GLOBAL ECONOMICS. Nikolaj Schmidt, Chief International Economist 2 February 2017 Amsterdam
|
|
- Natalie Atkins
- 6 years ago
- Views:
Transcription
1 GLOBAL ECONOMICS Nikolaj Schmidt, Chief International Economist 2 February 2017 Amsterdam For investment professionals only. Not for further distribution. Past performance is not a reliable indicator of future performance.
2 Global GDP accelerates. PMI peaks. As at 31 December 2016 Source: Bloomberg Finance, L.P. 2
3 Global PMIs: Improvement across services and manufacturing. Driven by DM. As at 30 November 2016 Source: Markit 3
4 Global Manufacturing PMI vs 10y UST As at 19 January 2017 Source: Bloomberg Finance L.P. Used with permission of Bloomberg Finance L.P. Source: Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan s prior written approval. Copyright 2017, J.P. Morgan Chase & Co. All rights reserved. Source: MARKIT PMI: Copyright 2017, Markit Economics Limited. All rights reserved and all intellectual property rights retained by Markit Economics Limited. 4
5 Lead Indicators As at January 2017 Source: T. Rowe Price calculations 5
6 End of EM Leverage Boom As at 31 October 2016 Source: International Monetary Fund 6
7 Credit growth in the US As at 30 September 2016 As of 30 Sep 2016 Source: Federal Reserve Flow of Funds 7
8 Jan_50 Apr_55 Jul_60 Okt_65 Jan_71 Apr_76 Jul_81 Okt_86 Jan_92 Apr_97 Jul_02 Okt_07 Jan_13 US Investment Boom Unlikely As at 19 January 2017 INVESTMENT VS PROFITS 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% 50% 30% 10% -10% -30% -50% US CAPACITY UTILIZATION Real Private Nonresidential Fixed Investment (SAAR, Bil.$) Corporate Profits (NIPA Accounts) 4Q Lag; RHS Source: Bureau of Economic Analysis, Federal Reserve 8
9 Percent of Potential GDP Global Fiscal Tightening: First in 3 Years As at 30 September 2016 STRUCTURAL BUDGET BALANCE 2,0 1,0 0,0-1,0-2,0-3,0-4,0-5,0-6,0-7, Advanced Emerging Source: International Monetary Fund s projections in their WEO. 9
10 Trump: More Regressive Tax System Source: Tax Policy Center as at 18 October The publication is called: AN ANALYSIS OF DONALD TRUMP S REVISED TAX PLAN Jim Nunns, Len Burman, Ben Page, Jeff Rohaly, and Joe Rosenberg 10
11 Global Inflation. As at 19 January 2017 Source: T. Rowe Price Calculations 11
12 Unemployment: US, Eurozone, Germany and Japan As at 31 December 2016 Source: Bloomberg Finance L.P. Used with permission of Bloomberg Finance L.P. 12
13 Phillips Curves As at 31 October Source: Haver, National Statistics Bureaus, T. Rowe Price 13
14 Global Equities VOLATILITY, UNCERTAINTY AND THE AGING BULL Laurence Taylor Global Equity Portfolio Specialist 2 February 2017 For investment professionals only. Not for further distribution.
15 Outlook Summary As at 31 December 2016 Equity market sentiment has become increasingly unstable as the bull market has matured with big macro having an exaggerated influence on markets in While the global economy is wrestling with structural change, cyclical earnings trends are improving which should prolong the equity cycle. Selectivity is critical given raised expectations. Political uncertainty and popular protest have become mainstream as economic inequality has been called into question. Fiscal stimulus is one potential outcome, dis-functional politics another. Emerging market equity fundamentals are as dispersed as ever. EMlisted stocks delivering long-term growth should regain/retain a premium, especially if growth-oriented policy in DM s disappoints. Reasonable valuations, modest global profit growth and solid balance sheets should provide support to global equities. It is important to temper return expectations however. 15
16 Year over Year % Growth From The Ashes, A New Hope (for Growth) As at 30 November 2016 EMPLOYMENT GROWTH BY REGION RATES AND EARNINGS WHERE NEXT? 4% 3% Japan EU US 2% 1% 0% -1% -2% -3% -4% -5% Most bullish Falling Rates Rising Earnings Falling Rates Falling Earnings? Higher Rates Rising Earnings Higher Rates Falling Earnings Most bearish Sources: Ministry of Health, Labour & Welfare, Statistical Office of the European Communities, Bureau of Labor Statistics, Haver Analytics, Morgan Stanley Research. 16
17 Economic Activity is on the Rise As at 31 December 2016 USA PMI Services Manufacturing JAPAN PMI Services Manufacturing EURO AREA PMI Services Manufacturing CHINA PMI Services Manufacturing Sources: Haver Analytics, Markit, T.Rowe Price 17
18 Earnings Revisions are on the Up 30 November 2016 EARNINGS REVISIONS BY REGION 60% US earnings revisions, m/m net upgrades (%) 40% 20% 0% -20% -40% 60% 40% 20% 0% -20% -40% Japan earnings revisions, m/m net upgrades (%) -60% % % 40% Europe earnings revisions, m/m net upgrades (%) 60% 40% ACWI earnings revisions, m/m net upgrades (%) 20% 20% 0% 0% -20% -20% -40% -40% -60% % Past performance is not a reliable indicator of future performance. Sources: Facset. 18
19 Trump Tantrum Making Value Great Again As at 31 December 2016 MSCI WORLD VALUE MSCI WORLD GROWTH TOTAL RETURN (%) % 40% 30% 20% 10% 0% -10% 31 Dec Feb Feb Dec Value - Growth Mean -1 St Dev +1 St Dev -20% -30% -40% -50% Past performance is not a reliable indicator of future performance. Source for MSCI data: MSCI, Total return indices used for MSCI Value and MSCI Growth. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. 19
