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BofA Global Research Podcasts

BofA Global Research

BofA Global Research Analysts share views on what‘s rising, from growth industries to rising risks and opportunities in global markets. You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.

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Smarter devices require more semis, cyclical concerns provide opportunity
4d ago
Smarter devices require more semis, cyclical concerns provide opportunity
Semis remain cyclical but secular strength should capture market focus again  Over the past decade, semiconductors (semis) have outgrown electronics on rising content and semiconductor growth has outpaced GDP by 2-3x. Looking ahead, Vivek expects semis to continue to outgrow GDP on rising content and pricing. And yet, semis are still cyclical, something which the market is focused on presently, and exposed to inventory cycles and demand destruction from economic downturns. Vivek Arya joins to explain why semis are less hyper cyclical than in the past, what a recession could mean for earnings estimates, where surpluses are present and when shortages in other areas should lessen. And just because markets have fallen, doesn't mean the compelling reshoring story is over - that's another long term positive. You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.   "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.
Smarter devices require more semis, cyclical concerns provide opportunity
4d ago
Smarter devices require more semis, cyclical concerns provide opportunity
Semis remain cyclical but secular strength should capture market focus again  Over the past decade, semiconductors (semis) have outgrown electronics on rising content and semiconductor growth has outpaced GDP by 2-3x. Looking ahead, Vivek expects semis to continue to outgrow GDP on rising content and pricing. And yet, semis are still cyclical, something which the market is focused on presently, and exposed to inventory cycles and demand destruction from economic downturns. Vivek Arya joins to explain why semis are less hyper cyclical than in the past, what a recession could mean for earnings estimates, where surpluses are present and when shortages in other areas should lessen. And just because markets have fallen, doesn't mean the compelling reshoring story is over - that's another long term positive. You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.   "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.
Staples facing pressure as pricing and trade-up face limits
Jun 13 2022
Staples facing pressure as pricing and trade-up face limits
Staples companies looking a bit less defensive against this inflationary backdrop The Consumer Staples index recently logged it's 4th worst session in history suggesting the narrative on Staples is changing. A stretched consumer and pressure on discretionary sales is prompting some retailers to push back on price increases from staples companies and pushing some consumers to trade down. Bryan joins T.J. Thornton and Consumer Sector Specialist Michael Dick, who is not part of the BofA Global Research department, to discuss how high inflation is impacting consumer packaged goods companies (CPG), whether the Consumer Staples sector can still be considered defensive in this environment and whether this may all contribute to more M&A. Ultimately, Bryan believes staples aren't as well positioned as they've been in the past but pricing tiers and segments will help determine which companies handle this environment best.  You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life   "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.
Airline ticket sales take off but what’s left and why high oil prices can be positive
Jun 1 2022
Airline ticket sales take off but what’s left and why high oil prices can be positive
Ticket sales for US airlines are close to fully recovered, but there are still demand drivers ahead Airline ticket prices are up relative to 2019 as demand recovers but supply isn't back to pre-pandemic levels. Corporate travel had lagged but is catching up quickly. But investors are trying to gauge the sustainability of the recovery, whether pent up demand fades and whether higher prices push the consumer to pursue lower altitude modes of transportation. Andrew joins us to discuss why he believes there's still demand strength ahead, how ticket prices still compare favorably to history and to other services in these inflationary times and the impact that higher oil and pilot shortages could have-one that is both positive and negative. You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life   "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.
Out of juice; peak profits and EV/ICE gaps reversing for EU autos
May 25 2022
Out of juice; peak profits and EV/ICE gaps reversing for EU autos
It’s been a good ride for auto profitability, but as with many things, there’s a normalization coming Inflated vehicle prices have inflated auto profits too but Horst Schneider, Head of European Automotive Research, believes the days of outsized profits for automakers are numbered as supply and pricing both normalize. And chips may be scarce now, but slowing demand for electronics could mean that supply of chips for the auto industry improves sooner than some think. The shift to EVs and further penetration gains are undeniable, but Horst discusses some recent developments that could slow those gains somewhat. He also discusses some key competitive considerations for EV makers and new battery technologies that could solve cost issues further out. You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life   "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.
Thoughts on Crypto and Digital Assets: A correction, but not a crypto winter
May 24 2022
Thoughts on Crypto and Digital Assets: A correction, but not a crypto winter
Digital assets trade like risk assets and face many of the same headwinds The digital asset market is in a trading range near-term, but likely headed higher intermediate and long-term, along with other risk assets. Stablecoins had $6 trillion of transaction volume last year and are critical for future metaverse economies and for lowering the friction of making payments across borders. In this episode, Alkesh explains algorithmic stablecoins and the current state of the digital asset market. You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life   "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.
Rates vol should fall; but need to clear that dense path to lower inflation
May 14 2022
Rates vol should fall; but need to clear that dense path to lower inflation
The 10-year yield has more than doubled since the start of this year, and it's now at the level at which it peaked in 2018. The higher 10Y yield has taken a toll on risk assets, especially growth stocks, and elevated rate volatility has contributed to the weakness. But Mark does believe 10Y yields have only modest upside from here and expects rates volatility to fall when the path for lower inflation becomes more clear and Fed moves more predictable. Mark also discusses the impact that structurally higher inflation could have on rates. You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life   "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.
