At the CI Leadership Forum in October I spoke briefly about increasing interventionism in the capital markets. I believe we are still in the early innings of secular change in the regulation of the capital markets. I can make the argument this is a rejection of the laissez-faire economic policies associated with Reagan, Thatcher, and even...read more
Given the number of inquiries I’ve received regarding the recent sell-off in global equity markets, I thought I’d share a few quick observations from Signature’s perspective.
Next week, Eric will be holding a webcast along with other team members, so a more detailed perspective will also soon be available.
The quick conclusion...read more
Below are some highlights from a recent research trip to Brazil where I attended the JP Morgan LatAm Conference.
Technically, Brazil is almost in a recession and the consumption environment has been a challenge with retailers continuing to see sluggish sales in the beginning of Q3. In general,...read more
On September 19, Alibaba (BABA) became the largest IPO ever, and its founder Jack Ma, is now worth about $26 billion. How did this company, a virtual unknown outside of its native China, rocket 38% on its first day of trading to achieve a mega capitalization of $230 billion overnight? Why is there all this excitement for Alibaba?
Summertime is usually a period of reduced activity in the capital markets. The last few summers, however, have been eventful. We have received some of the most important policy announcements in July and August. Why? First of all, the Federal Reserve’s annual research retreat in Jackson Hole, Wyoming occurs late in the summer. This event which...read more
I recently travelled to four Asian countries to meet with management teams of companies in the consumer sector. I would like to share the main highlights of this trip.
I started my trip in the Philippines, a country of 96 million people. The economy of the Philippines is a significant economy for the...
One of the major themes that we introduced during Signature's Spring 2014 Roadshow was "lower for longer". Across the country in meetings with mutual fund advisors, institutional consultants/clients as well as individual investors, we laid out our thinking and reasons as to why a rapid disruptive rise in interest rates was unlikely and how the...read more
I had recently returned from a 10-day trip to China where I had the opportunity to visit the Great Wall of China. When I arrived in Beijing, Google had been down for the last few weeks. Like all foreigners, I had to use the Chinese equivalent for searches and maps. The Great Wall was initially built to keep out the Mongolians from entering...read more
On this my second blog post and going forward, I intend to share a little of how the High Yield Bond Team thinks about the investing process and how we look at current events. As Kamyar has spoken to in an earlier post, credit selection is a key driver of outperformance and this is especially so for high yield where companies typically have...read more
Canadian provincial bonds are a significant part of the fixed-income market in this country. They constitute 30% of the broad FTSE TMX (formerly known as DEX) Index. As comparison, Government of Canada’s (GoC) debt is 25% of the same index. In Canada, similar to Australia or China, a substantial amount of the public debt resides with the...read more