Recent Newsletters

Latest Newsletter
  1. 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 […]

  2. 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. […]

  3. Wednesday, Nov 18

    As we highlighted yesterday quant factor investing continues to get plenty of attention following the recent vaccine news and the flux around the ”the great rotation,” which has created some big name casualties. Factor investing isn’t just for equities by the way. As Joachim Klement from Liberum explains, currency investors learned the hard way (sometime […]

  4. Tuesday, Nov 17

    The market regime change triggered by news of a potential coronavirus vaccine is once again at the top of the agenda and in today’s briefing Pennock Idea Hub explains why the news should usher in a stampede into a cyclical and reflation trade that will last for months, while RenMac quells investors’ fears over rising […]

  5. Wednesday, Nov 11

    Yesterday we highlighted a range of views on the big rotation that is playing out in the equity markets this week. As with most things, it is always more nuanced than it appears at face value. While growth (tech) stocks have taken a hammering this is by no means the zenith for growth stocks, argues […]

  6. Tuesday, Nov 10

    These are treacherous times in markets if the past 4-5 trading sessions are anything to go by, but at least there is now some light at the end of the tunnel in this most difficult year. Today’s briefing highlights some views on yesterday’s momentum factor crash and related cyclical rotation, asking whether it has further […]

  7. Tuesday, November 3

    We figured that your inbox is probably choke-full of US election guides and the like today, so today’s Macro Briefing will spare you that and instead highlight some other interesting research that may distract you ahead of the incoming election results. Firstly we highlight the importance of the V in the MV=PQ equation as Ollari […]

  8. Thursday, Oct 29th

    With a second wave of Covid-19 prompting fresh lockdowns across Europe, threatening the European economic recovery we flag up a note from Heteronomics that looks at the Nordic experience in the first wave. It sets out why it is the stringency of government reaction to the pandemic that is key to the economic effect of […]

  9. Wednesday, Oct 28

    In what may seem like a lifetime ago, MXN was central to the market reaction during the 2016 US presidential election campaign and may yet find itself in the spotlight in 2020, albeit for very different reasons. In today’s Macro Briefing, Exante Data explains why the prospect of a Democrat clean sweep offers a huge […]

  10. Tuesday, Oct 27

    The VIX spiked yesterday as hopes of a fiscal stimulus deal fade, but the most recent positioning data from the VIX futures markets suggests the smart money is looking beyond this and still betting on a relatively calm reaction to the US election result. But a lot can change in a week, and with markets […]