Uncategorized

Happy New Year to Clients and Supporters! January 03, 2018

Posted by Bryce Coward, CFA in Uncategorized

Dear Stakeholders, We’d like to take this opportunity to thank you all for your ongoing support and attention and to wish you the very best for 2018! In the next year, we’ll continue to focus our data driven analysis on what we feel are the…

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Europe Flash PMI Better, Not Fabulous December 16, 2014

Posted by Knowledge Leaders Team in Uncategorized

While today’s better than expected rise in the flash PMI indicator (black line) for the euro zone is a welcome surprise, it would seem that it will take quite a bit more improvement before we can reasonably expect substantial progress in the recovery of important metrics such as GDP or industrial production: By country, France

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Why Does Everyone Keep Asking Us About Great Value Buys in Europe? December 12, 2014

Posted by Knowledge Leaders Team in Uncategorized

While attending a conference last week and hearing questions and comments such as, ”Europe’s pretty cheap right now, isn’t it?”, ”Where are you finding the best deals in Europe?”, and ”I bet you are finding a lot of value in Europe these days”, we felt as though it might be appropriate/ necessary to quickly review

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The Drop in the Oil Price Should Not be Viewed in a Vacuum December 12, 2014

Posted by Knowledge Leaders Team in Uncategorized

It would be one thing if the recent fall in the price of oil was an isolated event completely explainable by supply side and/or geopolitical factors such as overproduction or the desire of the Western powers to punish Russia for its Ukrainian crusade. That, however, does not seem to be the case.

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Catching Up With Emerging Markets December 11, 2014

Posted by Knowledge Leaders Team in Uncategorized

The MSCI Emerging Market Index has had a slightly better year than its developed market counterpart. The average stock in the MSCI EM Index is up 4.9% year-to-date in USD terms compared to a 2.2% rise in the developed market index.

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MSCI World Median P/E At 93-Month High December 11, 2014

Posted by Knowledge Leaders Team in Uncategorized

The median P/E for a stock in the MSCI World Index at the end of November was 19.79x. This is slightly above the P/E at the end of last year (19.70x) and it is at the highest level since January 2007. There is slight range of values when we break it out by region.

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When 61 Basis Points Seems Like A Lot December 10, 2014

Posted by Knowledge Leaders Team in Uncategorized

As of the close yesterday, the US two-year treasury yield was sitting at 61 basis points. For a little perspective, the two-year started the year at 39 basis points and hit a low in September 2011 of 17 basis points.

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Long End Of The US Yield Curve Flattest Since Jan 2009 December 09, 2014

Posted by Knowledge Leaders Team in Uncategorized

The spread between 30-year treasury yields and 10-year treasury yields fell to 65 basis points yesterday which is the lowest spread since January 21st, 2009. Since April 2013, the spread has narrowed by 59 basis points. As the long end has flattened, the spread between high yield and AAA bonds has narrowed considerably.

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