Profit Margins for US Companies Are Very Strong; Are They Sustainable?
No. While US companies have some defensible profitability advantages, today’s elevated margin levels may be poised for a reversal of fortune.
Authored by: Celia Dallas
VantagePoint: Third Quarter 2019
In this edition of VantagePoint, we uncover four of the most common inaccuracies we hear about US equities.
Should Investors Allocate to Public or Private Chinese Investments?
Public and private Chinese equities both present attractive investment opportunities today.
VantagePoint: Second Quarter 2019
We recently argued that investors should take a systematic and comprehensive approach to investing in China, overweighting Chinese assets relative to their index weights. This edition of VantagePoint addresses five key questions regarding implementation decisions.
Will Venture Capital Repeat the Post-TMT Bubble Experience?
We do not expect a rerun of the 2000s for tech and venture capital. The similarities between the late 1990s and today are concerning, but the differences are even more sweeping.
VantagePoint: First Quarter 2019
In this edition of VantagePoint, we compare and contrast the late 1990s and today; our intent is to help investors navigate this recent downturn and the next recession-related bear market (which may already be in progress), and to position their portfolios for long-term success.
Outlook 2019: More Risk for Less Return?
Although we are more cautious heading into 2019 than we were 12 months ago, we still think a roughly neutral allocation to risk assets is the right approach.
Are US Quality Stocks Still Defensive?
If implemented appropriately, we believe quality will decline less than broad equities under most stress scenarios.
VantagePoint: Fourth Quarter 2018
Because the US economy has entered the late stage of the economic cycle, investors should consider the prospect of a bear market recession, even though one does not seem imminent.
Will Value Stocks Be Able to Outperform Growth Again, Given the Rising Dominance of Tech?
Growth stocks may continue to outperform value for a bit longer this cycle, but we think it quite premature to declare the death of value.