Insights

This month, we flip the order of our chartpack. We focus on the secular/long-term first. Both because we think that we have something profound to say and because we believe that our tactical call has very little new value-add. We remain convinced, as we have been for over a year, that President Trum...

Robotics is on the cusp of a new, powerful uptrend, powered by reshoring and technological breakthroughs that make robots more capable and affordable....

Investors often rely on past relationships to predict future outcomes. This strategy is at risk now that several commodity correlations have broken down. We explore the causes and sustainability of the new commodity relationships....

While the US is the pioneer, Europe will follow suit—more rapidly than expected. It is not a question of if GenAI will boom in Europe, but when. Europe’s Data Center growth is already strong today, but a US-style boom is just around the corner....

France’s political turmoil is far from over, and fiscal fears are growing. This is not a bond-friendly environment. In contrast, it is a good time to upgrade French equities. As the 2027 presidential race is about to begin in earnest, we make an early call on its outcome. ...

President Trump has activated the California national guard as protests envelop the city of Los Angeles for the third day in the row. This is the first time that the national guard has been activated by the federal government in Los Angeles since the 1992 riots. Our clients from Australia to Greece ...

Several astute clients have asked us to comment on the recent extraordinary attack by Ukraine against Russia. The attack, which did not harm any Russian military personnel, occurred on June 1 and struck airfields across the vastness of Russia, as far as the Far East. According to Ukrainian officials...

The US economy has held up better so far this year than we had expected. For the time being, investors should remain modestly underweight equities. A more aggressive underweight would be justified only once the “whites of the recession’s eyes” are visible....

For now, measures of labor market utilization (like the unemployment rate) are only gradually weakening. But we know from history that these trends have a habit of quickly accelerating in advance of recession. ...

This week our three screeners explore equity trades in gold mining stocks, European banks, and US stocks ex-Tech should a recession not be imminent. ...