Three years ago, artificial intelligence was a topic of mere curiosity, but today is the subject of capital allocation.
This piece summarizes our engagement with a leading multinationalbeverage corporation we hold — including a site visit to the company’slargest franchise bottler’s Jundiaí facility in São Paulo.
Water is often treated as a public good. In many industries it is regarded as a free input with most large users paying far less than its true economic cost.
As geopolitical tensions eased and rate volatility became more orderly, credit spreads retraced and risk sentiment improved despite elevated inflation and energy uncertainty.
Primary equity message: The market is transitioning from a macro-driven rally to an earnings-and-cash-flow market. That favors the US and Japan.
This is a follow up to our recent report, “Bayes and Base Rates,” which argued that to anticipate what is going to happen, it is useful to start with base rates as a prior probability distribution and to update your view based on new information.
April saw a partial reversal of March’s risk-off move across global fixed income and credit markets as volatility eased following a temporary ceasefire between the U.S. and Iran.
