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
Even before landing in New Delhi, I got a first-hand experience of the inadequate infrastructure and bureaucratic red tape in India during a recent research trip. My flight was rerouted to Ahmedabad due to thunderstorm activity, where we sat for a few hours on the tarmac waiting for paperwork to be filled out only to find out that the plane...read more
I was nine years old when the Habs and Bruins met in the 1977 Stanley Cup Final. The two "Original 6" teams clashed again in the 1978 final and 1979 semi-finals. Needless to say, for a young hockey-playing Montrealer, these victories were bliss. To this day my favourite Canadiens team is Scotty Bowman's lineup from the late seventies.
As round two of the NHL playoffs begin, we at Signature would be remiss not to note the massive division within CI, between Signature’s support for the Canadiens and our Boston friends at Cambridge backing the Bruins.
As one of Canada’s largest asset managers, Signature is always proud to support institutions that play by the rules,...read more