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Consilient Observer • 03-Aug-2021

Everything Is a DCF Model

Michael Mauboussin, Dan Callahan

We suggest the mantra “everything is a DCF model.” Whenever investors value a stake in a cash-generating asset, they should recognize they are using a discounted cash flow (DCF) model. The topic deserves attention because many market participants don’t think DCF models are relevant, and many use heuristics for value without recognizing the purpose and limitations of the shorthands. The intrinsic value, determined by the present value of future cash flows, attracts the price like a magnetic force. This means it is useful for investors to keep in mind the value drivers of a discounted cash flow model.

Caron’s Corner • 02-Aug-2021 • 11:45 Min
Money Never Sleeps. . .but Bond Yields Do Global Fixed Income Team Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Caron’s Corner • 26-Jul-2021 • 8:51 Min
Why Bond Yields Are Low – Technicals vs. Fundamentals Global Fixed Income Team Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Global Equity Observer • 23-Jul-2021
Quality in a Brave New World International Equity Team The International Equity team argues that the case for quality compounders remains largely unchanged in the “Brave New World” of reflation and inflation. Bruno Paulson discusses.

Tales From the Emerging World • 20-Jul-2021
Whither the Bubblets of 2021? Global Emerging Markets Team As worry spreads about the rise and fall of market bubbles, questions are asked about whether these price moves count as “bubbles,” poised to pop. Ruchir Sharma, Chief Global Strategist and Head of Emerging Markets, looks at history for the answer.

Sustainable Investing • 19-Jul-2021
Climate-Related Risk Data for Real Assets: A Framework for Assessment Morgan Stanley Real Estate Investing A new framework for assessing climate risk data may help real estate investors evaluate risks.

Caron’s Corner • 19-Jul-2021 • 9:49 Min
Pricing the Trough After the Peak - but the Level Matters Global Fixed Income Team Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Global Fixed Income Bulletin • 16-Jul-2021
Where Is All the Yield Going? Global Fixed Income Team Yields continuing to fall, credit spreads tightening and equities rallying despite bearish news. The Global Fixed Income team discuss an extraordinary June.

Takeaways & Key Expectations • 14-Jul-2021
Equity Market Commentary - July 2021 Applied Equity Advisors Team In his July TAKE, Andrew Slimmon shares his thoughts on the latest equity selloff in China and where he and his Applied Equity Advisors team stand with respect to the longer term investment prospects.

Caron’s Corner • 12-Jul-2021 • 10:32 Min
Reflation and Reverse Repos: Following the Money Global Fixed Income Team Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Caron’s Corner • 06-Jul-2021 • 7:07 Min
Bond Yields Are Falling Despite Stronger Data: What’s Going On? Global Fixed Income Team Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Resilience • 30-Jun-2021
Long Short Equity Strategies: "Hedging" Your Bets AIP Hedge Fund Team Amid the market uncertainty caused by the COVID-19 pandemic, investors may be seeking ways to add resilience to their portfolios. Long-short equity strategies have the potential to deliver steady returns in volatile markets.

Market Pulse • 30-Jun-2021
The Policy Puzzle: Procyclical or Countercyclical Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Caron’s Corner • 28-Jun-2021 • 14:12 Min
Infrastructure a-Go-go: What it Means for Markets Global Fixed Income Team Jim Caron, Senior Portfolio Manager and Chief Strategist for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Insight Article • 23-Jun-2021
Investing in Startups Founded by Women and Multicultural Entrepreneurs Morgan Stanley Next Level As part of its ongoing commitment to advance racial and economic equity, Morgan Stanley’s new Next Level Fund invests in early-stage technology companies with women and diverse members on the founding teams.

Consilient Observer • 23-Jun-2021

The Impact of Intangibles on Base Rates

Michael Mauboussin, Dan Callahan

The shift in investments from tangible to intangible assets has important implications for how investors should think about corporate growth rates. Companies with more intangible assets can grow faster, but they can also become irrelevant and shrink faster. Our analysis of historical sales growth rates for U.S. companies reveals both of these results: higher growth and more dispersion, on average, for companies and industries with the highest intangible asset intensity. Skillful investors may be able to identify the companies that will grow faster than expected, hence providing the potential for attractive returns.

