Global Research Unlocked

In 2020, the MedTech industry faced revenue pressures as COVID related headwinds forced many patients to avoid the hospital for elective procedures. As COVID risks fade, the industry has returned to growth and the demographic and innovation tailwinds that have helped to drive steady growth remain. Travis joins us to discuss how some of the biggest MedTech markets, from diabetes to heart surgery, will benefit from continued innovation, helping the group and potentially millions of patients. And thus far, MedTech has actually benefitted from the increase in the number of surgeries done outside of the hospital. Travis also highlights that hospitals are now better equipped to handle future COVID spikes and MedTech should remain resilient even through a negative economic backdrop.

"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.

©2022 Bank of America Corporation. All rights reserved.

Metals including copper, aluminum and nickel should see booming demand as the world transitions to cleaner energy. These MIFTs, or Metals Important for Future Technologies, could be in short supply in the future, however, with electric vehicles requiring twice as much copper as a traditional ICE (internal combustion engine) vehicles and far more nickel, cobalt and lithium, which are hardly used in traditionally powered vehicles. There's simply not enough investment happening in mining, but recycling offers a partial solution while also emitting much less carbon than pulling metals from the ground. Michael discusses important considerations around building a more efficient recycling supply chain, product design being one of the keys.

"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.

©2022 Bank of America Corporation. All rights reserved.

During the peak of COVID lockdowns, miles driven declined dramatically while auto insurers posted highly profitable quarters and policy holders enjoyed premium cuts and rebates. But the pandemic recovery commenced, pushing miles driven higher along with pricing for used cars and parts and forcing a reversal of fortune for auto insurers. Josh Shanker joins us to discuss how the the recent hit to auto insurance profits will result in insurers pushing premium prices higher, likely leading consumers to shop around for better rates and resulting in market share shifts. He advises consumers to shop for insurance early while insurers and regulators implement premium increases. Josh also discusses long term implications for the industry from innovative safety technology and autonomous vehicles.

"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.

©2022 Bank of America Corporation. All rights reserved.

Cryptocurrencies have received a lot of focus in recent years as crypto market values have turned some small investors into wealthy investors. But with the number of tokens proliferating and numbering over 17,000, it's clear that many will not create wealth and it's critical to understand which tokens offer usefulness and potential longevity. Alkesh Shah joins us to discuss some of his new analysis and how daily active users, transaction count and developer activity can help indicate which blockchain platforms will grow and which will shrink. Regulation will play a key factor in the mass adoption of stable coins and how consumers can exchange their coins for dollars. Alkesh also discusses the use of NFTs and how they can grow from digital art to an ownership contract or an event ticket.

"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.

©2022 Bank of America Corporation. All rights reserved.

COVID lockdowns fueled a shift in spending to solitary leisure activities but even as recreational options have expanded since the spring of 2020, there's still a tailwind for "local leisure." First time home buyers moving to the suburbs found themselves filling their empty homes with furnishings, fitness bikes and recreational gear they now had space to store and the ability to use. The Great Resignation and remote work motivated early retirees and others to flock to warmer climates in pursuit of lower taxes and more balanced lives. Robby Ohmes joins us to discuss how these demographic shifts will impact consumption and implications for sporting equipment, household purchases and the renaissance of motorcycle touring. 

"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.

©2022 Bank of America Corporation. All rights reserved.

The equity sell-off, which has been extreme for a long list of stocks, has many investors wondering, "where's the bottom?" Have multiples compressed enough, what if forward numbers get cut, do shares already anticipate that? Technical indicators, especially when a number of them are sending a similar message, can help to remove the emotion and identify when markets may have gone too far, perhaps they suggest exhaustion of sellers, even in case of more bad news. Stephen Suttmeier, Chief Equity Technical Analyst and Paul Ciana, Head of FICC Technical Strategy join us with a focus on some of the methods that can be used to help identify lows.

"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.

©2022 Bank of America Corporation. All rights reserved.

Last fall, as retailers began to prepare for the upcoming holiday season, consumers were advised to shop early to avoid supply snags. While people mostly found what they wanted, Omicron hit late in the holiday season, threatening supplies for 2022. Lorraine Hutchinson discusses this past holiday season for retailers, how much of the merchandise margin benefit retailers may be able to maintain, the impact of higher shipping costs in the holiday quarter and how buying for holiday ’22 will be impacted by all of this.

"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.

©2022 Bank of America Corporation. All rights reserved.

Last year, equity markets rose to record levels and market strength as well as numerous other factors boosted retail investor participation. But as risk aversion took hold, many of these popular retail stocks and other SMID cap growth stocks began to falter. Also, there was an IPO boom, including many companies with no earnings, leading some to compare the environment to the tech bubble of '99. Jill Carey Hall advises us the environment is different from that of the late '90s as IPOs are more diversified, the number of public companies is still much lower, and IPO deal value as a proportion of total US market cap is less extreme. John Egan discusses the downward pressures on growth stocks and headwinds to equities but believes much of the sell off is close to over and looks for lower volumes and volatility to help gauge the bottom. 

"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.

©2022 Bank of America Corporation. All rights reserved.

Historically, private investments were only accessible to ultra high-net worth clients and institutional investors. More recently, however, the asset management industry has renewed its focus on developing products that are accessible to a larger investor base and the offerings are increasingly compelling, with strong performance and lower minimums. Penetration of private market strategies in the retail channel remains low at only 1-2%, it could rise to 5-10% over the next 5 years and RIAs and wirehouses are a few of the ways a retail investor can access these alternative strategies. BofA strategists are generally bearish on key markets for 2022 due to potential volatility surrounding rate hikes which could make private markets attractive to retail investors.  Also, if we see a market decline, it should make for a more attractive environment for asset managers to invest capital.

"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.

©2022 Bank of America Corporation. All rights reserved.

In the last 18 months, housing demand has significantly outpaced supply, and strong demand is likely to continue with the number of 35 to 44 year olds rising by 5mm over the next 8 years. Meanwhile, housing supply growth has been muted as construction was sluggish for years following the housing crisis. While this has pushed prices much higher, affordability isn't far from historical average and rentals have become more expensive too, such that buying makes more economic sense in many markets. Supply chain issues have made materials more expensive, but an easing of these issues could also help with affordability. And while rates are expected to rise next year, the increase will likely have a minimal impact of on the average mortgage payment and a less accommodative Fed could slow inflation, a positive.

"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.

©2021 Bank of America Corporation. All rights reserved.