecting some foreign gifts and contracts to national security reviews.
Is This the Real Life? Is This Just Fantasy?
China’s first quarter macro results are a mix of fantasy and real life, and distinguishing between the two are important for understanding the sustainability of the post-pandemic economic recovery.
Pacific Rim Core Values for Advisors
My core values are based on five Hawaiian words: mahalo, aloha, ohana, pono, and imua. These words closely align with the values I learned from my mother and my father.
Emerging-Market Bulls Brace for Treasury Relapse After Rally
Emerging-market bulls who’ve benefited from moderating U.S. Treasury yields are bracing for a relapse as political risks pile up.
Global Investment Committee Outlook: Continue risk-positive
John Vail of Nikko Asset Management dives into the findings from Nikko’s latest Global Investment Committee meeting.
Economic Commentary: Corporate Taxes, Labor Market Slack, Chip Shortages
National corporate tax policies need global coordination; U.S. unemployment rates don't tell the full story.
#Fundamentally Speaking: Earnings Optimism Explodes
As markets surge to record highs, analysts are rushing to ratchet up earnings estimates as optimism explodes.
Constructing Anti-Fragile Portfolios Amidst Financial Repression
How do we preserve and grow our client's wealth at inflation-adjusted rates, consistent with long-term returns of the requisite asset class, and to do so without taking undue risk of a permanent loss of capital?
Coinbase Goes Public, Opening the Crypto Floodgates
Digital currencies stormed Wall Street in a big way this week. Crypto exchange Coinbase went public in a direct listing, opening the floodgates for a number of other crypto-related companies.
Spring Quarterly Commentary
We begin with what we hope will be our final substantive COVID update. The vaccines have arrived and are going into people’s arms at an accelerating pace.
Global Economic Outlook: Upward Together
The Northern Trust Economics team shares its outlook for global growth in this year of reopening.
Winning the Peace
Even before the war is over, the winning side needs to consider how to “win the peace” which will follow.
RANKED: Top 10 Countries with the Largest Shipping Fleets
There are a few different ways to measure the size of a shipping fleet.
Harvard Pedigrees Opened the Door to World’s Biggest SPAC Deal
A few years after launching Grab Holdings Inc. in 2012, Anthony Tan got a piece of advice from Jack Ma. The co-founder of Alibaba Group Holding Ltd. told the entrepreneur that life is a tsunami. When you’re up on the wave, get ready for the crash, he said.
Jack Ma’s Double-Whammy Marks End of China Tech’s Golden Age
The full implications of Beijing’s rapid-fire moves against Jack Ma’s internet empire in recent days won’t be apparent for weeks, but one lesson is already clear: The glory days for China’s technology giants are over.
Airline Investors See a Post-Pandemic Rebound in Low-Cost Travel
New money is flowing to low-cost airlines in the U.S. as they take on giant carriers racing to recover from the unprecedented collapse in travel during the pandemic.
Is Stagflation Coming?
Lost in the debate over whether today's ultra-loose fiscal and monetary policies will trigger painful inflation is the broader risk posed by potential negative supply shocks.
Seven Policy Proposals to Meet the Paris Agreement Objectives
The 2015 Paris Agreement introduced the legally binding goal of maintaining the average global temperature below the pre-industrial revolution average plus 2o Celsius in order to avoid severe stress on natural and socioeconomic systems.
Bond Traders Face Reflation Fight That Will Echo Around World
Bond traders searching for an opportunity to challenge central banks are starting to look Down Under, where a likely showdown over yield-curve control is set to test the power of policy makers to contain the next wave of reflation bets.
The Next Bubble?
Hundreds of years of history shows us that investment bubbles have been a regularly occurring feature of the financial markets.
Which Way is Up?
As the end of the pandemic came into view in the U.S. and the new administration’s stimulus plan became more probable, expectations for economic growth and inflation have increased.
Inflation Is the Only Signal That the Post-Covid Boom Will Heed
Economics used to offer lots of metrics that claimed to show when growing economies were approaching some kind of speed limit. But increasingly, inflation is the only one that’s taken seriously.
Bitcoin: An Asset Allocator’s Perspective
Institutions are increasingly allocating to digital assets, but their role in a portfolio is not yet well defined or studied. This piece focuses on Bitcoin and reviews its relationship with major asset classes in the context of an institutional caliber portfolio. Standard techniques are used to help advisors better understand position sizing and the associated risk/reward tradeoff.
Economic Commentary on Infrastructure: U.S. Proposal, Global Gap, Digital Divide
Infrastructure merits more investment, everywhere; we look at the specifics of the U.S. proposal.
Global Chip Shortage: The Winners and Losers
Computer chips, or semiconductors, power everything from cars to consumer electronics, such as PCs, gaming consoles and smartphones.
Positive First-Quarter Data Point to a Global, Sustained Economic Boom
We’re more than ready to put the pandemic in the rearview mirror. For the first time since this all started a year ago, more than one million people per day have been flying commercial in the U.S. for 30 straight days.
CIO Says, “Resilience Is in Our DNA – and in the Markets”
As a backdrop, we’ll bring a bit of scientific language to our analysis this quarter as we celebrate the amazing feats of our scientific brothers and sisters.