US Housing Outlook: Higher mortgage rates not helpful (March 2026) | Apollo

Shattered Assumptions And The Energy Quandary | Louis-Vincent Gave | Gavekal Research Report

The Global Investment Strategy View | March 2026 | J.P. Morgan

WisdomTree Market Outlook: Opportunity in Dispersion | March 2026

One of the best educational resources is Palgrave Handbook of International Energy Economics...* - Dalius - Special Sits

• McKinsey: Reliable and affordable energy has been an enduring source of strategic advantage for the United States (Image). Access to plentiful energy has lowered input costs for businesses, improving productivity, enabling scale, and improving household well-being. - At independence, Americans consumed twice as much energy per person as Britons, given abundant firewood. As discussed, ready access to coal…

• Structural shifts, including the movement from a manufacturing-based to a services-based economy, have also led to a growing geographic dispersion of productivity levels, seen strikinglyacross major US cities (Exhibit 8).

• Over the past several decades, some have seen relatively modest productivity growth, including those in the historical Rust Belt. On the other end of the spectrum, cities with deep knowledge…

1. TL;DR

• Downgrade pure-play energy transition momentum: Renewables and EVs face severe economic friction, as solar-plus-storage remains structurally more expensive than natural gas baseload, and reduced Trump Administration subsidies threaten to stall US decarbonization efforts (p. 2).

2. Key Findings

The BEAT: Q1 2026 - March | Quarterly Global Market and Asset Allocation Guide #MorganStanley #Report

Jeff Currie: "In my latest paper, co-authored with James Gutman, we examine how vulnerabilities in key transit routes such as the Strait of Hormuz could reshape supply expectations, shift risk premia, and affect broader macro conditions. Incremental production elsewhere offers only partial offsets, and structural geopolitical pressures will persist." "Oil…

Major Positions

A large portion of our portfolio is concentrated ina small number of American companies such as Apple, American Express, Coca-Cola, and Moody’s – businesses we understand well, have a high regard for their leaders, and expect willcompound over decades.

--- Japan Investments > The same criteria apply to our investments in Japan, which we view as comparable to our…

JP Morgan: Initiatives and instruments for payments autonomy

Debt, Deficits & Global Imbalances: Are Capital Controls Back on the Table? J.P Morgan

Image Source: MSIM Portfolio Solutions Group as of February 15, 2026

Excerpt:

MS: For the past few generations, we have been living in a post-Bretton Woods financial era. If you ever took an economics course, you likely heard about Bretton Woods, NH, where in 1944 allied nations came together to decide on a post-war order designed to rebuild global economies. Since the U.S. would clearly emerge as the…

The BEAT™: From Chaos To Clarity - Themes to Invest In | Morgan Stanley

10 Micro Themes for 2026: Acquisitions and AI are just the beginning | Global Research Marketing | BofA

The Hausblick Macro Outlook Germany | Deutsche Bank | Report

MS: American Exceptionalism and Concentration Are NOT Permanent

Macro Themes for 2026| Guggenheim Investments | Report

GIC InsightsMonthly Perspectives – February 2026 | Morgan Stanley

Invesco | Tactical Asset Allocation — February 2026 Strategy & Insights

Christopher Bloomstran’s 2025 annual letter — with extensive analysis of Berkshire Hathaway.

The Three Core Investing Principles

The report grounds its outlook in three "tried and true" principles that dictate long-term market performance:

• Earnings Growth as the Driver: It is the growth of earnings, rather than the absolute level, that dictates equity performance.
• Capital Scarcity: Return on Invested Capital (ROIC) is historically highest in areas where capital is scarce.
• **Cycle…