Given the outlook for reflation and reduced regulatory oversight that has taken hold in the US following the recent elections, we are fine-tuning our sector strategy…
Given the outlook for reflation and reduced regulatory oversight that has taken hold in the US following the recent elections, we are fine-tuning our sector strategy…
We maintain a cautious sector strategy, with most sectors experiencing earnings estimate reductions. Our regional strategy is also selective.
Our earnings momentum metric has been refined. In addition, we have also introduced a methodology for weighting ESG factors in sectors and regions. These modifications have resulted in an unusually large number of changes in recommendations.
Building on the recent analysis in our Regional and Sector Strategy: Monthly Update, we continue to embrace an outlook for just a single-digit increase in profits in 2016, which is in contrast to consensus estimates that imply a 21% gain in earnings.
We remain Overweight Information Technology (largest weighting in Overweight North America region) and Consumer Discretionary (largest weighting in Japan, our other Overweight). We continue to avoid regions with heavy exposure to commodities, most notably Latin America (Underweight), South Africa and Russia (both ranked Neutral).
We downgrade Financials to Neutral from Overweight. The combination of plunging earnings momentum and deteriorating valuation has significantly reduced the attractiveness of the Financials sector.
Our strategy recommendations remain unchanged. We continue to favor Japan and North America from a regional perspective, and the Consumer Discretionary, Information Technology, and Financials sectors
We view the Paris Agreement as accelerating the ‘race to the top’ in responding to climate change. Developed countries will need technologies and business models that de-carbonize their existing economies. Developing nations will focus on technologies that drive strong economic growth and improve living standards.
As a complement to our Regional and Sector Strategy: Monthly Update we introduce a new publication that will examine in detail the outlook for global earnings on a regular basis.
We are becoming a little more cyclical once again. We are now upgrading the Industrials sector to Neutral from Underweight, largely reflecting improved valuation. We remain Neutral on the two sectors that are widely considered the most defensive: Consumer Staples and Health Care.
After a cautious outlook for 2015, we now expect modest gains in global equity markets in 2016.
We are Underweight Energy, Materials, and Industrials. Our only Overweight is in Financials. We upgrade China and Russia to Neutral from Underweight.
With Alibaba’s first annual meeting scheduled for October 8, we conducted an examination of its corporate governance structure. We are not aware of another corporation that lists its corporate governance structure as a risk to shareholders. In fact, numerous concerns about the company’s corporate governance have been widely cited.
With some observers attributing recent volatility in Emerging Market equities in part to governance issues, we update the analysis in our 2014 report.
There are no material changes to our regional recommendations, however, we offer material changes to the recommendations in our sector strategy model.
Between Uber’s $50 billion valuation, Etsy’s IPO and the large venture capital infusions into Airbnb, the “sharing economy” is transitioning from a social movement to a large-scale commercial business model.
Although there are no material changes to our regional or sector recommendations this month, there have been some noteworthy crosscurrents…
We are now underweight the most cyclically sensitive sectors: Industrials, Materials, Energy. While we upgrade the CEEMEA region to Neutral from Underweight — in large part because of an improved earnings outlook — this likely reflects a modest rebound in oil prices, which remain 40% below year-ago levels.
We continue to have a defensive tilt in our regional recommendations, and are Underweight the commodity-rich regions of Central and Eastern Europe, Middle East and Africa (CEEMEA) and Latin America …
Corporate governance represents the relationship among various corporate stakeholders that determines the strategic direction of a company. Practically, corporate governance adjudicates the balance among key stakeholder interests within the firm. Japan is unveiling a new corporate governance code for companies …
Harvard Business School, Intel Education among Business and Entrepreneurial Leaders to Select Winner of $25,000 Prize Five global leaders from across business, the capital markets and academia have been selected as judges for “Sustainable Games: The Business Model Challenge.” The competition, which offers a $25,000 prize, is sponsored by Cornerstone Capital Inc., together with the Clinton… Read more »
Our regional strategy is unchanged. We continue to have a defensive tilt in our regional recommendations, and are Underweight the commodity-rich regions of CEEMEA and Latin America. Japan continues to be the top-ranked country. Over the past twelve months, share buybacks in Japan have been the largest of any country / region, the first time that country has been the global buyback leader since we launched the regional model in April 2014. We highlight changes in the Energy suggesting, perhaps, that stock prices in the sector have not fallen as fast as earnings estimates . . .
