May 3, 2022
Europe is trending toward a more American-style capital marketplace, with such funding sources as stocks and venture capital taking on increasing importance. As a result, we expect economic growth in...
December 31, 2020
Despite the handwringing over Brexit, here's why London will remain a leading global financial center, and the U.K. will remain Europe's most innovative economy.
March 31, 2020
Our planetary economy last suffered a synchronized recession of this potential magnitude during the Great Depression. But this time, the recession may not be as great, nor the recovery as...
March 31, 2020
How large are the potential health, economic, and financial impacts of the COVID-19 pandemic? We've analyzed the numbers, including possible recovery scenarios.
December 31, 2019
Despite the volatility and chaos of last 20 years, many people will be surprised to learn that our planet and our country are wealthier and more peaceful than at almost...
September 30, 2019
Despite extended periods of rapid economic growth that can excite investors, history shows that shockingly few countries “emerge” into wealthy, developed economies.
June 30, 2018
The single currency pressures European Union countries to harmonize legal differences, lower trade barriers within and across countries, and improve mobility for labor and capital. The eurozone did not start...
March 31, 2018
The capital flowing out of China and other developing countries is seeking a safe harbor. We use the capital they export to import their products, but also to inexpensively finance...
September 30, 2017
The European Central Bank (ECB) could face a thorny problem in the coming quarters. On one hand, German economic performance is robust. On the other hand, economic fundamentals in the...
June 30, 2017
Like the Dow Jones Industrial Average or the S&P 500 Index for American stocks, the MSCI Emerging Markets Index (EM) is the leading stock market benchmark for less developed countries....
March 31, 2017
Foreign stock markets are very inexpensive. A good indicator of value – particularly for international comparisons – is the Price-to-Cash-Flow (P/CF) ratio. Right now, the P/CF for the S&P 500...
March 30, 2017
Once upon a time, an entrepreneurial little girl named Goldilocks started three banks. Raising $1 billion from a stock offering to investors, Goldilocks established Too Cold Bank, Too Hot Bank...
December 31, 2016
President-elect Trump’s protectionist attack on Mexico appears to be more than rhetorical. He blames the North American Free Trade Agreement (NAFTA) for enabling companies to freely move manufacturing jobs to...
September 30, 2016
(For Part I, See our 2013:Q3 Newsletter at www.ghpia.com) In the early stages of the financial crisis the Federal Reserve reacted slowly. The first signs of distress in mortgage bonds...
September 30, 2016
In 2015 world Gross Domestic Product (GDP – the estimated value of all goods and services produced during the year) was $74.7 trillion. For a frame of reference, U.S. GDP...
June 30, 2016
Voters in the United Kingdom shocked the world by voting to leave the European Union (E.U.) after 43 years of membership. Exiting the E.U. has profound financial, economic, and political...
March 31, 2016
Voter anger and economic dissatisfaction are upending this year’s Presidential primaries. In addition to the traditional partisan divide between Democrats and Republicans or Liberals vs. Conservatives, perhaps an even more...
March 31, 2016
The financial crisis and Great Recession of 2008 – 2009 were global events. Unlike the American stock market, however, most international stock markets have not yet fully recovered to their...
December 31, 2015
In an earlier less globalized era, American investors could ignore a debt default in Greece (population 11 million). Similarly, European investors could disregard subprime mortgages in the United States. We...
September 30, 2015
One of the major causes of stock market volatility in the third quarter was concern about economic problems in China spilling over into other emerging markets and the broader global...
Top Row L to R: Brad Engle, Mike Sullivan, Sebrina Ivey, Christian Lewton, Jason Kitner
Bottom Row L to R: Carin Wagner, Angela Kennedy Lee, Jenny Merges, Brian Friedman, Deirdre Mcguire, Barbara Terrazas, Reed McCoy