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page
Media Appearance  •  20-Nov-2024

Jitania Kandhari on Bloomberg Surveillance 

Jitania Kandhari
Jitania Kandhari, Deputy CIO of the Solutions and Multi-Asset Group of Morgan Stanley Investment Management, joined Bloomberg Surveillance to discuss her views on 2025 thematic investing ideas.

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Insight Article  •  18-Nov-2024

IMF fall conference highlights importance of country fundamentals 

Emerging Markets Debt
Insights from the IMF's fall conference reveal a nuanced global outlook, underscoring the critical role of country fundamentals in emerging markets. Read our on-the-ground report for the key highlights and analyses.

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Insight Article  •  14-Nov-2024

A New Management Approach for a New Market Regime 

Jim Caron, Ryan Meredith, Laura Biancato
Today’s new interest rate and inflation regime deviates significantly from the past 40 years. As such we believe investment professionals should consider modifying their investment process.

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alternatives page
Alternatives  •  13-Nov-2024

Financing the Geothermal Transition 

Adam Ross
Geothermal energy can supply reliable, sustainable, baseload power offering significant potential as an energy source, but commercial deployment has been limited. Our 1GT team co-hosted a roundtable during Climate Week to discuss future pathways.

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Tales From the Emerging World  •  12-Nov-2024

Video: The Industrial Reset in Emerging Markets 

Amy Oldenburg
Emerging markets are buzzing with renewed manufacturing activity after years of sluggishness. This resurgence is fueled by strong government support, improving macroeconomic conditions and new supply chains. Amy Oldenburg, Head of Emerging Markets Equity highlights a recent report by Jitania Kandhari and Saumya Jain explaining the transformational changes that are taking place.

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Caron's Corner  •  11-Nov-2024  •  6:08 Min

Trump 2.0: What’s at Stake and How to Position Portfolios 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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Insight Article  •  11-Nov-2024

An Introduction to Alternative Lending 

Kenneth Michlitsch
As investors seek to diversify their portfolio exposures beyond traditional assets, alternative lending may offer attractive absolute and risk-adjusted return characteristics.

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Takeaways & Key Expectations  •  07-Nov-2024

Equity Market Commentary - November 2024 

Andrew Slimmon
"In his November TAKE, Senior Portfolio Manager Andrew Slimmon discusses his post-election thoughts on the equity markets and why, he expects potential strength to continue into 2025, albeit more muted."

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global-multi-asset-viewpoint page
Global Multi Asset Thought of the Week  •  07-Nov-2024

China: Smoke and Mirrors 

Cyril Moulle-Berteaux
Chinese stocks are likely still underowned by local and global investors but their superficially low multiples do not represent a compelling reason to go overweight China until policy measures sufficient to solve its debt deflation problems are implemented.

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Monthly  •  05-Nov-2024

The BEAT for November 

Portfolio Solutions Group
Use The BEAT as your timely resource for this month’s markets. Each edition gives you ideas and insights that show you how to navigate the current investment environment.

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Insight Article  •  01-Nov-2024

Unintended Consequences: The Economic and Corporate Trade-Offs of Tariffs  

Broad Markets Fixed Income
What are the economic and corporate consequences of higher tariffs? In this insight, our Broad Markets Fixed Income team explores the potential trade-offs and knock-on effects of raising tariff rates.

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global-equity-observer page
Global Equity Observer  •  31-Oct-2024

The Case for Consumer Staples 

Nic Sochovsky
Consumer staples are now at a near 25-year low in terms of relative valuation and at their lowest weight in the MSCI World Index this century. Yet the sector has demonstrated resilience despite an exceptionally turbulent four years. With growth driven by recurring revenue from the everyday products they sell, their operating resilience during economic downturns gives staples companies that exhibit agility, innovation and high levels of brand investment a key role in our portfolios.

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alternatives page
Alternatives  •  30-Oct-2024

Hands-On Operational Improvement Key to Creating Alpha in the Middle Market 

Aaron Sack, Patrick Whitehead
A successful approach to operational value creation has been key to driving successful private equity outcomes over the last decade. It is increasingly important as we adjust to an environment of higher interest rates and inflation, lower levels of financial leverage, and uncertain macroeconomic growth.

