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...
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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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...
U.S. Economic Strength Pressures Emerging Markets
September 30, 2018
Historically‐low unemployment, growing wages, and other positive economic signals led the Federal Reserve to raise interest rates in recent years. This prevents the United States economy from accelerating too rapidly....
The Bear Necessities
September 30, 2018
This August the S&P 500 Index set a record for the longest uninterrupted bull market rally at 9.5 years and counting. The extraordinary rally dates all the way back to...