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consilient-observer
page
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Consilient Observer
• 20-Mar-2020
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Michael Mauboussin, Dan Callahan
To improve your forecasting skills, try decreasing noise. Analyzing superforecasters reveals forecasters can be trained to more effectively update their views, reduce bias, and reduce noise.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 04-Sep-2024
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Jitania Kandhari, Saumya Jain
Assembly lines worldwide are humming with activity, signaling a promising revival of the manufacturing sector after decades of sluggishness. In emerging markets, this capital expenditure revival is being supported by governments and better macro conditions. Jitania Kandhari and Saumya Jain explain.
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sustainable-investing
page
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Sustainable Investing
• 25-Feb-2021
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Vladimir Demine, Marte Borhaug
How to record ESG company risks and opportunities in a consistent and comparable way? The International Equity Team explains the Material Risk Indicator.
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page
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Insight Article
• 22-Jun-2023
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Jeff Levin, Mark Jochims
Appetite for opportunities in private debt investing has been on the rise. In this dialogue, members of Morgan Stanley Investment Management’s Private Credit leadership team, Jeff Levin and Mark Jochims, offer their perspective on the market.
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sustainable-investing
engagement-report
page
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Engagement Report
• 13-Jun-2024
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Eric Carlson, Dana Phillips, Candy Chao, Harrison Jamin
Our Emerging Markets Equity annual stewardship report illustrates our proactive engagement with portfolio companies to navigate operating landscapes and assist them in their growth. Discover how we initiate progress in the global energy transition, tackle regulatory challenges and encourage greater corporate transparency and disclosures, especially with regards to executive compensation issues.
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carons-corner
audio
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Caron's Corner
• 25-Mar-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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sustainable-investing
engagement-report
page
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Engagement Report
• 25-Oct-2024
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Marte Borhaug
The latest edition of Engage, the International Equity Team’s semi-annual update on their ESG engagement activity.
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carons-corner
audio
|
Caron's Corner
• 05-Feb-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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page
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Insight Article
• 25-Oct-2024
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Gregory Finck, Anuj Gulati, Erin Glenn
The Mortgage & Securitized Team believes that Environmental, Social and Governance (ESG) considerations are an essential component to investing in securitized markets. In this paper, they explain how these considerations are integrated into their investment process.
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video
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Media Appearance
• 20-Sep-2024
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Lauren Hochfelder
Lauren Hochfelder, Co-CEO of Morgan Stanley Real Estate Investing, joined Bloomberg The Close to discuss the megatrends driving investment opportunities in commercial real estate, including the impacts of global supply chain changes, aging demographics and office preferences.
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market-monitor
page
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Market Monitor
• 10-Jan-2025
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Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 18-Oct-2024
|
Broad Markets Fixed Income Team
The Broad Markets Fixed Income Team explores the impact of the Fed's Sepember rate cuts for fixed income investors.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 12-Aug-2024
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Broad Markets Fixed Income Team
Despite central bank’s reluctance to pre-commit to policy paths, bond investors’ optimism has increased. The Broad Market Fixed Income Team explores.
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market-monitor
page
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Market Monitor
• 08-Jan-2024
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Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 14-Jun-2024
|
Andrew Slimmon
In his June TAKE, Senior Portfolio Manager Andrew Slimmon discusses earnings revisions as a major driver of stock performance this year and talks about the importance of using highly active managers and avoiding closet indexers.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 07-Aug-2024
|
Paul Psaila
In a remarkable twist of events, South African President Cyril Ramaphosa turned a potentially career-ending electoral defeat into a victory that may reshape the nation's political and economic landscape. Paul Psaila explains.
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consilient-observer
page
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Consilient Observer
• 24-Jul-2024
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Michael Mauboussin, Dan Callahan
Consilient Research considers the phenomenon of companies that both issue and retire shares around the same time. This behavior may fail the central goal of capital allocation, which is to buy low and sell high. Which one is it?
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consilient-observer
page
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Consilient Observer
• 20-May-2020
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Michael Mauboussin, Dan Callahan
We address four myths or popular delusions in the investment industry.
