Our written publications highlight macroeconomic opportunities and risks, provide actionable investment insights, and expose popular misconceptions.

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  • Year
  • Year

SAMPLE: Corporate Equity Holdings: Living in the Moment

October 20, 2017
Thoughts on being long equities in a time of high asset valuations, enormous corporate leverage, and dependence on unusually low interest rates. Figuring out when enough dominoes have been knocked over to assure a general collapse may be tricky.

SAMPLE: Japan’s Increasingly Robust Economic Expansion

October 4, 2017
By many measures, Japan's economy is showing the most sustained, robust growth since its bubble burst in the early 1990s. As long as global conditions remain benign, Japan Inc. appears poised to accelerate.

SAMPLE: The Metamorphosis of the Emerging Market Bubble

March 2, 2017
While investors hang on to a story of solid long-term EM growth, what keeps the EM expansion from collapsing is strong government deficit spending, high liquidity from foreign lenders, and speculative markets. This is not your father’s EM sector.

SAMPLE: Reports of the Treasury Bull Market’s Demise Are Greatly Exaggerated

January 25, 2017
As has often been the case over the past quarter century, the call for the demise of the secular bull market in bonds is premature. We maintain that the secular low in yields is ahead and not behind. The underpinnings of the secular decline in yields—pervasive, chronic overcapacity and financial fragility—all persist.

SAMPLE: Exaggerated Importance of QE Redux

November 14, 2014
The end of QE will not depress U.S. stock prices. We continue to expect U.S. markets to outperform most other major stock markets around the world.

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