20 MSCI Value/Growth (12/31/1999 = 100) 10 Year US Treasury Yield, % The Value Cycle and the Link to Growth and Inflation As at 31 December 2016 US TREASURY YIELDS VS. MSCI WORLD VALUE/GROWTH 31 December December Value/Growth US 10 Year Treasury Yield (RHS) 5,5 5, ,5 4,0 3, ,0 2,5 2,0 1,5 70 1, Past performance is not a reliable indicator of future performance. Source: FactSet Economics. 20
21 % GDP growth Donald Trump US Businesses Impressed, Economists Not So Much US BUSINESS SENTIMENT SPIKED POST ELECTION NFIB Small Business Economic Trends, Optimism...BUT ECONOMISTS WERE UNMOVED (US REAL GDP GROWTH ESTIMATES) 3,0 2,8 CY '17E 2,6 2,4 2,2 2,0 1,8 90 Election 1,6 Election 85 1,4 1, , Indexed to 1986 = 100 Source: NFIB, FactSet. As of 30 December
22 India Philippines China Indonesia Peru Turkey South Korea Mexico South Africa Russia Brazil Australia United States United Kingdom France Japan Real GDP Growth YoY % Amid the Hope, A Scarcity of Growth Remains As at 30 September 2016 REAL GDP GROWTH YOY (%) 8 7,1 7,0 6,7 As at 31 December 2016 REGIONAL PROFITS (EPS IN USD) In USD Since Last Cycle Peak (October 2007) , ,1 3,0 2,5 2,0 0,6 2,6 1,5 1,5 1,1 0, ? ,2-2, Emerging Markets Japan United States Europe ex UK United Kingdom Source: FactSet Economics. 22
23 2008 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q3 (E) 2016 Q4 (E) 2017 Q1 (E) 2017 Q2 (E) 2017 Q3 (E) 2017 Q4 (E) Oct-08 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Cumulative Growth in Operating Earnings Per Share Corporate Profits Why So Bad? As at 31 December 2016 U.S. PROFITS GROWTH BY SECTOR 2010 to 2017E 70% 60% S&P 500 Health Care and Information Technology S&P 500 Financials and Utilities S&P 500 Consumer Discretionary and Consumer Staples S&P 500 Energy, Industrials, and Materials 65% MSCI EU INDEX: PERCENT OF EARNINGS FROM ENERGY MATERIALS, AND FINANCIALS 70% 60% 57% Energy Materials Financials 50% 40% 30% 43% 42% 34% 50% 40% 30% 25% 20% 20% 10% 10% 0% 0% -10% -10% Past performance is not a reliable indicator of future performance. Chart is shown for illustrative purposes only and does not represent the performance of any specific security. Sources: FactSet, MSCI data: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. 23
24 Year over Year Change (%) Index Level Oil Price ($) Millions of Barrels Per Day Oil and China Structural Headwinds Persist As at 31 December 2016 CHINA INDUSTRIAL PRODUCTION VS INDUSTRIAL METALS PRICES January 2011 to December 2016 GLOBAL DEMAND MINUS SUPPLY VS. OIL PRICE (BRENT CRUDE) 16% China - Industrial Production (Left) S&P GSCI Industrial Metals Index Price (Right) Oil Price (L) 12 Month Average of Demand Minus Supply (R) 2 14% ,5 1 12% ,5 10% ,5 8% % ,5-2 4% ,5 Past performance is not a reliable indicator of future performance. Sources: Factset, Haver Analytics, China National Bureau of Statistics, Bank of Korea, T. Rowe Price 24
25 Unemployment Rate Cumulative Increase in Fed Target Rate US Inflation Inflection How Far, How Fast? As at 30 September 2016 US AND EUROPEAN EMPLOYMENT AND INFLATION FUNDAMENTALS 13% 12% 11% 10% 9% 2016 Q3 Eurozone US 2012 Q1 LOW AND SLOW: PRIOR FED RATE HIKING CYCLES VS. PROJECTION OF CURRENT CYCLE Mar-83 Apr-88 Jun-99 Dec-15 Jan-87 Feb-94 Jun-04 FOMC Projection 8% 7% 2012 Q1 2 6% Fed Target X 1 5% 2016 Q3-1% 0% 1% 2% 3% 4% Inflation (Total CPI, Y/Y) Number of Months from Beginning of Hike Source: Evercore ISI, FactSet 25
26 Leverage Has Increased In Corporate America January 1995 December 2016 TOTAL DEBT AS % OF TOTAL EQUITY 110 CASH AS % OF MARKET CAPITALIZATION S&P 500 Large Cap S&P 600 Small Cap S&P 500 Large Cap S&P 600 Small Cap % % Past performance is not a reliable indicator of future performance. Chart is shown for illustrative purposes only and does not represent the performance of any specific security. Sources: FactSet, Standard & Poor s. 26
27 Price to Earnings Ratio PE NTM / Implied PE Can Valuations Hold In a Goldilocks World? As at 31 December 2016 DEVELOPED VS EMERGING MARKETS 12 Months Forw ard Price to Earnings Ratio (P/E) January December MSCI EM MSCI World EM LT Average World LT Average EQUITY AND BOND VALUATIONS 70 U.S. Treasury 10-Year 1/Yield S&P 500 Japan TOPIX 60 MSCI Germany MSCI World Long Term Av erage 16.2x MSCI EM Long Term Av erage 11.8x 10 0 Past performance is not a reliable indicator of future performance. Sources: FactSet, MSCI Source f or MSCI data: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.. 27
28 Current 12 mos. Fwd PE Current 12 mos. Fwd PE Regional and Sector Valuations As at 31 December 2016 REGIONS AND COUNTRIES Valuations and Comparison To 2007 Peak 22 GLOBAL SECTORS Valuations and Comparison To 2007 Peak Energy (62.5%) 18 USA 18 Info Tech Staples Industrials Australia Japan Germany AC World Europe France UK Discretionary Health Care Telecom Materials Utilities 12 Asia ex- Japan EM Italy 12 Financials 10-40% -30% -20% -10% 0% 10% 20% 30% Re-Rating Since 2007 Peak 10-40% -30% -20% -10% 0% 10% 20% 30% Re-Rating Since 2007 Peak Sources: FactSet, Wilshire Atlas, MSCI/S&P GICS Sectors. Analysis by T. Rowe Price Associates, Inc. 28