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carons-corner
audio
|
Caron's Corner
• 20-Feb-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 22-Apr-2024
|
Eric Carlson, Candy Chao
India is undergoing a significant transformation to strike a balance between economic growth and sustainability, revamping its environmental reputation. India’s energy security and consumption growth is a significant investment theme for the coming decade as the country adds green capacity. Eric Carlson and Candy Chao explain.
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alternatives
audio
|
Media Appearance
• 06-Aug-2024
|
Jeff Levin, Ashwin Krishnan
Jeff Levin and Ashwin Krishnan discuss private credit, its outlook and where they see opportunities, on InsuranceAUM’s podcast.
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page
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Media Appearance
• 17-May-2024
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Lauren Hochfelder
Lauren Hochfelder discusses real estate opportunities and supply chain on CNBC's The Exchange.
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market-monitor
page
|
Market Monitor
• 10-Jan-2025
|
Municipal Bond Group
Overview of the trends and developments in the muni bond markets.
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carons-corner
audio
|
Caron's Corner
• 02-Jan-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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market-alert
audio
|
Market Alert
• 05-Jan-2024
|
Andrew Slimmon
Andrew Slimmon, Head of the Applied Equity Advisors Team, offers a timely perspective on what is shaping the markets now as well as insights on investment opportunities and risk within global equities. Listen to his Market Alert.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 09-Nov-2022
|
Steven Quattry
Vietnam’s large, young and tech-savvy middle class, makes it one of a few countries to benefit from globalizing in a deglobalizing world and usher in the next generation of investments in emerging markets. Steve Quattry and Jorge Chirino explain.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 13-Dec-2024
|
Amy Oldenburg
Eight years ago, Saudi Arabia initiated an ambitious plan to transform its economy and reshape its global identity by 2030. Amy Oldenburg, Head of Emerging Markets Equity, looks at the Kingdom’s progress to date.
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global-multi-asset-viewpoint
page
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Global Multi-Asset Viewpoint
• 20-Feb-2021
|
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.?"
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tales-from-the-emerging-world
page
|
Tales From the Emerging World
• 03-Jun-2024
|
Eric Carlson, Ravi Jain
Poland, on the verge of bankruptcy when the Berlin Wall came down, has defied expectations to become a crucial manufacturing hub for western companies in Europe. Eric Carlson and Ravi Jain explore how the country became one of the most successful economies to emerge from the former Soviet bloc.
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tales-from-the-emerging-world
video
|
Tales From the Emerging World
• 12-Nov-2024
|
Amy Oldenburg, Jitania Kandhari, Saumya Jain
Emerging markets are buzzing with renewed manufacturing activity after years of sluggishness. This resurgence is fueled by strong government support, improving macroeconomic conditions and new supply chains. Amy Oldenburg, Head of Emerging Markets Equity highlights a recent report by Jitania Kandhari and Saumya Jain explaining the transformational changes that are taking place.
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carons-corner
audio
|
Caron's Corner
• 04-Dec-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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big-picture
video
|
Big Picture
• 01-Apr-2024
|
Jitania Kandhari
Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets; Portfolio Manager, Passport Equity, believes oil is an underappreciated, underinvested and undervalued commodity in 2024.
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market-monitor
page
|
Market Monitor
• 29-Jan-2024
|
Multi-Asset Credit Team
Analysis of global credit markets and where we see future opportunities.
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navigating-the-curve
page
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Navigating The Curve
• 11-Oct-2024
|
Broad Markets Fixed Income
Central banks are lowering policy rates, but the pace and magnitude varies by market. The Broad Markets Fixed Income team explains what the variable policy paths could mean for fixed income investing ahead.
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page
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Insight Article
• 10-Oct-2024
|
AIP Hedge Fund Team
The MSIM Hedge Fund Team explores the ways in which hedge funds may directly benefit from a higher cash yield environment making them compelling options as sources of returns and diversification.
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page
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Media Appearance
• 01-Mar-2024
|
Amy Oldenburg
Morgan Stanley Investment Management’s Head of Emerging Markets Equity Amy Oldenburg was interviewed by Barron’s for their January cover story on investing in Saudi Arabia.
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market-monitor
page
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Market Monitor
• 16-Jul-2024
|
Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.
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edge
page
|
EDGE
• 27-Jul-2022
|
Counterpoint Global
Psychedelics have the potential to fundamentally reshape how we think about and treat not only mental illness but a host of other conditions as well. Counterpoint Global investigates how psychedelic therapy works, the potential wide-spread impact of this innovative treatment, and the roadblocks to medical adoption.
