Stephen S. Roach, Chairman, Morgan Stanley Asia

A bubble-prone US economy has become a breeding ground for a gathering storm of systemic risks in America and in an increasingly interdependent world economy, argues Stephen Roach, Chairman, Morgan Stanley Asia. 

 Global Economic Forum September 04, 2008 
A Different Type of Downturn
Latest Views
Joachim Fels ( London)
Rather than a deep recession, we continue to expect a prolonged period of relative economic stagnation in the industrialised world. Further, we continue to believe that markets are underestimating the longer-term inflation threat. 
Pessimism Becomes Excessive
Negative Inflation: Counter to Ramadan Effect
Harder Times, but Not the Next Georgia
Can the Property Sector Be Counted on as the Engine of Growth?
Global Economic Forum Archives
 Journal of Applied Corporate Finance Q3, 2007 
Valuation and Corporate Portfolio Management
How are companies supposed to distinguish between investments and growth that increase value and those that are likely to reduce it? 
Journal of Applied Corporate Finance Archives
 Perspectives August 12, 2008 
Pitfalls in a Post-Bubble World
Stephen S. Roach, Chairman, Morgan Stanley Asia
A bubble-prone US economy has become a breeding ground for a gathering storm of systemic risks in America and in an increasingly interdependent world economy, argues Stephen Roach, Chairman, Morgan Stanley Asia. 
 Global Strategy Roundup  
US Equity Strategy: The Final Cut - Downgrading EPS Estimates & Target
We reduced our 2008 S&P 500 operating EPS estimate to $78 (from $86) and year-end S&P 500 index target to 1300 (from 1400). We also introduced our 2009 S&P 500 operating EPS estimate of $84. Our outlook for earnings improvement in 2009 is based almost entirely on some improvement by Financials from virtually zero earnings in 2008 — plus moderate growth in Healthcare and Staples earnings, compensating for a sizeable deterioration in global cyclical sectors. 

 Search Our Views