News > Financial Services

Falling Angels? Credit Market Risks and Opportunities
SUMMARY Variations across the U.S. credit market continue to offer high-conviction opportunities for active investment approaches, versus relying on generic beta exposure. We see opportunities in financials, high-quality taxable municipal bonds, agency mortgage-backed securities, and securitized products, which in our view offer better risk/reward profiles than most single-A corporates with relatively less downgrade risk. Releveraging risk may often be higher
Emerging Risks for Emerging Economies
The US Federal Reserve's pause on further monetary-policy tightening has fueled a revival of capital inflows. But, given the uncertainties about US policy and Chinese growth prospects, it is too early to conclude that emerging economies are out of the woods. EDINBURGH – Suddenly it seems that emerging-market economies have gained a respite. Capital flows to these economies dried up
Equity Investing When Turbocharged Growth Is Gone
If we’re in a low-growth environment, but also with low interest rates, we really have to look at our companies and try and identify those businesses we think can grow faster than the market. And if we pay a reasonable price for those businesses, we should get a better return than the market. So, I think investors need to think
How Western Economies Can Avoid the Japan Trap
With the return of Europe's economic doldrums and signs of a coming growth slowdown in the United States, advanced economies could be at risk of falling into the same kind of long-term rut that has captured Japan. To avoid that outcome, policymakers must recognize and address the deeper structural forces at work. NEW YORK – Not too long ago, the
Coworking Industry Steadily Growing
According to the latest coworking report by Cushman & Wakefield, the potential for growth in the coworking industry is evident. Pexels / Pixabay Coworking spaces currently account for only 1% of total office inventory across 87 markets, but they are predicted to represent between 5% and 10% of inventory in the coming years. [REITs] Q4 hedge fund letters, conference, scoops
Emerging Markets: Don’t Be Spooked by Bleak Headlines
Signs of a recovery in emerging markets early this year have given way to worries about China’s economic slowdown and sluggish growth in Europe and Japan. But beyond the negative headlines we think many risks that weighed on the market last year have faded and the earnings outlook is relatively strong. Will the 2019 Rebound Continue? Last year was not
Quarterly Review of Asia's Markets
China and Asia are once again at the forefront of many investors' minds. Investors have taken notice of a potential resolution to the trade dispute with the U.S., the pause in Federal Reserve tightening and the curtailing of the U.S. dollar's rally, along with headlines suggesting China is looking to stimulate growth. In meetings with clients across Europe, Latin America
China's Factories Power On for the First Time in Four Months
A resolution to the China-U.S. trade dispute is still in the works, but China’s manufacturing sector just returned to growth for the first time in four months, a sign that its government’s economic stimulus appears to be working. Both the private Caixin and official Chinese government purchasing managers’ indices (PMI) beat consensus by rising sharply above 50.0 in March, indicating
Growing the Pie
A few weeks ago, we were pleased to announce a partnership with Brookfield Asset Management that created an alternative investment manager with one of the broadest slates of strategies and greatest asset totals. And what question did I get? “Will there still be memos?” Well, here’s your answer. * * * One thing I’m not happy being right about is
Global Growth Slows, Yield Curve Inverts, and Latin America Feels the Pinch
  The Expansion’s Endgame? Latin America: Caught In The Middle What The Yield Curve Is (And Isn’t) Telling Us   In this age of electronic entertainment and communication, it has been surprising to see bars using board games to attract visitors. Battleship, Connect Four and Trivial Pursuit have all found new life in these establishments, which are trying to buck