DM EMEA Equities: Leadership Wanted


Preliminary data from Markit’s Purchasing Managers’ Index (PMI) survey, released today, convey an overall positive picture for the Eurozone as a whole. The composite index rose (unexpectedly) to 54.1 from 53.3 in October. Eurozone PMI Manufacturing also rose unexpectedly (to 53.7 from 53.5, avoiding the anticipated decline to 53.3), in spite of small declines in […]

Quarterly Strategy Update: A Rotation to Cyclical Leadership?

This quarter we discuss our work navigating a global equity rotation from defensive-driven leadership to cyclical-driven leadership. We analyze economic growth trends and our belief that we are in the closest thing to a synchronized global upturn that we’ve seen in years. We discuss three liquidity shocks are impacting asset prices: China devaluing the yuan, divergent monetary […]

Where Do Equity Valuations Stand Today?


There seems to be several compelling reasons at the moment to mine developed market Asia for new equity investment ideas. Earlier this week we noted that the changing liquidity environment could move investors’ regional equity preference from North America to Asia. In this post we are evaluating current equity valuations and the most obvious conclusion to draw is that […]

One Reason Diversification Isn’t Paying Off Right Now


The Asian financial crisis and the bursting of the tech bubble in the US flipped the inflationary/deflationary axis of the economic world. The primary price concern in the world from approximately 1970-2000 was one of rising prices (i.e. inflation). Since then the world has been much more concerned with falling prices (i.e. deflation). Investors everywhere seem […]