Recent Articles

Earnings for Emerging Market Consumers Expected to Outpace EM

May 14, 2018 | Author: Edward Kerschner, CFA | Categories: Chart of the Week, Emerging Markets

Bloomberg consensus estimates are that the DJECON Index will see earnings growth of 40% and 21% in 2018 and 2019, respectively. This compares to the earnings growth of the 22% and 11% in 2018 and 2019, respectively, for the MSCI EM Index....
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Inflation: The Normal Normal

May 07, 2018 | Author: Edward Kerschner, CFA | Categories: Chart of the Week, Fixed Income

Inflation: The Normal Normal
Since 1750, the average annual change in wholesale prices is 1.7%. For most of U.S. economic history, deflation was as common as inflation and consequently the price level was no higher in 1940 than it had been in 1795. With inflation now seemingly returning to “normally” low levels, investors who rely upon benchmark or benchmark-like fixed income strategies may find themselves, at best, in an extended period of modest income....
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Earnings Estimates for Emerging Market Consumer Stocks on the Rise

April 30, 2018 | Author: Edward Kerschner, CFA | Categories: Chart of the Week, Emerging Markets

Earnings Estimates for Emerging Market Consumer Stocks on the Rise
Consensus earnings growth estimates for both 2018 and 2019 for emerging market consumer stocks have also grown over the last year....
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Tracking the Agg? Why the bond index may not work for investors

April 23, 2018 | Author: Edward Kerschner, CFA | Categories: Chart of the Week, Fixed Income

Tracking the Agg? Why the bond index may not work for investors
The Bloomberg Barclays Aggregate Bond Index (the Agg) is the basis for financial products that represent large fixed-income allocations for many investors. But investors may not realize how concentrated that index has become....
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Fewer ANTS Carrying the Load

April 16, 2018 | Author: Edward Kerschner, CFA | Categories: Chart of the Week, Emerging Markets

Fewer ANTS Carrying the Load
Emerging market (EM) gains in the first quarter were largely driven by the Financial sector. Financial stocks alone contribute 67% to the MSCI EM Index gain, followed by Technology contributing 39% of the gain. Overall, fewer ANTS carried the load....
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