Turning Stones Blog

In Search of Quality


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Conversations with a fresh perspective on issues faced by companies and investors – ranging from risks and opportunities, to bottom-up insights from our deep, investigative research, and views on ESG.

BLOGS

08.14.2019 by Sudhir Roc-Sennett

ESG: Can social and short-term investors co-exist?

Get Social, ‘S’ from ESG, wrong and a company stands to lose customers and employee loyalty, and damage value of the business. The priority of owners in how socially responsible investments are made, and the expected returns, are key. Liquid markets can deliver rapid change in ownership. Can the two coexist? Owners are as much part of the solution as part of the problem.

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BLOGS

07.31.2019 by Sudhir Roc-Sennett

China Running Out of Options

China is relying on consumer spending for growth, with consumption driven by running property prices, rapidly rising incomes and debt. China’s property prices reached 84% of those in the U.S., yet disposable income is just one tenth. As the trade fallout with the U.S. saps demand for jobs – red flags are up.

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BLOGS

07.08.2019 by Sudhir Roc-Sennett

Shareholders Deserve Undivided CEO Attention – Many Don’t Get It

For years, CEOs across the world have diluted their focus by serving on the boards of unrelated companies. Average time commitment for a board position at an S&P 500 company is around one month! Shareholders don’t get a vote on CEO focus – how can they get the undivided attention they deserve?

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BLOGS

06.26.2019 by Sudhir Roc-Sennett

Controlling the Darkside of Network Effects

Dominant technology companies protected by awesome ‘network effects’ can benefit society and investors. But monopoly control of communications or private information can have unexpected consequences for users. How bad it can get depends on who’s running the company and who runs the regulators. What is ‘network effect’ and how can it be controlled?

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BLOGS

06.03.2019 by Sudhir Roc-Sennett

More China and The Herd

China’s ambitions being challenged is creating significant uncertainty. Alongside this, MSCI and FTSE appear to be stumbling over each other to add China weight to their indices. The potential to reshape the benchmarks has significance – for both active and passive investors. Is the herd being led down a dark alley?

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BLOGS

05.13.2019 by Sudhir Roc-Sennett

Is The Boss Worth $20 Million?

While a big payday for a CEO is not headline material anymore, it still makes most people queasy. When a CEO earns $20 million in one year, it would take someone making $100,000 a year more than four lifetimes to earn the same amount. Balance matters.

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