Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

All-round Multi-Asset investor. Former head of a EUR 5 billion multi-asset fund range. Speaker. Charts & Frameworks. Founder of True Insights, a provider of independent investment research, trade ideas & well-diversified portfolios.
https://true-insights.net/

Global Multi-Asset Investment Strategist

Weekly Market Monitor (17) - Banking Anxiety – Back with a Vengeance!

Money Supply-Driven Excess Liquidity Unveils 20% S&P 500 Downside Blog

The Failure of First Republic: A Systemic Crisis in the Making?

Changes in Portfolio Weights: Lowering the Weight of Equities

Weekly Market Monitor (16) - The Odds of a Recession Is Rising; Earnings Just Don’t Know It Yet

‘No,’ San Francisco Is Not a Commercial Real Estate Outlier!

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>Operating leverage works both ways. With the gap between earnings growth and sales growth now negative, stock markets have entered a phase of 'reverse operating leverage.'</li>
<li>To determine the impact of reverse operating leverage on future equity market returns, we looked at all instances when sales growth topped earnings growth since 2000.</li>
<li>As it turns out, a recession determines whether 'reverse operating leverage' hits equities or not. And since we expect a recession...</li>
</ul>


Operating leverage works both ways. With the gap between earnings growth and sales growth now negative, stock markets have entered a phase of 'reverse operating leverage.'
To determine the impact of reverse operating leverage on future equity market returns, we looked at all instances when sales growth topped earnings growth since 2000.
As it turns out, a recession determines whether 'reverse operating leverage' hits equities or not. And since we expect a recession...


営業レバレッジの逆転：株式市場への影響