Heading for Global Recession in 2019?

10 January 2019 Happy New Year!  I am back at work for the first time since releasing my blog in mid-December. Did I miss anything??!! In a word, it's been crazy! In September, we published our 2019 Global Strategy Outlook entitled "Turning (Even More) Defensive", in which we warned that the year ahead would be [...]

Do Markets Believe Central Banks?

22 October 2017 Investors appear convinced that stimulative G-7 monetary policies lie behind the markets’ record-setting performance.  To be sure, that was the case between 2009 and 2015.  During the past three years, however, I believe the impact of monetary policy has been quite neutral, the key driver of markets more recently has shifted from [...]