July Markit Manufacturing: Record High, Also Record Supply Delays and Price Pressures
The July US Manufacturing Purchasing Managers' Index conducted by Markit came in at 63.4, up from the final June figure and a record high. Markit's Manufacturing PMI is a diffusion index: A reading above 50 indicates expansion in the sector; below 50 indicates contraction.
Thinking About Macro
Howard Marks doesn’t make bets on economic predictions. That’s especially true now when the biggest wildcard is inflation – a phenomenon no one fully understands. But just because something is unknowable doesn’t mean it’s unimportant. That’s why Howard has devoted his latest memo to a topic he largely disavows: macro forecasting.
Financial Inclusion: Why Improving Access to the Underbanked is Good For Business
Senior Global Equity Opportunities Analyst Julian Wellesley discusses the role of banking in racial wealth inequality in the US and the steps banks could take toward financial inclusion.
The Big Four: Real Personal Income in June
Personal Income (excluding Transfer Receipts) in June rose 0.7% and is up 8.8% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, Real Personal Income (excluding Transfer Receipts) MoM was up 0.16%. The real number is up 4.7% year-over-year. Revisions were made.
How can healthcare regain momentum?
Vaccine earnings may be transitory, but “I’m optimistic that the setup for the back half of this year will be more constructive” for the healthcare sector, said Michael Rich, CFA, Research Analyst at Eagle Asset Management.
Tweedy Browne: We Are in the Early Stage of Value’s Resurgence
Tweedy Browne is one of the most respected value managers in the world, with a legacy that includes having Benjamin Graham and Warren Buffett as clients. In this interview, members of its investment committee explain why value investing is on the cusp of a resurgence.