Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Cross Asset Strategy

<ul>
<li>Volatility Has dropped off a cliff, signaling that investors are unable to see any risk currently. That feels at least a bit complacent. </li>
<li>We take a deep dive to determine which asset class will likely benefit most from the first Fed rate cut and the start of the easing cycle. Spoiler alert! It’s not Equities.</li>
<li>OPEC’s resilience to continue production cuts is being tested. At the same time, our Fear &amp; Frenzy Sentiment Index has moved even further into FRENZY territory.</li>
</ul>


Volatility Has dropped off a cliff, signaling that investors are unable to see any risk currently. That feels at least a bit complacent. 
We take a deep dive to determine which asset class will likely benefit most from the first Fed rate cut and the start of the easing cycle. Spoiler alert! It’s not Equities.
OPEC’s resilience to continue production cuts is being tested. At the same time, our Fear &amp; Frenzy Sentiment Index has moved even further into FRENZY territory.


The Weekly Market Monitor – VIX Hits Multi-Year Low, Investors Can’t See Any Risks!

<ul>
<li>Fed Chairman Powell unintentionally re-emerged as a central bank dove. Yet, the poor ISM Manufacturing Index reading paints an entirely different picture, signaling 17%(!) downside.</li>
<li>Apart from the fact that US Small Caps cannot rely on Big Tech Companies to send prices higher, there is another compelling reason why they have been underperforming - debt.</li>
<li>Earnings season: Negative price reactions meet mixed surprises. This is especially true in the US, where valuation looks demanding. Interestingly, price-earnings action in China may signal a bottom is in.</li>
</ul>


Fed Chairman Powell unintentionally re-emerged as a central bank dove. Yet, the poor ISM Manufacturing Index reading paints an entirely different picture, signaling 17%(!) downside.
Apart from the fact that US Small Caps cannot rely on Big Tech Companies to send prices higher, there is another compelling reason why they have been underperforming - debt.
Earnings season: Negative price reactions meet mixed surprises. This is especially true in the US, where valuation looks demanding. Interestingly, price-earnings action in China may signal a bottom is in.


The Weekly Market Monitor – Did Powell Kill the Bear?

<ul>
<li>This week, the approval of a spot Bitcoin ETF took another leap forward. And a poll among investors reveals that this will be a game-changer. </li>
<li>Equities tumbled again, and earnings are to blame. Google is down hard as the ‘Magnificent 7’ delivered mixed earnings, nowhere near good enough, given they are priced for perfection! </li>
<li>And that’s not all. The spike in real yields suggests a whopping decline of 25%(!) of the P/E ratio of the S&amp;P 500 Index.</li>
</ul>


This week, the approval of a spot Bitcoin ETF took another leap forward. And a poll among investors reveals that this will be a game-changer. 
Equities tumbled again, and earnings are to blame. Google is down hard as the ‘Magnificent 7’ delivered mixed earnings, nowhere near good enough, given they are priced for perfection! 
And that’s not all. The spike in real yields suggests a whopping decline of 25%(!) of the P/E ratio of the S&amp;P 500 Index.


The Weekly Market Monitor – Reality Check!

<ul>
<li>This week, we show why the economy is in the final innings of this economic cycle. The only macro-indicator that stubbornly refuses to acknowledge this is the US labor market. </li>
<li>Real yields are bad for Equities and good for Bonds, but gold is the unlikely asset class that really thrives when real rates spike above 2%. </li>
<li>We update our scary valuation chart, revealing a monstrous gap between yields and stock market valuation, and look at Bitcoin positioning, our Fear &amp; Frenzy Sentiment Index, and much more.</li>
</ul>


This week, we show why the economy is in the final innings of this economic cycle. The only macro-indicator that stubbornly refuses to acknowledge this is the US labor market. 
Real yields are bad for Equities and good for Bonds, but gold is the unlikely asset class that really thrives when real rates spike above 2%. 
We update our scary valuation chart, revealing a monstrous gap between yields and stock market valuation, and look at Bitcoin positioning, our Fear &amp; Frenzy Sentiment Index, and much more.


The Weekly Market Monitor – Real Rates = Growth Scare?

<ul>
<li>Inflation Came down fast across Europe, yet bond yields continued to rally. We think markets are wrong on yields even though Italy and France have zero appetite to sustainably lower their budget deficits.</li>
<li>We discuss falling consumer sentiment and the increasing parallel between current macro-consumer conditions and Q4 2018 when retail sales tumbled. Are we in for a rerun? </li>
<li>Though not the mother of all stock market indices, several indices have dropped below their 200-day moving average, while the equally weighted S&amp;P 500 Index has reversed all of this year’s gains. </li>
</ul>


Inflation Came down fast across Europe, yet bond yields continued to rally. We think markets are wrong on yields even though Italy and France have zero appetite to sustainably lower their budget deficits.
We discuss falling consumer sentiment and the increasing parallel between current macro-consumer conditions and Q4 2018 when retail sales tumbled. Are we in for a rerun? 
Though not the mother of all stock market indices, several indices have dropped below their 200-day moving average, while the equally weighted S&amp;P 500 Index has reversed all of this year’s gains. 


The Weekly Market Monitor – Immaculate Disinflation, Spiking Yields, and the Waiting Continues

United States

The VIX Index is a financial benchmark designed to be an up-to-the-minute market estimate of the expected volatility of the S&P 500® Index, and is calculated by using the midpoint of real-time S&P 500 Index (SPX) option bid/ask quotes.

Chicago Board Options Exchange Volatility Index (VIX INDEX)

Chicago Board Options Exchange Volatility Index

Chicago Board Options Exchange Volatility Index (VIX INDEX)

The Weekly Market Monitor – VIX Hits Multi-Year Low, Investors Can’t See Any Risks!

The VIX collapsed to the lowest since COVID, which makes investors look complacent, especially with our Fear & Frenzy Sentiment Index still in Frenzy.

Jeroen Blokland

The Weekly Market Monitor – Did Powell Kill the Bear?

Start your week in financial markets with last week’s biggest stories! The Weekly Market Monitor will take you through the biggest charts and events.

Jeroen Blokland

The Weekly Market Monitor – Reality Check!

When something is 'priced for perfection,' disappointment is inevitable. Just ask Google. By the way, a spot Bitcoin ETF is inevitable, too. This...

Jeroen Blokland

The Weekly Market Monitor – Real Rates = Growth Scare?

Defaults are rising, gasoline demand is falling out of bed, and price pressures reside despite spiking energy prices. Is the growth slump finally...

Jeroen Blokland

The Weekly Market Monitor – Immaculate Disinflation, Spiking Yields, and the Waiting Continues

Inflation is collapsing and even turned negative in the Netherlands. Yet, bond yields continue to spike, providing ample downside risk for equities.

Jeroen Blokland