Good times did not last long. August ended the summer flirtation with bull market dreams. After strong recoveries in July, bond markets turned down once again in August, generating large negative returns.
We discuss how to calculate return on invested capital (ROIC) and show how it is connected to free cash flow, economic profit, and growth. We work through the challenges in estimating it, present empirical data, review how adjusting for intangible investments can reshape the figures, and include a case study.
Jim Caron, Portfolio Manager and Chief Fixed Income Strategist, shares his macro thematic views on key market drivers.
Inflation could reverse a downward course based on changes in supply chains or labor shortages, keeping it higher than target levels, and for longer than expected, explains Jim Caron, Portfolio Manager and Chief Fixed Income Strategist.
We examine whether a study of market share and related concepts can help us determine if a company has a sustainable competitive advantage. This takes us on a journey that includes life cycles, market share, concentration, markups, intangibles, and "superstars".
The conundrum faced by central banks continues as they seek to control inflation, at the risk of pushing economies into recession. The Global Balanced Risk Control team discuss the investment implications and tactical allocations to navigate this complex environment.
Andrew Slimmon, Head of the Applied Equity Advisors Team, offers a timely perspective on what is shaping the markets now as well as insights on investment opportunities and risk within global equities. Listen to his Market Alert.