The recent, apparently resolved conflict between Alibaba and the Chinese government agency SAIC over counterfeit goods raises questions about whether shareholders should have confidence in the future growth of the company. With a valuation of over 30 times earnings, the market is pricing in a high degree of conviction about the company’s future growth. In… Read more »
Our regional strategy is unchanged, even with a heightened focus on monetary policies and exchange rates in the past month driven, in part, by fears of deflation. We continue to have a defensive tilt in our regional recommendations, and are Underweight the commodity-rich regions of CEEMEA and Latin America. Our sector strategy is also unchanged and remains “less cyclical, more defensive.” We maintain our relatively defensive posture given pockets of economic weakness globally. We are Overweight Health Care in North America, the U.K. and Europe ex U.K. We are Underweight or Neutral Energy in the majority of regions….
Cornerstone Capital Group hosted a call on Jan. 12 with geopolitical expert, Lionel Vairon, CEO of CEC Consulting. Dr. Vairon spoke about implications for the global economy given closer ties between Russia and China – including likely developments in energy, politics and the financial sector. Click below to listen to the call. Dr. Lionel… Read more »
This month we, upgrade Financials to Overweight from Neutral reflecting the combination of relatively attractive valuations and improving earnings momentum. In addition, Financials’ earnings estimate revisions are only modestly negative (i.e., downward revisions just outpace upward revisions), in sharp contrast to most other sectors where estimate revisions are strongly negative. Our regional strategy remains unchanged…..
This month we, upgrade Financials to Overweight from Neutral reflecting the combination of relatively attractive valuations and improving earnings momentum. In addition, Financials’ earnings estimate revisions are only modestly negative (i.e., downward revisions just outpace upward revisions), in sharp contrast to most other sectors where estimate revisions are strongly negative. Our regional strategy remains unchanged. We are Overweight or Neutral the majority of developed regions (Japan, U.K., Australia, North America) and Underweight most emerging markets (Latin America, CEEMEA)….
Are laws requiring the labeling of food containing genetically modified organisms (GMO) justified? Do consumers have a right to know what is in their food, or will the labels simply confuse the public?
In a year of surprisingly muted market volatility, this month we saw risk assets tumble as investor concerns reached a decisive tipping point. Anxiety over a less accommodative Fed, the pace and sustainability of global economic growth, continued conflict in Ukraine, escalating violence in the Middle East, and even the Ebola crisis have investors fleeing… Read more »
Still defensive — We maintain our relatively defensive posture given pockets of economic weakness globally. We are Overweight Health Care in the U.K., North America and Europe ex U.K. We are Underweight or Neutral Energy, Materials and Utilities in the majority of regions Regional strategy — We upgrade the U.K. to Overweight from Neutral, in large part because the earnings outlook has improved materially. We downgrade CEEMEA to Underweight from Neutral….
I was still at the Securities and Exchange Commission, overseeing the Division of Trading and Markets, when I first heard about a small band of traders and technology experts at the Royal Bank of Canada who were using technology to tilt the playing field back in favor of ordinary investors. I could hardly have imagined… Read more »
Much analysis has attempted to find an empirical link between Environmental, Social & Governance (ESG) factors and investment returns. By contrast, the focus of our research has been the significance of ESG factors for equity valuations….
