More Covid bore NEW
Markets care about stimulus but not much about Covid. They look through the Covid data. But this is wrong. Covid…
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Buying foodNEW
The latest WASDE report by the US Department of Agriculture supports our long position in wheat. There is further upside…
There will rarely be a year when macro events hold greater sway. Our macro outlook: US 10-year Treasury yields will…
A short while ago Quantum Economics was written (15 December 2020). It sparked numerous conversations and comments from clients, commentators…
David Roche gives an introduction to our report “Quantum Economics”. This piece explores how Quantum Mechanics influences macroeconomics and how…
The extensive support provided by monetary and fiscal policy marks this crisis as a very different one for the banks.…
The investment message below is that we are long equities. Not forever. But for now. And we prefer cyclical sectors…
The vaccine news and the Biden presidency combined keep us positive on equities, negative on global bonds, neutral the euro…
We are taking off our long EUR, short USD position that we have held since June. We expect Biden to…
Central Bank Digital Currencies (CBDCs) are a reality; the timeframe for adoption is the uncertainty. Central bank involvement is not…
A Biden presidency wouldn’t exactly light up markets, but neither would it cause collapse. His election would still have some…
The public sector’s aggressive action prevented the Covid-crisis turning into another global financial crisis. But many of the remedies were…
Covid has caused plenty of economic pain across the world, but we have not seen much sign of specific Emerging…
Despite the bounce in the greenback over the past week, short US dollar and long euro and yen remain our…
Online product and service providers have been the main equity market winners so far this year. But the concentration of…
And so the deckchairs are folded in the garden shed, the beach towels ranged and fragrant in the hotpress and…
Our currency convictions are 1) short USD/long EUR; 2) short BRL, TRY, BRL, INR, IDR) v long EUR; plus 3)…
If you think of places as planets, Hong Kong is a very small planet indeed and China a big one…
We do have a V-shaped recovery. But there are two big “ifs”. What happens when the state bailouts end? And…
This report looks at where and how the economic recovery from Covid could be sustainable. Countries that will do better…
The pandemic might have shattered the economy and ushered in ever more aggressive interventionism from the monetary and fiscal authorities.…
It is something of a consensus view that equities are an inflation hedge. But this is only true if demand…
The financial crisis, subsequent Eurozone debt crisis and Japanese reflation (in name only) transformed the role of power money. Central…
We are cutting our long US dollar positions. The dollar index (DXY) has fallen from 99 to 97 in a…
The downturn in developed markets (DMs) will be savage, with no hint of the ‘V-shaped’ recoveries that were sold as…
The China-US cold war is upon us. It is unfolding as expected, but the pace is now accelerating. It means…
In January, during Chinese New Year, I had started writing about Covid-19 — warning clients of its potential to destroy.…
The measures being introduced by the US to control the export of technology to China have four qualities. They can…
We have set out our store a long time ago as regards the post Covid-19 macro setting and asset allocation:…
Even in times of great uncertainty, obvious things still happen. Shuttering much of the global economy crushed demand. That was…
It is striking how little is known, but how widespread is the conviction, that once the pandemic wanes things will…
The rates of Covid-19 new daily infections are starting to roll over. Over Easter globally there were around 70k new…
War horse (30 March 2020) sketched the architecture of a war economy versus a pandemic economy. This note goes further.…
Even before the Covid-19 crisis, about one quarter of US quoted corporations were cash flow negative. This is because they…
Fighting them on the beaches is different when the invisible enemy is little purple and red Covid blobs with spiky…
If all country pandemics were the same then we’d have a good understanding as to how this current global crisis…
The economic shock from Covid-19 is being underestimated. This is natural when the immediate priority is safeguarding human life. This…
Having weighed all the evidence, our advice to clients is not to second-guess the pandemic until there is much clearer…
We are shifting currency investments because of the collapse in the oil price which, coming on top of Covid-19, is…
Markets are likely to remain volatile as the lag between actual COVID-19 infections and the reporting of cases continues to…
We have cut our long US dollar position versus the euro, taking us neutral. We expect oversold equity markets to…
Environmentalism and sustainability are unstoppable forces. But some investors remain slow to embrace the change. Thus far most effort has…
The likely economic and financial market damage caused by the Coronavirus (2019-nCoV) is underestimated. We remain short Thai baht and…
Trump’s ‘Phase 1’ trade deal isn’t the concrete base to build the 2020s on. It’s a short-term deal that fits…
Markets remain convinced that macro risks are not worth worrying about. Nor market risk, such as the growing exposure of…
Don’t look now, but actually Taiwan is doing very well out the US-China trade war. Despite that, all is not…
The removal of uncertainties is always good for a short-term market boost. But it’s often better to travel than arrive.…
Fixed income portfolios have enjoyed a bumper year in 2019. Yields are at rock bottom. That makes achieving even moderate…
This report discusses what strategy would look like if the US dollar were suddenly to lose its safe-haven status. This…
The trade negotiations in Washington are unlikely to shift the needle of global confidence or impending recession significantly. The Washington…
