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Value, Momentum and Carry – Is it time for equity investors to switch?
Macro Letter – No 121 – 04-10-2019 Value, Momentum and Carry – Is it time for equity investors to switch? Index tracking and growth funds have outperformed value managers for several years Last month...
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A Brave New World for Value Investing
Macro Letter – No 129 – 05-06-2020 A Brave New World for Value Investing Stock markets have rebounded from their March lows on fiscal and monetary stimulus Corporate bond spreads have narrowed in...
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The Giant Debt-for-Equity Swap
The Giant Debt-for-Equity Swap The Giant Debt-for-Equity Swap I wrote this article in December 2019. Much has changed but with bond yields heading lower on the back of more QE, it still seems...
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After the flood – Beyond fiscal and monetary intervention
Macro Letter – No 130 – 26-06-2020 After the flood – Beyond fiscal and monetary intervention Monetary and fiscal stimulus to ameliorate the effect of the pandemic has exceeded $9trln Stock markets...
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The Dangers to Prosperity All Around Us
At the beginning on January I wrote this article for the AIER. Whilst much has changed, the trends have accelerated. https://www.aier.org/article/the-dangers-to-prosperity-all-around-us/
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Step-change at the Fed – Reaching for the stars
Macro Letter No 132 – 04-09-2020 Step-change at the Fed – Reaching for the stars The Federal Reserve has changed the emphasis of their dual mandateInflation targeting will become more flexible in the...
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Relax, Rotate, Reflate
Macro Letter – No 134 – 27-11-2020 Relax, Rotate, Reflate With US elections over and a vaccine in sight, financial market uncertainty has declinedRotation has seen a resurgence in those stocks...
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US Stocks in 2020 and the prospects for 2021
Macro Letter – No 135 – 31-12-2020 US Stocks in 2020 and the prospects for 2021 2020 has been a torrid year for stock markets globallyFiscal and monetary stimulus rescued investors from a brutal...
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A Review of Stock Market Valuations – Part 1
Source: Peter Boockvar, Pinnacle Data, Haver Analytics, Citi Macro Letter – No 136 – 19-02-2021 A Review of Stock Market Valuations – Part 1 As global stock markets continue to rise, commentators talk...
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A Review of Stock Market Valuations – Part 2
Macro Letter – No 137 A Review of Stock Market Valuations – Part 2 As global stock markets continue to rise, commentators talk of a bubbleShorter-term indicators suggest the markets have run ahead of...
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