Global Equity Observer • 22-Jun-2021
Low Carbon Ambition International Equity Team The companies within the International Equity team’s portfolios are encouraging their customers to live more sustainably. William Lock and Laura Bottega discuss.

Caron’s Corner • 21-Jun-2021 • 11:18 Min
Is This the Start of Something Bigger? A Look at Asset Pricing Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Takeaways & Key Expectations • 16-Jun-2021
Equity Market Commentary - June 2021 Applied Equity Advisors Team In his June TAKE, Andrew Slimmon shares a number of historical market precedents that may provide insight regarding current equity markets and investor behavior.

Global Fixed Income Bulletin • 16-Jun-2021
Where Did Volatility Go? Global Fixed Income Team A quiet May saw the constructive market narrative continue. How long will this last, what does this mean for investors? The Global Fixed Income team discuss.

Caron’s Corner • 16-Jun-2021 • 8:41 Min
Key Takeaways From Today’s Fed Meeting Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Caron’s Corner • 14-Jun-2021 • 11:16 Min
What if Inflation Is Not Transitory - and What Happens Next? Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Sustainable Investing • 08-Jun-2021

MSIM’s Securitized Sustainability Framework: Promoting Responsible Lending & Driving Positive Impact Alignment

Gregory Finck, Navindu Katugampola, Barbara Calvi, Erin K. Glenn

Environmental, Social and Governance (ESG) factors are most often discussed in the context of corporate and sovereign debt issuers. But that’s changing, according to the Securitized Fixed Income Team, as client demand is driving change when it comes to mortgage and other asset-backed securities.

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Caron’s Corner • 07-Jun-2021 • 11:54 Min
The Jobs "Wager" Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Sustainable Investing • 03-Jun-2021
Mona Benisi Wins 2021 Women in Sustainability Leadership Award Mona Benisi wins prestigious Women in Sustainability Leadership Award

Tales From the Emerging World • 02-Jun-2021
Where the Digital Future Will Unfold Global Emerging Markets Team The most ingenious uses of future digital technology are likely to be shaped in the emerging world. Ruchir Sharma, Chief Global Strategist and Head of Emerging Markets, discusses.

Sustainable Investing • 02-Jun-2021
MSIM Fixed Income Engagement Strategy: Integrated, Insightful, Influential Barbara Calvi, Navindu Katugampola, Anuj Gulati Fixed income investors play an important role in pursuing positive sustainability outcomes through a constructive dialogue with issuers around ESG. The MSIM Global Fixed Income Team explains how they incorporate engagement throughout their investment process.

Caron’s Corner • 01-Jun-2021 • 11:16 Min
Labor, Labor, Everywhere, Not a Person to Hire Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Global Equity Observer • 26-May-2021
Scale and Diversification International Equity Team The twin virtues of scale and diversification in our high-quality holdings have played a part in their strong earnings performance both through the recent crisis and over time. Marcus Watson explains.

Market Pulse • 25-May-2021 • 12:00 Min
Fixed Income Update with Kevin Lynyak Fixed Income Managed Solutions Kevin Lynyak, Head of Fixed Income Managed Solutions and Lead Fixed Income Portfolio Manager, discusses trends, risks and opportunities in the fixed income markets. Listen now.

Takeaways & Key Expectations • 24-May-2021
Equity Market Commentary - May 2021 Applied Equity Advisors Team In his May TAKE, Andrew Slimmon shares his thoughts about what might happen to the U.S. equity markets should Wall Street continue to revise earnings estimates upward.

Caron’s Corner • 24-May-2021 • 8:24 Min
It’s Better to Travel Than Arrive Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Consilient Observer • 19-May-2021

The Economics of Customer Businesses

Michael Mauboussin, Dan Callahan

This report focuses on the customer as the basic unit of analysis in understanding value. The idea of customer lifetime value has been around for decades, but we believe our discussion is richer and more nuanced than what many companies and analysts present. We discuss a framework called customer-based corporate valuation, which links customer economics to shareholder value and offers a more robust way to forecast revenues. We also show the limitations of common ratios such as customer lifetime value to customer acquisition cost (LTV/CAC), explore how companies can create consumer and supplier surplus, provide a case study, examine trade-offs in the drivers of value, and explore common errors.

