Japanese Equities: Discounting Armageddon
Despite Japan’s gloomy macroeconomic backdrop, investors should stay invested in equities, implementing through managers with coherent bottom-up, stock-selecting strategies.
Authored by: Robert Lang
Earnings Growth in Europe: Is This The Year For A Turnaround?
European equity valuations still reflect inflated earnings growth expectations, suggesting that investors have yet to fully recognize the implications of macroeconomic estimates of sluggish growth and continued headwinds.
Where’s the Economy Heading?
Although the current slowdown has thus far been more moderate than other postwar slowdowns, further weakening could precipitate unusually harsh consequences.
Europe’s Diverging Economies
While inflationary pressures simmer in the United Kingdom, Continental Europe faces another year of economic stress.
Emerging Markets 2002 Roundup: Drivers and Landmines
Currency and regional/country bets were the key investment calls for emerging markets equities in the year through November.
Promises and Challenges of the New European Union
What are the economic and investment implications of admitting ten emerging European countries to the European Union?
The Debate About Japanese Banking Reform
Why has the Japanese government’s recent burst of activity about finally cleaning up its banking system generated so much controversy?
Germany-Caught in Deflation’s Undertow
Fueled by the lethal cocktail of domestic constraints, regional impediments, and the global economic slowdown, Germany may be in for a prolonged period of economic malaise and deflationary pressures.
Deflation in Japan–Could it Happen in the U.S.?
According to a recently issued Federal Reserve paper, Japan could have averted deflation if it had aggressively applied monetary and fiscal stimulus during the first half of the 1990s. This Comment provides highlights of the paper, the commentary it elicited among financial pundits, as well as our thoughts about its policy recommendations if they were…
More Pain Pending? Historical Evidence Is Mixed
If history is any guide, and equity prices in the United Kingdom unwind in a pattern similar to the 1976 or 1987 bear markets, then most of the damage inflicted by the current downturn is almost over. If it plays out similarly to 1972–74, however, there still could be more pain to come.