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Insight Article  •  29-Oct-2024

The Tide Turns for Emerging Markets Debt 

Emerging Markets Debt
Emerging markets debt is currently benefitting from a favorable macro backdrop, attractive real yields and growing investor appetite. Will these tailwinds continue through the remainder of 2024 and what should investors be on watch for? Read the latest views from our Emerging Markets Debt team for insights into these questions and more.

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Caron's Corner  •  28-Oct-2024  •  6:04 Min

A Tactical De-risking and Fed Cut in November? 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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Engagement Report  •  25-Oct-2024

Engage Autumn 2024 

Marte Borhaug
The latest edition of Engage, the International Equity Team’s semi-annual update on their ESG engagement activity.

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Insight Article  •  25-Oct-2024

Encouraging Positive Sustainability Alignment in the Securitized Market 

Gregory Finck, Anuj Gulati, Erin Glenn
The Mortgage & Securitized Team believes that Environmental, Social and Governance (ESG) considerations are an essential component to investing in securitized markets. In this paper, they explain how these considerations are integrated into their investment process.

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alternatives page
Alternatives  •  24-Oct-2024

Long Short Equity Strategies: "Hedging" Your Bets 

Eric Stampfel
Amid market uncertainty, investors may be seeking ways to add resilience to their portfolios. Long-short equity strategies have the potential to deliver steady returns in volatile markets.

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Global Multi Asset Thought of the Week  •  22-Oct-2024

The Most Contrarian Outcome - No Landing 

Cyril Moulle-Berteaux
Given a strong consensus for a Soft Landing and lingering Recession fears, No Landing would be the most contrarian scenario for markets. In fact, there are some hints that the dichotomy between strong spending and weak labor markets could resolve in favor of No Landing.

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Tales From the Emerging World  •  22-Oct-2024

Video: Hidden Gems 

Amy Oldenburg, Steven Quattry
Amy Oldenburg, Head of Emerging Markets Equity at Morgan Stanley Investment Management, believes savvy investors should take a closer look for hidden gems in emerging and frontier markets.

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Global Fixed Income Bulletin  •  18-Oct-2024

Video: Goldilocks Redux? 

Broad Markets Fixed Income Team
Is market optimism about rates too high? Find out why high volatility potential and tight spreads are making us choosier about bonds.

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Global Fixed Income Bulletin  •  18-Oct-2024

Goldilocks Redux? 

Broad Markets Fixed Income Team
The Broad Markets Fixed Income Team explores the impact of the Fed's Sepember rate cuts for fixed income investors.

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Consilient Observer  •  15-Oct-2024

Measuring the Moat: Assessing the Magnitude and Sustainability of Value Creation 

Michael Mauboussin, Dan Callahan
Strategy explains how a firm builds a moat around its business to pursue sustainable value creation. We begin by showing why strategy matters while also distinguishing between industry and company life cycles. We turn next to industry analysis as we get the lay of the land. We then discuss industry structure and disruption and dis-integration. We finish with firm analysis. We examine the sources of added value and review pricing decisions, regulation, and brands. We include a checklist.

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Global Equity Observer  •  15-Oct-2024

Time for some high quality defence? 

Bruno Paulson
While calm has returned following summer’s brief market squall, the sell-off acted as a good test run for our global portfolios, which appeared resilient in the face of these fears, actually rising 1% while the MSCI World fell 7%. With a benign outlook priced in again as though the scare never happened, a portfolio delivering resilient earnings at a reasonable valuation may offer some high quality defence—as it did this summer.

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Insight Video  •  14-Oct-2024

Recognized Resilience: A Stock Story 

International Equity Team
One of our holdings has been around since 1892 and is enjoyed 2 billion times a day. With a strong brand, entrenched intangible assets, high returns on operating capital and significant pricing power, it’s exactly what we look for. Learn about our approach to long-term compounders for long-term investors.

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Caron's Corner  •  14-Oct-2024  •  5:18 Min

A Bull in a Candy Shop 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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Insight Video  •  14-Oct-2024

Health and Resilience: A Stock Story 

International Equity Team
Our life sciences companies form a crucial part of the health care supply chain. Their products are a fraction of their customers’ cost base, they benefit from the nondiscretionary nature of health care demand and their regulatory framework makes it very difficult for customers to switch suppliers—making them a good example of the resilience we seek.

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Insight Video  •  14-Oct-2024

Elevating Resilience: A Stock Story 

International Equity Team
We own a leading elevator company that services over 2 million elevators globally—which typically remain in service for decades. As the installed base of elevators around the world continues to grow steadily, this creates a very reliable profit stream that illustrates our preference for long-term compounders for long-term investors.