29 % US Valuations in an Inflation and Rates Context As at 31 December 2016 S&P 500 AVERAGE P/E, 1871 TO PRESENT TRAILING US FREE CASH FLOW YIELD BEFORE FIRST INCREASE IN US RATES 1954 Through November m Forw ard P/E Inflation range shown Past performance is not a reliable indicator of future performance. Source: Credit Suisse, Empirical Research Partners Analysis. 29
30 Europe Inflection or Relief? As at 30 September 2016 EUROPEAN-US RELATIVE P/B AS A LEAD INDICATOR 0,05 0,00-0,05-0,10-0,15-0,20-0,25-0,30-0,35-0,40 Europe vs US: Sector-adjusted P/B Average -0, Past performance is not a reliable indicator of future performance. Source: FactSet 30
31 E trn Japan A Cyclical Self-Help Story As at 31 December 2015 TOTAL SHAREHOLDER RETURNS OF ALL LISTED COMPANIES (On A Common Stock Basis (Est for )) Dividends (LHS) Share buybacks (LHS) LEVERAGE TO RECOVERY AND RECESSION¹ Beta Of Corporate Earnings (Regional EPS) To Global Industrial Production Beta of EPS to Global IP 0 FY 0 Japan Emerging Markets Continental Europe World US UK Past performance is not a reliable indicator of future performance. Source: FactSet, Thomson Reuters, Credit Suisse, Towers Watson, Goldman Sachs 1 As at 30 June Note: Based on companies with revenues of more thanus$10 billion. 31
32 Portfolio Performance Annualized Return (%) Emerging Markets Time to Buy the Doom? 1 January September 2016, in USD EM PAIN SINCE 2010 MORE RISK FOR LESS RETURN VERSUS DM S&P 500 MSCI PHILIPPINES 10 MSCI WORLD 5 MSCI FM (FRONTIER MARKETS) MSCI JAPAN MSCI EM ASIA MSCI EUROPE MSCI INDONESIA 0 MSCI EM (EMERGING MARKETS) -5 MSCI EM EMEA MSCI EM LATIN AMERICA Volatility Std Dev (%) of Returns Past performance is not a reliable indicator of future performance. Source: Zephyr Style Advisor. 32
33 Rebased performance The Nearly Year For EM Investors As of December 31, MSCI Emerging Markets vs MSCI World MSCI World Value vs MSCI World Growth Past performance is not a reliable indicator of future performance. Source: Factset, MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or fi nancial products. This report is not approved, reviewed, or produced by MSCI. 33
34 (%) Change Fragile Five (Plus Russia) Then and Now Change from 30 June December 2015 THE FRAGILE FIVE 8 IMPROVEMENT DETERIORATION Current Account % of GDP Real GDP % CPI % (Inverted) Budget Surplus/Deficit % of GDP Turkey India Indonesia South Africa Brazil Russia Sources: FactSet Budget surplus or deficit change shows a comparison between CY 2013 and CY
35 Earnings Per Share Growth Earnings Per Share Growth The EM Profit Growth Reality October 2007 December 2016 TRAILING EARNINGS PER SHARE (EPS) GROWTH MSCI Emerging Markets MSCI Latin America MSCI Emerging Asia MSCI Emerging Europe & Middle East MSCI EM SECTOR EARNINGS PER SHARE (EPS) GROWTH Discretionary Technology Financial Industrials Materials Energy Past performance is not a reliable indicator of future performance. Chart is shown for illustrative purposes only and does not represent the performance of any specific security. Sources: Factset, MSCI. Source for MSCI data: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. 35
36 Standard Deviations Emerging Markets: Uncertainty and Opportunity EMERGING MARKETS VALUATION SPREADS The Top Quintile Compared To The Market Average¹ January 1992 Through December ,0 2,5 2,0 1,5 1,0 0,5 0,0-0,5-1,0-1,5 One Standard Deviation Valuation Spread 1 Standard Deviation -1 Standard Deviation Average Wide Disparities Narrow Disparities VALUATIONS REFLECT CHANGE AND UNCERTAINTY 12 Month Forw ard P/E as of December 31, 2016 USA Mexico India The World Index Philippines Malaysia Indonesia Chile Europe Japan Thailand Czech Republic Greece South Africa Taiwan Egypt Qatar Brazil Peru Poland Colombia United Arab Emirates Hungary China South Korea Turkey Russia Past performance is not a reliable indicator of future performance. Source: FactSet, Empirical Research Partners Analysis. 1 Top-quintile compared to sector average. 36
37 The Equity Cycle and the Fork in the Road As of 31 December 2016 Market participants are being increasingly drawn into two very different outlook camps and markets are reacting to this backdrop of elevated uncertainty and complexity. We would agree that we at a crucial juncture for equity markets. Corporate profits have been weak and a continuation of this trend is a potential cycleending risk. We believe the U.S. economy remains fundamentally sound while we still see an uneven, but stable developed market economic backdrop elsewhere. As monetary policy reaches its limit of influence, easier fiscal conditions are being considered in Japan, the U.K. and the U.S. This may boost near term growth if debt is allowed to rise, but structural issues remain a headwind. Our central scenario for the global economy should ultimately show itself in rising demand, production and corporate profits growth, if afforded room to mature. Set against a backdrop of reasonable valuations, this should create a foundation for modest upside for global equities. 37
