10 Charts to Watch in 2021 [Half-Time Update]
Big picture thoughts on the macro/market outlook Q2 2021 hedge fund letters, conferences and more Welcome to the third quarter and the second half of the year! Things have certainly moved... Read More
Seasonal Shifts – Multi Asset Perspectives
Seasonal headwinds are setting in for stocks. Q1 2021 hedge fund letters, conferences and more Looking across assets, risk assets tend to underperform from June-Nov, and defensive assets tend... Read More
S&P 500 Corporate Capex Comeback
Corporate capex crapped-out but looks set to make a comeback... Q1 2021 hedge fund letters, conferences and more Corporate capex growth crashed in 2020 for understandable reasons. Commodity capex in... Read More
Weekly S&P 500 Chart Storm
If you follow me on Twitter you'll be familiar with my weekly "Chart Storms"... Q1 2021 hedge fund letters, conferences and more Recently I started a (free) Substack account so that... Read More
IPO Trends – The New Boom
The pace of US IPO activity has shattered previous records. It is a clear sign of excess and market froth. The stampede into IPOs reflects (past) performance. Increasing... Read More
Global Equities: A Progress Check On That “Generational Buying Opportunity”
The purpose of this blog post is to provide a progress check and update on that controversial (at the time) "Global Equities: A Generational Buying Opportunity Emerging" post. Q4 2020... Read More
Backlogs and Bond Yield Backups
Regular readers might recall back at the start of the year I published my 10 Charts to Watch for 2021. The number 2 chart showed the global backlogs indicator,... Read More
10 Charts to Watch in 2021
Late last year I sent out my 2020 End of Year Special report to clients. In that report I reflected on the year that was in terms of what... Read More
(Another) New Bull Market in Global Equities
So first of all let's just get straight into dealing with that title... Q2 2020 hedge fund letters, conferences and more Why did I write "(Another)" New Bull Market in Global... Read More
Chart Of The Week – Quarantined Cash
Stocks have been on fire from the March 23 low, climbing 30%+ and seemingly defying most fundamental logic. There have been minor pullbacks along the way, but for the... Read More
Commodity Commentary: Oil And Gold
Summary While WTI crude oil traded negative, energy stocks rallied For a number of reasons gold has been going in the opposite direction Despite the volatility and headlines, we... Read More
Global Equities: Generational Buying Opportunity Emerging
The purpose of this blog post is to take an objective and balanced account of what may well end up becoming a generational buying opportunity in global equities. Q4 2019... Read More
New Asset Class Coverage In 2019
In this post I want to share with you an interesting section from our recently published 2019 End of Year Special Edition of the Weekly Macro Themes report (a summary of... Read More
The Best Charts of 2019
We recently published the 2019 End of Year Special Edition of the Weekly Macro Themes report - a summary of some of our best, worst, and most notable charts of 2019 (and... Read More
Getting equities right this year was a key call, and these charts made it possible
“The End of Year Special Edition takes a different format to the usual weekly slide deck, and presents you with highlights, reflections, and some of the best charts of... Read More
Copper/Gold: Macro Inflection Reflections
I looked at this topic back in late August where I outlined the reasons why copper/gold looked to be near a turning point and why it is such a useful... Read More
Global Equities: US vs the World
This is an interesting topic for a few reasons, especially from a timing standpoint, but perhaps most interesting of all is how whenever I talk about global ex-US equities... Read More
In absolute terms global equities are slightly cheap, and relative to bonds looks pretty good
Something very interesting is happening right now in global equities, and most people have probably missed it. Q3 2019 hedge fund letters, conferences and more A set of unique indicators have... Read More
Capital Market Assumptions: Global Equities In Focus
With all that's going on in the world right now, the constant news flow, twittering and tariffing, recession obsession, and of course a little extra market volatility here and... Read More
Are Bond Yields Too Low?
Bonds have had a dream run since bottoming late last year, particularly the longer end of the curve (I checked one popular longer-term US treasury ETF and it was... Read More
Fed vs Stocks: Finding The Sweet Spot
Opinion has been extremely divided about the recent Fed rate cut. Some say it was necessary and prudent, others say it wasn't needed, and there are even those who... Read More
US Margin Debt Trends: The Good, The Bad, And The Ugly…
Margin debt is a funny indicator, it gets frequently used and abused by both rational cool-headed traders as well as sensationalist fear-mongers. So what's the deal with margin debt,... Read More
