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Latest Newsletter
  1. Tuesday, Dec 15

    What happens when the prevailing myth of an infinite zero rate time horizon meets a company with a good story to tell? Infinite risk tolerance. In today’s Briefing, Epsilon Theory explains why Tesla is the poster boy for this new phenomenon and why, for the time being at least, no valuation is too extreme for […]

  2. Thursday, Dec 10

    In recent years we’ve had the climate deniers, and then more recently the Covid deniers. In our world of macroeconomics and investing we’ve had our own set of deniers; the inflation deniers. To be fair, this crowd – and they’re a big crowd – have had the data on their side, and the inflationists have […]

  3. Wednesday, Dec 9

    The coronavirus has, of course, been harsher to some than others, but on balance, at least in the developed world, it has prompted governments to support incomes while simultaneously shutting down opportunities to spend those funds. In today’s Macro Briefing, Topdown Charts explains why that situation has, on aggregate, produced a glut of savings that […]

  4. Tuesday, Dec 8

    The “new normal” and “unprecedented” are words that nobody is going to miss about 2020, and thanks to the vaccines they could soon be consigned to history. In today’s Macro Briefing 3Fourteen Research explains why for equity investors, the pandemic is over and how the “lockdown losers” are set to thrive as human nature kicks […]

  5. Friday, Dec 5

    The Covid-19 pandemic has sped up transformation across society and the economy that many had seen as inevitable. In today’s Macro Briefing, Ollari Consulting explains why that may well be the case for economic policy, and why investors should pay attention to the velocity of money as policymakers try to level the playing field and […]

  6. Wednesday, Dec 3

    The great equity rotation is not going to lift all ships, as Harlyn Research pointed out in a note we featured in yesterday’s briefing. This is further affirmed today by equity strategists at Jefferies who explain why the US tech sector may be approaching the limits of sustainable valuations. In other highlights, Ned Davis Research […]

  7. Tuesday, Dec 1

    The process of pricing in an economic recovery in 2021 continues apace, from the equity rotation to the emerging markets, to other beaten up and unloved assets that could offer significant upside potential, as vaccinations are rolled out over the next 12-months. On the latter, the Macro Strategy Partnership has identified the UK as one […]

  8. Wednesday, Nov 25

    For all the great news in recent weeks on vaccines, it’s important to bear in mind that by themselves they are probably not the cure-all that some may hope for, says James Ferguson from the Macro Strategy Partnership. But, as he explains his his latest research, they don’t need to be, if they can serve as […]

  9. Tuesday, Nov 24

    It’s slowly all coming together as we prepare to run up the final straight of 2020, yet it’s still going to be treacherous, with markets operating on multiple time horizons. In the very short-term we still have a rampant virus in parts of the world, which can still do immense damage to the economy, writes […]

  10. Thursday, Nov 19

    As far as technical breakouts are concerned, last week’s breach of a 30-year resistance line by the Nikkei 225 was pretty significant, yet it’s failed to get that much attention in the opinion of our inbox here at Substantive. It certainly needs to, according to CLSA and MI2 Partners, as they highlight in today’s briefing. […]