38 Important Information This material, including any statements, information, data and content contained w ithin it and any materials, information, images, links, graphics or recording provided in conjunction w ith this material are being furnished by T. Row e Price for general informational purposes only. The material is not intended for use by persons in jurisdictions w hich prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. It is not intended for distribution to retail investors in any jurisdiction. Under no circumstances should the material, in w hole or in part, be copied or redistributed w ithout consent from T. Row e Price. The material does not constitute a distribution, an offer, an invitation, recommendation or solicitation to sell or buy any securities in any jurisdiction. The material has not been review ed by any regulatory authority in any jurisdiction. The material does not constitute advice of any nature and prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go dow n as w ell as up. Investors may get back less than the amount invested. The view s contained herein are as of 31 January 2017 and may have changed since that time. EEA - Issued in the European Economic Area by T. Row e Price International Limited, 60 Queen Victoria Street, London EC4N 4TZ w hich is authorised and regulated by the UK Financial Conduct Authority. For Professional Clients only. Bloomberg Finance L.P. Used w ith permission of Bloomberg Finance L.P. J.P. Morgan. Information has been obtained from sources believed to be reliable but J.P. Morgan does not w arrant its completeness or accuracy. The index is used w ith permission. The Index may not be copied, used, or distributed w ithout J.P. Morgan s prior w ritten approval. Copyright 2017, J.P. Morgan Chase & Co. All rights reserved. MARKIT PMI. Copyright 2017, Markit Economics Limited. All rights reserved and all intellectual property rights retained by Markit Economics Limited. National Statistics Bureau T. ROWE PRICE, INVEST WITH CONFIDENCE and the Bighorn Sheep design are, collectively and/or apart, trademarks or registered trademarks of T. Row e Price Group, Inc. in the United States, European Union, and other countries. This material is intended for use only in select countries. C1PBMCNY6 / 2017-GL-5588 C1XGK0GKW/ 2017-GL
39 THANK YOU
11 QUESTIONS FOR EQUITY INVESTORS IN 2017
Global Equities 11 QUESTIONS FOR EQUITY INVESTORS IN 2017 January 2017 For investment professionals only. Not for further distribution. The 2 nd Longest US Bull Market In History Could This Be The Record
More informationINTERNATIONAL EQUITIES
2018 Global Market Outlook Press Briefing INTERNATIONAL EQUITIES Justin Thomson Portfolio Manager, CIO, Equity November 14, 2017 FOR 2018 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED MEMBERS
More informationEmerging Market Debt Environment. October 2014
Emerging Market Debt Environment October 2014 EM Dollar Debt Posts Gains after Difficult 2013 2 EM vs. DM Growth Stabilizing at Lower Spread Real GDP Growth Rate Differential: Emerging Market Premium over
More informationLearning objectives. Investors should leave the presentation with an ability to discuss
Learning objectives Investors should leave the presentation with an ability to discuss the fundamentals and valuations of emerging markets economies in 2018 the key risks of emerging market debt in 2018
More informationASIA EX JAPAN: NEITHER BOOM NOR DOOM
2016 Global Market Outlook Press Briefing ASIA EX JAPAN: NEITHER BOOM NOR DOOM Anh Lu Portfolio Manager (Asia ex Japan Equity Strategy) The Good news, the Bad News, Our Outlook The Good News Not a crisis
More informationGLOBAL ECONOMIC ENVIRONMENT AND OUTLOOK
1 Global Market Outlook Press Briefing GLOBAL ECONOMIC ENVIRONMENT AND OUTLOOK Alan Levenson, Ph.D. Chief U.S. Economist November 1, 17 FOR 1 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED
More informationFOR 2018 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED MEMBERS OF THE PRESS ONLY, NOT FOR FURTHER DISTRIBUTION.
2018 Global Market Outlook Press Briefing GLOBAL FIXED INCOME Mark Vaselkiv Portfolio Manager, CIO, Fixed Income November 14, 2017 FOR 2018 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED
More informationThe Compelling Case for Value
The Compelling Case for Value July 2, 2018 SOLELY FOR THE USE OF INSTITUTIONAL INVESTORS AND PROFESSIONAL ADVISORS 0 Jan-75 Jan-77 Jan-79 Jan-81 Jan-83 Jan-85 Jan-87 Jan-89 Jan-91 Jan-93 Jan-95 Jan-97
More informationINVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN
INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN MIKE LESLIE, FACULTY PENSION PLAN NEIL WATSON, LEITH WHEELER FEBRUARY 12, 2014 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan
More informationEmerging Markets Small-Cap
Emerging Markets Small-Cap October 2017 THIS MATERIAL IS FOR USE OF PROFESSIONAL CLIENTS ONLY, EXCEPT IN THE U.S. WHERE THE MATERIAL IS FOR INSTITUTIONAL INVESTOR USE ONLY AND MAY NOT BE USED WITH THE
More informationFOR 2018 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED MEMBERS OF THE PRESS ONLY, NOT FOR FURTHER DISTRIBUTION.
