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…
Over the past year, three U.S. tech giants have been jostling for position atop the list of largest companies by market capitalization: Amazon [NASDAQ: AMZN], Apple [NASDAQ: AAPL], and Microsoft [NASDAQ: MSFT]. All are valued above $900 billion, with MSFT recently taking the top spot — at $1.07 trillion as Read more…
Executive Summary 1. We’re long-term bulls on India. A recent U.S. action rescinded some tariff exemptions that India had enjoyed as a developing nation. We don’t feel this is a significant event, and anticipate that the friendly relationship between the U.S. and Indian administrations will continue. We see policy continuity Read more…
Executive Summary 1. Deflationary tech is here to stay. In his May press conference, Fed Chair Jerome Powell cited what he believed were “transitory factors” that resulted in a low inflation print over the past 12 months. Although many economists and officials talk about inflation data as if they were Read more…
Trade War Static: Stay Focused On the Big Picture Just as markets seemed to be happily pricing in a resolution to the yearlong trade conflict between China and the United States, fresh difficulties have emerged, throwing the outcome into doubt. Global stock markets swooned in response to the tweets… a Read more…
Several base metals have rallied strongly in 2019: as of this writing, copper, nickel, and zinc are all up more than 10%. Copper — the “red metal” — is often referred to as “Dr Copper” because of its alleged status as a leading economic indicator. It is the leading industrial Read more…
Japan Defies Its “Demographic Destiny” With a population that is among the world’s longest lived and least fertile, Japan has long been seen by analysts as a leading case study in the disaster that supposedly awaits advanced nations with aging populations. That is, the economy will slow to a best-case Read more…
As investors have seen repeatedly for the last 80 years, U.S. government gridlock has generally been good for U.S. stocks. “Gridlock” just means that neither political party controls both houses of Congress and the presidency. Historically, gridlock has produced few new initiatives that either major political party can tout, but it Read more…
12400 Wilshire Blvd, Suite 820 Los Angeles, CA 90025
1 310 826-8600
Mon-Fri 6:30-4:30
