Beyond Bulls & Bears

Card image cap
Equity

Stock-Market Value Hunting—and a Potential Post-Election Outcome

When looking at various countries or regions where we invest, we consider emerging markets as representing a disproportionate amount of where equity value exists today after several years of underperformance relative to developed markets.

Card image cap
Equity

What’s Driving US, European Voter Resentment?

Voters in a democracy often respond more to perception than reality, particularly when it comes to issues of patriotism, pride and identity. It isn’t always just about the bottom line.

Card image cap
Equity

Smartphones and Software Keys to Realizing “Dot-Com Dreams”

We believe many of the unfulfilled dreams of the dot-com era are finally being realized as the convergence of hyper-connected consumers and increasingly sophisticated technology and software has allowed companies to provide services that seemed impossible even 10 years ago.

Card image cap
Equity

3 Reasons Why Investors Should Ignore Political Threats to Biotech

Given that the United States is considered a world leader in pharmaceutical innovation, we think it’s unlikely that politicians would want to impede the profit motivation of innovation and potentially severely impair the industry’s growth.

Card image cap
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.

Card image cap
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.

Card image cap
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.

Card image cap
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.

Card image cap
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.

Card image cap
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.

Card image cap

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.

Card image cap
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.