Tag Archives: FX
Unsung Stories of 2020
Early in 2020, global stock markets acted in concert during the sell-off, bottoming out around the world in late March. However, the extent to which different markets declined, and the strength of the subsequent recovery, differed significantly around the world. With 2020 now in hindsight, S&P DJI’s range of global equity indices tell a tale…
- Categories Equities
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- Equities
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The S&P Systematic Global Macro Index – Catching the Trend
Trend-following strategies have the potential to outperform during periods of crisis, and that is exactly what the S&P Systematic Global Macro Index (S&P SGMI) did during the COVID-19-related drawdowns. Here we will examine this index and attribute its performance YTD. The S&P SGMI is a trend-following strategy that takes long or short positions in 37…
- Categories Commodities, Equities, Fixed Income
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- Commodities, Equities, Fixed Income
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Surging US Dollar
The US dollar continues to advance against most developed market currencies as analysts point to rising US interest rates and expectations of tax cuts and increased federal spending as reasons to expect further gains. One might expect investors to shift their fixed income investments to markets with higher interest rates. Since rates are currently higher…
- Categories Blitzer's Insights, Equities, Fixed Income, Strategy
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- Blitzer's Insights, Equities, Fixed Income, Strategy
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Currency Wars: Pandering to Debase
So far this year, we have seen a ravenous interest from U.S. investors in currency-hedged equity exposure. Currency risks have increased; currency volatility is on the up: The reasons behind these trends can be understood in part via the nature of human psychology and power, and the reality of politics. Consider yourself, for a brief…
Russian Ruble Rebounds (somewhat)
To paraphrase Mark Twain upon reading his own obituary, “Reports of the ruble’s demise have been exaggerated.” A week ago as the ruble skidded 17% down and briefly traded at almost 80 to the US dollar, commentators were ready to add the ruble to a long list of currencies that cratered in crises. As seen…
- Categories Blitzer's Insights, Strategy
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- Blitzer's Insights, Strategy
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The Dollar and Returns
The US dollar has strengthened against most other currencies in recent months. Over the last year the dollar is up 5% against the British pound, 7% versus the Canadian dollar, 8% over the Australian dollar, 9% ahead of the euro and 16% against the yen. Movements this big shouldn’t be ignored – foreign investors with…
- Categories Blitzer's Insights, Equities
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- Blitzer's Insights, Equities
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