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Market Insights  •  11-Oct-2024

Breaking from the herd: What the differing pace of central bank easing could mean for fixed income 

Broad Markets Fixed Income
Central banks are lowering policy rates, but the pace and magnitude varies by market. The Broad Markets Fixed Income team explains what the variable policy paths could mean for fixed income investing ahead.

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alternatives page
Alternatives  •  11-Oct-2024

An Introduction to Private Equity Basics 

Morgan Stanley Private Equity Solutions Team
Within the private alternatives universe, private equity is one of the most rapidly growing asset classes. With a range of strategies, private equity investing offers distictive qualitative characteristics that differentiate the asset class.

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Webinar  •  10-Oct-2024

The BEAT Quarterly Webinar – October 2024 

The quarter ahead and top asset allocation ideas from our investment specialists moderated by Thomas Chaussier, Head of Investment Management France.

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Insight Article  •  10-Oct-2024

How Higher Yields and Growing Alpha Opportunities May Lift Hedge Funds 

AIP Hedge Fund Team
The MSIM Hedge Fund Team explores the ways in which hedge funds may directly benefit from a higher cash yield environment making them compelling options as sources of returns and diversification.

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Market Monitor  •  10-Oct-2024

Emerging Markets Debt Monitor – Q3 2024 

Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.

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Market Monitor  •  10-Oct-2024

Municipal Bond Market Monitor – Q3 2024 

Municipal Bond Group
Overview of the trends and developments in the muni bond markets.

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Market Monitor  •  04-Oct-2024

Floating-Rate Loan Market Monitor – Q3 2024 

Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.

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Caron's Corner  •  03-Oct-2024  •  7:19 Min

The BEAT for October – Key Themes and Top Ideas 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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Tales From the Emerging World  •  02-Oct-2024

Malaysia's Newfound Stability 

Amay Hattangadi, Uday Tharar, Aayushi Kukreja
After four years of political turmoil, Malaysia’s recent stability is paving the way for the government to implement critical reforms, ultimately making the country’s prospects promising. Amay Hattangadi, Uday Tharar and Aayushi Kukreja explain.

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Alternatives  •  26-Sep-2024

Outlook for Direct Lending 

Morgan Stanley Private Credit
Direct lending continues to offer compelling relative value compared to other asset classes and offers attractive diversification alternative to public fixed income. Further, when considered in the context of public markets, direct lending has significant room to grow.

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Global Fixed Income Bulletin  •  24-Sep-2024

Video: In Like a Lion, Out Like a Lamb? 

Broad Markets Fixed Income Team
When the Fed says "cut," investors ask "How deep?" Find out where we stand on current rate forecasts, plus our outlook for the credit market and the US dollar.

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Media Appearance  •  20-Sep-2024

Lauren Hochfelder on Bloomberg The Close 

Lauren Hochfelder
Lauren Hochfelder, Co-CEO of Morgan Stanley Real Estate Investing, joined Bloomberg The Close to discuss the megatrends driving investment opportunities in commercial real estate, including the impacts of global supply chain changes, aging demographics and office preferences.

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Media Appearance  •  20-Sep-2024

Jitania Kandhari on Bloomberg Surveillance 

Jitania Kandhari
Jitania Kandhari, Deputy CIO of the Solutions and Multi-Asset Group of Morgan Stanley Investment Management, on Bloomberg Surveillance to discuss the equity and fixed income markets. She speaks to the impacts of inflation, how investors should think about the 60/40 allocation and how the dollar view impacts the positioning in international markets.

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alternatives page
Alternatives  •  20-Sep-2024

Why Invest in Asian Private Equity? India as a Potential Breakout PE/VC Market 

Pamela Fung
With Indian public markets having experienced a strong run-up since 2020, global allocators have been turning to Indian private equity. In this paper, we aim to examine the promising performance potential of Indian private equity.

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Alternatives  •  20-Sep-2024

Private Credit Q&A: Talking sponsored vs. nonsponsored deals with Morgan Stanley’s Ashwin Krishnan 

Ashwin Krishnan
Debtwire caught up with Ashwin Krishnan, co-head of North America private credit and head of opportunistic credit at Morgan Stanley Private Credit, in a conversation debating the merits of sponsored versus non-sponsored deals and formalized partnerships for deal origination.