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tales-from-the-emerging-world
video
|
Tales From the Emerging World
• 15-Aug-2024
|
Amy Oldenburg, Eric Carlson, Ravi Jain
Teetering on the edge of bankruptcy as the Berlin Wall came down, Poland defied expectations to become a critical manufacturing hub for western Europe. In this video, Amy Oldenburg, head of Emerging Markets Equity, explores how Poland transformed its economy and became one of the most successful nations to emerge from the former Soviet bloc.
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consilient-observer
page
|
Consilient Observer
• 23-Apr-2024
|
Michael Mauboussin, Dan Callahan
Most investors “price” the stocks of companies by using valuation multiples instead of “valuing” them based on future cash flows and fundamentals. We address what multiples miss and why they have become less informative. We examine how the two most popular multiples, P/E and EV/EBITDA, can provide different signals about a stock’s relative attractiveness. We then take a deep look at EV/EBITDA. We do not discourage the use of multiples, but users should understand the underlying value drivers.
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page
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Insight Article
• 09-May-2024
|
Portfolio Solutions Group
In this paper, the Portfolio Solutions Group explains how they counter adverse impact to returns in this new regime through a new management approach with the goal of achieving stable target returns.
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global-fixed-income-bulletin
video
|
GLOBAL FIXED INCOME BULLETIN VIDEO
• 23-Jul-2024
|
Broad Markets Fixed Income Team
Co-Head of Broad Markets Fixed Income Vishal Khanduja discusses the probability for a U.S. soft landing, the heightened political uncertainty and how investors should think about positioning for volatility.
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page
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Insight Article
• 24-Dec-2024
|
Broad Markets Fixed Income Team
In its annual Engagement Report, the Fixed Income organisation provides details on how their investment teams are working with bond issuers on Environmental, Social, and Governance (ESG) issues to help generate better financial and sustainability outcomes.
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consilient-observer
page
|
Consilient Observer
• 06-Oct-2022
|
Michael Mauboussin, Dan Callahan
We discuss how to calculate return on invested capital (ROIC) and show how it is connected to free cash flow, economic profit, and growth. We work through the challenges in estimating it, present empirical data, review how adjusting for intangible investments can reshape the figures, and include a case study.
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page
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Insight Article
• 16-Mar-2023
|
Portfolio Solutions Group
Our Portfolio Solutions Group analyzes the key factors that impacted the "denominator effect" in 2022's market downturn.
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global-equity-observer
page
|
Global Equity Observer
• 28-May-2024
|
Anton Kryachok
In a market obsessed with chasing the next big thing, we make sure that companies’ valuations look justified by the underlying fundamentals, building a portfolio of those rare companies with the ability to compound at a high and sustainable return over the long term. Because while multiples have accounted for 85% of returns this quarter, over 20 years this falls to 4%. Meanwhile, earnings growth counts for much more – as much as 71% over 20 years. Compounding requires discipline and patience.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 12-Mar-2024
|
Broad Markets Fixed Income Team
Yields were broadly higher across the globe in February, as market participants recalibrated their expectations for rate cuts this year. The Broad Markets Fixed Income Team explores the impact on markets.
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consilient-observer
page
|
Consilient Observer
• 24-Oct-2023
|
Michael Mauboussin, Dan Callahan
We study the sources of total shareholder return (TSR) and tie them to underlying economic principles. This is useful to assess the prospective returns of a stock and to create a framework for flagging value traps. The analysis reveals that few investors in the stocks of companies that pay dividends earned the TSR and refutes the common belief that dividends contribute to capital accumulation. This framework gives investors a checklist of drivers and the tools to assess them.
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page
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Media Appearance
• 20-Sep-2024
|
Jitania Kandhari
Jitania Kandhari, Deputy CIO of the Solutions and Multi-Asset Group of Morgan Stanley Investment Management, on Bloomberg Surveillance to discuss the equity and fixed income markets. She speaks to the impacts of inflation, how investors should think about the 60/40 allocation and how the dollar view impacts the positioning in international markets.
