Investment Strategy Insights

German 10yr yield ... sub 2%??

Everywhere boom ... not just USA !

Thoughtful article ...

https://on.ft.com/4gd5tOs

Cheap?

Life Science/Pharma reshoring?

Market for international ed ...

Aged living coming to a place near you soon ...

Nice article ... office is alive in Europe and the Class A end is thriving ...

People have been to quick to condemn office to the institutional wilderness ... the performance of the Class A end reflects the reality on the ground - the demand for properly amenitised, well located space in energy efficient buildings is strong ... and this quality 'cohort' represents about 30% of

CPI in Europe ....

YoY measure ticked up but underlying 3m on 3m is very close to zero now ...  which implies that we are still seeing disinflationary pressure coming through and the headline rate will keep coming down...

That's two milestones I would never have expected to see...

This is really quite interesting ...

Getting a lot of coverage and discussion in the econ community ... and it does represent a step change in the way the system is 'plumbed' if it continues...  China is borrowing USD from Saudi and lending them back out to countries in the global south who need to

European curve continues to step down ...

Labour pools are shifting ...

Again ... what does this tell you about stocks?

That's actually pretty remarkable ...

Migration ....

Several interesting points - Ireland & Portugal  - top of the growth leagues ...  as is Spain ... and the UK needs more migrants now than it did before it came out of the EU ...  which would be comically ironic if it wasn't for the fact that the UK is

Amen ...

Challenge is given the policy bias and continuing US nominal GDP growth it may get more expensive before it mean reverts ...

Call it a whatever you want... in practice this is not growth...

What does this tell you about stocks???

This is the way ...

To quote ... Mandolorian ...

Interesting to see how times have changed!

Chicken or egg...

Chart title here implies that rate cutting cycle drives stock performance after a cut ... I would take issue with that - the expectation of a rate cutting cycle drives stock prices before the first cut  ... the rate effect fades post cut and the driver becomes realised earnings...Equally the chart

Rents just keep rising ...

US housing construction ...

If American's ain't mov'in then no one needs to be build'in...

If ever you were looking for a 70's re-run chart ...

Is this what happens when the US economy overheats, the USD goes on a tear and everyone else stagnates ...