Caron’s Corner • 17-May-2021 • 11:48 Min
Like Looking Through a Dirty Window: The Data Is Noisy and Unclear Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Global Fixed Income Bulletin • 14-May-2021
Welcome to the Brave New World! Global Fixed Income Team After rising significantly in March, U.S. Treasuries and most other developed market government bond yields fell measurably, despite solid, surprisingly strong economic data. The Global Fixed Income Team examines what these dynamics mean for fixed income investors.

Insight Article • 13-May-2021

U.S. Office Workplace Survey: Reduced, Reconfigured, but Still Required

Morgan Stanley Real Estate Investing

The largest investable commercial real estate segment in the U.S., the office sector has also been the most affected by the pandemic. Morgan Stanley Real Estate Investing conducted a survey of U.S. corporates to find out what will really be the lasting impact of COVID-19 on the sector. The findings are in the team’s latest piece.

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Market Pulse • 11-May-2021 • 10:51 Min
Fixed Income Update with Kevin Lynyak Fixed Income Managed Solutions Kevin Lynyak, Head of Fixed Income Managed Solutions and Lead Fixed Income Portfolio Manager, discusses trends, risks and opportunities in the fixed income markets. Listen now.

Caron’s Corner • 10-May-2021 • 9:58 Min
There Is a Risk of Investor Complacency. Here’s How Bonds Can Help Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Market Pulse • 05-May-2021 • 4:54 Min
Five Reasons To Be Bullish on the American Consumer Active International Allocation Team Jitania Kandhari, Head of Macroeconomic Research for the Global Emerging Markets Team and Co-Manager of the Active International Allocation Portfolio, outlines her five reasons to have confidence in the American consumer.

Caron’s Corner • 03-May-2021 • 8:30 Min
Strong Data Brings Inflation Risks – Should We Be Worried? Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Media Appearance • 03-May-2021

Back to the Future With the Energy Transition

Morgan Stanley Infrastructure Partners

The outlook for renewable energy infrastructure in the U.S. has never looked more promising. Morgan Stanley Infrastructure Partners’ Chris Ortega discusses the importance of investing to support the whole value chain of technologies that will facilitate the transition away from carbon-intensive energy systems.

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Global Multi-Asset Viewpoint • 30-Apr-2021
Could Value be Starting a Structural Bull Market? Cyril Moulle-Berteaux, Sergei Parmenov MSIM’s Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: “Could Value be Starting a Structural Bull Market?"

Global Equity Observer • 29-Apr-2021
Is quality now (relatively) on sale? International Equity Team There are reasons to believe that the recent “Growth Bubble” may have peaked and the “Value Rally” is nearing its end. In our minds this presents an excellent opportunity to invest in Quality Compounders. Bruno Paulson explores.

Market Pulse • 29-Apr-2021
A Strong Recovery in the Economy is Still Falling Short of Fed Objectives Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Market Pulse • 28-Apr-2021 • 9:54 Min
Fixed Income Update with Kevin Lynyak Fixed Income Managed Solutions Kevin Lynyak, Head of Fixed Income Managed Solutions and Lead Fixed Income Portfolio Manager, discusses trends, risks and opportunities in the fixed income markets. Listen now.

Caron’s Corner • 26-Apr-2021 • 7:56 Min
The Policy Clash Point? Worries of an Easy Fed Transitioning to Future Tightening may be Premature Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Global Fixed Income Bulletin • 23-Apr-2021
The More Things Change, the More they Stay the Same Global Fixed Income Team Vaccination numbers are far better than anticipated, but, given market pricing and expectations, the strategy implications remain unchanged. GFIO Team explores.