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consilient-observer
page
|
Consilient Observer
• 22-Mar-2023
|
Michael Mauboussin, Dan Callahan
Probability and confidence are distinct concepts, and we believe it is useful for investors to separate them. For example, the price of two potential investments may present the same discount to expected value, but confidence in the probabilities for one may exceed those of the other. That nuance may be relevant for determining the appropriate weighting of securities or evaluating diversification.
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carons-corner
audio
|
Caron's Corner
• 29-Jan-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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global-equity-observer
page
|
Global Equity Observer
• 01-Mar-2023
|
Emma Broderick, Jinny Hyun
Which companies are well placed to capitalize on the long-term behavioral and lifestyle changes that a multi-stage life might bring about? The International Equity Team discusses.
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carons-corner
audio
|
Caron's Corner
• 16-Dec-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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consilient-observer
page
|
Consilient Observer
• 15-Sep-2022
|
Michael Mauboussin, Dan Callahan
We examine whether a study of market share and related concepts can help us determine if a company has a sustainable competitive advantage. This takes us on a journey that includes life cycles, market share, concentration, markups, intangibles, and "superstars". We study the link between some of these variables and return on investment and provide some analytical tools along the way. We finish with some case studies to see how these ideas apply to a handful of industries.
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takeaways-key-expectations
page
|
Takeaways & Key Expectations
• 17-Sep-2024
|
Andrew Slimmon
"In his September TAKE, Senior Portfolio Manager Andrew Slimmon discusses why, like in previous US Presidential election years, this time of equity market volatility is a period to be a patient and intentional investor, in preparation for a likely strong finish to 2024."
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tales-from-the-emerging-world
video
|
Tales From the Emerging World
• 20-Jan-2025
|
Amy Oldenburg, Paul Psaila
With the game-changing 2024 election victory of South African president Cyril Ramaphosa setting the stage for a new political and economic era, Amy Oldenburg, Head of Emerging Markets Equity, focuses on a report by Paul Psaila on how the new political landscape may impact the country’s economic future.
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takeaways-key-expectations
page
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Takeaways & Key Expectations
• 07-Nov-2024
|
Andrew Slimmon
"In his November TAKE, Senior Portfolio Manager Andrew Slimmon discusses his post-election thoughts on the equity markets and why, he expects potential strength to continue into 2025, albeit more muted."
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page
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Insight Article
• 14-Nov-2024
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Jim Caron, Ryan Meredith, Laura Biancato
Today’s new interest rate and inflation regime deviates significantly from the past 40 years. As such we believe investment professionals should consider modifying their investment process.
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page
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Insight Article
• 27-Nov-2024
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Emerging Markets Debt Team
Do all tough reforms have a high political cost? Reformist governments in Southern Europe are proving otherwise. By taking important policy decisions early, governments in Cyprus, Italy and Greece are not only seeing stronger growth than their norther peers but rising popular support as well.
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big-picture
page
|
Big Picture
• 08-Jan-2025
|
Jitania Kandhari
Significant debt, a property bubble, underwhelming domestic consumption and trade pressures are part of the structural weaknesses in China’s economy that stimulus packages cannot resolve alone. Jitania Kandhari explains.
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carons-corner
audio
|
Caron's Corner
• 11-Nov-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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sustainable-investing
convergence
page
|
Convergence
• 13-Jul-2022
|
Thomas Kamei
Blockchain technologies have unique capabilities that can enable an interoperable marketplace for voluntary carbon offsets – solving a number of issues with the existing market, such as significant variance in underlying quality of offsets – and thus have an opportunity to play a role in decarbonizing the global economy.
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video
|
Insight Video
• 14-Oct-2024
|
International Equity Team
One of our holdings has been around since 1892 and is enjoyed 2 billion times a day. With a strong brand, entrenched intangible assets, high returns on operating capital and significant pricing power, it’s exactly what we look for. Learn about our approach to long-term compounders for long-term investors.
