New U.S. regional bank debt can lower the odds of a default and help reduce the cost of a failed bank, but this requires holders to discipline riskier banks.
While the overall quality of small-caps has diminished, relative valuations are at historically attractive extremes.
The narrative du jour is that inflation is bad for stocks, but inflation actually turns out to be good for earnings.
Trillions of dollars are parked in U.S. money market funds. Where and when investors move these assets next could impact stock and bond returns in 2024.
Yields in many credit sectors are near multi-decade highs, but credit spreads are relatively narrow and the distinct risk of an economic or financial market recession looms eventually.
Bond yields have rebounded, the Magnificent 7 should be viewed as a separate asset class, and the Fed has pivoted.
Sentiment toward China is weak, but opportunities exist for investors who seek them.
We are operating in a different environment. The equilibrium path has changed, and equity investors need to adapt.
202402-3385657
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