Countries and commercial operators are racing into space to accrue economic gain from space exploration. In coming years, the space industry will continue to grow, as humans venture into space for tourism, mining, farming, and even habitation. The industry is still in its infancy but has tremendous ...
Today’s Strategy Report chartbook presents the data underpinning our view that both inflation and growth are slowing, likely pointing to a recession beginning sometime in the first half of next year. We are tactically equal weight across asset classes after being stopped out of our equity overweight...
China removed checks and balances in its political system to deal with a very dangerous economic transition. The transition is going badly, yet investors cannot rely on checks and balances to correct or prevent policy mistakes. The Taiwanese election is a looming bellwether....
In this report, we assess the best opportunities in inflation-linked bonds in the major developed economies, based on trends in growth, inflation and the stance of monetary policies in each country. We conclude that the environment is turning more challenging for European inflation-linked bond perfo...
In part 2 of this series, we discuss mainstream EM equity valuations and present the results of our cross-country analysis. The goal is to identify overweights and underweights within an EM equity portfolio....
At 19x forward earnings, the S&P 500 still appears expensive which heralds lower returns over the months ahead. Technicals are marginally more attractive now, with 56% percent of the industries trading above their 200-day moving average. However, historically, the market has rarely bottomed out unti...
Most diagnoses of China’s liquidity trap miss the point that policies arising from these theories were developed for market-based economies with governments accountable to their electorates, not autocracies pursuing autarky. As the CCP widens and deepens mass-mobilization campaigns, the echo of the ...
While it may be tempting to bottom fish, we advise that investors maintain a cautious stance on Argentinian sovereign credit. Even though the election of a right-wing candidate in the coming months may boost investor sentiment, the country still faces major headwinds: more currency devaluation, and ...
