Beyond Bulls & Bears

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Equity

Can European Banks Rebound from the “Triple Whammy”?

Although we expect banks will likely have to raise their loan-loss provisions for energy borrowers in the near term, we don’t believe it will significantly crimp their bottom lines.

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Alternatives

The Intangible Art of Operational Due Diligence

The ‘artistic’ nature of operational due diligence (ODD) is a human exercise, and one that cannot be readily quantified and cataloged … The abstract or intangible qualities of a solid ODD program—wisdom, experience and judgment—cannot be overstated.

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Perspectives

The Retirement Disconnect

The confusion and stress that many people feel about retirement really emphasizes the importance of working with a professional to help develop a strategy before one’s working years have ended as well as after. The value is peace of mind—and perhaps, a more peaceful retirement.

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Perspectives

Vision 2030—Saudi’s Bold Move into the Global Financial Market

[Vision 2030] is a significant and bold departure from the Saudi Arabia of the past, and we need to acknowledge that it’s a vision from a young leader trying to reposition a nation in the 21st century, giving the country a chance to compete on a global level.

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Perspectives

Thin Slicing the Markets: A Look at Debt, and Defensive Postures

While Americans (and American corporations) continue to lever everything but their kitchen sinks on their collective balance sheets, the return for each dollar borrowed is rapidly diminishing.

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Perspectives

Global Economic Perspective: May

The road toward the ECB’s target of 2% inflation will likely be long, but we maintain our belief that the central bank is currently pursuing all of the politically feasible policies at its disposal that can encourage a further revival of economic activity and help achieve that goal.

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Fixed Income

There Is a Way Forward for Brazil

We see clear consensus among observers that reforms have to be done in Brazil, but there is only mild optimism about the political will to adopt even a very conservative reform effort ... It won’t be easy, but there is a way forward for Brazil.

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Equity

The Politics—and Potential—of US Biotech

We do not believe anyone wants to ‘kill the golden goose,’ however, and even politicians would likely admit that draconian price controls would reduce the incentive for investing in drug research and development, which has resulted in many breakthrough therapies in the last several years.

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Perspectives

Notes from the Trading Desk – Europe

The main event of this week’s macro calendar will be the US nonfarm payroll employment data on Friday (May 6). The scrutiny on US data is immense, with so much focus on when the Fed will next lift interest rates.