Caron’s Corner • 19-Apr-2021 • 9:16 Min
Twin Peaks: After Growth and Fiscal Spending Plateau, What Comes Next? Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Media Appearance • 16-Apr-2021
Morgan Stanley's Seema Hingorani Wants More Women In Finance. What She Would Do. Seema Hingorani talks to Barron’s about the dearth of women in investment management, why it has been so hard to change the face of the industry and what more is needed.

Consilient Observer • 14-Apr-2021

Market-Expected Return on Investment

Michael Mauboussin, Dan Callahan

This report describes market-expected return on investment (MEROI), which measures the return at which the present value of a company’s profits equals the present value of its investments. This allows executives and investors to see how high the bar is set. Measuring returns has become harder as investments have shifted from being mostly tangible to intangible. We gain a clearer view of returns and expectations by separating expenses and investments properly. We break new ground by connecting valuation and accounting.

Insight Article • 12-Apr-2021
What a difference a year makes: High yield opportunities in 2021 Richard Lindquist, Jack Cimarosa Amid improving economic data, declining defaults, and the relatively low level of nominal and real yields the Global High Yield Team explains why they believe high yield bonds remain one of the most appealing investment options available across Fixed Income.

Caron’s Corner • 12-Apr-2021 • 10:53 Min
Inflation Rising Sharply but Is it Anchored or De-anchored? Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Sustainable Investing • 08-Apr-2021
Decarbonisation: The Basics Vladimir Demine, Candida de Sliva Decarbonisation 101. The International Equity Team discusses how a high quality equity portfolio can help investors seeking to reduce their carbon footprint.

Tales From the Emerging World • 07-Apr-2021
Brazil: Populism versus Commodities Global Emerging Markets Team Will doubts about economic reform prevent Brazil from capitalizing on the nascent revival of commodity prices in emerging markets? Ruchir Sharma, Chief Global Strategist and Head of Emerging Markets, discusses.

Global Multi-Asset Viewpoint • 31-Mar-2021
Will the Bond Bear Kill the Equity Bull? Cyril Moulle-Berteaux, Sergei Parmenov MSIM’s Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: “Will the Bond Bear Kill the Equity Bull?"

Global Equity Observer • 31-Mar-2021
Why big brands thrive in a digital age International Equity Team Hasn’t the internet leveled the playing field for big and small brands? Nic Sochovsky of the International Equity team looks at why big brands continue to thrive in the digital age.

Market Pulse • 30-Mar-2021 • 8:42 Min
Fixed Income Update with Kevin Lynyak Fixed Income Managed Solutions Kevin Lynyak, Head of Fixed Income Managed Solutions and Lead Fixed Income Portfolio Manager, discusses trends, risks and opportunities in the fixed income markets. Listen now.

Caron’s Corner • 29-Mar-2021 • 6:21 Min
After the U.S. in Q1, Where Is the Next Big Growth Surprise? Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Caron’s Corner • 22-Mar-2021
Have We Reached ‘‘Peak Surprise” for 2021? Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Sustainable Investing • 21-Mar-2021
ESG Investing: Living in a Material World Applied Equity Advisors Team Can exemplary corporate behavior on ESG issues really translate into better financial results? As Leslie Delany of the Applied Equity Advisors team explains, the answer is a resounding yes. The key is materiality.

Takeaways & Key Expectations • 17-Mar-2021
Equity Market Commentary - March 2021 Applied Equity Advisors Team In his March TAKE, Andrew Slimmon addresses three timely questions that currently puzzle investors about opportunities in the equity market and potential ways to put additional funds to work.

Sustainable Investing • 17-Mar-2021
Investing Wisely By Avoiding Permanent Destruction of Capital International Equity Team Jill Ytuarte breaks down what the International Equity Team believes is their chief responsibility to clients.

Market Pulse • 16-Mar-2021 • 10:22 Min
Fixed Income Update with Kevin Lynyak Fixed Income Managed Solutions Kevin Lynyak, Head of Fixed Income Managed Solutions and Lead Fixed Income Portfolio Manager, discusses trends, risks and opportunities in the fixed income markets. Listen now.

