Independent Investment Research & Investor, Maverick Equity Research

Maverick Equity Research

Independent Investment Research & Investor

Independent Investment Research & Investor: value, dividend and growth stocks. Risk management & hedging for an all weather portfolio.

Equity Bottom-Up

Invesco QQQ Trust Series 1 / Equity Bottom-Up

<ul><li>First of all, let’s see how the Nasdaq-100 (QQQ) did in 2023 along with the S&amp;P 500 (SPY) and the Dow Jones (DIA): QQQ with a big 21.64% return in 2023 &amp; outperforming by a big margin the other 2 main indices.</li><li>For an even broader perspective, US indices 2023 performance shown in this order: Nasdaq 100 (NDX) &gt; S&amp;P 500 (SPX) &gt; S&amp;P Midcap 400 MID &gt; Russel 2000 (RTY) &gt; Russell Microcap (RMICRO).</li><li><p>In short, from Megacaps &gt; to Microcaps: Nasdaq 100 (NDX) leading by a big margin.</p></li></ul>

First of all, let’s see how the Nasdaq-100 (QQQ) did in 2023 along with the S&amp;P 500 (SPY) and the Dow Jones (DIA): QQQ with a big 21.64% return in 2023 &amp; outperforming by a big margin the other 2 main indices.For an even broader perspective, US indices 2023 performance shown in this order: Nasdaq 100 (NDX) &gt; S&amp;P 500 (SPX) &gt; S&amp;P Midcap 400 MID &gt; Russel 2000 (RTY) &gt; Russell Microcap (RMICRO).In short, from Megacaps &gt; to Microcaps: Nasdaq 100 (NDX) leading by a big margin.

Getting Tactical with Nasdaq-100 NDX ($QQQ): Valuation Disconnected Via Its Cost of Capital

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>The long-term structure of global markets is seeing a loss of leadership by U.S. equities and emerging new leadership in Europe.</li>
<li>The short-run outlook will depend on the results of earnings season.</li>
<li>Our base case calls for a choppy and range-bound market.Wait for the breakout, or breakdown.</li>
</ul>


The long-term structure of global markets is seeing a loss of leadership by U.S. equities and emerging new leadership in Europe.
The short-run outlook will depend on the results of earnings season.
Our base case calls for a choppy and range-bound market.Wait for the breakout, or breakdown.


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.

<ul>
<li>With the ISM below 50 and falling, this historically has been one of the weakest phases for equities. On average, the 3-month average return has been virtually zero.</li>
<li>For any level below 46.0, our ‘Neutral’ scenario, equities have no upside, including Emerging Market Equities.</li>
<li>Our ISM Manufacturing Index scenarios call for a long US Treasuries, short US Equities strategy.</li>
</ul>


With the ISM below 50 and falling, this historically has been one of the weakest phases for equities. On average, the 3-month average return has been virtually zero.
For any level below 46.0, our ‘Neutral’ scenario, equities have no upside, including Emerging Market Equities.
Our ISM Manufacturing Index scenarios call for a long US Treasuries, short US Equities strategy.


ISM Manufacturing: Zero Upside Left for Equities

<ul>
<li>The MOVE/VIX ratio has spiked to its highest level since 2005.</li>
<li>When high MOVE/VIX ratio levels are driven predominantly by an increase in Treasury market volatility, things look ugly for equities.</li>
<li>When the MOVE/VIX ratio tops 7.0, driven by an elevated MOVE Index, US equities have underperformed US Treasuries by almost 6% in the next three months.</li>
</ul>


The MOVE/VIX ratio has spiked to its highest level since 2005.
When high MOVE/VIX ratio levels are driven predominantly by an increase in Treasury market volatility, things look ugly for equities.
When the MOVE/VIX ratio tops 7.0, driven by an elevated MOVE Index, US equities have underperformed US Treasuries by almost 6% in the next three months.


MOVE Vs. VIX: Hard Data Showing that Equity Markets Are at Risk!

<ul>
<li>Monday market dynamics suggest more liquidity is needed to limit contagion risks.</li>
<li>5% is the magic level at which things start to break. The Fed needs time to make things whole again before resuming rate hikes.</li>
<li>Recent events will profoundly impact consumer and business confidence and increase the odds of a recession. Just watch oil!</li>
</ul>


Monday market dynamics suggest more liquidity is needed to limit contagion risks.
5% is the magic level at which things start to break. The Fed needs time to make things whole again before resuming rate hikes.
Recent events will profoundly impact consumer and business confidence and increase the odds of a recession. Just watch oil!


Monetary Policy Update! Federal Reserve Unlikely to Hike Rates in March

United States

SPDR S&P 500 ETF Trust is an exchange-traded fund incorporated in the USA. The ETF tracks the S&P 500 Index. The Trust consists of a portfolio representing all 500 stocks in the S&P 500 Index. It holds predominantly large-cap U.S. stocks. This ETF is structured as a Unit Investment Trust and pays dividends on a quarterly basis. The holdings are weighted by market capitalization.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SPDR S&P 500 (SPY US)

Getting Tactical with Nasdaq-100 NDX ($QQQ): Valuation Disconnected Via Its Cost of Capital

Gap opened up possibilities: Hedge, Sell, Trim, Short Sell, Collar. First of all, let’s see how the Nasdaq-100 (QQQ) did in 2023 along with the S&P...

Maverick Equity Research

The Market Leaders Hiding in Plain Sight

The long-term structure of global markets is seeing a loss of leadership by U.S. equities and emerging new leadership in Europe.

Cam Hui

ISM Manufacturing: Zero Upside Left for Equities

The ISM Manufacturing Index, down to 46.3 and likely to fall further, points to zero upside for US, Developed, and Emerging Market Equities in the...

Jeroen Blokland

MOVE Vs. VIX: Hard Data Showing that Equity Markets Are at Risk!

The MOVE/VIX ratio spike driven by rising Treasury market volatility indicates that equities will significantly underperform Treasuries in the...

Jeroen Blokland

Monetary Policy Update! Federal Reserve Unlikely to Hike Rates in March

Elevated contagion risks, ongoing liquidity needs, and lack of trust likely force the Fed to pause, not end hiking rates.

Jeroen Blokland

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)