Download PDF: brazil-chile-and-peru-2021q4-pcDownload Downgrade Chile and Peru to Underweight Our recommendation to trim exposure to Chile and Peru is driven by three things: downside risk in copper price, rising political risk, and aggressive tightening by both countries’ central bank. Slowdown in Chinese growth is going to weigh on commodity intensive Latam bourse heavily through theContinueContinue reading “Negative Outlook: Chile, Peru and Brazil”
Tag Archives: chile
EM Review: Chile, Brazil, Indonesia and Mexico
Download PDF: em_review_pcDownload Chile The cyclical bullish case for Chilean stocks is straightforward. Chilean earnings are set to improve dramatically from the higher copper prices, which will continue to enjoy structural boost from electrification of vehicle and green energy infrastructure demand, as discussed in a previous report. Chinese imports continue to pose strong number inContinueContinue reading “EM Review: Chile, Brazil, Indonesia and Mexico”
Long Term Copper Story
Download PDF: copper_research_pcDownload The year 2020 has seen major economies in the world affirming their commitment to limiting the increase of global average temperature to 2 degree Celsius above pre-industrial level, with a more ambitious target of 1.5 degree, as had been agreed under Paris Climate Agreement. EU and Japan would strive for a netContinueContinue reading “Long Term Copper Story”
January 2021: Silver and Equity Strategy Review
Download PDF: monthly_202101Download Part I: Silver Last week seen silver prices dropped remarkably amid rising long-term bond yield and receding dollar weakness. We have been constructive on the precious metal and commodity complex for a while now and remain to be so in the reflationary environment. There are reasons to believe that the commodity bullContinueContinue reading “January 2021: Silver and Equity Strategy Review”
2021 EM Equity High Conviction Calls
Download PDF: 2021_em_equity_callsDownload Poland Polish manufacturing sector and exports have both staged a V-shaped recovery despite the reintroduction of a strict lockdown across major European countries (Chart 1). As an open economy that is highly integrated with European manufacturing sector Poland has benefited from the sharp recovery of German manufacturing (Chart 2-4), which points toContinueContinue reading “2021 EM Equity High Conviction Calls”
Commodity Plays, Copper and Yield, Caution on U.S. Equity
Downlaod PDF: monthly_202012Download Earlier this week we published our long-term global themes, outlining the possibility of stronger inflationary pressure and the danger it poses to corporate sector. Meanwhile, we also publish our next year outlook last month, where we argue that Chinese growth will rebound strongly and liquidity will remain plenty, buoying asset prices. WithContinueContinue reading “Commodity Plays, Copper and Yield, Caution on U.S. Equity”
Reassessing the Investment Thesis on EM Countries: Russia, Colombia, Chile, South Africa, and Indonesia
Download PDF: q42020_reassessing-the-investment-thesis-on-em-countriesDownload Russia -Neutral View + The tendency for oil prices is to move higher as global lockdown restrictions are lifted and a nation-wide lockdown is averted amid the virus’ second wave infection. Half of Russian equity index is dominated by energy companies and the economy is also very dependent on oil prices, makingContinueContinue reading “Reassessing the Investment Thesis on EM Countries: Russia, Colombia, Chile, South Africa, and Indonesia”
Rethinking Investment Strategy in a Weak Dollar World: Silver, Treasury Yield, Commodities and EM
Download PDF: 202008_rethinking-investment-strategy-in-a-weak-dollar-worldDownload Precious Metals vs Real Yield Our positioning on silver call options since July has been rewarded bigly as silver price almost doubled this year as the time of this writing. Although we are not early in the party, we have managed to ride most of the large price movement of late, includingContinueContinue reading “Rethinking Investment Strategy in a Weak Dollar World: Silver, Treasury Yield, Commodities and EM”
August 2020: Gathering Thoughts and Some Investment Ideas
Download PDF: monthly_202008Download The Money Flow: How the Money Goes Around From a macro perspective, there is only three players that drive the economy and financial markets in a country: households, private corporations (including banks) and the government. Each player’s action impacts the other and altogether they drive the economic machine of supply and demand,ContinueContinue reading “August 2020: Gathering Thoughts and Some Investment Ideas”
Emerging Markets in The Next Decade
Download PDF: Monthly_202001 In this first publication for 2020, we are outlining our bullish view on selected EM countries which will likely benefit as investors diversify from U.S. equities. It has been pretty much a consensus by now that risk assets will likely to do well this year, with some strategists betting on the value/growthContinueContinue reading “Emerging Markets in The Next Decade”
putamencapital.com 