In this Executive Summary, we introduce the inaugural edition of a regular monthly update of our regional and sector strategy models, both of which explicitly take into account Environmental, Social & Governance (ESG) factors. More defensive — We extend our relatively defensive posture given more pockets of economic weakness globally. Regional strategy — We upgrade… Read more »
Cornerstone Capital Inc. has reached an agreement to become one of the earliest for-profit tenants at The Alliance Center in Denver and will participate in the building’s Grand Reopening festivities on Aug. 14th. The space will accommodate the firm’s new Investment Management practice. “We are pleased to have been able to find the perfect space to house… Read more »
We have updated the inputs to the Cornerstone Capital Sector Strategy Model in which we rank the ten GICs in the MSCI All Country World Index (ACWI). Figure 1 summarizes the most recent rankings. Figure 1: Cornerstone Capital Global Markets Equity Strategy Model Sector Overview Relative to the previous rankings (published in the June edition… Read more »
The fact of the matter is that capital markets have moved away from a long-term mindset and more towards a focus on short-term results. This trend has been well observed by market participants and academics alike, yet the question as to what will serve as a catalyst to reverse the trend remains. To this end, it’s worth highlighting a recently released white paper by The Generation Foundation and KKS Advisors focusing on the impact of regular Earnings Guidance. Thorough examination of the topic leads to the following conclusions….
The article by Susan Baker and Jonas Kron provides a fascinating example of how Trillium Asset Management has used its influence as an investor to impact corporate policies on an important social issue. But is Trillium’s story an outlier or part of a trend? Do companies change their governance practices in response to input from shareholders? If so, why? And more importantly, does it benefit the bottom line?
The ancient Greek historian, Thucydides, wrote, “It is a habit of mankind . . . to use sovereign reason to thrust aside what they do not fancy.” The phenomenon to which he speaks manifests itself in all walks of life, from politics to religion and investing. Today, this concept is termed “confirmation bias” and refers to the tendency of people to favor information that confirms their beliefs or hypotheses….
Transaction Overview Reynolds American (ticker: RAI) announced an agreement to acquire Lorillard (LO) for $27.4 billion in a cash-and-stock transaction valued at $68.88 per LO’s share (based on RAI’s closing price on 7/14/14). As noted by Reynolds, this price represents a premium of about 40% to Lorillard’s stock price on February 28, 2014, which was… Read more »
In the April edition of The Cornerstone Journal of Sustainable Finance & Banking we introduced the Cornerstone Capital Regional Strategy Model in which we ranked seven of the world’s regions/major economies. At the time, we excluded Australia and Canada but, following client feedback, we are now incorporating those two countries in our model – Australia as a stand-alone country, and Canada as part of the North America region….
Cornerstone Capital’s sector strategy model is overweight on the MSCI ACWI Consumer Discretionary Index, which contains a number of global media industries including Cable & Satellite (9% of the index’s market cap, the second largest weight after Auto Manufacturers), Movies and Entertainment (7% weight, fourth-largest in the index), and Casinos & Gaming (4% weight, tenth… Read more »
A Chinese proverb says, “If you must play, decide upon three things at the start: the rules of the game, the stakes, and the quitting time.” Unfortunately, in not heeding this advice, some casual gamblers find themselves grappling with gambling addiction. Partly because of the well-documented adverse effects of compulsive gambling, a subset of ethics-based investors exclude gaming companies, along with other “sin stocks,” from their investment universe…
ABSTRACT FROM THE CORNERSTONE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE JUNE 2014 EDITION. Fantasy sports is big business. A fanatic fan base and highly desirable demographic has turned it into a $3 billion industry in just the U.S. and Canada, growing over 12% annually. The fantasy sports phenomenon caught fire with the advent… Read more »
ABSTRACT FROM THE CORNERSTONE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE JUNE 2014 EDITION. Professional tennis players now sparring on Centre Court at Wimbledon have likely scrutinized every part of their game – from stance, to serving strength to baseline maneuvers — with a team of coaches at the ready. But what of the… Read more »
ABSTRACT FROM THE CORNERSTONE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE JUNE 2014 EDITION. When we think about sustainability in the context of the fan experience we take a holistic view of our opportunity and responsibility – from the restaurants supporting the sports events to the ingredients provided by our supply chain. In doing… Read more »
The outlook for Indian equities likely remains supportive. GDP is a key driver of corporate profits in India and, as noted, GDP estimates have started to trend up. Moreover, given current low capacity utilization rates and margins near historic lows, a modest improvement in profit margins could result in a meaningful boost to earnings. In terms of valuation, the Indian market is currently trading at around 15x one year forward earnings, which is in line with historical averages.
