Insights

1. Brazil - macro vs. politics
2. Where are the bond vigilantes?
3. QQQ vs. QQEW

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1. Credit protection in equities undervalued

2. Small caps - too far, too fast?

3. CHFJPY- cross asset red flag, or FX idiosyncrasy?

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The S&P500 in Q2:A Tale of Both Macro & Idio

1.     Equity winners & losers from EURUSD upside

2.     Lower quality corners of the market stretched

3.     EURUSD- multi factor macro!

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Bottom-up still matters. But increasingly, it’s macro that moves BYD.

1. EuroStoxx 50 – 1 sigma Below Qi Model Value

2. EURJPY already priced in expansive fiscal policy?

3. US Secular Growth / High Beta relatively stretched

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Micron Earnings

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1. Risk Appetite stalling
2. EURGBP overdone; GBPCHF offers better risk-reward
3. Lock-in commodity equity gains

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US Homebuilders in focus

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Flashing Amber

Explaining the impact of Trumps tariffs in Q1 2025


Watch video #4 in our partnership series with Omega Point

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1. Small Caps vs. Large Caps & Real Rates
2. EURNOK - cheap "riskoff" hedge
3. Tactical Asset Allocation update

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