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Insight Article  •  20-Sep-2024

Climate Change is Here… And So Is the Need to Embrace Sustainability in Real Estate 

Laurel Durkay, Mona Benisi
The MSIM Global Listed Real Assets Team explores why investing sustainably matters in real estate, who is setting the priorities for sustainability, how we integrate ESG into real estate investing and where we see sustainability trends evolving.

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2024 Outlooks  •  19-Sep-2024

2024 Midyear Outlook: Hedge Funds 

Mark van der Zwan, Jarrod Quigley
Our hedge fund team discusses their outlook and the opportunities they are seeing for the remainder of 2024.

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Insight Video  •  18-Sep-2024

Look to Emerging Markets When Rates Fall Again (Video) 

Brad Godfrey
Co-head of emerging market debt Brad Godfrey shares the potential diversification, income and return advantages of a growing and powerful asset class.

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Global Fixed Income Bulletin  •  18-Sep-2024

In Like a Lion, Out Like a Lamb? 

Broad Markets Fixed Income Team
Fixed income put in another solid performance in August despite unprecedented volatility in the first two weeks. The Broad Markets Fixed Income Team explores.

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Takeaways & Key Expectations  •  17-Sep-2024

Equity Market Commentary - September 2024 

Andrew Slimmon
"In his September TAKE, Senior Portfolio Manager Andrew Slimmon discusses why, like in previous US Presidential election years, this time of equity market volatility is a period to be a patient and intentional investor, in preparation for a likely strong finish to 2024."

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Caron's Corner  •  16-Sep-2024  •  4:25 Min

Have Glory Days Passed You By? Maybe Not. 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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Insight audio  •  06-Sep-2024  •  33:43 Min

Mark van der Zwan on Resonanz Spotlight: The Evolution of Hedge Fund Investing 

Mark van der Zwan
Mark van der Zwan, Chief Executive Officer for Morgan Stanley Investment Management's Hedge Fund team, appears on Resonanz Spotlight to explore the past, present, and future of hedge fund investing

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Caron's Corner  •  05-Sep-2024  •  8:12 Min

The BEAT for September – Key Themes and Top Ideas 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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Tales From the Emerging World  •  04-Sep-2024

The Industrial Reset in Emerging Markets 

Jitania Kandhari, Saumya Jain
Assembly lines worldwide are humming with activity, signaling a promising revival of the manufacturing sector after decades of sluggishness. In emerging markets, this capital expenditure revival is being supported by governments and better macro conditions. Jitania Kandhari and Saumya Jain explain.

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Caron's Corner  •  26-Aug-2024  •  7:56 Min

A Tale of Two Economies: The Best of Times, The Worst of Times 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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Global Equity Observer  •  26-Aug-2024

Niches: Searching for roads less travelled  

Richard Perrott
While many of the companies we own are large businesses with well established, familiar brands, in our experience, excellent companies and investment opportunities can also be found by looking at players focused on specialised niches — particularly those that play a critical role within a market and enjoy close customer relationships. Undeservedly – but perhaps not surprisingly – these companies often sit outside the market limelight, and can fall between the cracks of sell-side coverage.

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alternatives page
Alternatives  •  23-Aug-2024

All About Alpha: Capturing Returns in Today's Market Environment 

Kara O'Halloran
Discover why the current market is conducive to market-neutral strategies, with the ability to generate alpha on both the long and short sides of portfolios.

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Insight Article  •  15-Aug-2024

A Compelling Opportunity in REITs 

Laurel Durkay
Given the Fed is expected to start cutting interest rates in 2H24, we believe now is an excellent time to consider an allocation to REITs.

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GLOBAL FIXED INCOME BULLETIN VIDEO  •  15-Aug-2024

Video: Can the Fed Take Home a Gold? 

Broad Markets Fixed Income Team
Explore the latest expectations for Fed rate cuts, reasons to closely watch the US elections, and why we continue to favor short-duration credit.

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Global Fixed Income Bulletin  •  12-Aug-2024

Can the Fed Take Home a Gold? 

Broad Markets Fixed Income Team
Despite central bank’s reluctance to pre-commit to policy paths, bond investors’ optimism has increased. The Broad Market Fixed Income Team explores.