Global Fixed Income Bulletin • 15-Mar-2021
A Tantrum, or the Return to Fair Value? Global Fixed Income Team It’s all about the economy. According to the Global Fixed Income Team, the outlook for fixed income, more than ever, is about the trajectory of the economy and policymakers’ attitude towards it.

Caron’s Corner • 15-Mar-2021 • 7:05 Min
The Fed: Waiting For (the) Go-Dot Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Sustainable Investing • 15-Mar-2021
Holistic and Responsible Investing in a Rapidly Changing World International Equity Team Laura Bottega discusses how global factors encourage companies to balance profit and ESG.

Insight Article • 12-Mar-2021
"Undiscovered" Secondary Markets AIP Hedge Fund Team Secondary markets for hedge funds and private credit may not be well known to investors, but they can offer compelling returns and important risk mitigation benefits.

Tales From the Emerging World • 09-Mar-2021
Why the Housing Boom Has Legs Global Emerging Markets Team The pandemic has been full of surprises for global markets, none more unexpected than the housing boom. Ruchir Sharma, Chief Global Strategist and Head of Emerging Markets, explores.

Market Pulse • 08-Mar-2021 • 7:24 Min
Bond Yields Are Actually Low, Not High Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Sustainable Investing • 08-Mar-2021
ESG Focus Adds Value For Our Clients International Equity Team Vladimir Demine explains why having a dedicated head of ESG research is the right thing to do for clients.

Media Appearance • 07-Mar-2021
Crain's Notable Women on Wall Street Morgan Stanley Real Estate Investing Cindy Dishmey, head of Data Strategy for Investment Management’s Global Real Assets group, named in Crain’s 2021 Notable Women on Wall Street list.

Sustainable Investing • 03-Mar-2021
Being Principled, Without Sacrificing Return International Equity Team William Lock explains why there is no need for compromise between returns and principles.

Market Pulse • 02-Mar-2021 • 16:47 Min
Fixed Income Update with Kevin Lynyak Fixed Income Managed Solutions Kevin Lynyak, Head of Fixed Income Managed Solutions and Lead Fixed Income Portfolio Manager, discusses trends, risks and opportunities in the fixed income markets. Listen now.

Caron’s Corner • 01-Mar-2021 • 8:53 Min
There’s a Thin Line Between Easy and Tight Policy Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Sustainable Investing • 25-Feb-2021
The Material Risk Indicator: A proprietary framework for assessing ESG risks and opportunities Vladimir Demine, Nathan Wong How to record ESG company risks and opportunities in a consistent and comparable way? The International Equity Team explains the Material Risk Indicator.

Takeaways & Key Expectations • 24-Feb-2021
Equity Market Commentary - February 2021 Applied Equity Advisors Team In his February TAKE, Andrew Slimmon explains an indicator he has watched spanning back to his days as a financial advisor in the 1990s.

Global Equity Observer • 24-Feb-2021
Insta-engagement International Equity Team Having engaged with company management and their boards for more than 20 years, Bruno Paulson explains why the International Equity team favours meaningful long-term engagement over faddy box-ticking.

Sustainable Investing • 24-Feb-2021

Assess, Engage, Perform: The Value of ESG Integration within High Yield

Sarah Harrison, Navindu Katugampola, Barbara Calvi

Integrating ESG considerations into the high yield market presents both challenges and opportunities for investors. The Global Fixed Income team provides tangible examples of how their ever-evolving ESG framework has helped contribute to both alpha generation and risk mitigation in the last year.

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Caron’s Corner • 22-Feb-2021 • 10:22 Min
Clearing Initial Hurdles on the Track to Recovery Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Global Multi-Asset Viewpoint • 20-Feb-2021
What’s in Store for Real Rates in the U.S.? Sergei Parmenov, Cyril Moulle-Berteaux MSIM’s Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: “What’s in Store for Real Rates in the U.S.?"

