Insights

1. A turning point in the everything rally?

2. If Trade Wars Are Over, Is the CAC Too Cheap?

3. EURPLN - Another Chance for Poland Bulls

‍

‍

‍

‍

‍

‍

‍

‍

‍

‍

‍

‍

‍

‍

ARKK is up 90% off its April lows. Poster child of the S&P recovery.

‍

China A Shares – Macro explains almost entirety of YTD returns

‍

‍

1. Higher US inflation winners: China A-Shares

2. Higher US inflation losers: US Real Estate

3. What next for USTs?

‍

‍

‍

‍

‍

‍

‍

‍

‍

‍

‍

‍

‍

Two Bond Signals Every Equity Investor Should Watch

‍

‍

Cracks Under the Surface

‍

1. Brazil - macro vs. politics
2. Where are the bond vigilantes?
3. QQQ vs. QQEW

‍

‍

‍

‍

‍

‍

‍

‍

‍

‍

‍

1. Credit protection in equities undervalued

2. Small caps - too far, too fast?

3. CHFJPY- cross asset red flag, or FX idiosyncrasy?

‍

‍

‍

‍

‍

‍

‍

‍

The S&P500 in Q2:A Tale of Both Macro & Idio

1.     Equity winners & losers from EURUSD upside

2.     Lower quality corners of the market stretched

3.     EURUSD- multi factor macro!

‍

‍

‍

‍

‍

‍

Bottom-up still matters. But increasingly, it’s macro that moves BYD.

1. EuroStoxx 50 – 1 sigma Below Qi Model Value

2. EURJPY already priced in expansive fiscal policy?

3. US Secular Growth / High Beta relatively stretched

‍

‍

‍

‍