Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Agnico Eagle Mines has outperformed the S&amp;P 500 and gold on an absolute basis.</li>
<li>Agnico's business fundamentals remain strong, in spite of market-wide headwinds and more aggressive business expansion.</li>
<li>Short-term volatility due to outside factors is to be expected, but AgnICO's business fundamental remains strong.</li>
</ul>


Agnico Eagle Mines has outperformed the S&amp;P 500 and gold on an absolute basis.
Agnico's business fundamentals remain strong, in spite of market-wide headwinds and more aggressive business expansion.
Short-term volatility due to outside factors is to be expected, but AgnICO's business fundamental remains strong.


Agnico Eagle Mines: Volatility Is To Be Expected, But Fundamentals Remain Strong

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.


Cross Asset Strategy

<ul>
<li>
 Global Liquidity Cycle bottomed last October. Noticeable acceleration, particularly in US dollar terms at near 30% annualized clip</li>
<li>
 China and Japan are the key Central Banks leading the charge. Yet, even the US Fed is stirring, with net liquidity injections seeming targeting stable bank reserve levels</li>
<li>Financial markets have already felt this liquidity boost, particularly liquidity-sensitive instruments like tech shares, gold and Bitcoin. The World economy too is stirring 
</li>
</ul>



 Global Liquidity Cycle bottomed last October. Noticeable acceleration, particularly in US dollar terms at near 30% annualized clip

 China and Japan are the key Central Banks leading the charge. Yet, even the US Fed is stirring, with net liquidity injections seeming targeting stable bank reserve levels
Financial markets have already felt this liquidity boost, particularly liquidity-sensitive instruments like tech shares, gold and Bitcoin. The World economy too is stirring 



Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

<ul>
<li>We recently suggested a number of long/short pair trades, with inflation hedge vehicles forming the long portion of a number of pairs.</li>
<li>Inflation hedge factors have begun to underperform, and the subsequent performance of the pairs is revealing of the factors driving the current market environment.</li>
<li>We are inclined to give the long inflation hedge pairs the benefit of the doubt. They are being sold along in a panic liquidation where all correlations converge to 1.</li>
</ul>


We recently suggested a number of long/short pair trades, with inflation hedge vehicles forming the long portion of a number of pairs.
Inflation hedge factors have begun to underperform, and the subsequent performance of the pairs is revealing of the factors driving the current market environment.
We are inclined to give the long inflation hedge pairs the benefit of the doubt. They are being sold along in a panic liquidation where all correlations converge to 1.


Pairs Monitor: Are Correlations Converging to 1?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Energy Select Sector SPDR Fund / Technical Analysis

<ul>
<li>We still see signs suggesting a test of the lows or a break to new lows is increasingly likely on the S&amp;P 500, Nasdaq 100 (QQQ), and Russell 2000 (IWM).</li>
<li>One of those signs is the fact that defensives (Utilities, Staples, pharma, Real Estate) remain at new RS highs.</li>
<li>Meanwhile, WTI crude oil and the Bloomberg Commodity index (DJP) are breaking out from 1-month consolidations, signaling upside continuation. Stick with the commodity and defensive Sectors.</li>
</ul>


We still see signs suggesting a test of the lows or a break to new lows is increasingly likely on the S&amp;P 500, Nasdaq 100 (QQQ), and Russell 2000 (IWM).
One of those signs is the fact that defensives (Utilities, Staples, pharma, Real Estate) remain at new RS highs.
Meanwhile, WTI crude oil and the Bloomberg Commodity index (DJP) are breaking out from 1-month consolidations, signaling upside continuation. Stick with the commodity and defensive Sectors.


Sticking With Commodity and Defensive Sectors; Buying Coal, Steel, Gold Stocks

<ul>
<li>The U.S. equity market outlook is undergoing an unusual bifurcated condition.</li>
<li>Intermediate-Term technical indicators remain bearish but survey-based sentiment indicates crowded short conditions, which is contrarian bullish. </li>
<li>As long as our pairs trading factors remain in uptrends, we are inclined to remain cautious on the equity outlook.</li>
</ul>


The U.S. equity market outlook is undergoing an unusual bifurcated condition.
Intermediate-Term technical indicators remain bearish but survey-based sentiment indicates crowded short conditions, which is contrarian bullish. 
As long as our pairs trading factors remain in uptrends, we are inclined to remain cautious on the equity outlook.


The Canaries in the Bifurcated Market Coalmine

United States

SPDR Gold Shares is an investment fund incorporated in the USA.  The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust's expenses. The Trust holds gold and is expected from time to time to issue Baskets in exchange for deposits of gold and to distribute gold in connection with redemptions of Baskets.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SPDR Gold Shares (GLD US)

Agnico Eagle Mines: Volatility Is To Be Expected, But Fundamentals Remain Strong

Agnico's business fundamentals remain strong, in spite of market-wide headwinds and more aggressive business expansion. Short-term volatility due...

Vladimir Dimitrov, CFA

Liquidity, Liquidity, Liquidity ….

Global Liquidity cycle bottomed last October. Latest weekly data show major Central Banks’ aggregate liquidity measured in US dollar terms has...

Michael J. Howell

Pairs Monitor: Are Correlations Converging to 1?

Give long inflation hedge pairs the benefit of the doubt. In all likelihood, they are being sold along with other equity positions in a panic...

Cam Hui

Sticking With Commodity and Defensive Sectors; Buying Coal, Steel, Gold Stocks

Crude oil and the Bloomberg Commodity index $DJP are breaking out from 1-month consolidations, signaling upside continuation. Stick with the...

Vermilion Research

The Canaries in the Bifurcated Market Coalmine

Intermediate technical indicators remain bearish but survey-based sentiment indicates crowded short conditions. Stay cautious as long as our pairs...

Cam Hui

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)