Published November 2017
Should investors buy EM at the current levels or will e.g. a Chinese slowdown be close by?
Emerging market (EM) equities, at their current levels, are attractive for a number of reasons.Â EM equities materially outperform developed market equities over the long term – all the drivers of the growth differential are reasserting themselves so we believe the long term
Published August 2017
Are US stocks overvalued?
There is a difference between believing stocks are richly valued and overvalued. There is little question multiples for US equities, measured either by price-to-earnings or price-to-book, are well above historical averages. Whether this premium turns out to be warranted will depend on earnings growth and interest rates, but future total returns are lik
Published June 2017
How big a problem are non-performing loans in EU-banks?
The amount of non-performing loans in the EU banking system is estimated to be about â¬ 1.06 tr representing 5.1% of total gross loans and covered at 44% by provisions. EU banks have lowered NPL ratio from the peak of 6.8% reached in 2013. The European regulators have so far pushed banks to replenish their capital w