Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

Thematic (Sector/Industry)

<ul><li>It's time to break out the analysis on gold and silver miners</li><li>Some goldminers are trading well below P/B, with potential price moves of +4x just to get back to median P/B levels</li><li>Fed week: watch for dovishness; US GDP watch for a miss. Both of these plus coming up to month end could add to near-term equity bullish sentiment</li><li>Central bank meetings include Japan, New Zealand, South Africa, Russia and Nigeria</li></ul>

It's time to break out the analysis on gold and silver minersSome goldminers are trading well below P/B, with potential price moves of +4x just to get back to median P/B levelsFed week: watch for dovishness; US GDP watch for a miss. Both of these plus coming up to month end could add to near-term equity bullish sentimentCentral bank meetings include Japan, New Zealand, South Africa, Russia and Nigeria

The Macro Take: Get the Picks Out for Gold and Silver Miners

Transport Sector, China and Asia-focused Research

Charles De Trenck

I outlined my 2016 quick takeaways from visiting clients, ex-clients and friends prior to the break (2016 A year of Reckoning, 23 December 2015), and I saw also @Hao Wang outlined a few similar ideas.  In this note I put a little more meat on the bones of the December note. In sum, the blow-ups we saw starting to develop in 2015 should continue in 2016. But given the market’s forward looking powers we should continue examining and accumulating as we did in 4Q15. If we timed the pain in commodities according to tax selling panics during 4Q15, we came out ahead.  New developments in places like Saudi may add more fuel to volatility. But we are looking at a multi-year story with many twists and turns. No easy way out. But a landscape abounding with opportunity.Topics from meetings<ul><li>Hong Kong and malaise of Civil Service…</li><li>Bank revenues from deals, ECM and role of research…</li><li>Space X and other cool updates</li><li>Three scenarios 2016</li><li>A last word on faulty data</li></ul>Long note with core views and investment ideas up front.

I outlined my 2016 quick takeaways from visiting clients, ex-clients and friends prior to the break (2016 A year of Reckoning, 23 December 2015), and I saw also @Hao Wang outlined a few similar ideas.  In this note I put a little more meat on the bones of the December note. In sum, the blow-ups we saw starting to develop in 2015 should continue in 2016. But given the market’s forward looking powers we should continue examining and accumulating as we did in 4Q15. If we timed the pain in commodities according to tax selling panics during 4Q15, we came out ahead.  New developments in places like Saudi may add more fuel to volatility. But we are looking at a multi-year story with many twists and turns. No easy way out. But a landscape abounding with opportunity.Topics from meetingsHong Kong and malaise of Civil Service…Bank revenues from deals, ECM and role of research…Space X and other cool updatesThree scenarios 2016A last word on faulty dataLong note with core views and investment ideas up front.

2016 Names Not Trades and a Tough Energy Environment (And Other Recent Visits)

United States

Reliance Steel & Aluminum Co. distributes and processes steel and aluminum. The Company's products include carbon, alloy, stainless and specialty steel, aluminum, brass, and copper.  Reliance operates processing and distribution centers throughout the United States. Reliance Steel & Aluminum operates in Spain.

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Reliance Steel & Aluminum (RS US)

The Macro Take: Get the Picks Out for Gold and Silver Miners

It's time to break out the analysis on gold and silver miners Some goldminers are trading well below P/B, with potential price moves of +4x just...

Kay Van-Petersen

2016 Names Not Trades and a Tough Energy Environment (And Other Recent Visits)

I outlined my 2016 quick takeaways from visiting clients, ex-clients and friends prior to the break (2016 A year of Reckoning, 23 December 2015),...

Charles De Trenck

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)