The euro-zone economy has undoubtedly caught some sort of bug, and investors are struggling to diagnose whether this is just a cold or a more serious case of the flu. On the one hand, business sentiment and industrial production have dropped sharply, but on the other hand consumer sentiment and spending have held up relatively…
A quick survey of representative global equity managers indicates that they have moved to an overweight position in U.K. equities, and are now underweight Europe ex U.K.
After a decade of meager returns, U.K. small-cap equities have enjoyed a reversal of fortune in the past two years, rewarding investors that have tolerated the higher risks and lower liquidity associated with this sector. Although relatively attractive on a valuation basis, U.K. small-caps remain very much a cyclical play, vulnerable—as always—to any significant deterioration…
Our dividend discount model indicates that U.K. equities are now fairly valued, while continental European equities are slightly undervalued.
Economic integration, the trend of deregulation and privatization, surging M&A activity, and the increasing acceptance of leverage in corporate financing have provided the catalyst for an expanding European high-yield market.
An assessment of the opportunities and risks in the venture capital industry in the U.K. and continental Europe using the following criteria: economic environment, cultural attitudes, deal flow, investment skill, management pool, regulatory environment, capital availability, technology breakthroughs, and availability/liquidity of IPO markets.