Currency
Tactical Tools For A Stronger Dollar
The 2022 bear market has been driven by collapsing valuation multiples, particularly for expensive growth stocks and unprofitable companies. Coming into the year, U.S. stocks stood as one of the most egregiously valued equity markets around the world, motivating investors to look elsewhere for more reasonably priced alternatives. Fortunately, international stock markets offered much better valuations that could serve as havens from the coming U.S. valuation collapse. Unfortunately, the strategy of seeking refuge in moderately priced foreign markets was foiled by an unusually strong U.S. dollar, leading us to take a closer look at how moves in the USD affect investment outcomes for domestic investors.
Can The EM Problem Spread To DM? Yes, If It Gets Bad Enough
The current EM weakness is not yet a full-blown crisis but, if it does become one, it will drag down developed economies too.
Navigating Reversals In The Emerging Markets
Identifying opportunities given this summer’s momentum reversals and currency vulnerabilities.
Is Long Term U.S. Interest Rate History Really A Guide For Today?
U.S. corporations must pay almost 300 basis points more to borrow in U.S. dollars than in Swiss francs. Why is there such a difference?
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