In today’s briefing:
- Investment Opportunities From A Global Leadership Review
- Steno Signals #75 – The 2007/2008 Playbook Is Useful Again
- 7 Reasons to Embrace the Melt-Up Into Year-End
Investment Opportunities From A Global Leadership Review
- Global equities are surging, led by growth stocks. Stay with the current leadership until year-end as hedge funds are likely to engage in a beta chase for performance.
- U.S. stocks are still the leaders, especially the megacap growth stocks.
- Set-Ups for a new leadership are emerging in Europe and EM ex-China. Wait until early 2024 to re-evaluate the evolution of leadership before making any decisions on rotation.
Steno Signals #75 – The 2007/2008 Playbook Is Useful Again
- Happy Sunday and welcome to our weekly flagship editorial.
- The soft landing narrative has seen material tailwinds over the past 6-8 weeks, while the recession narrative is fading fast.
- This is the first prerequisite for an actual recession as a recession never arrives when everyone plans for one.
7 Reasons to Embrace the Melt-Up Into Year-End
- We wouldn’t go as far as to call the current circumstance a generational buying opportunity, but a rare “fat pitch” that comes along only once or twice per decade.
- The current episode of strong breadth thrust off the market bottom in late October is a rare and clear, and extraordinary, trading signal of a major market bottom.
- We believe investors should, at a minimum, embrace the likely melt-up into year-end and re-evaluate market conditions in January.
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