| Global Multi-Asset Macro Musings • 05-Mar-2025 | |
2025 - A Pivotal Year
Cyril Moulle-Berteaux
Extrapolation of fundamental trends has resulted in extreme overvaluation, overoptimism and overownership of many assets, most particularly U.S. assets. As such, investors should consider non-U.S. stocks denominated in non-US currencies as well as Value and small cap stocks in the U.S. and abroad. Cyril Moulle-Berteaux explains.
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| Global Multi-Asset Macro Musings • 23-Dec-2024 | |
Momentum Ruled In 2024, But Reversal Likely In 2025
Cyril Moulle-Berteaux
2024 has experienced one of the top momentum runs of the past thirty years. Historically, such strong performance has led to a near-full reversal in performance in the subsequent year. Cyril Moulle-Berteaux explains.
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| Global Multi-Asset Macro Musings • 09-Dec-2024 | |
Will Trump 2.0 Be as Good for the Markets as Trump 1.0?
Cyril Moulle-Berteaux
Markets are bullish on Trump’s second term, hoping for tax cuts and better growth. We expect no net stimulus and a decent size hit from tariffs and immigration. This should be bullish for bonds as the Fed continues cutting, but could be a disappointment for frothy stocks.
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| Global Multi-Asset Macro Musings • 07-Nov-2024 | |
China: Smoke and Mirrors
Cyril Moulle-Berteaux
Chinese stocks are likely still underowned by local and global investors but their superficially low multiples do not represent a compelling reason to go overweight China until policy measures sufficient to solve its debt deflation problems are implemented.
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| Global Multi-Asset Macro Musings • 22-Oct-2024 | |
The Most Contrarian Outcome - No Landing
Cyril Moulle-Berteaux
Given a strong consensus for a Soft Landing and lingering Recession fears, No Landing would be the most contrarian scenario for markets. In fact, there are some hints that the dichotomy between strong spending and weak labor markets could resolve in favor of No Landing.
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The Global Multi-Asset team uses a top-down global macro approach to investing, offering a variety of multi-asset strategies.