Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Cross Asset Strategy

<ul>
<li>Markets are increasingly concerned about the USD and Treasury assets as a safe haven.</li>
<li>Investors can consider diversifying into a basket of non-U.S. sovereign bonds, but at the price of a lower coupon rate and a history of underperformance.</li>
<li>The current combination of technical, sentiment and fundamental conditions indicate the stock market is ripe for a short-term relief rally, with a substantial risk of a much deeper downdraft.</li>
</ul>


Markets are increasingly concerned about the USD and Treasury assets as a safe haven.
Investors can consider diversifying into a basket of non-U.S. sovereign bonds, but at the price of a lower coupon rate and a history of underperformance.
The current combination of technical, sentiment and fundamental conditions indicate the stock market is ripe for a short-term relief rally, with a substantial risk of a much deeper downdraft.


The 60/40 in an Era of American Unexceptionalism

<ul>
<li>Trump’s main objective in his trade war is to erect a trade wall around China, but it’s unclear how successful he will be as his allies are wavering.</li>
<li>The U.S. economy is weakening. At a minimum, the markets will undergo a growth scare, though an actual recession isn’t a certainty.</li>
<li>The challenge in the long term is the continuation of American Exceptionalism, consisting of long U.S. market leadership, long multi-nationals and a buy-the-dip mentality</li>
</ul>


Trump’s main objective in his trade war is to erect a trade wall around China, but it’s unclear how successful he will be as his allies are wavering.
The U.S. economy is weakening. At a minimum, the markets will undergo a growth scare, though an actual recession isn’t a certainty.
The challenge in the long term is the continuation of American Exceptionalism, consisting of long U.S. market leadership, long multi-nationals and a buy-the-dip mentality


Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Delivering Global Macro Investment Insights

DeSaque Macro Research

DeSaque Macro Research Limited was formed by Said DeSaque in April 2012 with the view to delivering global macro investment insights aimed at providing new ideas to clients.

Said DeSaque has over 26 years of experience working as a professional economist in financial services. Prior to establishing DeSaque Macro Research, Said held positions as Senior Economist at Robert W Baird and William Blair. He began his career as a graduate at PaineWebber in 1986, where he eventually became Head of the London Economics Department.

Said takes a very keen interest in international relations, along with their implications for economic development. His research interests include the economic transformation of China and its implications for global capital markets, particularly in the United States. He is a member of Chatham House in London.

The US economy and capital markets have historically been Said’s main focus of attention. He frequently presents his views to institutional investors in diverse geographic locations. In recent years, Said has also been carefully monitoring economic developments in Asia, particularly China and Japan.

<ul>
<li>US financial markets are currently in the aftershocks phase that always follows a crisis triggering event. Markets are often divorced from reality during these periods and pricing becomes irrational.   </li>
<li>Tariffs will negatively affect US economic growth, but the long-term impact depends on corporations' capital allocation response to a new trading environment. Future distribution of national income will become important.</li>
<li>Tariffs will adversely impact the equity risk premium, while Fed policy conduct will also play a role. Corporate profit expectations for 2025 have been lowered. Long-term growth estimates remain intact.</li>
</ul>


US financial markets are currently in the aftershocks phase that always follows a crisis triggering event. Markets are often divorced from reality during these periods and pricing becomes irrational.   
Tariffs will negatively affect US economic growth, but the long-term impact depends on corporations' capital allocation response to a new trading environment. Future distribution of national income will become important.
Tariffs will adversely impact the equity risk premium, while Fed policy conduct will also play a role. Corporate profit expectations for 2025 have been lowered. Long-term growth estimates remain intact.


Complex Anatomy of the Tariff Crisis Presents Financial Markets With Multiple Permutations

Cross-Asset Thematic Strategy, Edelscourt

Albert Maass

Cross-Asset Thematic Strategy

Edelscourt

Established in 2014, Edelscourt combines cutting-edge technology with deep industry knowledge. We specialise in risk management solutions for a diverse range of clients, from financial institutions to family offices.

<ul>
<li>Trump's economic agenda faces structural realities in manufacturing, immigration, and energy that challenge populist solutions and require targeted approaches.</li>
<li>Successful policy implementation demands balancing protectionist promises with market dynamics through strategic industrial policy and graduated enforcement.</li>
<li>A pragmatic roadmap includes sector-specific interventions, workforce development, and new success metrics beyond traditional economic indicators.</li>
</ul>


Trump's economic agenda faces structural realities in manufacturing, immigration, and energy that challenge populist solutions and require targeted approaches.
Successful policy implementation demands balancing protectionist promises with market dynamics through strategic industrial policy and graduated enforcement.
A pragmatic roadmap includes sector-specific interventions, workforce development, and new success metrics beyond traditional economic indicators.


Populism Meets Productivity: The Economic Roadmap of Trump's Second Term

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>Gold is now considered the most crowded trade. Should we be worried?</li>
<li>Who is going to buy US government bonds going forward?</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
Gold is now considered the most crowded trade. Should we be worried?
Who is going to buy US government bonds going forward?
