Beyond Bulls & Bears

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Fixed Income

Why We’re Expecting a Return to Normality

"The argument that investors should confine themselves to risk-free assets because the world is on the brink of adopting a swathe of radical fiscal and monetary policies or because we’re facing the prospect of the break-up of the EU, seems to me to be specious."

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Perspectives

The Political Implications of Macron’s Win in France

In the wake of Emmanuel Macron’s victory in the French presidential race, what’s next for investors? Matthias Hoppe, senior vice president and ...

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Perspectives

Municipal Bonds: Not Just for US Investors Any More

One area of possible bipartisan consensus under the new US Trump administration may be a renewed emphasis on infrastructure spending. This could result in new public-private partnerships and the issuance of qualified public infrastructure bonds.

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Equity

US Equities: Policy Smoke or Solid Pillars?

We continue to see potential opportunities in many sectors of the market, but one area we are particularly excited about is the technology sector. Even more exciting and less obvious are the behind-the-scenes, technology-driven transformations taking place in many industries outside of the technology sector.

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Equity

An Exciting Time for the Energy Sector

Our general takeaway is that energy sector opportunities in 2017 and 2018 are likely to be more idiosyncratic and company-specific, whereas in the recent past they’ve been driven more by the macro commodity price environment. As fundamental, bottom-up investors, this is an environment we welcome.

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Perspectives

Notes from the Trading Desk – Europe

The surprise from the results of the first round of the French election was that there was no surprise. The polls seem to have got it right this time as centrist Emmanuel Macron garnered the most votes, followed by far-right nationalist Marine Le Pen.

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Perspectives

French Election Result – It’s Not Yet a Done Deal

On paper, the result of the final round of the French election now looks to be a foregone conclusion; most observers would expect a solid victory for the more establishment Emmanuel Macron over the far-right Marine Le Pen. But if we’ve learned anything from recent political events, it’s to expect the unexpected.

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Fixed Income

How Theresa May’s Election Gambit Could Strengthen Her Brexit Hand

UK Prime Minister Theresa May’s decision to call a snap general election for June 8, caught just about everybody off guard, but we think it could prove a shrewd political move.

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Perspectives

Cutting Through the Political Noise for Opportunities in Europe

Although recent history shows there is reason to be skeptical of political polls, we do not believe populist parties will score victories significant enough in national elections to cause an existential threat to the European Union (EU).

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Perspectives

Notes from the Trading Desk – Europe

The political landscape continues to cast a shadow over financial markets in both Europe and the United States. We will be keeping an eye on polls and reaction in the lead-up to the French presidential election as well as conversations around evolving US-Russia relations.

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Fixed Income

An Investor’s View of the French Presidential Election

Despite the failure of the far-right, anti-immigration, anti-European Union (EU) party to make significant in-roads in the recent Dutch elections, we don’t think we can discount the influence of populism in upcoming European elections completely.

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Perspectives

Why We’re Taking a Long-Term View of UK Mid-Cap Valuations

Most mid-caps are not yet at a level at which we’d want to invest, but we are interested in doing the groundwork now that would enable us to move quickly if we decided that there was an opportunity in the future.