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 […]
A Note on Municipal Bonds: Can New York’s Ambitions Outrun Its Balance Sheet? Read More »
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
Tactical Tuesday: Why are Commodities Linked Stocks So Weak Despite Inflation Concerns? Read More »
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
Tactical Report: What’s Wrong with Low Vol. Stocks? Read More »
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
Tactical Tuesday Report: The Case for Materials Read More »
August 19, 2025 Low vol. stocks have lagged since equities have put in their low in early April of 2025. While we can see from our sector performance chart (below) that this has affected the performance of traditional low vol. sectors in a negative way, it has also had a deleterious impact on the Financial
Tactical Tuesday Report: Asset Managers Firming Domestically, Strong Globally Read More »
July 29, 2025 As July winds down with US and European Equities at all-time highs and EM equities appreciating as well, we come to the tactical concern of how to manage potential profit taking within a strong bull trend. Historically, the seasonal returns for the months of August-October have been the weakest average returns over
Tactical Tuesday Report: Oversold Low Vol. Stocks a Tactical Opportunity? Read More »
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,
Tactical Tuesday Report: Leadership Themes Beyond Mag7 Read More »
June 17, 2025 US Equities have formed a clear bullish reversal off the April lows and the S&P 500 sits within a few percentage points of all-time highs. However, we are noting a more discerning investor. When the bull trend for equities got underway in 2023, upside leadership was characterized by industry level leadership cohorts.
Tactical Tuesday Report: The Tech Sector, Turning into a Stock Picking Exercise Read More »
June 10, 2025 The S&P 500 continues to build value above our neckline level of 5786 (chart below). As US equities continue to reflate, we’re looking for accumulation opportunities among near-term laggards. In our last Tactical Tuesday Report, we covered weakness in the housing market. We think those stocks remain unpalatable for investors due to
Tactical Tuesday Report: Large Cap. Asset Managers at Support, Time to Accumulate? Read More »
Housing related stocks have remained laggards despite the broadening equity recovery.
Tactical Tuesday Report: Housing a Missing Ingredient in the Recovery (So Far) Read More »
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