Featured Research

Annual energy outlook
Bullish on natural gas while oil needs to overcome a potentially ugly early 2026 - Energy in 2025 continued its recent string of years with volatility and intense news flow. AI/power generation and its impact on natural gas markets remained at the forefront of the broader market conversation, while intense geopolitics continued to drive oil price volatility. AI remains the number-one story in the energy sector once again, and accommodating this incremental demand will take an all-of-the-above strategy: gas, renewables, and nuclear.

2026 annual banking industry outlook
Regionals and SMID-cap banks have their day in the sun - We are bullish on U.S. banks for 2026, particularly the regional and small- and mid-cap banks. The operating backdrop has become increasingly favorable for banks, but the flow of negative headlines related to credit has spooked many generalist investors and long-only portfolio managers (PMs), leaving the banks trading at the lower end of historical forward P/E ranges on both an absolute and relative basis.

Canadian bank primer – look to the North
We are initiating coverage on Canada’s six largest banks (the “Big 6”). Together, these institutions dominate the domestic banking landscape, representing roughly 95% of total industry assets and deposits. Near term, we would characterize our stance as relatively neutral on the banks. While long term we remain positive, most of the Big 6 are trading near peak P/E multiples, leaving the group sensitive to shifts in market sentiment, particularly around the credit outlook.

BevCan you dig it? Packaging sector initiations of coverage
From cans going viral to the emergence of new drink categories — whether it be emerging energy drink brands, prebiotic sodas, dirty sodas, et al — beverage consumption trends favor the can. In our view, these tailwinds are supported by more than a passing social media fad: namely, sustainability goals that actually have legs from legislation (e.g., the EU’s Packaging and Packaging Waste Regulation) and major beverage can producers alike.

2026 outlook
More Goldilocks as industrial policy keeps the economy expanding. Will the rate sensitive economy finally kick in? Our big picture thoughts are the economy starts reaccelerating, and the bond market’s reaction will determine equities.

Pharma and biotech 2026 policy outlook
The pharmaceutical industry faced heated rhetoric and the threat of real policy actions that could negatively impact the space, yet managed to skate away largely unscathed, in our view. Events at the Food and Drug Administration created the most unsettling drama. In this outlook report, we discuss some of the 2025 policy developments and what we are watching for 2026.

FDA state of play: ghost of FDA yet to come
In this note, we cover a variety of topics that show the current state of FDA, including: staffing shortages; slowing approvals; early stage engagement in the approval process; uncertain regulatory environment; competing statements; and overall ennui at the agency. We frame the note through a Dickens “Christmas Carol” framework that allows the reader to be visited by the Ghost of FDA Past, the Ghost of FDA Present, and the Ghost of FDA Yet to Come.

New speedway boogie
Resuming coverage of commercial real estate mortgage REITs - After several years of working in, and through, “darkness” (i.e., COVID fallout, FOMC policy tightening, borrower issues, asset valuation resets, etc.), the darkness is beginning to give. As the darkness gives, our view on the space, broadly speaking, is constructive. Despite a negative pall lingering over most things real estate amidst the current macro environment, the sector’s 2025 total return has been acceptable, and in some cases noteworthy, especially against many property REIT and financial indices' performance.

Multifamily demand flailing like the WKRP turkey drop
Demand for new apartment leases has continued to deteriorate at an accelerating pace through October and into November (in most U.S. markets), according to our latest rent tracking data analysis and corroborated by several industry data aggregators. With many apartment REITs likely facing flat-to-negative rental rate “earn-in” from 2025 leases, likely continued low-single digit inflationary cost pressure, and higher debt refinancing costs, we now think 2026 will be another year of flat-to-down FFO growth across the sector.

Technical perspectives and 2026 outlook
Positioning for a transition into phase 2 - Our technical work suggests that a new four-year cycle (three- to five-year cyclical bull market) took hold at the April 8th, 2025 equity market lows. The recent corrective phase in equity markets from October to November 2025 likely marked the transition into phase 2 of the market cycle model (the “boring middle”), and should be a tailwind for the technology, industrials, and materials sectors through 2026.

Investing for the fifth defense revolution
The fifth defense revolution is underway, creating a potential $500B investing opportunity triggered by technology and doctrine that is disrupting traditional vendor ecosystem, acquisition processes, and redefining warfare, creating a once in generation super cycle for investors. The democratization of technology, rapidly compressing design cycles, and escalating global threats are breaking the post-Cold-War industrial model.

Who’s on first? Making sense of the confusing sports watching ecosystem
In one sense, the sports watching experience has grown more accessible, more customizable, and in some cases more affordable, and has seen improvements such as multi-view, viewing on mobile devices, no need for contracts and equipment, etc. However, the sports-watching user experience has undeniably become more complicated and confusing, and for hardcore fans of certain sports who need to watch everything, more expensive. In this report, we break down the sports streaming ecosystem.

The robots are coming… to deliver your food
Building upon our earlier autonomous vehicle deep dive, we roll out an in-depth look at robots for food delivery focusing on sidewalk, pathway, and drone and modalities. We segment the robotics landscape across sidewalk, pathway, drone, and humanoid/quadruped with sidewalk robots commercializing the autonomous delivery market and pathway and drones following.