Caron’s Corner • 16-Feb-2021 • 8:04 Min
Rising Yields v Sustainable Growth: What Tips the Scales? Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Convergence • 16-Feb-2021

Culture Quant Framework

Counterpoint Global

Company culture is essential to unleashing the ingenuity that drives intangible investments, yet it continues to defy quantification. Counterpoint Global identified employee retention as a significant indicator of culture. They show how it correlates with attractive stock returns and how this analysis is integrated into their Sustainability Research process.

Global Fixed Income Bulletin • 15-Feb-2021
Alea iacta est ('the die is cast') Global Fixed Income Team We want to own those areas that can withstand further macro/virus volatility and higher yields but have enough yield/spread to offer reasonable 2021 returns.

Engagement Report • 12-Feb-2021
ESG and Sustainable Investing Report Kristian Heugh, Marc Fox, Emily Tsui The Global Opportunity team shares its annual report on ESG engagement activity.

Insight audio • 12-Feb-2021 • 6:31 Min
Emerging Market Allocation: How Much to Own? Global Emerging Markets Team Jitania Kandhari, Head of Macroeconomic Research for the Global Emerging Markets Team and Co-Manager of the Active International Allocation Portfolio, reviews three key approaches to answer the most popular question her team gets asked – "How much should we invest in EM?"

Insight audio • 12-Feb-2021 • 5:43 Min
Why We Believe Emerging Markets Are Poised for a Comeback Global Emerging Markets Team Jitania Kandhari, Head of Macroeconomic Research for the Global Emerging Markets Team and Co-Manager of the Active International Allocation Portfolio, outlines four trends she believes will lead to an EM comeback in the next five to ten years.

Insight Article • 10-Feb-2021
The Rise of Hedge Fund Co-Investments AIP Hedge Fund Team Hedge fund co-investments have an important role to play in client portfolios, explains AIP Hedge Fund Solutions Team Managing Director Jarrod Quigley.

Tales From the Emerging World • 09-Feb-2021
Why Crypto Is Coming Out of the Shadows Global Emerging Markets Team Ruchir Sharma, Chief Global Strategist and Head of Emerging Markets, looks at how cryptocurrencies are rapidly gaining popular support as alternatives to gold and the dollar.

Insight Article • 09-Feb-2021
All we are saying is give EAFE a chance International Equity Team Bruno Paulson suggests reasons to believe it may be possible for EAFE to “out-earn” the U.S. in 2021 and beyond.

Caron’s Corner • 08-Feb-2021 • 9:04 Min
Some Like it Hotter: The Inflation Debate Between Janet Yellen and Larry Summers Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Insight Article • 01-Feb-2021

Press Release to the Announcement pursuant to Section 14 para. 3 sentence 1 no. 2 of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG)

As of today, the offer document for the voluntary public takeover offer (cash offer) of Kublai GmbH, Frankfurt am Main, Germany, an affiliate of funds managed and advised by Morgan Stanley Infrastructure Inc., to the shareholders of Tele Columbus AG, Berlin, Germany, for the acquisition of their registered no-par-value shares in Tele Columbus AG (ISIN DE000TCAG172) as well as its non-binding English convenience translation are available for distribution free of charge at BNP Paribas Securities Services S.C.A., Frankfurt Branch, Europa-Allee 12, 60327 Frankfurt am Main, Germany.

Caron’s Corner • 01-Feb-2021 • 7:11 Min
Despite Some Volatility, We Are Sticking With Our Reflation Thesis Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

2021 Outlooks • 26-Jan-2021
Promising Signs for Securitized Products Global Fixed Income Team The impacts of COVID-19 on risk and performance across securitized sectors have varied significantly. Yet, the Securitized Fixed Income team believes the market has reasonably adjusted credit spreads to reflect current risk profiles making a promising outlook for securitized assets in 2021.

Caron’s Corner • 25-Jan-2021
The Market Expects a Q2 Boom; The Virus Might Think Otherwise Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

2021 Outlooks • 20-Jan-2021
Seeking Value in European High Yield Sarah Harrison, Shane McNamara A closer look at the European High Yield sector reveals an improvement in quality over the long-term. Read why the Global Fixed Income team believes there is a compelling case to be made for investing in this sector in 2021.

