Beyond Bulls & Bears

UK Spring Budget: Out with a Whimper, Just as Hammond Hoped
Equity

UK Spring Budget: Out with a Whimper, Just as Hammond Hoped

The [UK] chancellor painted a becalmed picture of steady economic growth for the United Kingdom. Of course, that picture may be at odds with many people’s expectations, particularly given the likely Brexit negotiation process due to take place during that period.

The Great Sector Rotation, and the Road Ahead for UK Equities
Equity

The Great Sector Rotation, and the Road Ahead for UK Equities

In the closing months of 2016, there were big changes in some of the financial metrics that feed into economic assumptions and indeed equity valuation assumptions, and we think that sets the tone for where we move into 2017.

Want to Create Value? Dig Deep and Adjust Your Expectations

Want to Create Value? Dig Deep and Adjust Your Expectations

In this current environment with elevated valuations (by historical standards), a trade-off exists between earnings risk and valuation risk. These are the decisions that some investors will want to consider as they strive to produce acceptable returns.

Finding Positives in a ‘Lower for Longer’ Environment
Equity

Finding Positives in a ‘Lower for Longer’ Environment

Even if we do see interest rates rise in the United States and/or the United Kingdom—possibly before the end of this year—it doesn’t necessarily mean equity investors should panic, because we think it is something that can be absorbed.

Redefining the Large- Vs Small-Cap Debate

Redefining the Large- Vs Small-Cap Debate

A lot of investors looking for equity values want to try to split the market into large-, mid- and small-cap. I think what's been going on recently is a little bit more complicated than that.