The US-Iran deal is a marginal improvement in global commodity supply risk, but we still give a 60% chance of renewed fighting later this year or in 2027....
The June swoon looks like a rotation and rebalancing-driven air pocket, not a regime break. Economic growth, earnings revisions, and AI-driven capex demand remain firm, but rising yields, inflation concerns, Fed uncertainty, and a looming IPO wave are likely to constrain further multiple expansion. ...
Software has rattled Public Stocks, BDCs, and Asset Managers. Exposure across Private Markets has raised more questions than answers. We size it up. Private Equity is under pressure, Venture Capital is racing ahead, and Credit is pricing in the risk....
On Friday, the MacroQuant equity z-score fell to -1.01, below the critical -1 threshold that often coincided with bear markets in the past. With that in mind, today, I am downgrading stocks to a slight underweight on both a 3-month and a 12-month horizon....
Markets keep buying the dip because liquidity remains plentiful. That buffer lasts through 2026; the bigger question is what happens when it thins in 2027....
Tensions between Iran, the US, and Israel have reached their highest point since mid-March – or at least since the ceasefire announcement on April 8 – this week. President Trump responded to the downing of an AH-64 Apache helicopter with air strikes on Iran on June 9. Subsequently, Iran and Israel e...
Today’s ECB rate hike is not the beginning of a hiking cycle. Growth concerns will soon move to the forefront of ECB policy decisions, preventing further tightening....
The Bank of Canada left rates unchanged and emphasized inflation risks from higher oil prices. We discuss why inflation and labor market data argue against the tightening currently priced....
Rising volatility in Korean markets captures a late-cycle surge in which euphoria and drawdown risk are rising together. While KOSPI momentum remains intact, the bigger opportunity may be emerging in the increasingly mispriced KRW, which could rally meaningfully as portfolio flow headwinds fade....
