Policy Opportunities

Companies often use lobbying to position themselves before a shift in public policy or, to fend off challenges to their business model.
“Rent Seeking” is not a traditional factor accounted for in investment analysis and
can positively impact corporate profits via changes in public policy.

New Sovereigns

Aggressive "beggar thy neighbor" monetary policy has pushed the yield of sovereign credit to multi-cycle lows;
in some instances these rates globally have gone negative. The concomitant currency debasement has eroded the relative "safety" premium relative to equities, creating an opportunity for an alternative.

Dividend Growth

The scarcity of yield from conventional sources and the increasingly lofty valuations has created a need for a more nuanced approach to dividend investing. Companies scoring well by dividend yield and dividend growth have, independently, produced the strongest risk-adjusted returns. Together they are the powerful source of total return.

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Highlights

Mar'20 Grabinski

Cure Is Detrimental, Policymakers Respond, Bottoming Is A Process

In this week’s Highlights, Ryan Grabinski suggests the cure is more detrimental than the virus, policymakers finally get the urgency, and bottoming is a process for the markets.
Our Firm

Highlights

Mar'20 Grabinski

Recession Inevitable, Policy Makers Response, Market Timing Difficult

In this week’s Highlights, Ryan Grabinski believes a recession is unavoidable at this point, the response from policymakers has been enormous, and timing the market bottom is very difficult.