October 2011
Opinion The Financial Crisis 2008 - 2011 : repetitions
We have exhausted our recourse to borrowing. Other ways must be found if we want to avoid general bankruptcy
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October 2011
Opinion Big thoughts on little loans through mezzanine tranche of microfinance CLO structure
Not all microfinance creates positive social benefit, so a robust research process is critical to ensure that benefits will be achieved. The social responsibility of the lending process is an essential check in reducing financial risk and delivering more sustainable (...)
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October 2011
Opinion During times of uncertainty on the markets, SRI sheds some light on good quality companies.
We often hear that during times of uncertainty on the financial markets, investment decisions are much more driven by market psychology and by macroeconomics than fundamental analysis on listed companies. It is only partly (...)
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October 2011
Opinion European equities: Think big!
The current trend on european small cap will continue, reversing a period of almost ten years in which small caps performed better than large caps. In the period ahead investors should think big, focussing on large companies with fat balance sheets and generous (...)
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October 2011
Opinion The four potential scenarios to the Eurozone crisis
Mike Story, economist at Western Asset Management, analyses the outcome of the four potential scenarios to the Eurozone crisis: no Eurozone restructuring, orderly Eurozone restructuring, disorderly Eurozone restructuring or Eurozone (...)
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October 2011
Opinion The emerging markets irony
The lesson to take from this price action is that the “decoupling” arguments should be treated with a healthy dose of scepticism, and any move into global recession would be damaging for the asset classes.
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September 2011
Opinion The Euro, a foreign currency?
The Euro is, in principle, the common currency of the Europeans, however the crisis of sovereign has uncovered something completely unexpected and previously hidden. The Euro is, in fact, proving itself to be a foreign (...)
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September 2011
Opinion « Surprising Russia »
Based on the experiences of recent years, there are few stock markets that are more risky than Russia’s. After the Brazilian and South African market, the Russian market has been the most sensitive to increasing risk aversion among investors since the market correction of (...)
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September 2011
Opinion Equities are cheap . . . and rightfully so!
Corporate earnings have never been higher. Yet, sovereign bond yields have never been lower. Have markets overreacted? Are equities a bargain?
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September 2011
Opinion Who is eventually irrational?
If the market was fully rational in its current pricing, policy makers could actually see current low levels of bond yields as a vote of confidence in their long-term credibility. It would then be rational for policy makers to exploit the lowest funding costs (...)
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September 2011
Opinion Emerging market bonds still looking good
In light of the difficult circumstances surrounding the equity markets, investors are hunting around for alternatives. Unfortunately, savings-book interest rates are limited, as are the returns from safe developed-country government (...)
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September 2011
Opinion Decline in Eurozone growth set to continue into 2012
ING Investment Management is warning that a combination of fiscal austerity, a lingering debt crisis and a slow down in external demand will translate into a fall in Eurozone GDP growth from 1.7 to 1.0.
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September 2011
Opinion Perspective and real solvency of banks
Can a universal bank go bankrupt ? An objective, rigorous and professional answer is built in three stages: credibility of the banks performed stress tests - assessment of prudential regulation to come - understanding the evolution of the banking business (...)
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August 2011
Opinion US equities remain attractive
Despite the recent downgrade of US debt and the concerns surrounding its economy, Mike Clarfeld, portfolio manager at Legg Mason subsidiary, ClearBridge Advisors explains why the company is still positive on US (...)
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August 2011
Opinion Equity markets: two mistakes to avoid.
The negative news flow coming from financial markets does not mean we should give up. This article provides two small pieces of advice or rather two mistakes that must be avoided or that must never be repeated.
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