Macro Battleship
The Virus is Burning Itself Out, Buy Stock Market Weakness
Joe Biden’s most important running mate, Covid-19, has clearly turned massively in his favour. The 7-day average daily new case…
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…
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…
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…
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…
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…
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…
A Second Wave of COVID-19 is a “Buy the Dip” Event
More Pandemic, More Fed Bailout There remain legitimate reasons for concerns about second waves, even though for now there continues…
America Will do Whats Necessary to Avoid Turning a Liquidity Crisis into a Credit Crisis.
The re-opening dynamic has clearly been a positive factor. Still, the most plausible explanation for the US stock market’s extraordinary…