2018 Global Market Outlook Press Briefing U.S. EQUITIES Ann M. Holcomb, CFA Portfolio Manager November 14, 2017 FOR 2018 GLOBAL MARKET OUTLOOK PRESS BRIEFING. PROVIDED TO DESIGNATED MEMBERS OF THE PRESS
More informationLatin America Equities
Latin America Equities March 2013 Stephen Burrows, Senior Investment Manager Emerging Markets - Pictet Asset Management Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12
More information2015 Market Review & Outlook. January 29, 2015
2015 Market Review & Outlook January 29, 2015 Economic Outlook Jason O. Jackman, CFA President & Chief Investment Officer Percentage Interest Rates Unexpectedly Decline 4.5 10-Year Government Yield 4 3.5
More informationPresentation The role of fixed income today. Quentin Fitzsimmons. Senior Portfolio Manager, Fixed Income T. Rowe Price
Presentation The role of fixed income today Quentin Fitzsimmons Senior Portfolio Manager, Fixed Income T. Rowe Price THE ROLE OF FIXED INCOME TODAY Quentin Fitzsimmons Global Fixed Income Portfolio Manager
More informationForecasting Emerging Markets Equities the Role of Commodity Beta
Forecasting Emerging Markets Equities the Role of Commodity Beta Huiyu(Evelyn) Huang Grantham, Mayo, Van Otterloo& Co., LLC June 23, 215 For presentation at ISF 215. The opinions expressed here are solely
More informationEconomic Outlook In the Shoes of an FOMC Member
Economic Outlook In the Shoes of an FOMC Member This material must be read in conjunction with the disclosure statement. 9 April 2018 PRESENTED BY: MARKUS SCHOMER Chief Economist PineBridge Investments
More informationGlobal Equities VOLATILITY, UNCERTAINTY, AND THE AGING BULL MARKET
PRICE POINT July 2016 Timely intelligence and analysis for our clients. Global Equities VOLATILITY, UNCERTAINTY, AND THE AGING BULL MARKET KEY POINTS Top-down macroeconomic news is dominating markets in
More informationEmerging Markets Debt: Outlook for the Asset Class
Emerging Markets Debt: Outlook for the Asset Class By Steffen Reichold Emerging Markets Economist May 2, 211 Emerging market debt has been one of the best performing asset classes in recent years due to
More informationTracking the Growth Catalysts in Emerging Markets
Tracking the Growth Catalysts in Emerging Markets September 14, 2016 by Nick Niziolek of Calamos Investments The following is an excerpt of remarks made on August 30, 2016. The majority of the improved
More informationThree-speed recovery. GDP growth. Percent Emerging and developing economies. World
Three-speed recovery GDP growth Percent 1 8 6 4 2-2 -4-6 198 1985 199 1995 2 25 21 215 Source: IMF WEO; Milken Institute. Emerging and developing economies Advanced economies World Output is still below
More informationGLOBAL MARKET OUTLOOK
GLOBAL MARKET OUTLOOK Max Darnell, Managing Partner, Chief Investment Officer All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. performance is no
More informationInternational Monetary Fund. World Economic Outlook. Jörg Decressin Senior Advisor Research Department, IMF
International Monetary Fund World Economic Outlook Jörg Decressin Senior Advisor Research Department, IMF IMF Presentation April 3, The recovery is solidifying but it will take some time before it significantly
More informationGlobal Equities. Q&A roadshow #QAroadshow2016. Gavin Marriott Product Manager
Global Equities Q&A roadshow 216 #QAroadshow216 Gavin Marriott Product Manager June 216 For professional advisers only. This material is not suitable for retail clients Questions What will drive global
More informationEconomic Outlook. Macro Research Itaú Unibanco
Economic Outlook Macro Research Itaú Unibanco June, 2013 Agenda Economia Global Heterogeneous growth: U.S. growing faster, Europe in recession. Deceleration in the emerging economies. The Fed signals a
More informationPredicting the Markets Chapter 15 Charts: Predicting Commodities
Predicting the Markets Chapter 15 Charts: November 2, 216 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table
More informationGLOBAL FIXED INCOME OVERVIEW
2016 Global Market Outlook Press Briefing GLOBAL FIXED INCOME OVERVIEW Edward A. Wiese, CFA, Head of Fixed Income November 18, 2015 Global Fixed Income Outlook: Summary Environment Developed market yields
More informationAll-Country Equity Allocator February 2018
Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Charles Waters cwaters@dcmadvisors.com 917-386-6264 All-Country Equity Allocator February
More informationNORTH AMERICAN UPDATE
NORTH AMERICAN UPDATE December 6 th, 2018 INNOVATION INSIGHT GROWTH SINCE 1968 TOUGH YEAR FOR RETURNS AROUND THE WORLD Index Year-to-date Performance MSCI World -1.2% MSCI USA 3.9% MSCI Canada -3.9% MSCI
More informationSan Francisco Retiree Health Care Trust Fund Education Materials on Public Equity
M E K E T A I N V E S T M E N T G R O U P 5796 ARMADA DRIVE SUITE 110 CARLSBAD CA 92008 760 795 3450 fax 760 795 3445 www.meketagroup.com The Global Equity Opportunity Set MSCI All Country World 1 Index
More informationEconomic Forecast 2018
Economic Forecast 2018 Economic Outlook 2018 Featured Speaker: Daniel Morgan Senior Portfolio Manager This report has been prepared from sources and data believed to be reliable but is not guaranteed to
More informationEmerging markets the equities perspective. Scott Berg, T. Rowe Price
Emerging markets the equities perspective Scott Berg, T. Rowe Price Audience voting about to begin Proudly supported by our Gold Industry Partner Question What is your fund's weight in Emerging Markets?
More informationThe Future of Globalization
The Future of Globalization Isabelle Mateos y Lago, Chief Multi-Asset Strategist BlackRock Investment Institute Saturday, 18 th November 2017 Globalization has created a broader opportunity set for asset
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing March 22, 17 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Figure 1.
