Emerging markets rebounded from the 2014-15 commodity price collapse with varying degrees of success. Most were forced to hike interest…
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The dollar’s multi-year bull run might last a couple more months but its fundamental underpinnings are weakening. President Trump’s unpredictability…
The trouble with President Trump is what he is. There is no need for a psychological portrait of the man.…
The reaction of financial markets to Trump’s election is explainable by expectations of tax cuts and rising fiscal spending. This…
Inflation is coming back. Will it boost corporate profits and investment, relieving the consumer of the burden of driving global…
Free capital, like free water, is never going to be used productively. So it should be no surprise that central…
It is time to take out insurance against a gradual ending of central bank largesse. Sovereign bond yield curve steepeners…
Robert Gordon’s gloomy hypothesis of perpetually slow economic growth looks credible at first glance, but on closer examination it is…
The global anger vote will have lasting effects on politics and, with it, the long-term economic outlook. It is reshaping…
The slow economic normalisation under way since the global financial crisis has been running hand in hand with another process.…
There are signs of life in DM demand after the spring soft patch. That provides some positive news for Asian…
This is one of those moments in history when politics matter as much as economics for financial markets. The rise…
The long US dollar trade has been a rather testing one so far this year. Weaker US growth and a…
Global equity markets are generally expensive. That’s because central bank largesse has inflated price (P). Meanwhile corporate profits (E) remain…
This paper discusses the fallout from a scenario called “stasis”. It would lead us to change many of our portfolio…
While central bankers sound dismissive when the question of helicopter money is raised, they were equally dismissive about NIRP. Deployment…
Low productivity growth has been a persistent feature since the Global Financial Crisis. Why? On balance our conclusion is that…
We are making two changes to our portfolio allocations. First, we are moving back to a short yen position. Second,…
As central bankers push on through the looking glass with NIRP, markets will have to pay closer attention to the…
Central bankers’ rhetoric often conveys a sense of omnipotence. But the evolution of the post-crisis economy clearly tells a different…
We are taking a strategic long gold position. The target return is 5-10% this year and a long-term gold price…
There is no change in our currency forecasts. But the way they’ll happen has shifted. Our biggest shorts remain EM…
The deterioration in equity markets this year should not come as a complete surprise, the problems are not new. We…
Disruptive technologies have always been the cause of economic strides. Manufacturing replaced the artisan. Electricity revolutionised industry. The train and…
We think that the US Fed will be forced to normalise policy because of tightening labour markets. This would mark…
About this economic recovery, four things strike. First, services (“intangibles”) are ticking along nicely, but manufacturing is a disaster. Second, developed markets…
The world is entering a completely new capex cycle. Investment in innovatory technology is not being adequately captured by the…
Quantitative easing has done financial markets the power of good. But a host of long-range valuation measures are beginning to…
Much has been written about the rise in inequality over the past three decades, the debate reaching its crescendo last…
What if the ambitions of central bankers were to come true? Inflation rises and unemployment falls to “reasonable” levels. That…
Deflation is the villain that every major country’s central bank has in its sights. But deflation is not necessarily a…
Artificial intelligence (AI) is with us now and should be part of any investment strategy. AI extends the reach of…
The human cost of the Ebola outbreak in West Africa has been shocking but the risk this develops into a…
The recent dramatic fall in the crude oil price poses the question: is this just a blip due to temporary…
We have been long equities for a very long time. We are now closing these long positions. The motivation is…
The productivity of labour matters to investors. If we are stuck with low GDP and productivity (GDP per worker) growth,…
There are six key positions that are our strongest convictions alongside our continued (but getting tired) long equity view. They…
Cheap money has encouraged listed corporates to shift business models away from capital investment to inflating earnings per share via…
As inflation rises global capital will be repriced. The process will start in the US, though the UK may be…
The odds are that global energy prices will not rise significantly over the next decade or so. The international agencies…
Increasing weather-related natural disasters are probably related to global warming. Even if they are not, governments and investors need to…
Artificial intelligence (AI) is no longer science fiction. AI will replace and improve on most, if not all, human productive…
Even if the West’s response to the Ukraine crisis looks toothless, the longer-term impact should not be underestimated. It will…
There are five key issues that need to be addressed for investment strategy. First, the rate of global economic growth…
Without immigration of skilled labour Germany’s economy will shrink 4.5% in the next two decades and social security payments will…
Investors are right to wonder whether a stagnating economy with price deflation, such as Japan experienced in the 1990s onwards,…
