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Ben Laidler

Joined: Aug 28, 2023
  • Analysis & Comment

Ben Laidler's Comment & Analysis
A complete archive of Ben Laidler's articles, including current analysis & comment.

TRADE: Container and Bulk shipping rates are a fraction of pandemic shock levels but also well above their lows. The shipping industry moves 90% of global trade, making it a real-time barometer for...
CATALYST: It’s a big summer of sports, from the Olympics to Euro 2024 football. This is a key potential catalyst to end the post-pandemic performance hangover for our basket of the...
CARBON: The price of European ETS carbon permits has been plunging. As the global carbon pricing standard-bearer sees a perfect storm of weak demand and higher supply. Demand is crimped by...
Q1: Improving earnings is the main driver of this nascent bull market. We are optimistic as we enter the final stretch of earnings season. The three US tech sectors have decisively led the 7% S&P...
SECTOR: The global listed auto industry is the most divided of any we have seen. From Tesla’s (TSLA (NASDAQ:TSLA)) still-giant $800 billion market cap and 70x price earnings valuation, to luxury...
SPENDING: Defence spending is set to structurally rise around the world with the new normal of geopolitical tension and end of the multi-decade peace dividend. The US passed $95 billion of...
RISES: Our proprietary Breakfast commodity price index has surged by 54% in the past year. As weather-driven supply disruptions have spread, driving cocoa, OJ, and coffee prices higher. This has...
VALUATIONS: We are positive on the resilience of the super-sized US stock market. But its combination of already high profitability and above average valuations limits the upside. These are the only...
CHANGE: US markets are supersized and dominate global stocks, bonds, and currencies. This makes any changes to their underlying market ‘plumbing’ disproportionately important. On May 28th...
SQUEEZE: Initial public offerings (IPO) are making a tentative comeback after two-years of depressed activity. The number of US IPOs is up 10% this year even as the Renaissance IPO index still...