SOM Macro Strategies was founded by former Goldman Sachs strategist Alan Brazil after leaving the firm  to independently publish his State Of the Market (SOM) reports. The SOM reports reflects the results of fundamental economic analysis of macro themes that are likely to reprice across asset types and markets. This framework helps to identify strategies that provide investors with asymmetric returns with high expected Sharpe ratios.

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Recent publications by SOM Macro Strategies

State Of the Markets

( < 1 min read ) Related Reports Still the World’s Safe Haven? Six Risks to the Post‐Coronavirus Recovery Depressed FX volatility allows for few surprises Olam International: Cocoa Against COVID Event risk and market volatility: Partners in crime

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The Dollar Depreciation Is Just Starting

( < 1 min read ) Related Reports Brazen ECB verbal intervention against Euro unwarranted and unlikely Risk aversion, not panic, in face of uncertainty Virus, volatility and valuations RUSSIA: Starting (premature) economic reopening NIGERIA: Ruling APC sounding the informal starting gun for Buhari’s succession

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Further Downside To The USD From Fed QE

( < 1 min read ) Related Reports JAPAN: Abe faces new risks as Japan exits state of emergency JAPAN: Abe struggles to find his footing after emergency declaration JAPAN: Abe will continue to seek his legacy abroad as succession race heats up Parkway Pantai: Good Brand with Limited Upside JAPAN: How Suga will manage Japan’s

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The Case For Residential Mortgage REITs

( 2 mins read ) Press play to listen Step 1: Macro Theme: The Case For Residential Mortgage REITs– Residential mortgage REITs are cheap because they represent buying Resi assets at distressed levels at a discount Step 2: Fundamental Economic Framework –  Sell-off in residential mortgage REITs have followed the sell-off in the entire mREIT

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It Will Be A U-Shaped Economic Recovery Not A V-Shaped One

( 19 mins read ) Press play to listen My baseline view is that markets are much too optimistic about the recovery of the US and world economies. Of course, there is a reason for optimism; the infection trajectory in the US is looking better, as shown in Figure 1 on the left below. According

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Update On Strategies For The Coronavirus World

( 15 mins read ) Press play to listen Hi. I hope all of you and your families are well and have found something to binge-watch. Well, I was going to send this piece out a few days ago, but every time I was ready to send it, another academic study on the virus came

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While America's China watchers furrow their brows over whether the Communist Party wants to "export" its ideology abroad, this story reveals, as if it were a scandal, that a US company operating in China said, "We’re not here to promote American values." https://www.wsj.com/articles/airbnb-executive-resigned-last-year-over-chinese-request-for-more-data-sharing-11605896753

Episodio 30 de La Economia en 3 minutos. Esta semana corta vamos con "Los impustos mas locos del mundo". Desde el viento en Chubut a las tarjeta de Larreta a los 14 impuestos de Alberto, el ingenio argentino no tiene límite. Nos acompañan Beatles y Avicci

https://anchor.fm/andres109/episodes/Los-impuestos-ms-locos-del-mundo-emt2e2

Perú colocó US$ 4000 millones en bonos globales en dólares, incluyendo uno a 100 años:
-2032 ~1,90% (100 puntos básicos de spread).
-2060 ~2,80% (125 sobre el Bono del Tesoro 30).
-2121 ~3,25% (170 sobre el Bono del Tesoro 30).

”我们期待美方监管机构尽快与我方就具体方案开展磋商。“ China securities regulator re-ups calls for starting discussions with US to avoid delisting Chinese companies from US equity markets.

http://finance.people.com.cn/n1/2020/1121/c1004-31939276.html

This story contradicts widespread claims that companies in China cannot refuse government requests for data or that Chinese authorities simply seize the data they want without asking permission. https://www.wsj.com/articles/airbnb-executive-resigned-last-year-over-chinese-request-for-more-data-sharing-11605896753

Life imitates @Shteyngart, again.

https://amp.scmp.com/week-asia/lifestyle-culture/article/3110512/their-american-dream-sours-koreans-us-eye-return-home

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