Beyond Bulls & Bears

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Equity

Real Estate Breaks New Ground

The promotion of the real estate sector in headline Global Industry Classification Standard sectors for top indexes reflects investors’ long-standing acceptance of liquid real estate as an asset class and their awareness of its appealing characteristics.

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Equity

Three Worries About Australia’s “Big Four” Banks

Despite some hand-wringing by observers, we believe banks will be able to use dividend reinvestment programs and retained earnings to shore up their capital levels, and likely won’t need to build up reserves by selling additional shares, as many have done in the last 12 months.

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Equity

Three Things Markets Have Shown Us Since the Brexit Vote

I think there’s good reason to believe that, given time, markets will get through this period of uncertainty and volatility. It may take some years, but through that, UK companies should still be trading with Europe and it should be, to some extent, business as usual.

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Equity

Brexit: Serious Consequences, but “Not the End of the World”

In the end, any initial success for Brexit will likely depend on whether negotiations between the United Kingdom and the EU are amicable or acrimonious.

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Equity

Brexit: How Quickly May the Surprise Wear Off?

Our view is it’s important to focus on the fundamentals of individual companies. We think it’s a stock-picker’s market, and there may be some attractive value opportunities opening up, although they may close rather rapidly.

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Equity

The Post-Brexit Irrationality of Markets

Investors are now mulling over what this decision might mean for the UK economy and that of Europe as a whole. Without question, this decision creates uncertainty because there is no blueprint for a country to leave the EU.

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Value Unbound: The Implications of a Nascent Value Revival

During the (tech) bubble, all it took to topple tech stocks priced for perfection was a little bit of bad news. Just a little bit of good news may be sufficient today to spark a recovery among value stocks that seem to be pricing in permanent disappointment.

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Equity

On Brexit, Banks and Bargains

I believe the results of the June 23 referendum will likely mirror those of the 2014 vote on Scottish independence: Once people are in the voting booth, I believe they will sober up and decide to stick with the status quo.

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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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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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Equity

Oil-Price Pessimism May Be Presenting Opportunities

Although investors’ overall sentiment toward commodities and natural resources equities improved in the latter half of the first quarter, they seemed to generally remain skeptical that commodity markets were on the mend. We see this scenario as potentially laying the groundwork for further gains going forward.

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Equity

Tech Innovations: Best in Two Decades?

The volatility we have seen this year hasn’t dampened our outlook for tech companies. In fact, in my 20+ years researching technology stocks I haven’t seen a more robust period of innovation than we’re experiencing today.