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Letter 29 – July 15th, 2019: Matrix reloaded ...

In this letter, we explain how we assess the current ‘macroscopic’ environment through our regional matrix. Our quantamental macro-analysis is partly derived from facts, data and official speeches linked to quantitative studies, and this informs our core convictions. In the short term, assets are less influenced by fundamentals; and their price behavior is significantly influenced by the psychology of financial actors. This is why we give equal weight to macro analysis, technical charts and sentiment. Our Equity Regional Matrix takes into account all three, giving us a balanced indication of which regions we might prefer over others.

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