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Caron's Corner  •  12-Aug-2024  •  7:00 Min

There Is Nothing to Fear, but FEAR Itself! 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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Market Alert  •  12-Aug-2024  •  7:09 Min

Market Alert with Andrew Slimmon 

Andrew Slimmon
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.

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Insight Article  •  09-Aug-2024

Alternative Investments: Increased Accessibility for Investors and What Advisors Need to Know 

Frank Famiglietti
With the “democratization” of alternatives, many individual investors now have access to investment strategies that have the potential to improve performance and diversification.

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tales-from-the-emerging-world page
Tales From the Emerging World  •  07-Aug-2024

A New Era in South Africa 

Paul Psaila
In a remarkable twist of events, South African President Cyril Ramaphosa turned a potentially career-ending electoral defeat into a victory that may reshape the nation's political and economic landscape. Paul Psaila explains.

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Media Appearance  •  06-Aug-2024  •  28:05 Min

Jeff Levin & Ashwin Krishnan on InsuranceAUM Podcast 

Jeff Levin, Ashwin Krishnan
Jeff Levin and Ashwin Krishnan discuss private credit, its outlook and where they see opportunities, on InsuranceAUM’s podcast.

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Media Appearance  •  06-Aug-2024  •  36:45 Min

Aaron Sack on InsuranceAUM Podcast 

Aaron Sack
Head of Morgan Stanley Capital Partners, Aaron Sack, discusses how to build a successful middle market buyout strategy, and the role of private equity in market growth.

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Caron's Corner  •  05-Aug-2024  •  5:29 Min

The BEAT for August – Key Themes and Top Ideas 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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global-equity-observer page
Global Equity Observer  •  29-Jul-2024

Nvidious position 

Bruno Paulson, Laura Bottega
The market seems to be dominated by the twin beliefs in the invulnerability of the U.S. economy and the massive impact of GenAI. This is not the easiest environment for an investment philosophy that seeks established winners with resilient earnings in tough times. However, high expectations generally, and increasingly for one company in particular, make us nervous about the market’s prospects. We remain steadfast in following our quality process and focus on absolute, long-term compounding.

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carons-corner audio
Caron's Corner  •  29-Jul-2024  •  6:55 Min

Introducing our FEAR Framework: Fed, Employment, Assets and Rates  

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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alternatives page
Alternatives  •  25-Jul-2024

How Multi-Manager Platforms Find Strength in Numbers 

AIP Hedge Fund Team
In recent years, multi-manager platforms (Multi-PMs) have completely transformed the hedge fund world. In this FAQ, we answer fundamental questions about these Multi-PMs. What are they and why are they attracting so many investors?

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consilient-observer page
Consilient Observer  •  24-Jul-2024

Which One Is It? Equity Issuance and Retirement 

Michael Mauboussin, Dan Callahan
Consilient Research considers the phenomenon of companies that both issue and retire shares around the same time. This behavior may fail the central goal of capital allocation, which is to buy low and sell high. Which one is it?

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global-fixed-income-bulletin video
GLOBAL FIXED INCOME BULLETIN VIDEO  •  23-Jul-2024

Video: Roller Coaster Continues as Elections Generate Volatility 

Broad Markets Fixed Income Team
Co-Head of Broad Markets Fixed Income Vishal Khanduja discusses the probability for a U.S. soft landing, the heightened political uncertainty and how investors should think about positioning for volatility.

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page
Insight Article  •  23-Jul-2024

After Trough NAV Discount Comes Trough NAV 

Laurel Durkay, Simon Robson Brown, Christopher Freemantle
Historically, the trough in European listed real estate NAV discounts has preceded the trough in values and NAVs by around six to nine months. We think this time is no different, and that now we’re at—or very close to—trough NAV for the sector.

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takeaways-key-expectations page
Takeaways & Key Expectations  •  23-Jul-2024

Equity Market Commentary - July 2024 

Andrew Slimmon
In his July TAKE, Senior Portfolio Manager Andrew Slimmon reiterates the rational behavior of the stock market so far this year given corporate fundamentals and stock performance appear closely aligned. And discusses why, in spite of nearer term volatility, the market could finish the year higher still.

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market-monitor page
Market Monitor  •  16-Jul-2024

Floating-Rate Loan Market Monitor – Q2 2024 

Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.

Insight-Tile-1x1-Floating
 
market-monitor page
Market Monitor  •  16-Jul-2024

Emerging Markets Debt Monitor – Q2 2024 

Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.