More informationMarket Review and Outlook. Todd Centurino, CFA
Market Review and Outlook Todd Centurino, CFA Q1 2017 Global Economy: On the Upswing Ranked Returns (%) Emerging Market Equities 11.40 European Equities 7.40 US Equities 6.10 Global Bonds 2.00 US Treasuries
More informationB-GUIDE: Market Outlook
Quarterly Market Outlook: Quarter 1 2018 on 5 th January 2018 Investment Outlook for 1 st Quarter 2018 Accelerating Global Economy Supports the Rising Earnings Equity Thailand US Europe Japan Asia Bond
More informationCosa ci riserva il 2008?
Cosa ci riserva il 28? Scenari e previsioni per l anno in corso Keith Wade Capo Economista The US economy today A re-assessment of risk De-leveraging Financial sector Real economy Historical precedents
More informationGLOBAL EQUITY MARKET OUTLOOK: FAVOR U.S.; STICK WITH EM
LPL RESEARCH WEEKLY MARKET COMMENTARY KEY TAKEAWAYS U.S. economic and earnings growth continue to stand out globally and support our positive view of U.S. equities. We continue to see upside potential
More informationASSET ALLOCATION VIEWPOINTS
T. Rowe Price ASSET ALLOCATION VIEWPOINTS Q2 2017 Stocks vs. Bonds We increased our underweight to stocks relative to bonds as equity valuations appear extended against a backdrop of continued modest economic
More informationEconomic Outlook January, 2012
Economic Outlook January, 2012 Summary Global economy Low global growth scenario, tail risks have become smaller. Risks (Debt Ceiling, elections in Italy, growth in Europe). Brazil Activity shows signs
More informationSovereign Risks and Financial Spillovers
Sovereign Risks and Financial Spillovers International Monetary Fund October 21 Roadmap What is the Outlook for Global Financial Stability? Sovereign Risks and Financial Fragilities Sovereign and Banking
More informationOlivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund
Centre for Economic Performance 21st Birthday Lecture Series The State of the World Economy Olivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund Lord
More informationAll-Country Equity Allocator July 2018
Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Allison Hay ahay@dcmadvisors.com 917-386-6264 All-Country Equity Allocator July 2018 A
More informationEconomic and Market Outlook
Economic and Market Outlook Third Quarter 2018 Investment Products: Not FDIC Insured No Bank Guarantee May Lose Value Past performance is no guarantee of future results. Financial term and index definitions
More information2016 Investment Outlook: Crosscurrents
216 Investment Outlook: Crosscurrents January 13, 216 MODERATED BY: Celia Dallas Chief Investment Strategist Wade O Brien Managing Director, Global Investment Research Christopher Hunter Managing Director,
More informationP R E S E N T S. U.S. Economic Outlook Virtuous Growth
P R E S E N T S U.S. Economic Outlook Virtuous Growth December 2013 Presenter Robin Wehbé, CFA, CMT Director (617) 722-3965 Robin is the Lead Portfolio Manager on the Global Natural Resources Long/Short
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing February 12, 219 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at blog. thinking outside the box 25 Figure
More informationThe Current and Long- Term Case for Overseas Investing
The Current and Long- Term Case for Overseas Investing Q1 2017 TP666 Bank of America Corporation ( Bank of America ) is a financial holding company that, through its subsidiaries and affiliated companies,
More informationA Global Economic and Market Outlook
A Global Economic and Market Outlook Presented by Dr Chris Caton December 2008 US Housing starts and Permits 2.3 (Millions) Permits Starts 2.1 1.9 1.7 1.5 1.3 1.1 0.9 0.7 96 97 98 99 00 01 02 03 04 05
More informationMULTI-ASSET CLASS 1 EQUITIES: DEVELOPED COUNTRIES 1 EQUITY EMERGING COUNTRIES 2
10 2 3 6 8 9 13 14 MULTI-ASSET CLASS 1 EQUITIES: DEVELOPED COUNTRIES 1 EQUITY EMERGING COUNTRIES 2 Alpha Current Previous Alpha Current Previous Alpha Current Previous weight weight weight weight weight
More informationSummit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri
Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri 63105 314.727.7211 Quarterly Review Global Equity Market Update GLOBAL EQUITY MARKETS CALENDAR YEAR RETURNS 2002 2003 2004 2005
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing November 14, 217 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 16 Figure
More informationGlobal Equites declined from Concern over Trade War
Quarterly Market Outlook: Quarter 2 2018 on 3 April 2018 Global Equites declined from Concern over Trade War Investment Outlook for 2 nd Quarter 2018 Equity Thailand U.S. Europe Japan Asia Bond Thailand
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing January, 17 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 16 Figure 1.
More informationLatin America: the shadow of China
Latin America: the shadow of China Juan Ruiz BBVA Research Chief Economist for South America Latin America Outlook Second Quarter Madrid, 13 May Latin America Outlook / May Key messages 1 2 3 4 5 The global
More informationNavigating Emerging Market Turbulence
Navigating Emerging Market Turbulence Susan Rohe November 2018 FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY Learning Objectives 1 Emerging markets: Looking beyond the volatility 2 Current landscape
More informationInternational Monetary Fund
International Monetary Fund World Economic Outlook Jörg Decressin Deputy Director Research Department, IMF April 212 Towards Lasting Stability Global Economy Pulled Back from the Brink Policies Stepped
More informationGlobal Economic Prospects
Global Economic Prospects Back from the Brink? Andrew Burns World Bank Prospects Group April 12, 212 1 Amid some signs of improvement, global recovery remains fragile First quarter of 212 has been generally
More informationRebalancing International Equities: What to Know. What to Consider.
Success Should Not Be Cyclical Perspective Rebalancing International Equities: What to Know. What to Consider. Executive Summary Diversified investors may be frustrated by the underperformance of their
More informationThe Asia Pacific Fund, Inc.
