2014 will be all about stock selection and pure alpha generation than chasing broader market indices. However, that does not mean investors should ignore macro and commodities entirely and continue to rerate equities without any evidence of a recovery. Mining stocks are a great example of this “blind faith” thesis. Mining Equities (SXPP) are up 7-10% year to date, whereas copper is down 4%, iron ore down 13% and most emerging market indices...
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US And European Markets Down 4% So Far In 2014 – Emerging Market Woes Or Just Complacent Positioning?
It’s always amusing to hear market commentators find a scapegoat for the sell off rather than observe the warning signals leading up to it. I mean take your pick: Emerging market currency wobbles, softer US growth, Fed continuing to taper, or Weak China PMI? Over the last few weeks we have seen a clear break in Developed Market Equities and risk assets, rally in US Treasuries, and USD/JPY falling? Notice a trend? All over owned positions...
We Are In A New Paradigm In The World Of Commodities; Boring!
Does the start of 2014 feel like Déjà vu? Does anyone get the feeling all analysts on the sell side woke up and predicted the same market/sector performance trends from 2013 for 2014 – just in smaller magnitudes? Big thanks to Larry Tesler for his innovation in the 1970’s – don’t we all just love copy and paste! Not too sure the buy side would love the same repeat of performance. They’re happy having a clean slate and a...
