Tactical Tuesday

November 12, 2025 Commodity markets have surged to multi-year highs in the near-term, signaling a broad-based reflation across the raw-materials complex. The Bloomberg Commodity Index (BCOM) is up roughly 9% year-to-date and gained more than 4% in the third quarter, reflecting strength across metals and precious commodities even as energy and agricultural segments remain mixed. […]

November 4, 2025 After a relentless rally fueled by artificial intelligence enthusiasm, resilient corporate earnings, and a dovish monetary narrative, the mood across Wall Street has shifted toward unease. In the past week, several top banking executives, including Goldman Sachs CEO David Solomon and Morgan Stanley CEO Ted Pick, have warned that the U.S. equity

October 28, 2025 Falling interest rates and restrained inflation have been a key context supporting the current equity bull market.  A supportive Fed has guided rates lower in the absence of new inflation drivers which has been a boon to asset prices.  Given our focus on potential interest rate risk, we wanted to talk about

September 23, 2025 In 2025, financial markets have exhibited a striking divergence. Commodity-linked equities, particularly in the Energy and Materials sectors (chart below, top panel), have underperformed the S&P 500 and other major benchmarks despite inflation running above central bank targets. At the same time, global equity markets have rallied, even in the face of

September 17, 2025 Global equities continue to print all-time highs with EM shares leading in the near-term, US shares leadership for the longer-term cycle and EAFE shares typically functioning as the lagging safe haven trade when the tape comes under pressure.  At the sector level, the dynamic has been even more exclusive with Tech and

August 26, 2025 The S&P 500 is showing some signs of rotation below the surface despite the index price continuing to sit near all-time highs.  The story of August has been profit taking from the Tech Sector, specifically AI hyper-scalers and other attendant parts of the AI eco-system.  The Fed has made dovish noises which

July 8, 2025 Equities recently posted all-time highs as proxied by the S&P 500.  Risk appetite has been strengthening; interest rates remain contained and high beta stocks are outperforming.  With the Q1 equity correction now firmly in the rearview mirror, we are shifting our focus to try and ID new leadership trends at the sector,