Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries

Providing investors with a balanced perspective

Real Asset Chartbook Week #18: Lithium Blinks, Gas Slips, Copper Stalls—Who Survives the Grind?

Real Asset Chartbook Week #19: Volatility Is Low, Crude Is Down, and Industrials Are on a Roll

Real Asset Chartbook Week #15: Copper Stocks, Railroad Mergers, and the History of US Trade Policy

Real Asset Chartbook Week #14: Big Week for Critical Metals and Missives on the History of US Trade

Real Asset Chartbook Week #13: The Copper Surge Continues

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Cross Asset Strategy

<ul>
<li>The immediate post-Civil War period exemplifies a crucial pivot in U.S. trade policy. Trade policy that began as wartime fiscal expedients became permanent structural features. The Morrill tariff, enacted in 1861 primarily to finance the Union’s war effort, had notably raised average duties on dutiable imports to about 47 percent.</li>
<li>By 1865, this elevated tariff regime was entrenched, sustained by several intertwined forces. First, the federal government emerged from the war burdened with a staggering debt of approximately $2.7 billion, some 30 percent of GDP at the time.</li>
<li>This fiscal strain made cutting tariffs risky, as customs duties were vital for government revenue. Bondholders thus benefited from a generation of fiscal conservatism, while equity investors in protected domestic industries enjoyed durable shelter from foreign competition.</li>
</ul>


The immediate post-Civil War period exemplifies a crucial pivot in U.S. trade policy. Trade policy that began as wartime fiscal expedients became permanent structural features. The Morrill tariff, enacted in 1861 primarily to finance the Union’s war effort, had notably raised average duties on dutiable imports to about 47 percent.
By 1865, this elevated tariff regime was entrenched, sustained by several intertwined forces. First, the federal government emerged from the war burdened with a staggering debt of approximately $2.7 billion, some 30 percent of GDP at the time.
This fiscal strain made cutting tariffs risky, as customs duties were vital for government revenue. Bondholders thus benefited from a generation of fiscal conservatism, while equity investors in protected domestic industries enjoyed durable shelter from foreign competition.


Real Asset Chartbook Week #16: A Great Historian on the US and Trade Policy Following the Civil War