Forests and their products play a critical role in carbon sequestration
Apr 27 2022
Forests and their products play a critical role in carbon sequestration
Forest products companies contributing carbon sequestration enter the sustainability and ESG discussion Forests are one of the largest sources of carbon sequestration through voluntary carbon markets. Wood products companies which own these forests harvest wood for housing and other applications and as long as the wood remains protected, as it would be in a house, the materials become a carbon sink. And from a revenue perspective, companies can sell carbon sequestration into the voluntary carbon markets, though those markets are still nascent. Awareness of the positive carbon attributes of wood could also boost wood construction and allow it to displace some concrete and steel. Join our discussion with George Staphos as he discusses forest product companies and their role in helping the world reach net-zero. "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.
Thoughts on Crypto and Digital Assets: Bitcoin sentiment remains positive
Apr 22 2022
Thoughts on Crypto and Digital Assets: Bitcoin sentiment remains positive
Despite shorter term macro headwinds, Miami conference demonstates growing interest and positive sentiment The digital assets market has declined with stocks and bonds and the market value of the 18,000 tokens that are in this ecosystem remains down about 16% year to date. Digital assets, including Bitcoin, continue to act like risk assets rather than inflation hedges. With an aggressive Fed as a top concern for investors, digital assets have struggled this year despite long term promise for many. In this episode Alkesh gives an update on Bitcoin Miami and insights gained from the BofA Global Research Crypto Mining conference. He believes that there are misconceptions around Bitcoin’s energy consumption, but that there is work to done to make mining more energy efficient longer term.   "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.
Technicals and regime change suggest gold can shine again
Apr 19 2022
Technicals and regime change suggest gold can shine again
Gold holding up well despite higher rates and the dollar, likely more strength coming US equities, credit and Treasuries have outperformed gold for the better part of a decade. However, with inflation likely to remain above recent norms and the secular low in rates having passed, per Chief Investment Strategist Michael Hartnett, there's a regime change underway, and what has worked won't necessarily work going forward. Joining us today is Paul Ciana to provide a technical view on the yellow metal and its relationship with equities, currencies and rates. Lawson Winder joins to give a fundamental view on gold, the implications of inflation on gold mining and whether crypto can be a substitute for gold.   "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.
Rates are up but housing supply isn’t, the nuances of post-crisis housing
Apr 12 2022
Rates are up but housing supply isn’t, the nuances of post-crisis housing
Higher prices, rates and low inventories may make homeowners stay put and remodel instead Owing to an upward march in prices and rates, housing affordability is as poor as it’s been since the housing crisis and down payments are at record levels. But there are many differences between this housing market and the market of ‘07/’08, particularly on the supply side. And that dearth of supply along with a reluctance to move into a higher mortgage rate could convince many to stay put and to upgrade their existing home instead, boosting home improvement demand. Meanwhile, home furnishings demand may be less persistent and could suffer as stimulus is lapped, there’s payback from demand pull-forward, and renters get squeezed by climbing monthly payments. Joining us to discuss these issues and more are BofA Global Research analysts Rafe Jadrosich, who covers homebuilders, Curtis Nagle, who covers home furnishings as well as real estate fintech and Elizabeth Suzuki who covers home improvement and other hardline retailers   "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.
Defense wins championships and is winning over some ESG investors
Apr 2 2022
Defense wins championships and is winning over some ESG investors
It's called "defense" after all, and ESG investors taking a more nuanced view of the group ESG investors have traditionally viewed defense and energy sectors as off-limits or at least challenging to their objectives. However, defense and energy stocks have seen dramatic gains this year as energy prices have boomed as have plans for defense spending. Many ESG investors had already been moving toward a more nuanced approach, looking for ESG improvers rather than just excluding certain groups and companies, a move that has been accelerated by recent realities. Defense companies that were once associated with harmful practices may now be viewed as champions of freedom and democracy and the EU taxonomy around ESG investing seems to allow this as long as companies aren't wholly opposed to social objectives. Savita Subramanian and Ronald Epstein join us to discuss these issues and how defense may benefit from both higher spend and a widening pool of investors.   "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.
Thoughts on Crypto and Digital Assets: US leadership, smart contracts, a cold Jan
Mar 28 2022
Thoughts on Crypto and Digital Assets: US leadership, smart contracts, a cold Jan
Despite pricing pressures, digital assets continue to grow and a regulatory framework is imminent The crypto asset market is up 250% since January of last year despite a 20% correction at the start of 2022. Demand for digital assets continues to grow and Alkesh believes values will continue to appreciate in the medium term but will face macro pressures from liquidity and rate concerns in the near term. He explains how recent regulatory action can be a positive for crypto markets as users become more comfortable adopting technology that is regulated with protection for consumers and businesses. Alkesh also sees greater usage of NFTs not only as ownership of a unique asset but also as a marketing tool for brands across many industries.   "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.
Like a marathoner with a new knee, MedTech recovery to endure
Mar 19 2022
Like a marathoner with a new knee, MedTech recovery to endure
COVID recovery, an aging population and still plenty of room for innovation will drive growth 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.
Recycling becoming a critical step in the energy transition
Mar 14 2022
Recycling becoming a critical step in the energy transition
Higher recycling rates will be key to the energy transition and it starts with product design 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.
Funny commercials, sobering bills; inflation coming to auto insurance
Mar 3 2022
Funny commercials, sobering bills; inflation coming to auto insurance
Safe drivers look elsewhere for discounts as the auto insurance industry is entering a hard market 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.