Energy: Recovery or Impaired?

As consumers have stayed home amidst the Covid19 pandemic, the resulting decline in oil demand has created new challenges for a market that was arguably already oversupplied with oil. ACG examines the longer term implications, outcomes and opportunities for investors.


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Modern Monetary Theory

The decision of central banks to move to unlimited Quantitative Easing (QE) has essentially connected fiscal policy with monetary policy. As a result, the path back to “normal” may be long and winding. In this report, ACG explains the implications of rising debt, how various asset classes might be impacted, and what investors should consider when rebalancing portfolios.
 

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Concentrated Leadership

The collective weight of the top five holdings in the S&P 500 has approached levels last seen in 2000. Concentration has become more prominent as five companies have accounted for nearly one-third of the S&P 500’s total return since 2017. While reallocating to an S&P 500 Equal-Weight product may alleviate concerns over holdings concentration, ACG discusses why investors should consider the dispersion in returns, lower average market cap, and higher expense ratios and turnover relative to passive products tracking the cap-weighted index.

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U.S. - China Technology Cold War

The recently signed “Phase One” trade deal has led to some optimism surrounding U.S. - China relations. That said, both countries are striving for technological dominance while reducing dependence on one another. ACG examines the emerging divide and how economic growth might be impacted in the near-term, as well as opportunities for investors.  

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