Issue

Mining stocks are the quintessential macro-driven or “cyclical” investment. When the global economy is running
white hot, demand for key resources soars. And so do the earnings and share prices of the companies that seek
out an extract everything from iron ore and copper to platinum group metals (PGMs).
Conversely, when there’s a downturn, demand for metals and minerals is one of the first things to plunge. And
the deeper the economic trough, generally the worse the prognosis for miners’ earnings and investment returns.
Here in mid-2020, the global economy is looking down the abyss of the biggest recession in living memory.
Measures taken to curtail the COVID-19 pandemic have slammed the brakes on activity across a wide swath of
industries.
Only unprecedented monetary and fiscal stimulus has prevented an accompanying calamity in the financial markets
so far. But with unemployment soaring, demand plummeting for many products and credit markets tightening,
Q2 is shaping up as the worst period for global growth at least since the Great Depression of the 1930s. And
prospects for a recovery in the second half of the year—or even in 2021—are still highly uncertain.

Elliot Gue, Roger Conrad and the London Contributor conduct the quarterly review of the outlook for the economy and markets. They discuss the disconnect between economic data and stock market performance and the best strategies to negotiate this investing minefield

Income Investing in the Time of COVID-19. We highlight our high income approach for profiting from opportunities and dodging dangers in the ongoing bear market. This is at time when fortunes will be lost but also made by those who keep cool, stay conservative and stick with our strategy.

This is our quarterly review of the macro and market outlook presented in roundtable format with Elliott Gue, Roger Conrad and the London Contributor sharing their perspectives

Here’s our outlook for real estate investment trusts for 2020, our updated DDI REIT strategy and our top REIT picks for high yields, growth and safety.

This is an abbreviated version of our quarterly review of the macro and investment outlook. Round table conversation between Roger Conrad, Elliott Gue and our London Contributor

North American Railroads are a very old industry in the early stages of a renaissance, fueled by unprecedented efficiency, long-term growth of global trade and rising demand for greener modes of freight transport. Railroad stocks offer a unique combination of safety, growth and income for conservative and aggressive investors alike.

Since our last deep dive into the sector in February 2018, our recommended yieldcos have been big winners. Here’s our outlook and top picks now that this high yielding, high growth sector has come of age.

Elliott Gue, Roger Conrad and the London Contributor conduct a quarterly review of the macroeconomic and investment outlook

Real estate investment trusts are hitting new highs but there’s still value in this high yielding sector. We highlight 8 REIT recommendations, and 8 others to sell now.

In this issue we examine the improving macro outlook for the United States and China and how this had led to EPS forecast upgrades by Street analysts and improving sentiment within the global fund manager community.  With the prospect of a bear market essentially removed, we recommend that investors worry less about risk levels in their portfolios and more about the type of exposure within risk assets.

A lot has changed over the past 4 months. As recently as November 7^th, the Fed Funds futures market was pricing in a better than 1-in-3 shot the upper bound of the central bank’s target range for rates would be 3.25% or higher by the end of 2019.

In this issue we look at the prospects for the U.S. economy examining leading indicators and cyclical sectors such as housing and auto manufacturing. We also look at the fixed income market for hints as to investors’ views on the economy and interpret the slope of the yield curve as well as moves in credit markets.