We published a bullish view on U.S. Inflation-Linked Bonds today on Seeking Alpha. Below are some excerpts: The sell-off in inflation-linked government bonds has provided a great opportunity for investors looking for a risk-free positive nominal and real return with the potential for capital gains. We see 30-year TIPS as a way to take advantage…
We published a bullish view on the British Pound today on Seeking Alpha. Below are some excerpts: GBPUSD looks to be breaking out of its short-term downtrend and real yield spreads suggest the paid should be trading significantly higher. There is potential for a virtuous cycle where a stronger pound reduces inflation expectations which in…
We published a bullish view on the Singapore Dollar today on Seeking Alpha. Below are some excerpts: The Singapore dollar looks cheap following its February selloff and the appreciation of the euro and yen against the U.S. dollar. While the MAS looks set to ease in April we expect them to shift to a neutral…
We published a bullish view on undervalued global stocks today on Seeking Alpha. Below are some excerpts: The recent panic selling has created some incredible opportunities to buy cheap equity indices outside of the U.S. which should benefit regardless of how serious the coronavirus pandemic becomes. The average price/book value of indices including Hong Kong,…
We published a bullish view on the Japanese Yen today on Seeking Alpha. Below are some excerpts: The downside reversal in USD/JPY suggests the yen remains the world’s only true safe-haven currency and the bull market that began in 2015 remains intact. U.S. real interest rates are now no longer higher than Japan’s and the…
We published a bearish view on US stocks today on Seeking Alpha. Below are some excerpts: Market breadth is deteriorating rapidly and given the mounting economic headwinds from COVID-19, the downside potential is huge. Divergences between the S&P500 and the equal-weighted index are growing, while the average stock in the MSCI World Index peaked in 2018…
We published a bearish view on US stocks today on Seeking Alpha. Below are some excerpts: Low interest rates reflect a weak long-term real GDP growth outlook of around 1.0%. Equity markets outside the U.S. show how low rates have provided little support to valuations. It would take an 80% decline to return long-term real…