Market Summary The U.S. Outside the view of most individual investors, a “quant quake” erupted as concentrated hedge-fund bets in momentum growth stocks were challenged by a sudden swing towards value stocks and cyclicals. The indexes were placid, but many observers wondered if this might presage an imminent end Read more
China and Iran Deepen Ties A recent report in the Petroleum Economist provided some confidential details about the comprehensive strategic partnership agreement that Iran and China signed in 2016. The Iranian and Chinese foreign ministers met at the end of August to hammer out some of the accord’s details. According Read more
The Real Data Are Weaker Than China Will Admit China’s rise as an economic power has been good not just for Chinese businesses selling goods to the rest of the world; it has also been good for global businesses selling goods and services to China. Big U.S. companies have been Read more
The U.S. After a somewhat volatile August, U.S. stocks remain in the trading range where they have been for the past several months, as trade worries converge with recession fears. After the much-watched inversion of the two- to ten-year U.S. Treasury yield curve, financial news was full of recession Read more
The Norwegian sovereign wealth fund (formally, the Government Pension Fund of Norway) was established in 1990 to invest the surplus revenues of the Norwegian petroleum industry. With over $1 trillion in assets, heavily allocated towards equities, it currently owns about 1.3% of global stocks. The Fund has undergone a number Read more
For the past year, concern about the intensifying trade war between China and the United States has gone hand-in-hand with concern about the health of the Chinese economy. China’s dramatic rise as an economic power over the past two decades, and the deep interdependence of the global economy, means that Read more
At the beginning of August, when the U.S. administration announced that it would levy tariffs on all remaining Chinese imports, the Chinese responded by allowing the Chinese yuan to depreciate against its target basket of other currencies — but only by 1%. And in the wake of last week’s tweets Read more
Market Summary The U.S. The U.S. market is still in a correction or sideways mode, with both macro news and fears in evidence, as well as seasonal effects. We are neither as pessimistic as some news media have become, nor are we extremely enthusiastic at the present juncture. We Read more
Don’t Short the Back Bench When It Comes to Entertainment Content Although more controversial game titles usually make the headlines, the sales and revenue stalwarts for many video game companies are established sports titles. Electronic Arts [NASDAQ: EA], for example, has the year’s 8th-best-selling title in a decades-old franchise: “Madden Read more
Over the past decades, California has learned that all of its sun, forward-thinking culture, educated workforce, and entrepreneurial spirit couldn’t stop the gradually accelerating exodus of the aerospace industry from the Golden State. There were many factors involved, of course – but the point is that regional dominance in an Read more
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