On January 6, 2020, the world watched in astonishment as a mob stormed through the U.S. Capitol to reject the legitimacy of the democratically elected candidate’s presidential victory. Once again, we were reminded that it is policy and not politics that drives risk asset performance.
Despite a meaningful lead in national polls by former Vice President Biden over President Trump, the next President of the United States will be decided by the outcome in approximately 13 states …
The final stanza of 2020 is upon us, and the fixed income landscape looks quite complacent across many sectors of the market. Treasury rates are somewhat of an exception, as the re-steepening of the treasury curve is pronounced …
History teaches us that financial assets and markets can survive and indeed thrive under different political systems (see China and Thailand for example), but social unrest and instability are their common and universal kryptonite.
The third quarter of 2020 saw equity markets post strong gains, capping the best two-quarter performance since 2009. Despite a spike in coronavirus cases in June and July, there has been a slow but steady recovery in economic activity.
The bellwether index for U.S. equity markets, the S&P 500, has seen a steady increase in stock and sector concentrations since 2017. This has created implications regarding the drivers of market performance …
