Highlights * This report is divided into two major sections. In the first section, I outline the major economic and financial themes that I believe will dominate major developments in global financial markets in 2021.* In the second section, I outline several key investment themes for 2021 and how I expect major asset classes will … Continue reading Thematic Strategy Outlook for 2021 Read more...

Highlights INTRODUCTION This issue of Portfolio Strategy Monthly will update readers on the evolution of key economic and financial conditions during the past month that are critical for the design of our portfolio strategy. The exposition of this report will be structured as follows: 1. Review. In this section we review the most important economic … Continue reading PORTFOLIO STRATEGY UPDATE: November 2020 Read more...

The US equity market is poised to enter into a new bear market, depending on the evolution of three key factors. A combination of a second wave of COVID-19, failure and/or delay of fiscal stimulus and certain electoral scenarios are likely to trigger a new bear market in US equities. Over-valuation in most sectors of the market, combined with excessive speculative activity create ripe conditions for a decline in the S&P 500 index of 20% or more. Read more...

Fiscal stimulus is the hinge. Is fiscal stimulus forthcoming? The technical analysis outlook. Notes on portfolio positioning. Special note on Energy. Read more...

Trump's health may have limited impact financial markets. Focus should be concentrated on key issues impacting markets. Trump's health is potentially important only insofar as it impacts certain key market-moving issues. Read more...