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page
Insight Article  •  16-Jul-2024

Look to securitized markets for alternative sources of yield 

Andrew Szczurowski, Gregory Finck
The impressive performance of corporate credit markets to start the year has prompted many investors to begin seeking out alternative sources of yield and total return in the global fixed income markets.

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global-fixed-income-bulletin page
Global Fixed Income Bulletin  •  16-Jul-2024

Roller Coaster Continues as Elections Generate Volatility 

Fixed Income
June was a mixed month for fixed income. Lower US yields were supported by weaker-than-expected inflation and increased market expectations of further rate cuts.What was the impact on fixed income markets? The Broad Markets Fixed Income team explains.

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market-monitor page
Market Monitor  •  16-Jul-2024

Municipal Bond Market Monitor – Q2 2024 

Municipal Bond Group
Overview of the trends and developments in the muni bond markets.

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tales-from-the-emerging-world page
Tales From the Emerging World  •  11-Jul-2024

Hidden Gems: Unearthing the Potential of Overlooked Markets  

Steven Quattry
Small emerging and frontier market countries have weathered crises this decade, but are implementing reforms based on orthodox economic policies. Despite massive currency depreciations, the equity markets in many of these countries, such as Argentina and Pakistan, have generated stronger earnings per share—in dollar terms—compared to the broader MSCI EM Index. Steven Quattry explains why these countries merit a closer look.

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global-equity-observer page
Global Equity Observer  •  11-Jul-2024

Independent thinking 

William Lock
While active versus passive is a well-worn debate, it needn’t be an either/or decision. We would argue there’s a strong case for both index investing and active management to co-exist in portfolios. While passive funds provide broad-based exposure and nimble, cheap access to tactical themes, there is still an opportunity to be selective – particularly given indices’ biases. When stock prices become disconnected from fundamentals, skilled stock pickers can take advantage if they have the luxury of a longer time horizon and a lopsided multiples-powered bull run still has momentum.

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video
Insight Video  •  10-Jul-2024

High Yield Bonds: Three Things to Watch in Today’s Market (Video) 

Dónal Kinsella
Portfolio Manager Dónal Kinsella explains three key areas that high yield bond investors should consider and why a discerning approach to credit selection is key.

Donal.Kinsella-without-play
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beat page
Mid-Year  •  03-Jul-2024

Key Themes for the Second Half of 2024 

Portfolio Solutions Group
The second half of 2024 will be impacted by interest rates, inflation and the U.S. presidential election, among other factors. The Portfolio Solutions Group reveals our key themes for the second half of 2024.

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carons-corner audio
Caron's Corner  •  03-Jul-2024  •  6:09 Min

The BEAT for July – Our Key Themes and Top Ideas 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

caronscorner-Insight-Tile-1x1
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sustainable-investing page
Sustainable Investing  •  30-Jun-2024

Morgan Stanley’s Sustainable Finance Summit Digest 

Calvert Research and Management
Morgan Stanley’s 2024 Annual Sustainable Finance Summit brought together some of Investment Management’s leading thinkers, research analysts and portfolio managers to discuss and debate topical issues related to sustainability.

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page
Media Appearance  •  28-Jun-2024

Jim Caron on InvestmentNews: US Stocks Fully Valued, Look at Japan Instead 

Jim Caron
In a discussion with InvestmentNews, Jim Caron, Chief Investment Officer of the Portfolio Solutions Group, explains why he believes U.S. stocks may suffer a setback before year-end and that Japanese equities are currently his highest conviction overweight, one that offers attractive upside.

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page
Insight Article  •  26-Jun-2024

Systematic Liquid Alternatives: A New Perspective On Alpha 

Kara O'Halloran
Learn why our Hedge Fund Team believes the shift in the alternative investment space has evolved alpha, and how multiple ARP strategies are critical components of systematic liquid alternatives.

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global-fixed-income-bulletin video
GLOBAL FIXED INCOME BULLETIN VIDEO  •  25-Jun-2024

Video: Lost in the Forest 

Fixed Income Team, Broad Markets Fixed Income Team
The market is pricing in rate cuts for the U.S., as global central banks move to ease policy. But are investors getting ahead of themselves? The Federal Reserve remains cautious, and hard data suggests rate-cut delays – not cuts. Will markets reassess their views? Will the Fed change tact? And will rate uncertainty affect opportunities within global fixed income?

