Insights

US tariffs will not derail the low-inflation economic recovery underway in the Euro Area. Investors should overweight European equities, focusing on parts of the market more insulated from tariffs....

This week we develop two ideas with three screeners. The first identifies deep cyclical sectors that continue to outperform post Liberation Day in the US. We provide two screens to identify equity opportunities for this.  Our final screener identifies momentum stocks that are cheap and trending...

Taiwan’s failed recall election reduces 12-month geopolitical risk for Taiwanese and Chinese equities on the margin. We are reviewing our long European industrials / short Chinese industrials trade. ...

The BoE is easing, but risks falling behind. Labor and growth cracks are starting to emerge, and the Bank may soon be forced to move more decisively. This report outlines why gilts remain a buy and sterling’s path is diverging vs. USD and EUR....

US TMT stocks have been delivering miraculous profit performance. Yet, outside US large tech, global equity fundamentals and technicals are troublesome. A near-term USD rebound should be faded....

Expectations for US inflation at 3.3 percent are inconsistent with expectations for the Fed to slash rates, so one of these expectations is likely wrong. We describe how to play this mispricing. Plus, a new position is to go overweight global consumer discretionary (RXI)....

Chinese stock prices have significantly decoupled from the country’s business cycle, with the full impact of US tariffs yet to be realized. The valuation-driven equity gains without a cyclical economic recovery will be vulnerable to a reversal....

Our Portfolio Allocation Summary for August 2025....

Markets have ripped in July, ignoring underwhelming payrolls and retail sales figures. This was our bet, so we don't think this is a mistake. The economy is transitioning from one catalyzed by cash to one led by lower borrowing rates. The combination of a growth slowdown tempered fiscal policy, and ...

In our Beta report, we introduce a new framework for thinking about long-term investing in a multipolar world: The Garrison State. Investors need to shed their outdated view that geopolitical risks are... a risk. History teaches us that pressure makes diamonds. And geopolitical pressure makes G...