Over the last 20 years the global financial system has changed radically from being dominated by the banking system to increasing participation by the ‘shadow’ banking system. Corporates have been generating large amounts of cash (particularly technology firms in the US) and asset management firms have benefited from a huge increase in private savings in
Investing, like many other aspects of the modern world, is changing rapidly to include softer considerations which would previously have been ignored, and the integrity of the senior management team is rapidly becoming an important factor for investors to consider.
Rewind to the 4th Quarter of last year when numerous commentators and analysts were calling an end to arguably the longest bull market in history – certainly since World War II – with major indices, such as the S&P quadrupling since the lows of 2009. Since the end of Q4, and as we approach the
This weekly comment is being written from Brazil, an emerging market that we have previously owned in our private client portfolios through the Findlay Park Latin American Fund (now part of the recently established Brown Advisory Latin American Fund) but not one we currently hold. My last visit in 2018 was shortly before the October
Last week this commentary wrote about Emerging Markets (EM) represented by the MSCI EM Index and an Emerging Market currency basket and concluded that after years of underperformance, EM equities were looking cheap relative to their own history and relative to developed market equities. In addition, emerging market currencies looked cheap as measured by standard
Since 2011, Emerging Markets (EM) have significantly underperformed the US market. As the following chart of the MSCI EM Index in US Dollar terms shows, however, we may have seen a technical breakout on the price action of EM equities. Having said that, a broad based benchmark may not be the best way of looking