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The 2019-2023 EM Fixed Income Outlook
Summary: EM fixed income should deliver compounded returns ranging from 30% and 60% in Dollar terms over the 2019-2023 investment horizon as markets revert to unwinding the so-called ‘QE trades’ after a temporary US election related interruption in 2018. As for 2019 returns, they may be marginally stronger than the five-year average due to the pullback in 2018. The main
It Takes 2 (Questions) to Make a Thing Go Right
If you've been in the industry long enough, you may have been able to look a client in the eyes and tell them the 3 greatest words an advisor can tell a client. “We did it.” The human element in sharing that news is a win for any advisor and any client hearing it. However, when the human element in
Channeling Warren Buffett
The most popular missives we write are associated with Warren Buffett’s annual letter to shareholders and the annual shareholder meeting in Omaha. This year we thought it would be fun to channel Mr. Buffett and attempt to write his letter for him. In effect, our goal is to predict what matters to him as a portfolio manager of private and
No more ‘Wild East’: China’s Stock Market Is Growing Up Fast
The Chinese stock market is changing at breathtaking speed and is on track to reach maturity faster than any other in history. Global investors have been reluctant to dive in, but there are good reasons to get acquainted with the companies serving the world’s second-largest economy. A Stock Market’s Adolescence Many investors prefer mature markets, where they can invest relatively
Fannie and Freddie Face Their Fates
  Fannie and Freddie Face Their Fates China Pledging Stimulus Not Reforms Bank Mergers Are Back on the Table   The 2008 global financial crisis brought about a number of historic market interventions. Most are now fodder for the history books: emergency loans have been repaid and stimulus funds spent. But one vestige remains. The agencies that support the U.S.
Assessing Valuations in India's Stock Market
When considering the prospects for India's stock market in the coming year, the primary determinants of performance at an aggregate level are the outlook for growth and underlying valuations. Assuming India's central government remains stable, the outlook for growth continues to improve. Given sustained low consumer price inflation and a reversal in oil prices, it is likely that the central
Amazon Cancels Plans to Build a Headquarters in NYC
Three months after it tapped Northern Virginia and New York City as the locations for its second headquarters, Amazon has announced that it is canceling its plans for the Big Apple in response to vociferous opposition from local political and community leaders. After the e-commerce giant announced plans in 2017 to open a second massive headquarters - dubbed HQ2 -
Good Things Come to Those Who Are Patient
In the World Markets bounced back from December’s steep sell-off, embodying the old adage that good things come to those who wait. A dovish pivot by the Federal Reserve – with a focus on “patience” in Fed officials’ comments as well as the official statement in January – combined with optimism over U.S-China trade negotiations bolstered investor sentiment and contributed
Do Convertible Securities Have a Role to Play in 2019?
Last week, a well-known, large US-based asset management firm decided to close its convertible securities fund, citing the fund’s inability to “gain broad acceptance” among some investors and, as part of a review of its products and offerings, “eliminating funds that lack a distinct role.” Following this announcement, the Invesco Convertible Securities Team has fielded several questions about our view
4 Questions That Entrepreneurs Must Ask Themselves
Every entrepreneur knows that as soon as you’ve cleared a hurdle and are celebrating a success, a new challenge arises. My good friend and Okta CFO Bill Losch sounds like a broken record every January when he tells me: “Freddy, now this is going to be our most important year yet.” He’s right, and he reinforces a message I’ve shared