ABSTRACT FROM THE CORNERSTONE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE JUNE 2014 EDITION. It is conclusively clear from this discussion that football is an example of the interaction between the local and the global in regards to both to the globalization of the sport and to the impact that the game’s globalizing has… Read more »
ABSTRACT FROM THE CORNERSTONE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE JUNE 2014 EDITION. The failings of India’s media during this election are symptoms of deeper ailments. Most media companies are family owned. Their decisions are driven more by personal and historical animosities, or agendas, than by long-term business strategies. Those few that are… Read more »
ABSTRACT FROM THE CORNERSTONE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE JUNE 2014 EDITION. Four years ago, a good friend and a very senior government colleague here in India, Pravir Kumar, asked me to weigh the prospects of getting into the area of CSR. Given that his thoughts and ideas were way ahead of… Read more »
The modern game of golf has come a long way from its humble beginnings in 15th-century Scotland, and its fans are some of the most ardent of any sport. Ironically, it is golf’s deep-rooted traditions that have left it struggling to adapt to structural shifts, and the industry is now facing declining interest in many… Read more »
In the April edition of The Cornerstone Journal of Sustainable Finance & Banking we introduced the Cornerstone Capital Regional Strategy Model in which we ranked seven of the world’s regions/major economies. At the time, we excluded Australia and Canada but, following client feedback, we are now incorporating those two countries in our model –… Read more »
In this note, we introduce the Cornerstone Capital Global Sector Strategy Model. The model ranks the 10 GICS in the MSCI All Country World Index. As discussed in detail below, the model employs a quantitative multi-factor methodology to generate sector recommendations based on proprietary measures of valuation and earnings. The Cornerstone Capital model also takes… Read more »
ABSTRACT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE MAY 2014 EDITION In the April edition of The Cornerstone Journal of Sustainable Finance & Banking we introduced the Cornerstone Capital Regional Strategy Model. This month there is no change in our regional weightings. We provide a quick update by region. Michael Geraghty is the… Read more »
ABSTRACT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE MAY 2014 EDITION Co-Authored by Robert D. Lamb and Sadika Hameed, Program on Crisis, Conflict and Cooperation at the Center for Strategic and International Studies A teenage girl sews some clothes and sells them to a vendor at the local market, grows her business, and eventually… Read more »
