August’s publication summarizes one article that examines the degree of optimism in current earnings projections and another that discusses the utility of using forward operating earnings in valuations. “Optimistic Analyst Earnings Projections Amidst a Slowdown in Growth and Diminished Fiscal Support,” by Bob Prince and Jason Rotenberg, Bridgewater Daily Observations, July 27, 2010. “Valuing the…
July’s publication summarizes one article that discusses lessons learned from past sovereign debt crises, and two articles that explore the current risks for municipal bond investors. “Reflections on the Sovereign Debt Crisis,” by Edward Chancellor, GMO, July 2010. “Concerning the American Repudiation Gene,” by James Grant, Grant’s Interest Rate Observer, June 25, 2010. “U.S. State…
June’s publication summarizes one article predicting what’s ahead for global risk markets and one article about how austerity measures may affect U.K. equities. “Back to the ‘70s… with a Twist,” by Henry McVey, Morgan Stanley Investment Management, June 2010. “U.K. Fiscal Adjustment Ahead: Implications for Equities,” by Sharon Bell, Goldman Sachs, May 13, 2010.
May’s publication summarizes two articles discussing the affect of the European sovereign debt crisis on the euro and one article on state of the U.K. pound. “Euro Heading for Parity,” by Jonathan Loynes, Capital Economics, May 17, 2010. “Is Sterling a Buy?,” by Emin Baghramyan, BCA Research, May 14, 2010. “Euro/U.S. Dollar After the Stability…
April’s publication summarizes two perspectives on how the debt market will refinance its upcoming “wall of maturities,” and implications this has for investors and issuers. “What About the Debt Burden?,” by Ray Dalio, Bridgewater Daily Observations, April 13, 2010. “Bridging the Refinancing Cliff,” by Fitch Ratings, March 22, 2010.
March’s publication summarizes one article about the relationship between economic growth and equity returns, and one article discussing the outlook for equity and bond returns given changing demographic trends. “Economic Growth and Equity Investing,” by Bradford Cornell, Financial Analysts Journal, January/February 2010. “From Feast to Famine,” by Tim Bond, Barclays Capital, February 11, 2010.
February’s publication summarizes two articles exploring the effects of leverage on GDP growth and one article focusing on the wider implications of how Greece deals with its debt burden. “Debt and Deleveraging: The Global Credit Bubble and its Economic Consequences,” by Charles Roxburgh and Susan Lind, McKinsey Global Institute, January 2010. “Growth in a Time…
January’s publication summarizes two articles with opposing outlooks on 2010 global and U.S. GDP growth. “2010 – The Year Ahead: New Normal Opportunities,” by Bank of America Merrill Lynch, December 6, 2009. “Bear, Unbowed,” by David Rosenberg of Gluskin, Sheff + Associates, Inc., Welling@Weeden, January 8, 2010.