Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Cross Asset Strategy

<ul>
<li>We believe the odds that the Fed is done hiking have increased significantly after the latest FOMC meeting and Powell press conference.</li>
<li>The key reason to lift the weight of Equities and Treasuries is that historically both asset classes have performed well after the final Fed hike.</li>
<li>We looked at the average and median return on US and Developed Market Equities, US Treasuries, Commodities, and Gold following the end of the tightening cycle since 1970.</li>
</ul>


We believe the odds that the Fed is done hiking have increased significantly after the latest FOMC meeting and Powell press conference.
The key reason to lift the weight of Equities and Treasuries is that historically both asset classes have performed well after the final Fed hike.
We looked at the average and median return on US and Developed Market Equities, US Treasuries, Commodities, and Gold following the end of the tightening cycle since 1970.


Change in Portfolio Weighs - The Fed Rules: Increasing the Weights of Equities and Treasuries

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<div><div><div><ul style="list-style-type: disc;"><li><p>Global equities again inched higher this week with the S&amp;P 500 +0.65% and the MSCI World Index +0.60%.</p></li><li><p>The S&amp;P 500 is now within 6% of an all-time high as investors become increasingly confident that inflation has cooled while corporate earnings remain strong.</p></li><li><p>The Russell 2000 climbed 1.53% last week but remains 18% below its 2021 peak. </p></li></ul></div></div></div>

Global equities again inched higher this week with the S&amp;P 500 +0.65% and the MSCI World Index +0.60%.The S&amp;P 500 is now within 6% of an all-time high as investors become increasingly confident that inflation has cooled while corporate earnings remain strong.The Russell 2000 climbed 1.53% last week but remains 18% below its 2021 peak. 

The Highlights - Cannabis News for the Week Ending July 21, 2023

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Happy Saturday everyone, and welcome back to our weekly positioning watch, where we dissect how traders and investors are positioning themselves in the current market.</li><li>As with every other rally, retail investors end up blindly following the big players, and long risk might very well be the play to make as flows from ETFs and retail investors continue to lift markets.</li><li>And with that in mind, we have spiced up today’s version, moving away from the CFTC report and instead trying to have a look at what various surveys are telling us about the current market.</li></ul>

Happy Saturday everyone, and welcome back to our weekly positioning watch, where we dissect how traders and investors are positioning themselves in the current market.As with every other rally, retail investors end up blindly following the big players, and long risk might very well be the play to make as flows from ETFs and retail investors continue to lift markets.And with that in mind, we have spiced up today’s version, moving away from the CFTC report and instead trying to have a look at what various surveys are telling us about the current market.

Positioning Watch – The Goldilocks Scenario is Intensifying

<ul>
<li>While early, the comparison to the previous quarter is remarkable. Almost all sectors reported better-than-expected earnings, but the market reaction has been negative in most cases. </li>
<li>Investors are fixated on inflation and the end of the Fed's tightening cycle. But the strong US labor market means the Fed will want to keep rates higher for longer. </li>
<li>The net percentage of bulls in the survey has risen to nearly 30%, pushing our Fear &amp; Frenzy Sentiment Index further into 'Frenzy' territory.</li>
</ul>


While early, the comparison to the previous quarter is remarkable. Almost all sectors reported better-than-expected earnings, but the market reaction has been negative in most cases. 
Investors are fixated on inflation and the end of the Fed's tightening cycle. But the strong US labor market means the Fed will want to keep rates higher for longer. 
The net percentage of bulls in the survey has risen to nearly 30%, pushing our Fear &amp; Frenzy Sentiment Index further into 'Frenzy' territory.


The Weekly Market Monitor (29) - The Moment of Truth?

Cross-Asset Liquidity Strategist, CrossBorder Capital

Michael J. Howell

Cross-Asset Liquidity Strategist

Implementing Research Using Alt Data & AI

CrossBorder Capital

CrossBorder Capital is a London-based independent investment advisory firm. Founded in 1996, it exploits a gap in the investment arena by focusing on Central bank liquidity. 

It specialises in the monitoring and analysis of global liquidity flows - an important determinant of asset prices, from currencies through to bonds, equities and real estate.

CrossBorder Capital implements its investment strategy and currently manages over US$ 350m.


<ul>
<li>Did Treasury Secretary Yellen's recent trip lead to a <strong>US-China Accord</strong> that allows the US dollar to weaken and China's PBoC to ease again?</li>
<li>Markets are acting as if this happened, but in reality this 'accord' simply reinforces existing forex and liquidity trends</li>
<li>
<strong>Emerging Market liquidity</strong> is currently high. This is inconsistent with an upcoming recession, but aligns with a rising <strong>Global Liquidity</strong> cycle. Expect more US and Chinese easing.</li>
</ul>


Did Treasury Secretary Yellen's recent trip lead to a US-China Accord that allows the US dollar to weaken and China's PBoC to ease again?
Markets are acting as if this happened, but in reality this 'accord' simply reinforces existing forex and liquidity trends

Emerging Market liquidity is currently high. This is inconsistent with an upcoming recession, but aligns with a rising Global Liquidity cycle. Expect more US and Chinese easing.


A Secret US-China Accord? Will It Boost Global Liquidity?

United States

The MSCI World Index is a free-float weighted equity index. It was developed with a base value of 100 as of December 31, 1969. MXWO includes developed world markets, and does not include emerging markets. MXWD includes both emerging and developed markets.

MSCI World Index (MXWO INDEX)

Change in Portfolio Weighs - The Fed Rules: Increasing the Weights of Equities and Treasuries

After the latest FOMC meeting and a dovish-sounding Powell, the odds we have reached the end of the tightening cycle have spiked, boding well for...

Jeroen Blokland

The Highlights - Cannabis News for the Week Ending July 21, 2023

The S&P 500 is now within 6% of an all-time high as investors become increasingly confident that inflation has cooled while corporate earnings...

Water Tower Research

Positioning Watch – The Goldilocks Scenario is Intensifying

Happy Saturday everyone, and welcome back to our weekly positioning watch, where we dissect how traders and investors are positioned

Steno Research

The Weekly Market Monitor (29) - The Moment of Truth?

The US labor market remains uncomfortably tight, keeping bond yields high, providing massive pressure on overvalued Big Tech stocks to deliver on...

Jeroen Blokland

A Secret US-China Accord? Will It Boost Global Liquidity?

Treasury Secretary Yellen's recent trip may have led to a secret US-China Accord that allows the US dollar to weaken and China's PBoC to ease...

Michael J. Howell