Global Equities Are Hanging By A Thread

The unintended consequences from the continued altering of the capital structure of firms, by issuing debt and retiring equity at a time when operating cash flow growth is showing signs of fatigue is disconcerting. This artificial massaging of EPS is … [More.]

Helicopter Money: A Semi-Hostile Q&A

The latest Global Investment Strategy Weekly Report entitled “Helicopter Money: A Semi-Hostile Q&A” examines this very topical issue and concludes the following points: Helicopter money is coming, and once deployed, will prove to be much more … [More.]

Deleveraging Cycles Can Last A Very Long Time

Was the financial crisis a watershed event that marked a structural shift in attitudes toward debt? History suggests that major credit busts trigger lasting shifts in credit behavior. The chart above shows that U.S. consumers have become much … [More.]

Lawrence H. Summers and Joaquim Levy to Speak at BCA’s Investment Conference in New York City

Lawrence H. Summers and Joaquim Levy have been confirmed as additional keynote speakers at BCA’s 2016 Investment Conference on September 26-27 in New York at the Grand Hyatt hotel. Lawrence H. Summers, Charles W. Eliot University Professor, H … [More.]

Sell In May And Pray?

Asset volatilities tend to move in tandem and rarely deviate for prolonged periods. While commodity, equity and fixed income volatilities have subsided substantially since the mid-February mini riot point, foreign exchange volatility is moving in the … [More.]