Beyond Bulls & Bears

Note to Central Banks: Equity Markets Are Not Your Problem
Equity

Note to Central Banks: Equity Markets Are Not Your Problem

At some point, I believe we need to disengage from stimulus spending. If world economies can only survive if they are given cheap money—and tons of it—in my view it would mark the failure of the market economy.

Greece’s Precarious Position

Greece’s Precarious Position

Given how fluid this situation is currently, attempting to assign probabilities to a Greek exit scenario remains a moving target on a daily basis.

Are European Profits Poised for a Comeback?

Are European Profits Poised for a Comeback?

I believe the positive (earnings) trend will continue due to a handful of macro factors including labour reforms, lower borrowing costs and, especially, the depreciated euro, which all could help companies grow their profits.

Weighing the Odds of Compromise in Greece, and the “Grexit”

Weighing the Odds of Compromise in Greece, and the “Grexit”

We would be surprised if Greece’s creditors offered any fresh money until the new government makes clear its intentions vis-à-vis the country’s existing debt obligations.

Weak Euro, Structural Reforms Key to Eurozone Recovery in 2015

Weak Euro, Structural Reforms Key to Eurozone Recovery in 2015

The euro is finally starting to weaken against other major currencies, and we think this weakness should provide an important boost for the eurozone’s exporters, which include not only Germany, but Belgium, the Netherlands, Luxembourg and Italy as well.

Has Europe’s Recovery Story Turned Back a Page?

Has Europe’s Recovery Story Turned Back a Page?

If anything, recent weakness—particularly compared to the relative strength of the US market—has only served to strengthen the value case for European equities, in our view.

Standing By Convictions in European Equities

Standing By Convictions in European Equities

I believe the European Central Bank (ECB) in June gave compelling new reasons for investors to take an active interest in Europe.

Going Against the Grain, Again

Going Against the Grain, Again