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Green Shoots

Green Shoots

The bear case for the global economy is well understood and well-articulated. Below we outline arguments that make the case for recovery. The argument is built on a series of observations. -In mid-March European equity markets saw measurable extreme panic and...
Euro Dollar Implications

Euro Dollar Implications

Euro Strength? A year of weak economic data and the ECB easing monetary policy has weakened the euro. What if the trend in the currency changes? What are the implications for European Equities? There are some signs the euro could strengthen vs the dollar in the coming...
The case for a European Economic Recovery?

The case for a European Economic Recovery?

The industrial economy led the European economy down and it will likely be required to lead the economy back up. There are reasons to suggest this process of recovery could begin imminently. Why? 1) The scale of the downturn already European manufacturing has been in...
An assessment of current market extremes

An assessment of current market extremes

At times of higher market volatility we believe it can pay to step back and assess valuations within longer historical time periods.  The most extreme moves in recent weeks have been in the bond market. This has had large implications for relative valuations within...