Retail: Can Brick and Mortar Deliver for the Right Franchise?
In the age of digital disruption, it’s no surprise that physical stores have suffered, receiving terrible press over the past few years. But for those of us looking beyond the headlines, we have found that some brick and mortar franchises are resilient to the threat of e-commerce.Read Summary
The Risk to Shareholders in the #MeToo Era
As a growing movement against sexual misconduct, #MeToo magnifies the risk of outsize power in the hands of one person.Read Summary
Trading in China A-Shares
China continues to open its doors to foreign investors - even though buying and selling securities in China is not as straightforward as it is in most other large markets.Read Summary
Quality Growth Banks: Why We Find the U.S. a Better Hunting Ground Than Europe
Igor Krutov, Director of Research, explains why most European banks suffer from structurally poor profitability.Read Summary
Seeing Inflation and Dealing With It
Sudhir Roc-Sennett evaluates, from a bottom-up perspective, a few areas in which we see inflation and how some companies are equipped to deal with it.Read Summary
Brazil: The Moment of Truth
Brazil has sold off as the market fears the country is in trouble. If the huge pension program is not reformed, it will add expense to a budget already in deficit. On top of this, there will be a new President elected in October. Read Summary
Consumer Staples: Orphans or Heroes?
Although the general market runs hot and cold about consumer staples companies and their valuations, our portfolios include meaningful positions in quality consumer staples.Read Summary
Turning the Corner – EM Currencies Take A Knock
Since the end of the first quarter, the outlook for higher U.S. interest rates has been accompanied by a major sell-off in a number of EM currencies. We haven’t seen FX declines of this magnitude since the taper tantrum of 2013.Read Summary
Can Facebook Recover From Its Data Usage Crisis?
In March, media reports of a user data breach sent Facebook's stock spiraling downward. While it has since recovered, investors are concerned about the potential negative effects the incident could have on the company—from increasing risk of regulation to declining usage and rising costs.Read Summary
Secular Growth Opportunities in the Global Payments Industry
We see strong long-term secular growth potential for the vast, over $1-trillion global payments industry. There is still a significant amount of cash to be displaced by digital payments, particularly in emerging markets where the majority of payments are conducted in cash. In this paper, we discuss the technological advances and opportunities in the industry, and identify which payment businesses we find attractive.Read Summary