ABSTRACT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE MAY 2014 EDITION The life of a consumer in China is akin to walking blind through a minefield; always fearful that your next purchase may contain hidden dangers. If you enter the words “product safety China” into Google, it will return more than 150 million… Read more »
ABSTRACT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE MAY 2014 EDITION We introduce the Cornerstone Capital Global Sector Strategy Model which ranks the 10 GICS in the MSCI All Country World Index. The model employs a quantitative multi-factor methodology to generate sector recommendations based on proprietary measures of valuation and earnings and incorporates… Read more »
The upcoming IPO has attracted media and market attention as one of the first efforts by a Chinese company to list on a U.S. Exchange. Founded 15 years ago, Alibaba is a giant in China’s e-commerce business, with online shopping sites combining the power of an Amazon and eBay with the ubiquity of a PayPal…. Read more »
In this note, we introduce the Cornerstone Capital Global Markets Regional Equity Strategy Model. As discussed in detail below, the model employs a quantitative multi-factor methodology to generate regional recommendations based on proprietary measures of valuation and earnings. The Cornerstone Capital model also takes into account corporate governance metrics by region. We will be updating… Read more »
The “Biopharma” Industry The lines between the “pharmaceuticals” and “biotechnology” sectors are becoming increasingly blurred. With 35-40% of the earnings of global large cap pharmaceuticals companies coming from biologics, it is probably more accurate to refer to these companies as operating in the “biopharma” industry. Corporate governance has played a key role in the emergence… Read more »
EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE APRIL 2014 EDITION. While impact investing is still far from being an accessible opportunity for the general population, investor demand for greater liquidity and platforms such as Kiva and Kickstarter make it clear that the potential for involving retail investors in the sector is immense…. Read more »
EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE FEBRUARY 2014 EDITION. Climate change is integrated into our company-wide risk management processes and in 2013 we further strengthened their commitment to lowering GHG emissions associated with the production and distribution of our products. Nestlé also commits to designing products that help consumers lower their… Read more »
EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE FEBRUARY 2014 EDITION. The “Chinese Dream” has become the most discussed topic today in China. The people of China have their own dreams and observe cautiously all the hype around this slogan, waiting for good reasons to believe in what they are promised. Thirty years… Read more »