Baring Asset Management (Asia) Limited 19th Floor Edinburgh Tower 15 Queen s Road Central Hong Kong Tel: (852) 2841 1411 Fax: (852) 2868 411 The Asia Pacific Fund, Inc. Investment Outlook & Strategy www.asiapacificfund.com
More informationGLOBAL ECONOMIC ENVIRONMENT AND OUTLOOK
19 Global Market Outlook Press Briefing GLOBAL ECONOMIC ENVIRONMENT AND OUTLOOK Alan Levenson Chief U.S. Economist November 13, 18 Economic Outlook Summary Global growth moderating into 19 Advanced economies
More informationOUTLOOK 2014/2015. BMO Asset Management Inc.
OUTLOOK 2014/2015 BMO Asset Management Inc. We would like to take this opportunity to provide our capital markets outlook for the remainder of 2014 and the first half of 2015 and our recommended asset
More informationWorld Economic Outlook. Recovery Strengthens, Remains Uneven April
World Economic Outlook Recovery Strengthens, Remains Uneven April 214 1 April 214 WEO: Key Messages Global growth strengthened in 213H2, will accelerate further in 214-1 Advanced economies are providing
More informationEuropean Equity THE EUROPEAN EARNINGS SEASON CONFIRMS CORPORATE RESILIENCE
PRICE POINT April 2017 Timely intelligence and analysis for our clients. European Equity THE EUROPEAN EARNINGS SEASON CONFIRMS CORPORATE RESILIENCE KEY POINTS Dean Tenerelli Portfolio Manager, Europe Equity
More information2008 Economic and Market Outlook
Economic and Market Outlook Presented by: Gareth Watson Warren Jestin Vincent Delisle December 7 Economic Outlook Warren Jestin The Global Economic Landscape is Changing Rapidly Gears Down Emerging Powerhouses
More informationGlobal Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation
Global Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation 6 Asset performance YTD Source: Thomson Reuters Datastream, BlackRock Investment Institute. Apr, 6 Note: Total return
More informationEconomic and Market Outlook
Economic and Market Outlook Fourth Quarter 2018 Investment Products: Not FDIC Insured No Bank Guarantee May Lose Value Past performance is no guarantee of future results. Financial term and index definitions
More informationMarket Briefing: Global Markets
Market Briefing: Global Markets July 6, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at blog. thinking outside the box Table Of Contents Table
More informationFINANCIAL FORECASTS ECONOMIC RESEARCH. January No. 1. What will be the characteristics of euro-zone financial markets in 2016?
ECONOMIC RESEARCH January - No. What will be the characteristics of euro-zone financial markets in? We believe investors will be faced with the following characteristics in euro-zone financial markets
More informationA Classic Barometer. Insights April Richard Bernstein, Chief Executive and Chief Investment Officer. A classic barometer says US ok; EM not.
, Chief Executive and Chief Investment Officer Advisors Independent investment advisor with a unique top-down, macro approach to investing with quantitative security selection. A Classic Barometer $2.9B
More informationASSET ALLOCATION VIEWPOINTS AND GLOBAL INVESTMENT ENVIRONMENT
T. Rowe Price ASSET ALLOCATION VIEWPOINTS AND GLOBAL INVESTMENT ENVIRONMENT Q3 2017 Q3 2017 Global Environment MAJOR MARKET THEMES Improv ing Global Grow th Strong Earnings Results Optimistic Equity Valuations
More informationEmerging market equities
November 22, 2010 Emerging market equities Jean-Pierre Talon, FSA, FICA Introduction Focus of this presentation is to set out the rationale for a strategic bias toward emerging market equities Consider
More informationRally in Emerging Market Equities Peaking, or Just Beginning?
Rally in Emerging Market Equities Peaking, or Just Beginning? Charlie Wilson, phd Portfolio Manager September 2017 Emerging market stocks should be a permanent part of portfolio allocation. But for those
More informationEconomic Indicators. Roland Berger Institute
Economic Indicators Roland Berger Institute October 2017 Overview Key points Economic Indicators A publication, compiled by the Roland Berger Institute, that provides you with the most important macroeconomic
More informationGLOBAL EMERGING MARKETS: IT IS THE STOCKS THAT MATTER ANWAAR WAGNER
GLOBAL EMERGING MARKETS: IT IS THE STOCKS THAT MATTER ANWAAR WAGNER Portfolio Manager at Electus AGENDA Emerging Markets (EM) Crises? EM vs Developed Markets (DM) OM GEM Fund It s the shares that matter
More informationRebalancing Economic Themes and Emerging Risks for the Balance of 2016
Rebalancing Economic Themes and Emerging Risks for the Balance of 2016 Page 1 Themes Oil s Not Well A world of cheap petroleum Eastern Anxiety China attempts a difficult transition Growing Prospects Central
More informationGlobal Select International Select International Select Hedged Emerging Market Select
International Exchange Traded Fund (ETF) Managed Strategies ETFs provide investors a liquid, transparent, and low-cost avenue to equities around the world. Our research has shown that individual country
More informationMarket Correlations: Trade-Weighted Dollar
Market Correlations: Trade-Weighted Dollar March 11, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog.
