Another Look at China – The Social Credit System
March 31, 2019
In the United States, personal credit scores and corporate credit ratings establish trust that is easy to take for granted. Individuals trust that if they pay their credit card bills...
All The News That's Fit For Investing
In an earlier less globalized era, American investors could ignore a debt default in Greece. European investors could disregard subprime mortgages in the United States. Investors did not care whether China devalued its currency or manipulated its stock market. Today, investors ignore global events at their peril.
We are often astonished that many investment professionals are unaware of basic international differences such as Common Law vs. Civil Law or bank vs. capital market financial systems. Understanding these fundamentals helps us gauge risk and reward in global financial markets. We believe country governance is as important as individual company analysis. In fact, this top-down valuation is so critical to our foreign investment strategy, we’ve developed proprietary tools to guide our decision making.
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Slowing Population Growth as an Economic Problem
March 31, 2019
I recently attended the National Association of Business Economists (NABE) 35th Annual Economic Policy Conference in Washington, DC. The conference touched on thought-provoking topics, such as the current geopolitical outlook,...
Euroscepticism Offering Deep Discounts
December 31, 2018
Stock market returns in the eurozone as measured by the MSCI EMU1 index fell 19% in 2018, pulling back on the 26% gain in 2017. Primary drivers for the lagging...
A Tale of Two Housing Markets: Home Affordability vs. Accessibility
December 31, 2018
Home ownership is part of the American dream, but recent headlines suggest achieving this dream is becoming more expensive. Following the Financial Crisis of 2008, housing affordability reached a record...