January 2014 Issue: 首席执行官关于可持续金融和银行业的致辞 在这期的Cornerstone 可持续金融和银行业的月刊里, 因为全球市场到了报告业绩的季节并伴随着股价有可能在2014年获利调整后再涨高，我们把注意力放在数据上。我们考虑大数据，负有责任的数据原则， 对环境，社会和公司治理分析的数据，以及数据运载。当包括思科和微软等公司在内的商业领袖在达沃斯讨论了从“数据储存的全球标准”到“所有东西的网络”， 讨论也集中 在如何达到安全的必需性和个人隐私权的平衡。我们提供了全世界在资本市场领域为卓越而努力工作的杰出专家的报告。 在短期内，在投资者吸收IBM和联想为低端服务器交易的定价时，我们也思索IBM Watson商业体的长期潜力和在认知计算方面的机会，以及 IBM把什么称为智慧的星球。对复杂的决策过程转化进行商业化的承诺也使我想起了阿尔伯特爱因斯坦的智慧。他的最被人广为知道的和最被人喜欢的名言是“不是所有能计算的都有价值，并且不是所有有价值的都能被计算”。但是在我们从全方位考虑数据的这期月刊里的上下文中，我们也应该注意爱因斯坦的警告“具有知觉的头脑是一个神圣的礼物而理智的头脑是一个忠实的仆人。我们已经创建了一个奖励仆人而忘记了礼物的社会”。 因此，不是期望计算力将最终能够理解细微之处和权衡直觉， 我们推荐哈佛大学政治研究所和Case 基金会Sonal Shah 的见解。在她的题为“社会部门大数据”的编辑精选里，Sonal号召对数据交叉引用的复杂性进行严格的政策讨论，从而我们能够有合适的背景支持，能够避免对现实扭曲的损坏。 进而在“责任性数据的原则”报告中，Cornersone分析师Michael Shavel提供了一份现状报告，这份报告讨论了当股份持有人对数据完整性，数据质量，数据的生命周期，以及数据安全性等的需要做出反应时，股份持有人在何种程度上能够敏锐地了解公司对于数据管理的现有政策。 正如Sonal寻找那些不仅含有数据也含有关键的能带来责任，同情和怜腼等社会好处等元素的算法时，Framework 公司的 Kathee Rebernak在这个月 “Featured Domain”章节寻找更深层的对公司优秀的理解。在一篇题为“SustainabilityMapping.com”的文章中，Kathee强调伟大的公司能够更好的理解他们的发明，经济和我们人力及自然资源的相关性及相互依存性。这个系统层面上的途径将给所有的我们带来更大的繁荣。 回到这个月的“Sustainability and the Digital Dilemma,” 章节，我们收录了一篇来自于洛克西德马丁公司关于可持续发展，报告和股份持有人管理部门主任Matthew Swibel,的一篇文章。在这里，Matthew指出网络事件的指数级成长估计耗费了社会3,880亿美金并且大声提出全球对信息安全的需要会使可持续发展显著的提到日程上。虽然很难模拟经济上的影响， 但是信息安全不可能利索的切合到任何 ESG的评分卡上，争论的焦点在于日益增长的非金融信息的纰漏必须要得到加强。 谈到公司的信息纰漏，在这月期刊的“Investment Storytelling Through Enhanced Analytics”章节部分，我们介绍一篇 Colcomgroup公司董事总经理Brad Monterio的文章。这篇文章强调了使ESG数据的格式，结构，和应用更一致的路已经铺垫好。鉴于公司很大量的信息是在财务报表之外，XBRL的时点已经到来了。 鉴于这个主题的复杂性，我们请Cornerstone Capital 估值和会计主管Janet Pegg来讨论 “Disclosure Overload: Don’t Throw Investors out with the Bathwater”这个主题。因为Mary… Read more »
Extract from the Cornerstone Journal of Sustainable Finance & Banking, November 2013, written by Zheng Xiaoping, Vice President of the China City Development Foundation and Director of BAZO. This is an era in which to connect worldwide resources to opportunities, and all of us can contribute to and benefit from them. If there is one… Read more »
Extract from the Cornerstone Journal of Sustainable Finance & Banking, November 2013, written by Cyrus Lotfipour, Emily Chew, and Shuyuan Jin, MSCI ESG Research, a leading provider of in-depth environmental, social& governance research, ratings and analysis, with more than 150 ESG specialists worldwide. Water Scarcity poses an operational risk to companies in the metals, mining,… Read more »
Extract from the Cornerstone Journal of Sustainable Finance & Banking, November 2013, written by Lionel Vairon, Vairon author of the “ China Threat? The Challenges, Myths and Realities of China’s Rise” and former diplomat to Cambodia, Thailand, and Iraq. The Book “ China Threat ?” aims at giving a more balanced, less ideological view of… Read more »
