A $10 Trillion Response to the Global Pandemic
These extreme measures appear to be having great success, particularly in Asian countries. Whereas the number of cases continues to rise in Italy, Spain, Iran and elsewhere, the number has begun to stabilize, if not plateau, in Asian countries.
On Governance and Leadership - What We're Watching
A rapidly escalating response to the spread of COVID-19 in Europe and the US has closed borders, reduced normal commercial activities and disrupted supply chains, and is putting greater strain on management teams than seen in over a decade.
Memo to the Investment Committee: Dare to Be Different
The conventional 60/40 portfolio of today is not going to generate the kind of returns that investors say they need. Investors must seek to embrace the terrifying concept of being different. As the ghosts of many great investors past have amply demonstrated, being different is the path to investment success. However, such advice falls into the simple but not easy category, to borrow Warren Buffett’s expression.
Should You Buy the Panic?
Compared to past viral outbreaks, COVID-19 appears to be less fatal, yet it has received far more media coverage. Paradoxically, that may be part of the reason why it’s had a much bigger impact on public health and the economy relative to those other diseases.
This Top ESG Manager Is a Philosophy Graduate With Outsized Returns
One of the highest-ranked money managers in the world of ethical investing never expected to work in finance. He is part of a new class of portfolio managers that’s feeding a growing investor population desperate for cleaner returns.
It is here again – the VIX spike!
The VIX index has spiked. Over more than twenty years, VIX spikes have been excellent guides to when to put money to work in EM fixed income and equities. Investors have, on average, generated 262bps of excess return in EM fixed income and 234bps of excess return in EM equities by putting money to work during VIX spikes relative to a ‘timing agnostic’ investment strategy.
Beware Lazy and Sleepy Investors
Investors have been awoken to the carnage of the last three weeks. These circumstances, while unenjoyable, may be hiding the actual problems with today’s market. The unforeseen circumstances of today are no different than the past.
Broadening ESG Perspectives in European Equities
European investors were recently reminded how tricky it is to evaluate a company’s environmental, social and governance (ESG) credentials. Tesla’s plans to chop down a forest to build a manufacturing facility for electric cars in Germany reinforced the need for independent research and engagement to assess the risks and opportunities created by ESG controversies.