Sustainable Protein: Investing for Impact at the Nexus of Environment, Human Health and Animal Welfare
Advances in agricultural technology, changes in human diet, and rising awareness of the environmental destruction caused by factory farming are accelerating the rise of sustainable protein. Investors can target…
Global Equity Outlook: A Global Earnings Rebound
Executive Summary Climbing Out of the Trough. In the US, the Europe/Australasia/Far East (EAFE) region and in Emerging Markets, earnings seem on track to keep climbing out of the 2016 trough.…
Global Earnings Synthesis: Earnings Growth Likely to Determine the Direction of Stock Prices in 2017
Executive Summary 2017 Estimates Still Seem Overly Optimistic. While the initial estimate of 2015 earnings was below the initial estimate of 2014 earnings, and the initial 2016 estimate was below the…
Regional and Sector Strategy Monthly Update: March 2017
Executive Summary Sector Strategy: Upgrade Information Technology (strong relative earnings momentum outweighs rich valuation); Downgrade Utilities (weak relative earnings momentum). Financials remains the most favored sector; Health…
Gauging Governance Globally: 2017 Update
Executive Summary A Governance Update — We update the analysis in our 2014 and 2015 reports with data for 2016. A Modest Improvement in Governance — The percentile ranking of…
Sector and Regional Strategy: Monthly Update January 2017
Executive Summary Regional Strategy: Upgrade UK; Remain Positive on Russia. This month the UK is being upgraded, largely reflecting a continued improvement in earnings momentum. In contrast to Russia —…
Regional and Sector Strategy Monthly Update: December
Executive Summary Sector Strategy: Reflationary Revisions… 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.…
Global Earnings Synthesis: Single-Digit Earnings Gains in 2017 Could Imply a Single-Digit Gain in Equity Markets
Executive Summary 2017 Estimates Seem Overly Optimistic. Consensus estimates currently imply a 31% gain in global earnings in 2017. Annual earnings growth has not exceeded 13% in any of the…
Regional and Sector Strategy Monthly Update: October 2016
Executive Summary Sector Strategy: Neutral. We are Neutral on every sector but one. By our methodology, the majority of sectors are closely grouped in ranking. In some instances, a…
Sector and Regional Strategy Monthly Update: September
Executive Summary Maintain a Cautious Sector Strategy. The majority of sectors continued to experience downard revisions to estimates, so that expectations are for just lackluster earnings growth. Most valuations remain…
Sector and Regional Strategy: Monthly Update – August
Executive Summary An Even More Cautious Sector Strategy. Downgrade Consumer Staples, Health Care and Utilities to Underweight from Neutral. These defensive sectors face the unfavorable combination of unattractive valuations and…
Global Earnings Synthesis: Consensus 2016 Estimates Have Been Falling; 2017 Estimates Look Too High
Executive Summary A Sharp Drop in 2016 Estimates. Consensus estimates for 2016 global earnings have fallen sharply since the start of the year. Nevertheless, many stock markets globally have performed…
Sector and Regional Strategy: Monthly Update
Executive Summary Sector implications of Brexit fallout . Uncertainty likely to prevail globally, at least until U. S. presidential election. Major corporate and consumer spending decisions potentially…
Regional and Sector Strategy: Monthly Update
Executive Summary Upgrade U. S. to Overweight from Neutral. Earnings estimate revisions turned sharply positive, adding to other favorable fundamentals including margins, share buybacks. Information Technology: Still Neutral;…
An Atypical Analysis of Industry Risks
Executive Summary Intangible Factors Can be Material Too. Most investors focus on tangible income statement and balance sheet items, but intangible factors can be material too. Analyzing Intangible Factors at…
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