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

The Biden Agenda Unleashed

( < 1 min read ) Related Reports Six Risks to the Post‐Coronavirus Recovery ASIA: Biden reassures Asian allies while stressing new areas for cooperation MIDDLE EAST: Biden will not turn on US partners in the region JAPAN: Abe’s resignation leaves successor to face a challenging policy agenda JAPAN: Abe’s resignation leaves successor to face a

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The Year Of COVID: Retrospective of My 2020 Trades

( 8 mins read ) As one dog said to the other, “it’s been a long seven years.” That dog year equivalent to human years captures the twists and turns of 2020 as every month seemed like an entire investing year. My trade recommendations in 2020 reflected those rapid shifts from riskon to risk-off, having

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The US After Trump And COVID

( 7 mins read ) Step 1: Identify Macro Themes What Will The US Look Like After The 2020 US Elections And The Second Wave of COVID? Step 2: Fundamental Economic Framework Surge In Cases Not Just An Artifact of A Surge In Testing–Hospitalizations Are Rising Related Reports US consumer – From king to prince

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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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Cualquiera que pueda explicar en voz alta las medidas del kernerismo para el mercado de carne y no se mate de risa es que no entendió las medidas

We are pleased to announce our new Associate, Jonathan Fried. Based in Ottawa, Jonathan will further strengthen our #global team; deepen our #expertise; and bring us closer to #policy.
https://www.llewellyn-consulting.com/jonathan-fried

We are pleased to announce our new Associate, David Munves. Based in New York, David will further strengthen our #global team; deepen our #expertise; and bring us closer to #markets.

https://www.llewellyn-consulting.com/david-munves

@Coloboren, profesor de la Escuela de Negocios #UTDT, opinó en @elDiarioAR sobre las condiciones necesarias para que la economía argentina crezca. https://bit.ly/36bpPWI

There's a growing consensus inside the administration that the state of emergency over the pandemic would be extended, likely for another month.
https://www.yomiuri.co.jp/politics/20210125-OYT1T50141/?fbclid=IwAR05OpOkXj8b2S1flIyUwMsSMgHqFMKJjbx0IRvcMSUfFvoZK7jBdWAH5hE

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