Beyond Bulls & Bears

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.

Card image cap
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.

Card image cap
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.

Card image cap
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.

Card image cap
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.

Card image cap

A Golden Opportunity?

We continue to see attractive investment opportunities in gold and precious metals equities, with many companies trading well below what it would cost to build their existing mines today. We believe many gold companies are also well-positioned to survive a weak price environment.

Card image cap
Equity

Volatility Is Not an Indicator of US Recession

I believe when we look back through the rear-view mirror later this year, we will see this period as a growth pause in a long expansionary cycle.

Card image cap
Alternatives

Oil’s Well That Ends Well?

With the modest-at-best global economic recovery after the still front-of-mind global financial crisis trauma from 2008-2009 … markets are understandably preoccupied with the scope for unpleasant shocks.

Card image cap

Will Market Volatility Put US Rate Rises on Hold—for Now?

In all likelihood, the Fed will probably hold fire on interest rates until markets calm down for a period of time.

Card image cap

On January Barometers and Market Bargains

We are now witnessing historic extremes in the discount afforded to value relative to growth, quality and safety. While this environment has been (and may remain) painful for some time, the eventual normalization of these extremes represents the most compelling opportunities in equity markets today.

Card image cap

Will Equities See a Sweeter ’16 Ahead?

Global financial markets still face numerous risks, but the drivers of corporate profitability appear to us to be sustainable in the current business and economic environment.

Card image cap

A Year for Value?

While stocks are certainly vulnerable to near-term volatility, we think the asset class globally remains well positioned for long-term performance potential.