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global-equity-observer
page
|
Global Equity Observer
• 29-Jul-2024
|
Bruno Paulson, Laura Bottega
The market seems to be dominated by the twin beliefs in the invulnerability of the U.S. economy and the massive impact of GenAI. This is not the easiest environment for an investment philosophy that seeks established winners with resilient earnings in tough times. However, high expectations generally, and increasingly for one company in particular, make us nervous about the market’s prospects. We remain steadfast in following our quality process and focus on absolute, long-term compounding.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 17-Nov-2023
|
Jitania Kandhari, Amol Rajesh
Despite growth in EV sales, oil demand has continued to increase over the past decade. With increased supply discipline and very attractive shareholder returns, we see a compelling outlook for oil prices and energy equities, Jitania Kandhari and Amol Rajesh of the Emerging Markets Equity Team explain.
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edge
page
|
EDGE
• 09-Aug-2023
|
Counterpoint Global
Counterpoint Global looks back across almost two decades of dedicated research on disruption—and the ways it reinforces our long-term mindset, helps us manage risk and reduce errors of omission. Diving into studies of digital advertising, cloud computing and the approaching wave of AI, the team reviews both how we approach disruptive change research and how that research has benefited Counterpoint Global in capitalizing on unique investment opportunities.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 03-Aug-2023
|
Steven Quattry
Nigeria's new reform minded president looks to accelerate economic growth for Africa's largest economy, leading to investment opportunities targeting the rising consumer.
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big-picture
video
|
Big Picture
• 21-Mar-2024
|
Jitania Kandhari
Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets; Portfolio Manager, Passport Equity, outlines her Ten Key Themes for 2024.
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consilient-observer
page
|
Consilient Observer
• 13-Dec-2023
|
Michael Mauboussin, Dan Callahan
Explore the powers and perils of pattern recognition, which investors often credit. We define it, discuss when it works better, and offer ways to improve it.
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page
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Insight Article
• 12-Jun-2024
|
Morgan Stanley Real Estate Investing
While the fundamentals and investment thesis for senior housing are compelling, the subtleties of different care segments and the service-oriented nature of caring for elderly residents create operational risk, requiring a nuanced investment strategy and dedicated operating expertise.
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carons-corner
audio
|
Caron's Corner
• 03-Oct-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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|
|
carons-corner
audio
|
Caron's Corner
• 25-Nov-2024
|
Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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|
takeaways-key-expectations
page
|
Takeaways & Key Expectations
• 05-Dec-2024
|
Andrew Slimmon
"In his December TAKE, Senior Portfolio Manager Andrew Slimmon details why he believes the “optimism phase” of the bull market is commencing right on cue and what that holds for 2025."
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2025-outlooks
page
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2025 Outlooks
• 18-Dec-2024
|
Tony Charles
As the global macro-economic environment continues to improve, the case for real estate investing has become more compelling. After a period of moderation and stabilization in 2024, we believe that 2025 will see a transition into the next upcycle for real estate. Inflation is trending down, interest rates are falling, and valuations are troughing.
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page
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Insight Article
• 16-Jul-2024
|
Andrew Szczurowski, Gregory Finck
The impressive performance of corporate credit markets to start the year has prompted many investors to begin seeking out alternative sources of yield and total return in the global fixed income markets.
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alternatives
page
|
Alternatives
• 21-Jan-2025
|
Morgan Stanley Private Credit
Direct lending continues to offer compelling relative value compared to other asset classes and offers attractive diversification alternative to public fixed income. Further, when considered in the context of public markets, direct lending has significant room to grow.
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sustainable-investing
calvert
page
|
Calvert
• 01-Mar-2024
|
Calvert Research and Management
In the third paper of our gender diversity series, we discuss one of the top remaining global gender issues: the gap in the corporate “talent pipeline” – where gender and ethnic representation at the board and employee levels is much higher than at the executive and senior management levels.
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alternatives
page
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Alternatives
• 20-Sep-2024
|
Pamela Fung
With Indian public markets having experienced a strong run-up since 2020, global allocators have been turning to Indian private equity. In this paper, we aim to examine the promising performance potential of Indian private equity.
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global-fixed-income-bulletin
video
|
GLOBAL FIXED INCOME BULLETIN VIDEO
• 25-Jun-2024
|
Fixed Income Team, Broad Markets Fixed Income Team
The market is pricing in rate cuts for the U.S., as global central banks move to ease policy. But are investors getting ahead of themselves? The Federal Reserve remains cautious, and hard data suggests rate-cut delays – not cuts. Will markets reassess their views? Will the Fed change tact? And will rate uncertainty affect opportunities within global fixed income?
