In Search of Quality-Compounder Companies in the Asian Equity Markets
US equity multiples are at historically elevated levels. With the S&P 500's impressive 30% return in 2019, a majority of that return derived from multiple expansion. As global investors, the Athena Research team wondered whether there might be a market where the potential for shareholder value creation is comparable to that of the US, but with more favorable valuations?
Part I: Record Economic Expansion and Reduced Recession Indicators Drive Consensus Views for 2020
Doug Cohen, managing director, portfolio management introduces us to consensus views for 2020 that prolong the longest US economic expansion on record extending into its 12th year. New year consensuses favor dwindling recession indicators and stabilized credit conditions. In Part I of his observations, Doug also shares his take on the Fed, election odds, and investor sentiments around the bull market.
Diversity and Inclusion: Not Optional
Anna Kastrilevich, senior research associate, explores how promoting workplace diversity and inclusion can have material business consequences beyond the value of taking a moral stance.
Quality and "The Middle Way" of Investing
Erick Rawlings, managing director, research, delves into the idea of quality investing. Rawlings contextualizes the underlying thesis by comparing it to the more well-defined styles of value and growth with hypothetical scenarios.