Caron’s Corner • 19-Jan-2021 • 7:06 Min
The Biden Stimulus Package Takes Center Stage Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Insight Article • 15-Jan-2021

Market Timing in Private Investments

Portfolio Solutions Group

In this paper, the PSG Team analyzes whether GPs have been able time the market and increase investments in favorable years. The team concludes that GPs have not historically taken advantage of market timing and thus investors should increase their commitments in order to obtain the desired exposure to investments at favorable valuations.

Global Multi-Asset Viewpoint • 15-Jan-2021
Emerging Markets: Poised for a Multi-Year Upcycle Sergei Parmenov, Cyril Moulle-Berteaux MSIM’s Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: “Emerging Markets: Poised for a Multi-Year Upcycle"

Tales From the Emerging World • 12-Jan-2021
The Top Ten Trends of 2021 Global Emerging Markets Team Ruchir Sharma, Chief Global Strategist and Head of Emerging Markets, unveils his top ten trends of 2021.

Caron’s Corner • 11-Jan-2021 • 7:35 Min
How High Can Yields Rise Before it Spells Trouble? Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

Market Pulse • 11-Jan-2021 • 10:37 Min
Fixed Income Update with Kevin Lynyak Fixed Income Managed Solutions Kevin Lynyak, Head of Fixed Income Managed Solutions and Lead Fixed Income Portfolio Manager, discusses trends, risks and opportunities in the fixed income markets. Listen now.

2021 Outlooks • 10-Jan-2021
The Haze of Uncertainty Is Lifting Global Balanced Risk Control Team Economic uncertainty wrought by COVID-19 and U.S. politics is dissipating. Our Global Balanced Risk Control Team discusses several likely growth catalysts in 2021 and what they mean for our positioning.

Caron’s Corner • 04-Jan-2021 • 7:25 Min
Yields Are Low, But Fixed Income Opportunities Exist if You Know Where to Look Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies for the Global Fixed Income Team, shares his macro thematic views on key market drivers.

2021 Outlooks • 04-Jan-2021
2021 60 Second Market Outlook: 5 Sustainable Investing Themes That Will Define 2021 Global Fixed Income Team Navindu Katugampola, Head of Sustainability for the Global Fixed Income Team, along with Barbara Calvi, highlight the 5 key themes that will shape the market for sustainable investing in 2021.

2021 Outlooks • 22-Dec-2020
The Year Ahead: The Roaring 20s or The Scary 20s? International Equity Team We’re at the dawn of a new decade. Will it be a repeat of the Roaring 20s or something more subdued? Hear more from our International Equity Team’s Bruno Paulson.

Consilient Observer • 21-Dec-2020

WACC and Vol

Michael Mauboussin, Dan Callahan

The weighted average cost of capital (WACC) and volatility (vol) generally move in lockstep, but 2020 is unusual because the cost of capital is well below its historical average and volatility is well above its historical average. The prime beneficiaries of these patterns are companies rich with real options. In this report, we define real options, discuss what businesses are likely to have them, review the valuation implications, and finish with a way to use real options analysis with traditional valuation.

Global Fixed Income Bulletin • 16-Dec-2020
The Heat Is On Global Fixed Income Team Our Global Fixed Income team believe that vaccine makers, governments, legislators, central banks and citizens can deliver a bright economic future in 2021/22.

Market Pulse • 16-Dec-2020 • 9:42 Min
The Case for Commodities This Decade Active International Allocation Team Jitania Kandhari, Head of Macroeconomic Research for the Global Emerging Markets Team and Co-Manager of the Active International Allocation Portfolio, discusses commodities and their potential long-term benefit to emerging market economies.

Market Pulse • 14-Dec-2020 • 7:11 Min
A Few Things Still on the Shopping List: Macro and Politics Do Not Take Days Off Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies, provides timely insights on what’s driving fixed income markets today. Listen now.

Media Appearance • 09-Dec-2020
Michael Mauboussin Op-Ed Feature in Financial Times Counterpoint Global Why value investing still works in markets – To buy something for less than it is worth is as useful as ever.

