Developed Market Bonds are Dead Money, Buy Discounted Cyclicals

Is this really the top for Big Tech’s leadership of the US stock market, and the related unprecedented relative outperformance of growth over value? US Big Tech... Read More»

China Offers Safety in a World of Central Banks Gone Crazy

The Federal Reserve has duly delivered on the expected softening of the inflation target in the latest FOMC meeting in mid-September. The key point is that the ... Read More»

Gold Secular Bull Market Intact, Target Price $5,500/oz

Gold's Resilience Despite Weak Physical Markets in India & China Gold continues to behave in a resilient fashion having been in consolidation mode since it... Read More»

Fed’s License to Overshoot on Inflation

The US Treasury bond market has started to sell-off in recent weeks, in line with the base case here of a steepening yield curve as a result of a post-lockdown... Read More»

Election 2020: Are Trump’s Anti-China Theatrics Setting Up for an Inevitable U-Turn?

Trump's Anti-China Theatrics It has become almost a pantomime. Grizzle refers to the slew of anti-Chinese measures announced by the Trump administration in rec... Read More»

COVID Cases Contained In America and Economic Data Remains Resilient

COVID-19 Cases: Contained in America, Surging in Europe It continues to look as if new cases may have peaked almost to the day that the Donald finally told Ame... Read More»

Trump’s Future Depends on the Path of COVID-19

European Fiscal Union & US Dollar Weakness There have been several reasons why the US dollar has weakened in recent months, ranging from a soaring US fisca... Read More»

Fed Yield Curve Control will Drive the US Dollar Lower and Valuations of Growth Stocks Higher

Barbell Strategy of Cyclical & Growth Stocks The base case remains that cyclical stocks will enjoy renewed outperformance, as they did for a period last q... Read More»

COVID-19 Data Fades While US-China Tensions Flare Up

US COVID-19 Data Improving Attention remains front and center on the data for cases and deaths in America. In the short term, this is the only thing that reall... Read More»

Global Strategy