Growth-Value Divergence and Other Obscurities
The coronavirus has been credited with causing recent market volatility. In a single day last week, the gains made in January were wiped out, while this week the market gains erased all of last week losses. Could it be that the market is searching for direction and...Global Trade, PMIs, Transformation, and Market Implications: When Lincoln Read Whitman’s Poetry
The latest figures on global trade portray a picture of contraction. Have we entered into a period of deglobalization? The figures tell us a story of the longest period of contraction since the crisis more than ten years ago. Six consecutive months of year-on-year...More Important than Valuation: Understanding the Value of Return on Invested Capital
By Joel N. Charalambakis “In the long term, it’s hard for a stock to earn a much better return than the business which underlies it earns. If the business earns six percent on capital over forty years and you hold it for that forty years,...Earnings, Valuations, and Equity Markets
Looking back to 2019, we don’t think that it would be a stretch to claim that lower rates and the dovish approach by the Fed lifted up valuations and played a very significant role in the spectacular rise in equities (not that debt markets did not also perform well)....The Rising Turmoil in the Middle East and the Implications for Portfolio Hedging
There is no doubt that the death of Qassem Soleimani may become a stepping-stone for rising violence, turmoil, volatility, risks, and even a new war in a troubled region of the world. The uncertainty that it generates is exacerbated by the possibility that Russia or...Sign Up for Our Publications
