Q1 2021 Update

NOTE ON UPDATES Starting with Q1 2021, BCM is consolidating its various update notes into a single "Quarter Update," labelled as "Quarter Update" under Categories. This reduces redundancy and makes updates easier to follow. QUARTER REVIEW Q1 started with a rally in risk assets, but equity markets are still off their all-time-highs notched in February. … Continue reading Q1 2021 Update

Macro (and now Tactical) Value Update, Q4 2020

MACRO VALUE IS NOW TACTICAL VALUE A quick update, moving forward our "Macro Value" strategy is being renamed to "Tactical Value." This name change reflects adjustments we made to the strategy over the past year. The core principles are still the same, a macro approach with an emphasis on value. However, as I have been … Continue reading Macro (and now Tactical) Value Update, Q4 2020

Tactical Allocation Update, Q4 2020

QUARTER REVIEW The fourth quarter capped what can only be described as a breath-taking year for the markets (and the world). The global equity market rose +15.15% in 2020, as measured by the MSCI ACWI. While that doesn't look outstanding by itself, keep it mind that was after clawing back a -34% decline from Q1 … Continue reading Tactical Allocation Update, Q4 2020

Macro Value Update, Q3 2020

MACRO OVERVIEW Global equity markets notched a new all time high in early September only to pull back since. The rise in market volatility has some fearing another meltdown. To be clear, nobody knows what happens next, but it's worth noting how current economic and market conditions contrast with Q1. Figure 1: Global Equity Market … Continue reading Macro Value Update, Q3 2020

Tactical Allocation Update, Q3 2020

QUARTER REVIEW Global equity markets continued their ascend from their Q1 lows. As of September 30, the MSCI ACWI (global stock market) is +1.89% year-to-date. That doesn't sound like much, but that's after recovering the -36% peak-to-trough decline from Q1. From that perspective, this year has been nothing short of remarkable. Figure 1: Global Equity … Continue reading Tactical Allocation Update, Q3 2020

Macro Value Update, Q2 2020

MACRO OVERVIEW "Unprecedented" is the word of choice among investors trying to make sense of the market's wild swings this year. After one of the fastest bear markets ever in Q1, global equities surprised with an equally furious comeback in Q2. But the rally has been at odds with deteriorating fundamentals, clear in the divergence … Continue reading Macro Value Update, Q2 2020