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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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....
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...
June 30, 2018
After anticipating rising interest rates for years, investors’ expectations are finally coming to fruition. In the summer of 2016, the 10-year Treasury yield briefly dipped below 1.5%, as expectations of...
June 30, 2018
For the fifth time since 2012, I was invited to participate with a select group of European and American economists at a symposium hosted by the National Association of Business...