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carons-corner audio
Caron's Corner  •  24-Jun-2024  •  5:55 Min

2H 2024: Chasing the White Rabbit, but Where Will it Lead Investors? 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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consilient-observer audio
Consilient Observer  •  14-Jun-2024  •  49:31 Min

Counterpoint Global’s Michael Mauboussin on Capital Allocators: Pattern Recognition and Public Markets 

Michael Mauboussin
Michael Mauboussin and Ted Seides discuss the recent Consilient Observer article on pattern recognition, including when it works and when it doesn’t. They then transition to discussing the changing nature of public markets, inspired by another of Michael’s recent research reports, Birth, Death, and Wealth Creation. They examine which companies have had the largest stock market capitalizations and how that population has changed.

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takeaways-key-expectations page
Takeaways & Key Expectations  •  14-Jun-2024

Equity Market Commentary - June 2024 

Andrew Slimmon
In his June TAKE, Senior Portfolio Manager Andrew Slimmon discusses earnings revisions as a major driver of stock performance this year and talks about the importance of using highly active managers and avoiding closet indexers.

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global-fixed-income-bulletin page
Global Fixed Income Bulletin  •  14-Jun-2024

Lost in the Forest 

Broad Markets Fixed Income Team
Despite still high levels of growth and inflation (relative to targets), bond investors have become optimistic about future Fed policy. What is the impact on fixed income markets? The Broad Markets Fixed Income team explains.

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sustainable-investing engagement-report page
Engagement Report  •  13-Jun-2024

Emerging Markets Equity Annual Stewardship Report 2024 

Eric Carlson, Dana Phillips, Candy Chao, Harrison Jamin
Our Emerging Markets Equity annual stewardship report illustrates our proactive engagement with portfolio companies to navigate operating landscapes and assist them in their growth. Discover how we initiate progress in the global energy transition, tackle regulatory challenges and encourage greater corporate transparency and disclosures, especially with regards to executive compensation issues.

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page
Insight Article  •  12-Jun-2024

Growing Up and Out: The Impact of Aging Populations on Housing 

Morgan Stanley Real Estate Investing
While the fundamentals and investment thesis for senior housing are compelling, the subtleties of different care segments and the service-oriented nature of caring for elderly residents create operational risk, requiring a nuanced investment strategy and dedicated operating expertise.

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alternatives page
Media Appearance  •  11-Jun-2024

David Miller on Bloomberg Markets - Video 

David Miller
David Miller, Morgan Stanley Investment Management's Head of Global Private Credit & Equity, speaks on "Markets Today" from SuperReturn International. David speaks to some of the concern around the rapid growth of private market investments and explains why it's important to look upon that growth in the context of overall public market caps.

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2024-outlooks page
2024 Outlooks  •  10-Jun-2024

Midyear Commodity Outlook: Are Higher Rates Masking Tight Inventories? 

Adam Swinney, Greg Liebl
What's the outlook for commodity markets and what factors are driving commodity trends?

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video
Insight Video  •  07-Jun-2024

Paying Resilience Forward: A Stock Story 

International Equity
Many of the companies that our International Equity team owns aren’t just resilient, but they develop products and services that help other companies build their resilience.

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carons-corner audio
Caron's Corner  •  05-Jun-2024  •  7:04 Min

The BEAT for June – Our Key Themes and Top Trade Ideas 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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consilient-observer page
Consilient Observer  •  04-Jun-2024

Stock Market Concentration: How Much Is Too Much? 

Michael Mauboussin, Dan Callahan
Stock market concentration has risen sharply over the past decade, creating a tough environment for active managers. In this report, we look at concentration over the past 75 years to see where we stand. We review which companies have been the largest and how that has changed. We ask if there is a correct level of concentration by studying other global markets and by presenting the possibility it was too low before. We then examine whether corporate performance supports the current increase.

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tales-from-the-emerging-world page
Tales From the Emerging World  •  03-Jun-2024

Poland’s Quiet Convergence 

Eric Carlson, Ravi Jain
Poland, on the verge of bankruptcy when the Berlin Wall came down, has defied expectations to become a crucial manufacturing hub for western companies in Europe. Eric Carlson and Ravi Jain explore how the country became one of the most successful economies to emerge from the former Soviet bloc.

