SteelPath May MLP update and news

SteelPath May MLP update and news

April MLP performance appeared to reflect improving sentiment as COVID-19 containment efforts are set to ease in many locations. Furthermore, midstream investor anxieties may have been calmed by efforts to improve free cash flow generation through capital spending cuts and, for some, reductions to distribution payouts. MLP Market Overview Midstream MLPs, as measured by the […]

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Tactical Asset Allocation Views – May 2020

Tactical Asset Allocation Views – May 2020

Our macro regime framework continues to signal that the global economy and all its major regions and countries are in a contraction regime. As widely expected, the economic data are beginning to reflect the disruption caused by quarantines and lockdowns, resulting in a significant deterioration in our leading economic indicators, which we expect to continue […]

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Residential REITs: A potential bright spot in challenging times

Residential REITs: A potential bright spot in challenging times

The coronavirus outbreak and OPEC price war has punished risk asset prices, and real estate investment trusts (REITs) are no exception.  Looking ahead, when markets stabilize, we believe new and persistent economic dislocations, new patterns of consumer/enterprise behavior and modified social distancing will impact property types differently. One potential bright spot is residential REITs, which […]

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Why there’s little point in asking whether the stock market will retest lows

Why there’s little point in asking whether the stock market will retest lows

To retest or not to retest — that is the question. Indeed, if Hamlet were around today, he may be wondering whether the broad US equity market, after posting the second-best 25-day rally on record (trailing only 2009’s), will retest the initial market low hit on March 23 of this year.1 For many investment professionals, […]

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Black swans, nonlinear history and financial markets

Black swans, nonlinear history and financial markets

The world is changing. Investors can sense it. Pontificators are out, well, pontificating. While very few things are entirely certain, there are dominant threads emerging. The old world of the past decade is drawing to an end (thankfully). The next decade will be dominated by a few powerful secular themes: A shift from deflationary threats […]

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Q2 2020 Global Debt outlook: A quarter unlike any other

Q2 2020 Global Debt outlook: A quarter unlike any other

The first quarter of this year started with expectations of improving global growth and easier financial conditions. It ended with a historic collapse of economic conditions and materially tighter financial conditions in the US, as the coronavirus pandemic spread and intensified. Global markets reacted to the pandemic by building in a risk premium for the […]

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Fortress Russia: An underrated economy poised for a resilient recovery and long-term growth

Fortress Russia: An underrated economy poised for a resilient recovery and long-term growth

In a previous blog, “The coronavirus is proving to be a black swan event — unpredictable and with massive consequences,” we noted that black swan events create consequences, but opportunities for investors can arise from them. We see this as a black swan event that will have profound systemic consequences including a massive competitive shift […]

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