Investment strategies

For 20 years, after Japan’s asset bubble burst and through the global financial crisis in 2009, it was a trader’s market. You could make money by following an active management approach and focusing on individual companies with attractive prospects – and ignore large parts of the market. Alternatively, you could trade the market as a whole, but in doing so you had to time your … [Read more...] about Is Japan really a disappointing equity market?

About a year ago one vein of concern we pushed back against was alarm over the massive amount of bonds corporate America was issuing. US investment-grade (IG) credit did hit a new record in 2020, exceeding $2 trillion of gross new supply, whereas that figure averaged approximately $1.3 trillion in the preceding five years. What gave us comfort then was: (A) the origin of the … [Read more...] about Corporate bonds are still okay, even at tighter valuations

The digital revolution represents a shift in the way we live and work, and offers a compelling, long-term global investment opportunity. The future is digital, and the Covid-19 pandemic has both highlighted the importance of the digital transformation and accelerated its development. This transformation – the adoption of digital technology for business or services – is … [Read more...] about Why is digital infrastructure so important for real estate investing?

Sina Corporation (well, its lawyers) pioneered the concept of the Variable Interest Company (VIE) as a means to list Sina’s shares on the New York Stock Exchange. The first Chinese internet company to do so in 2001, it set the stage for a flood of IPOs and capital raisings by Chinese companies from US capital markets. It was an ingenious legal ‘contract’. Quoting from … [Read more...] about Cross-currents affecting Chinese technology businesses