Tales From the Emerging World • 08-Dec-2020
When Commodities Rise, So Will Emerging Markets Global Emerging Markets Team Ruchir Sharma, Chief Global Strategist and Head of Emerging Markets, argues that commodity prices are poised for a comeback in the 2020s, and that emerging markets will rise accordingly.

Global Equity Observer • 08-Dec-2020
A Value Rally Ahead? Looking in the Rear-View Mirror Nic Sochovsky, Dirk Hoffmann-Becking After the extraordinary rally in growth stocks over the summer, is the market poised for a value rally? And what does that mean for quality portfolios? The International Equity team evaluates.

Market Pulse • 07-Dec-2020 • 6:59 Min
Will the U.S. Job Loss Scarring Be Permanent? Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies, provides timely insights on what’s driving fixed income markets today. Listen now.

Takeaways & Key Expectations • 04-Dec-2020
Equity Market Commentary - December 2020 Applied Equity Advisors Team In his December TAKE, Andrew Slimmon discusses his latest thoughts on equity markets as we come to the close of 2020.

Market Pulse • 02-Dec-2020
The Year Ahead for the U.S.: Fundamental Challenges Exist, but Policy Will Prevail Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies, provides a timely insight on the fixed income markets today.

Market Pulse • 30-Nov-2020 • 7:42 Min
What the Bond Market Is Telling Us About the Future of the Economy Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies, provides timely insights on what’s driving fixed income markets today. Listen now.

PATH • 18-Nov-2020 • 2:39 Min
After the US Election: Where are the Opportunities? [Audio] Andrew Harmstone, Manfred Hui, Christian Goldsmith Christian Goldsmith shares the GBaR team’s latest market views.

Market Pulse • 16-Nov-2020 • 6:24 Min
First Look at 2021: Too Much Liquidity Chasing Too Few Assets Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies, provides timely insights on what’s driving fixed income markets today. Listen now.

Global Fixed Income Bulletin • 11-Nov-2020
How Big Are the Waves? Global Fixed Income Team With the U.S. election in the rear-view mirror, the scope of fiscal stimulus and a resurgent virus remain two big questions for the global economy and bond markets.

Tales From the Emerging World • 10-Nov-2020
The Pandemic's Silver Lining Ruchir Sharma, Chief Global Strategist and Head of Emerging Markets, explains how economic reform in emerging economies is the pandemic’s silver lining.

PATH • 10-Nov-2020
US Presidential Election: The State of Play Andrew Harmstone, Manfred Hui, Christian Goldsmith The GBaR team provides an update on its latest market views and asset allocation positioning.

Market Pulse • 09-Nov-2020 • 7:21 Min
Presidential Election Series: The 4 Major Market Implications of a “No Blue Wave” Scenario Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies, provides timely insights on what’s driving fixed income markets today. Listen now.

Market Pulse • 02-Nov-2020 • 6:25 Min
Presidential Election Series: Expect More Questions Than Answers – and Rising Volatility Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies, provides timely insights on what’s driving fixed income markets today. Listen now.

Market Pulse • 30-Oct-2020 • 09:39 Min
The Markets and Presidential Elections Through a Historical Lens Active International Allocation Team Jitania Kandhari, Head of Macroeconomic Research for the Global Emerging Markets Team and Co-Portfolio Manager of the Active International Allocation Portfolio, takes a historical look at the markets and presidential elections.

INSIGHT AUDIO • 30-Oct-2020
Presidential Election Series With Jim Caron Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies, provides timely insights on what’s driving fixed income markets today. Listen now.

Sustainable Investing • 26-Oct-2020
4 Steps to Sustainable Investing Asset owners who embrace sustainable investing face a steep implementation curve. Adopting these four steps can guide a dynamic strategy for the long term.

Market Pulse • 26-Oct-2020 • 7:44 Min
Presidential Election Series: Pricing in the Return of Demand Global Fixed Income Team Jim Caron, Portfolio Manager and Head of Global Macro Strategies, provides timely insights on what’s driving fixed income markets today. Listen now.

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