Looking through the recovery: What is normal anyway?
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Independent Economic and Investment Strategy Research

A coherent global view from diverse thought leaders. We take an eclectic approach to arrive at a coherent global view. Our strong, independent thinkers scan the horizon in different ways to identify and explore possible inflection points and emergent themes. Deep country knowledge and historical perspective are core to our process. Our thought leaders, global economists and country specialists come together to choose the right tools with which to explore the implications for individual countries and financial markets. The key to our approach is that we are led by the theme, not the tool. Request a trial to see our approach in action.


30 year track record.
We have a 30 year track record in making bold, off consensus-calls at major inflection points in economic, political and market cycles. For example, building on our global macro and financial analysis to find imbalances and fragilities, we identified the coming storm of the Global Financial Crisis – identifying the crucial turning point in the cycle and calling the stock market bottom as recovery began.

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TS Lombard: Combining Macro, Geopolitics and Investment Strategy

TS Lombard has a 30 year track record of bold and incisive analysis of Macro Research, Geopolitics Investment Research and Investment Strategy Research. This brief video explains how and why our research is unique.

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TS Lombard: Combining Macro, Geopolitics and Investment Strategy

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Global Macro

Our Global Macro Research Service combines our broad global macro thematic analysis—horizon scanning to identify and explore emerging themes and their impact on countries and markets—with our deep economic and political insights into the major world economies and markets: the U.S., Europe and Asia (focus on China). Political insights are key to our research  process, and our global political drivers underpin our Global Macro Research Service.

China & Global EM

Our China and Global Emerging Markets Research Service provides the granular, local detail that EM-focussed investors need, with particular emphasis on China. Our in-country specialists provide regular detailed, on-the-ground analysis of the most important emerging markets as well as feeding back into our broad EM research process to produce EM thematic, market strategy and asset and country allocation recommendations.

Global Strategy

Our Global Strategy Research Service uses a markets lens to explore how our teams’ political and economic insights will impact markets globally. Our strategy research provides our clients with implications for asset allocation, investment positioning and portfolio risk management. Given their importance to our strategy research, this service also includes our proprietary economic indicators and flow of funds analysis. 

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Our Macro Research

30 Nov 2020 - OLIVER BRENNAN

The Vacicne MatrixThe Vaccine Matrix: Winners and losers

What does the great rotation mean for countries’ economies? Is it simply a case that those most affected by the virus will also recovery the most? This is not simply a case of mean-reversion. Take Mexico for example: hurting from a 10% growth contraction ytd, and with poor existing COVID infrastructure, the vaccine could bring much-needed relief.  

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19 Nov 2020 - DARIO PERKINS

QE Nuclear OptionsQE Nuclear Options

The IMF says the world is in a “liquidity trap” and fiscal policy is the way out. Yet, if governments will not do provide the necessary stimulus, central banks are not totally out of ammunition. They could engage in quasi-fiscal operations, using their balance sheets creatively and destroying their equity. We look at their options, including dual interest rates and digital cash transfers.

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19 Nov 2020 - RORY GREEN

RCEP - Asia FirstRCEP - Asia First

The Regional Comprehensive Economic Partnership (RCEP) – the newly agreed Indo-Pacific FTA– will firmly anchor trade and standard-setting power in East Asia. The 15 member countries account for 42% of global manufacturing value added and 30% of GDP. Though less ambitious than other recently concluded FTAs, RCEP is a significant improvement on current rules governing regional trade and investment.

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10 Nov 2020 - ANDREA CICIONE

Covid vaccine - Growth-Value rotation is back onCovid vaccine - Growth-Value rotation is back on

Equities were already priced for a vaccine, but the certainty of an effective one should limit downside risks in the near term.

  • We upgrade our equity market view to neutral on Covid-19 vaccine data
  • EPS downside risk reduced, but rising yields should lead to lower p/e
  • Growth-to-Value rotation back on, making future gains more sustainable
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Giving Investors the Full Picture

TS Lombard has a 30 year track record of bold and incisive analysis of Economics, Politics and Markets. This brief video explains how and why our research is unique.

Giving Investors the Full Picture
Giving Investors the Full Picture
TS Lombard's is the only research that has helped me to achieve some understanding of the tectonic shifts in the global economy over the last thirty years.
Anna Gaworzewska, Head of Country Risk Economics, Lloyds Banking Group
Congratulations on your Fed call. A feather in your cap. We can always count on your team to make good calls ahead of consensus. That is really valuable to us and our clients. Thank you.
Richard Rock, Founder & Chief Investment Officer, The Caprock Group
I have been a subscriber for a very long time and have found TS Lombard to be very independent in their economic analysis and invariably correct in their surmise. Their articles are full of originality and always make me reassess my own views.
Ian Ling, Ashburton Investments and Private Investor

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TS Lombard MacroFest

Join our MacroFest on 12th & 13th January 2021

Looking through the recovery: What is normal anyway?

Does everything go back to normal in 2021, and what is normal anyway? Join TS Lombard's MacroFest and find out what this new normal will look like and what it means for financial markets and investors in 2021 and beyond.

TS Lombard MacroFest

Join our MacroFest on 12th & 13th January 2021

Looking through the recovery: What is normal anyway?

Does everything go back to normal in 2021, and what is normal anyway? Join TS Lombard's MacroFest and find out what this new normal will look like and what it means for financial markets and investors in 2021 and beyond.

Sign up to TS Lombard's investment insights

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AUM

managed by TS Lombard clients

30 years of forecasting success / Linking macro to markets / Bold actionable ideas