If Trump Gets Taxes and Infrastructure, Who Pays, and What Does it Mean for Stocks?

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With the dissolution of health care legislation barely final, murmurers out of Washington seem to suggest tax reform/cuts and infrastructure may be tackled in tandem in a way that attracts bipartisan support. If it comes to pass, it would go a long way in meeting the market’s expectations for pro-growth policies from the new administration. But […]

Quarterly Update: Knowledge Leaders Strategy

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In our new quarterly update report, Portfolio Manager Steven Vannelli, CFA, discusses the investment team’s recent analysis on two topics, including: 1. New portfolio opportunities. Huge innovation in the energy sector – and the US Shale Revolution specifically — has manifested into new portfolio opportunities. The US cost of production of oil has fallen by 50% over […]

Quarterly Strategy Update: A Rotation to Cyclical Leadership?

This quarter we discuss our work navigating a global equity rotation from defensive-driven leadership to cyclical-driven leadership. We analyze economic growth trends and our belief that we are in the closest thing to a synchronized global upturn that we’ve seen in years. We discuss three liquidity shocks are impacting asset prices: China devaluing the yuan, divergent monetary […]

Counter-Cyclical Underperformance is Overdone Says Copper, CNY and Rates

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Counter-cyclical stocks have underperformed cyclical stocks by about 9% since Brexit lows. That recent bout of underperformance has been enough to spur many to proclaim that the world is on the cusp of faster growth and the reach for yield play has seen its end. A review of our charts, however, suggests this period of counter-cyclical underperformance/cyclical outperformance may […]