More informationGlobal Emerging Markets. Outlook March 2006
Global Emerging Markets Outlook Market Performance from 31.12.1998 to 31.01.2006 360 310 260 210 160 110 60 98 Jun-99 99 Jun-00 00 Jun-01 01 Jun-02 02 Jun-03 03 Jun-04 04 Jun-05 05 MSCI World MSCI EM S&P500
More informationCapital Flows to Emerging Markets - The Perspective from the IIF
Capital Flows to Emerging Markets - The Perspective from the IIF Felix Huefner Global Macroeconomic Analysis Department Institute of International Finance 1 st Meeting of the COMCEC Financial Cooperation
More informationEmerging Markets Outlook
Mark Mobius, Ph.D. Executive Chairman Templeton Emerging Markets Group Emerging Markets Outlook Dealer Use Only / Not for Distribution to the Public Agenda Performance Emerging Markets Equities: Demand
More informationGlobal House View: Market Outlook
HSBC GLOBAL ASSET MANAGEMENT September 29 Global House View: Market Outlook Contents 1688/HSB1395a Market performance Macro-economic Picture Market Views: high level asset allocation Market Views: Equity
More informationThe Disconnect Continues
The Disconnect Continues Richard Bernstein June 3, 2011 Our strategies focus on finding disconnects between investor sentiment and the reality of improvement or deterioration in fundamentals. The current
More informationAn economic update Craig Botham, Economist May 2017
An economic update Craig Botham, Economist May 2017 2016 image of the year Donald and Nigel at Trump towers Source: Splashnews.com. 1 Key issues UK: the election, Brexit and beyond Europe: out of the woods?
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing February 7, 1 Dr. Edward Yardeni 1-97-73 eyardeni@ Mali Quintana --1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 3 3 Figure 1. S&P
More informationQuarterly Investment Update First Quarter 2018
Quarterly Investment Update First Quarter 2018 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with [insert name of Advisor]. DFA Canada is a separate and distinct company. Market
More informationMarket Briefing: Emerging Markets Stocks, Bonds, & Currencies
Market Briefing: Emerging Markets Stocks, Bonds, & Currencies October 26, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit
More informationStrategist s Handbook: Chart Updates
Strategist s Handbook: Chart Updates July 23, 1 Dr. Edward Yardeni 1-2-3 eyardeni@ Please visit our sites at www. blog. thinking outside the box Table Of Contents Table Of Contents Stock Prices 1 S&P Earnings,
More information2018 MACRO OVERVIEW. More of the Same, Yet Less of the Same. March 9, 2018
2018 MACRO OVERVIEW More of the Same, Yet Less of the Same March 9, 2018 RICHARD FARR MERION CAPITAL GROUP 484-436-4764 rfarr@merioncapitalgroup.com Jan-04 Oct-04 Jul-05 Apr-06 Jan-07 Oct-07 Jul-08 Apr-09
More informationMARKET INSIGHTS. Guide to the Markets. Europe 1Q 2018 As of 31 December 2017
MARKET INSIGHTS Guide to the Markets Europe 1Q 18 As of 31 December 17 Global Market Insights Strategy Team Dr. David Kelly, CFA New York Samantha Azzarello New York Alex Dryden, CFA New York David Lebovitz
More informationThe External Environment for Developing Countries
d Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized The External Environment for Developing Countries July 2009 The World Bank Development Economics Prospects Group
More informationPRESENTATION BY JACOB A. FRENKEL AT THE FORUM: INTELLIGENCE ON THE WORLD, EUROPE, AND ITALY. Villa d'este, Cernobbio - September 7, 8 and 9, 2012
PRESENTATION BY JACOB A. FRENKEL AT THE FORUM: INTELLIGENCE ON THE WORLD, EUROPE, AND ITALY Villa d'este, Cernobbio - September 7, 8 and 9, 1 Working paper, September 1. Kindly authorized by the Author.
More informationMarket Briefing: Daily Markets Overview
Market Briefing: Daily Markets Overview April 3, 18 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Please visit our sites at www. blog. thinking outside the box Table Of Contents
More informationRussia: Macro Outlook for 2019
October 2018 Russia: Macro Outlook for 2019 Natalia Orlova Head of Alfa Bank Macro Insights +7 495 795 36 77 norlova@alfabank.ru Egypt Saudi Arabia Brazil S. Africa UAE Iraq China Japan US Mexico UK Russia
More informationThe World Economic & Financial System: Risks & Prospects
The World Economic & Financial System: Risks & Prospects Dr. Jacob A. Frenkel Chairman & CEO Group of Thirty (G30).Bank Indonesia 7th Annual International Seminar Global Financial Tsunami: What Can We
More information2018 Emerging Markets Outlook Rally In EM Equities to Continue Particularly for Emerging Asia
2018 Emerging Markets Outlook Rally In EM Equities to Continue Particularly for Emerging Asia January 8, 2018 The natural question in the minds of most equity investors after the 30%+ returns in 2017 is:
More informationDRIEHAUS EMERGING MARKETS SMALL CAP GROWTH FUND January 2014 Summary
DRIEHAUS EMERGING MARKETS SMALL CAP GROWTH FUND January 204 Summary Key Features The fund seeks: Superior risk-adjusted returns Lower down-market capture ratios Lower volatility (relative to indices) objective
More informationMarket Briefing: Daily Markets Overview
Market Briefing: Daily Markets Overview September 25, 217 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Please visit our sites at blog. thinking outside the box Table Of Contents
More information> Macro Investment Outlook
> Macro Investment Outlook Dr Shane Oliver Head of Investment Strategy and Chief Economist October 214 The challenge for investors how to find better yield and returns as bank deposit rates stay low 9
More informationStrategist s Handbook: Chart Updates
Strategist s Handbook: Chart Updates February 1, 1 Dr. Edward Yardeni 1-2- eyardeni@ Please visit our sites at www. blog. thinking outside the box Table Of Contents Table Of Contents Stock Prices 1 S&P
More informationSHAMBLING FORWARD. 02/13/2014 WORLD POPULATION 2 WALL STREET, MAIN STREET, AND CAPITOL HILL: AN ECONOMIC UPDATE
SHAMBLING FORWARD. WALL STREET, MAIN STREET, AND CAPITOL HILL: AN ECONOMIC UPDATE Shamble: To walk in an awkward, lazy, or unsteady manner, shuffling the feet FEBRUARY 12, 2014 David B. Hanson, CPA, CFA
More information