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consilient-observer
page
|
Consilient Observer
• 03-Aug-2021
|
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.
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big-picture
page
|
Big Picture
• 02-Feb-2023
|
Jitania Kandhari
Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets; Portfolio Manager, AIA, outlines her Key Themes for 2023.
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big-picture
page
|
Big Picture
• 05-Feb-2024
|
Jitania Kandhari
Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets; Portfolio Manager, Passport Equity, outlines her Key Themes for 2024.
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carons-corner
audio
|
Caron's Corner
• 14-Oct-2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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page
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Insight Article
• 11-Nov-2024
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Kenneth Michlitsch
As investors seek to diversify their portfolio exposures beyond traditional assets, alternative lending may offer attractive absolute and risk-adjusted return characteristics.
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alternatives
page
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Alternatives
• 20-Sep-2024
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Ashwin Krishnan
Debtwire caught up with Ashwin Krishnan, co-head of North America private credit and head of opportunistic credit at Morgan Stanley Private Credit, in a conversation debating the merits of sponsored versus non-sponsored deals and formalized partnerships for deal origination.
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global-fixed-income-bulletin
video
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Global Fixed Income Bulletin
• 17-Dec-2024
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Broad Markets Fixed Income Team
What do changes in the global economy and policy uncertainty mean for fixed income markets in 2025? In our latest video, we discuss how these factors may influence markets and the steps we’re taking to navigate rising complexity in the upcoming year.
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consilient-observer
page
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Consilient Observer
• 19-May-2021
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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.
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global-fixed-income-bulletin
page
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Global Fixed Income Bulletin
• 15-Feb-2024
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Broad Markets Fixed Income Team
After the bond market’s stunning fourth quarter performance it was not much of a surprise that bond yields went up. Where do they go from here? The Broad Market Fixed Income Team explores.
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alternatives
page
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Alternatives
• 23-Aug-2024
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Kara O'Halloran
Discover why the current market is conducive to market-neutral strategies, with the ability to generate alpha on both the long and short sides of portfolios.
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global-fixed-income-bulletin
video
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Global Fixed Income Bulletin
• 24-Sep-2024
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Broad Markets Fixed Income Team
When the Fed says "cut," investors ask "How deep?" Find out where we stand on current rate forecasts, plus our outlook for the credit market and the US dollar.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 22-Nov-2022
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Eric Carlson, Candy Chao
Mining companies have had a terrible environmental reputation in the past, but recent efforts show how the industry can implement sustainable initiatives. Investors are now focusing on companies that have practical decarbonization pathways to help lower emissions over the next three to five years. Eric Carlson and Candy Chao explore.
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carons-corner
audio
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Caron's Corner
• 28-Oct-2024
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Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.
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page
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Insight Article
• 14-Mar-2024
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Patrick T. Egan
In periods of volatility, investors may be looking for an alternative investment which may not only provide potential mitigation from the effects of market fluctuations, but also potentially capitalize on this increase in volatility.
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consilient-observer
page
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Consilient Observer
• 21-Dec-2020
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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.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 23-Mar-2023
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Jitania Kandhari, Saumya Jain
Post-pandemic, untangling global supply chains through reshoring, friend-shoring and nearshoring has created opportunities for emerging markets like India, Vietnam, Thailand, Indonesia and Mexico. Jitania Kandhari and Saumya Jain of the Emerging Markets Equity Team explain.
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navigating-the-curve
page
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Navigating The Curve
• 18-Nov-2024
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Emerging Markets Debt Team
Insights from the IMF's fall conference reveal a nuanced global outlook, underscoring the critical role of country fundamentals in emerging markets. Read our on-the-ground report for the key highlights and analyses.
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global-multi-asset-viewpoint
page
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Global Multi Asset Thought of the Week
• 09-Dec-2024
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Cyril Moulle-Berteaux
Markets are bullish on Trump’s second term, hoping for tax cuts and better growth. We expect no net stimulus and a decent size hit from tariffs and immigration. This should be bullish for bonds as the Fed continues cutting, but could be a disappointment for frothy stocks.
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tales-from-the-emerging-world
page
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Tales From the Emerging World
• 24-Oct-2023
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Jitania Kandhari, Amay Hattangadi
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