Why choose TS Lombard

TS Lombard has been producing independent macro research since 1989. Our track record is built on high-conviction calls made ahead of consensus.

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TS Lombard’s macro research track record of high conviction calls

The test of a macro research provider is the quality of its calls at turning points. When consensus is wrong. When markets are mispriced. When political risk is being ignored. TS Lombard has been identifying those moments for 35 years. Here are some of our favorite calls:

See our full track record

August 2025

China: Long equities short rates

Rates have decoupled from macro fundamentals. Equity outperformance will trigger a spike in yields Party Time (August 25) & Long China & Long Scandi FX.

The result: 10 yr yields up 25bps, MSCI China +6%

June 2025

Long MSCI China, Short CGBs

CGB bond yields were rock bottom and equity valuations attractive at a time when the Chinese macro data was relatively stable and expectations to rein in price war behavior were getting stronger.

The result: +26% P&L (closed Sept 2025).

April 2025

No major bear market or recession post-Liberation Day

Trump would back off tariff rates that risked a sustained bear market, but the dollar standard era was ending. Bunds were the safe haven.

The result: Equities bounced; dollar weakened; Bund-UST correlation broke amid policy shocks

December 2024

Is the 2025 consensus wrong?

Markets assumed Trump’s policy ambitions were only downside risks. We argued that if Trump 2.0 proved more radical, the macro backdrop could get much harder. Investors were too bullish on the US and too bearish on the rest of the world.

The result: Extremely challenging environment. US exceptionalism trade overextended; global stocks outperformed US.

What our clients say

“I just finished reading your year-ahead piece. It is simply brilliant: comprehensive and accessible at the same time, had me feeling like all the necessary elements were touched on.”

Jan-Daan van Wyk, CFA, CIPM Senior Analyst. Investment Management, Princeton Advisors LLC

“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, London, UK

“We have utilized TS Lombard’s research for over 10 years. We find it independent, conservatively grounded and a refreshing viewpoint on both US economic activity and the world.”

Thomas H. Atteberry, Partner, First Pacific Advisors LP, Los Angeles, USA

“The work I think is the best on the street. Not an exaggeration. Form and substance, but substance above all.”

John Heffern, KCA/Princeton Advisors LLC, New Jersey, USA

The team behind the research

Together, we are the leading provider of independent macro and investment research.

Meet the TS Lombard team

What a TS Lombard subscription includes

Global macro, emerging markets, and geopolitical research

20-plus publications covering global macro, market strategy, and emerging markets. Updated daily, weekly, and monthly.

Proprietary economic models and quantitative signals

CycleQUEST, valueQUEST, proprietary Chinese GDP and US broad money models, quantitative signals, and global flow of funds analysis.

Monthly independent asset allocation recommendations

Asset allocation views a global, asset class, and country level. Updated monthly by our strategy committee.

Direct access to TS Lombard analysts

Analysts are available to clients for private consultation, to attend client events, conferences and for bespoke research work.

35 years of macro research experience

Our team has navigated multiple rate cycles, financial crises, political shocks, and EM stress events. That experience informs every call we make.

GlobalData TS Lombard: Perkins Vs Beamish

Each week, Chief Economist Freya Beamish and Managing Director of Global Macro, Dario Perkins, answer three of the questions clients are actually asking.

No prepared statements. No consensus handholding. Two economists with different views, working through what is moving markets.

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