Extract from the Cornerstone Journal of Sustainable Finance & Banking, November 2013, written by Nikos Theodosopoulos, Founder of NT Advisors LLC, a consulting and advisory firm for the Technology Industry. While China represents a large and rapidly growing market for US Technology companies, the path to success in this market has proven difficult and sometimes… Read more »
Extract from the Cornerstone Journal of Sustainable Finance & Banking, November 2013, written by Karla Canavan, CAIA, Commercial Director at Bunge Environmental Markets. The solution to the challenge to feed 10 billion people in 2050 is yet to be seen. However women farmers could trigger a big change and unfold a sustainable solution to the… Read more »
首席执行官关于可持续金融和银行业的致辞 过去一个月西方市场得益于特殊的货币刺激政策而持续走高，并且这种刺激在短期内没有放缓的迹象，在这个月Cornerstone 可持续金融和银行业的月刊里我们想借此机会来讨论一下东方市场。在众所期盼的中国共产党十八届三中全会后，全世界金融市场的参与者对于改革政策不能完全被市场接受而感到困惑，我们通过在本期中介绍两位中国问题专家的专题文章来共同思考最优的长期繁荣的途径。在我们新的“Regional Imperatives”章节，前法国外交部长Lionel Vairon 通过他最新出版的“中国的威胁”一书务实性地回答了中国崛起的秘密和现实。也是在这个月的期刊里，中国城市发展基金会的郑小平带来了他基于多年在大规模城市发展方面的经验为中国城市化进程中跨地域知识和资本流向等方面而提出的一个模式。 除了郑所指出的在持续推进城市化进程中的困难，我们也探讨了一个以扩大内需作为经济未来发展方向所面临的关键问题：即对于淡水的需求。水危机无疑是二十一世纪无可争议的危机，在这月期刊的“Enhanced Analytics”章节，我们重点讨论MSCI研究的一个新报告，报告的题目是“零和游戏：评估中国超大规模基础设施的水危机。”在这里，Linda Eling-Lee的团队探讨了基金经理可用来清晰审视他们投资决定中关于处理水危机的方法。 在我们注意到水是世界消费品公司重要的可持续发展关注点的同时，我们也借此机会在这个月的期刊里来讨论一下瑞银全球经济学家 Paul Donovan 和环境，社会，公司治理以及可持续发展策略师Julie Hudson 的评论。在这月期刊的“Sustainable Standout”章节，他们认为确实有办法来调和政治必然性，经济挑战，以及为全球生产低廉成本食品所付出的环境代价…..既集中解决这个系统中巨大的浪费。在他们新著的题为“食物政策和环境信贷危机—从汤到坚果”一书中，Paul和Julie继续帮助投资者回答应对消耗明天有限的资源来维持今天的消费水平所面临挑战的策略。 提及为这个饥饿的世界可持续性的提供食物所面临的挑战，这个月在我们“Open Source Excellence”章节，我们重点推荐一篇来自Bunge Environmental Markets 的Karla Canavan 的文章。Karla提出了一个引人注目的对于如何真正有机会通过建设性的使女性农民获得参与能力来解决食物和资源匮乏问题的案例。Karla项目的讨论强调带来繁荣的同时也带来资本的巨大可能性。 回到这个月我们“Global Sector Research”的工作，我们继续讨论中国崛起的话题，在这里我们介绍了技术行业策略师Nikos Theodosopoulos 对于美国科技公司对中国市场难以捉摸的探讨。Nikos 明确地列出了中国潜在的巨大技术市场机会，阻力，以及竞争的动态性。 这个月的“Sustainable Editorial”章节我们已经讨论了富有建设性地讨论金融衍生品价值（“衍生品的社会价值”）的必需性， 接下来我们想对全球银行业的健康性进行一下讨论。我们也提供了一篇来自于银行业策略师Diane Glossman 关于全球银行业运行的法规条款的文章。Diane 分享了她对金融业回报前景以及在当前监管环境下政府对该行业应付职责的理解。接下来我们想重点推介我们研究团队的估值和财务板块负责人Janet Pegg的报告，她的报告站在很高的角度讨论了银行是如何在他们的资产负载表上处理金融工具的。 在这月期刊里我们加入了一个新的“Accelerating Impact”章节。在这里 我们强调了当前由私营和公共机构所号召的对于那些愿意看到资本可以持续性运转的全体而采取实际行动的动员。这个月我们重点讨论杜克大学的David Robinson 的工作，David 和我们世界经济论坛全球融资和资本议程理事会的同事共同设计了一个对于使资本加速流入中小企业所面临的困难进行分析的问卷调查。我们诚恳的希望读者能够使用这个链接（http://sites.duke.edu/gacfinance）来参与这个问卷调查，从而使世界经济论坛可以更好地支持促进增长和繁荣的关键发动机。 也是在这期月刊里，在我们的“Corporate Governance Insights”章节， 我们非常高兴地分享John Wilson关于私有行业在公司可持续发展倡议中支持程度的讨论。在这篇连续报告中，前任TIAA-CREF公司治理总负责人探讨了如下问题： 公司以及股份所有者在可燃烧碳问题上参与性的改变，碳排放纰漏的透明性，以及我们想推进私有行业对于气候危险问题提出解决办法所需要的商业模型的改进。 来结束这个月的期刊，除了重点推出TheLastPanda.org作为我们“Featured Domain”，我也想谈一下Cornerstone的团队成员经常自问我们对于“公司可持续发展”的定义。我们以前已经指出过在可持续金融领域语言所带来的挑战 (请参见我们在福布斯发表的题为“可持续性能够持续吗？”一文)， 我们认为形成一个我们共同认可的统一定义的决心也许是徒劳的。并且企盼这个确定答案的想法也确实不可能加速改变的速度。所以对于Cornerstone Capital 来说，“公司可持续发展”的定义和公司所采用的战略以及商业技巧的紧密结合将是我们不遗余力对再生性以及从全方位考虑来发展经济的实质进展的追求。… Read more »