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

May'20 Grabinski

Green Shoots, China A Growth Risk, Market Broadening Out

In this week’s Highlights, Ryan Grabinski notes that green shoots are appearing in the timely data, China is growing as a risk, and the market appears to be broadening out.
Our Firm

Highlights

May'20 Grabinski

Recovery Slow, China Risks Rising, Favor Domestic Shares

In this week’s Highlights, Ryan Grabinski discusses how the reopening is occurring but very slowly, China is becoming a risk to the market, and domestic equities are more attractive on a global basis.