Michael Cembalest analyzes the performance of over 6,700 domestic and international active equity managers, and discusses the challenges they face outperforming at a time of markets distorted by quantitative easing.
Explores how institutional investors should reconfigure portfolio allocations/strategies in a world of low returns.
A brief note on the latest price action in equity markets, how business cycles end, and how markets are being left to fend for themselves without central bank intervention for the first time in 20 years.
Michael takes a close look at the question of rising committed and unspent capital in private equity, and implications for investors.
The Fed halted tightening and propelled equities to their fastest recovery ever following a bear market. This decision was made despite the lowest unemployment rate in 40 years. Does that make sense? Also, a possible deal with China.
A brief comment on a proposal from leading Presidential candidates to ban hydraulic fracturing everywhere, immediately.
Michael discusses how short covering, rather than real money, has driven the fastest recovery on record following a bear market, and looks ahead at slowing earnings growth.
A close look at the Progressive Agenda, China’s deteriorating welcome mat in DC and US Tech IPOs.
An update from the front lines of the Trade War, with a focus on implications for investors
The food fight between the President and the Fed Chair could result in too much easing, and the expansion of valuations beyond sustainable levels. The other food fight: leveraged loan issuers vs buyers. Issuers are winning this fight hands down due.