Investment Research & Consulting

To help you understand how we think and how we approach market analysis - we have made available two sample copies of our flagship (premium subscription) Portfolio Construction Strategist (PCS) Reports:

       PCS Report 034 - Principles & Perspectives around QE and MMT...

free download: PCS 034 - Public Release (PDF, 1.2MB)

       PCS Report 041 - A synopsis of under-appreciated aspects of Australia's Property & Banking story...

free download: PCS 041 - Public Release (PDF, 6.2MB)

       PCS Report 022 - Our Tactical Framework & Analysis applied to US Treasuries (released to complement our June 2019 Quarterly Client Letter)...

free download: PCS 022 - Public Release (PDF, 7.0MB)

PCS Report 028 - Our Tactical Framework & Analysis of the Major Currencies...

free download: PCS 028 - Public Release (PDF, 14.7MB)

PCS Report 017 - The Structural US Dollar backdrop...

free download: PCS 017 - Public Release (PDF, 7.8MB)

We subscribe to the principles that insight tends to give rise to foresight, and that the best research is designed not just to detail the frameworks and assumptions of a thesis, but to help the readers think more clearly for themselves about a given set of issues.

Our research is designed to be practical to the investor who has a global perspective and must make asset allocation and currency decisions within their portfolios.

PCS Reports:

Every 4-6 weeks on average, we publish The Portfolio Construction Strategist (known as our ‘PCS Reports’).

These PCS Reports are anywhere from 5 to 65 pages long and are designed principally for private investors with a global focus who must make asset allocation, investment and currency decisions within their portfolios.

Our PCS Reports are educational, practical and timely... seeking to better understand both the opportunities and risks pertaining to equity, bond, currency and commodity markets around the world.

Within the PCS Reports we do our best to tackle the hard issues and to focus our efforts on the things that are not well understood by most sophisticated participants – i.e. the ‘grey areas’ in their thinking.

PCS Reports issued in recent years include:

• PCS 048 (Apr-2020), 18 pages - Global Thresholds: A Regime Shift 'Part TWO' (see PCS 040 for Part ONE)
• PCS 047 (Feb-2020), 15 pages - Global Capital Markets: 'Overview' of Structural Issues
• PCS 046 (Feb-2020), 26 pages - China & Commodities: Update
• PCS 045 (Nov-2019), 27 pages - US Equities: A review of the Tactical prospects for Equities.
• PCS 044 (Nov-2019), 9 pages - US Yield Curve: A General Review of our leading indicators for the US Yield Curve.
• PCS 043 (Oct-2019), 21 pages - Liquidity 101: A General Overview of Liquidity & Our Framework
• PCS 042 (Sep-2019), 7 pages - Global Conditions: General Tactical Update
• PCS 041 (Aug-2019), 27 pages - Australian Property & Banking overview (underappreciated conditions, drivers and prospects)
  • SAMPLE download: PCS 041 - Public Release (PDF, 6.2MB)
• PCS 040 (Aug-2019), 13 pages - A Global Regime Shift: A Threshold Break
• PCS 039 (Jun-2019), 32 pages - Precious Metals underlying conditions review
• PCS 038 (Jun-2019), 50 pages - US Treasury Bonds comprehensive analysis
• PCS 037 (Jun-2019) 24 pages - Deciphering what is really happening in China
• PCS 036 (May-2019) 25 pages - Tactical Equities framework
• PCS 035 (May-2019) 11 pages - System Thresholds in the Global Financial System - Capital Flow Regimes
• PCS 034 (Mar-2019) 12 pages - Understanding QE, MMT and other likely Activist Policies & their effects - Principles & Perspectives
• PCS 033 (Feb-2019) 23 pages - Precious Metals comprehensive analysis
• PCS 032 (Jan-2019) 19 pages - Tactical Equities framework
• PCS 031 (Dec-2018) 28 pages - World & US Equities comprehensive analysis
• PCS 030 (Dec-2018), 23 pages - Global Financial Conditions Review: Leading Indicators. (OTC Derivatives, Credit Cycles, Volatility, Liquidity, Real Yields & the US Yield Curve.)
• PCS 029 (Oct-2018), 14 pages - A look at what Capital Flows & Currency markets are portending for the European Union.
• PCS 028 (Sep-2018), 36 pages - Our Tactical Framework & analysis of the Major Currencies...
  • SAMPLE download: PCS 028 - Public Release (PDF, 14.7MB)
• PCS 027 (Aug-2018), 61 pages - Part THREE in our 'First Principles' educational series, explaining the key drivers of Inflation, Nominal Yields, Real Yields & the US Dollar
• PCS 026 (Jul-2018), 37 pages - US Treasury Bonds comprehensive analysis
• PCS 025 (May-2018) 21 pages - Precious Metals comprehensive analysis
• PCS 024 (May-2018) 22 pages - updated analysis of the Global Banking system & OTC Derivatives
• PCS 023 (Mar-2018) 10 pages - updated analysis of Global Equities
• PCS 022 (Feb-2018) 24 pages - US Treasury Bonds comprehensive analysis
  • SAMPLE download: PCS 022 - Public Release (PDF, 7.0MB)
• PCS 021 (Jan-2018) 36 pages - Crude Oil comprehensive analysis
• PCS 020 (Dec-2017) 22 pages - US Equities comprehensive analysis
• PCS 019 (Dec-2017) 33 pages - understanding the issues building within the Global Banking System
• PCS 018 (Oct-2017) 10 pages - identifying 'Cascade Points' within markets (understanding market participants and their market-based 'pain' thresholds)
• PCS 017 (Sep-2017) 26 pages - The Structural US Dollar backdrop...
  • SAMPLE download: PCS 017 - Public Release (PDF, 7.8MB)
• PCS 016 (Jul-2017) 8 pages - A brief overview of the UK and its key macro markets
• PCS 015 (Jul-2017) 40 pages - Crude Oil comprehensive analysis (with subsection on the Uranium industry)
• PCS 014 (Jun-2017) 13 pages - analysing & anticipating Global Asset Impairment & Sovereign Default Cycles
• PCS 013 (May-2017) 5 pages - tactical update on US Equities
• PCS 012 (May-2017) 62 pages - Part TWO in our 'First Principles' educational series, explaining Capital Flows, Excess Liquidity, Macro Drivers of Equities & Commodities
• PCS 011 (Mar-2017) 38 pages - Part ONE in our 'First Principles' educational series, explaining Economics, Money, Banking/OTC Derivatives/Eurodollar system

Monthly Chart Packs:

To complement the PCS Reports, we publish on a monthly basis to Chart Packs (that contain many of the tactical money flow & liquidity analysis tools as used in the PCS 028 sample Report provided above).

The markets covered in these two chart packs are shown here, however it should be noted that we also construct 'Bespoke' Chart Packs that we maintain monthly for clients that include other stocks (both indexes & individual stocks), bonds, commodities and currency pairs that are specifically tailored to client needs.

Prerequisite Research Services: Packages & Pricing

We COMPLEMENT our client's own frameworks for navigating markets and understanding the world with insightful/data-driven/practical tools and perspectives on markets (hat they will not gain anywhere else)

We also maintain two absolute return Model Portfolios (for private clients only) that make transparent how our research translates into the practical construction of portfolios.

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Please contact us should you wish to obtain further details of the offering and samples of the research.