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audio
Media Appearance  •  31-May-2024  •  26:28 Min

Morgan Stanley Capital Partners’ Rohanjit Chaudhry on BDO Private Equity PErspectives: Driving Impactful Growth Despite the High Cost of Capital 

Rohanjit Chaudhry
Rohanjit Chaudhry, Executive Director of Morgan Stanley Capital Partners, joined BDO Private Equity PErspectives podcast to discuss how private equity continues to approach economic challenges, like the current high cost of capital, through a lens of cautious optimism

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video
Media Appearance  •  29-May-2024

Lauren Hochfelder on Bloomberg Surveillance Radio 

Lauren Hochfelder
Lauren Hochfelder, Co-Chief Executive Officer for Morgan Stanley Real Estate Investing, appears on Bloomberg Surveillance to discuss her outlook on commercial real estate and sectors where she sees potential opportunity.

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global-equity-observer page
Global Equity Observer  •  28-May-2024

The importance of discipline in the long game 

Anton Kryachok
In a market obsessed with chasing the next big thing, we make sure that companies’ valuations look justified by the underlying fundamentals, building a portfolio of those rare companies with the ability to compound at a high and sustainable return over the long term. Because while multiples have accounted for 85% of returns this quarter, over 20 years this falls to 4%. Meanwhile, earnings growth counts for much more – as much as 71% over 20 years. Compounding requires discipline and patience.

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carons-corner audio
Caron's Corner  •  28-May-2024  •  5:07 Min

Higher Risk, but Lower Volatility? We Are Tapping on the Brakes. . .for Now 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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page
Insight Article  •  23-May-2024

Navigating the Curve 

Fixed Income Team
In this piece, fixed income managers investing across the duration spectrum outline strategies for seeking higher current income and capital appreciation during this unusual yield curve inversion.

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big-picture page
Big Picture  •  21-May-2024

Emerging Markets: Stepping Into the Spotlight 

Jitania Kandhari
In this updated report, read how Emerging Markets are driven by more than just China. Emerging Market Equities look attractive with higher growth, reduced debt, and lower inflation. Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group and Head of Macro & Thematic Research, Emerging Markets explains.

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page
Media Appearance  •  17-May-2024

Morgan Stanley Real Estate Investing: Lauren Hochfelder on CNBC's The Exchange - Video 

Lauren Hochfelder
Lauren Hochfelder discusses real estate opportunities and supply chain on CNBC's The Exchange.

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global-fixed-income-bulletin page
Global Fixed Income Bulletin  •  13-May-2024

All Not So Quiet on the Western Front 

Broad Markets Fixed Income Team
The shift in expectations for rate cuts was felt across the world as yields rose in both the developed and emerging markets. The Broad Markets Fixed Income Team explores the impact on investors.

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alternatives page
Article Reprint  •  10-May-2024

How Morgan Stanley's David Miller dealt with stress 

David Miller
In this piece originally published by in Private Debt Investor, David Miller, Morgan Stanley's global head of private credit and equity discusses his background working for the Troubled Asset Relief Program, and the future ahead for Morgan Stanley Investment Management's private credit platform.

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page
Insight Article  •  09-May-2024

A New Management Approach for a New Market Regime 

Portfolio Solutions Group
In this paper, the Portfolio Solutions Group explains how they counter adverse impact to returns in this new regime through a new management approach with the goal of achieving stable target returns.

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tales-from-the-emerging-world page
Tales From the Emerging World  •  07-May-2024

China Inc.: A Changing Mindset 

Amay Hattangadi, Leon Sun, Jerry Peng
As Chinese corporations navigate the complexities of post COVID growth, Beijing is actively encouraging companies to increase dividend payments and embrace share buybacks, as part of government measures to make the capital markets more resilient. The focus on investor-friendly initiatives provides an opportunity for another look at Chinese stocks.

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carons-corner audio
Caron's Corner  •  06-May-2024  •  6:17 Min

The BEAT for May – Our Key Themes and Top Ideas  

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

caronscorner-Insight-Tile-1x1
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global-equity-observer page
Global Equity Observer  •  30-Apr-2024

Compound interest 

Bruno Paulson
A combination of ebullient and concentrated markets makes for a challenging investment environment, particularly in relative terms. The International Equity team’s response is to continue to think in absolute terms, be fussy on both quality and valuation, and look to compound over the long run.

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sustainable-investing page
Sustainable Investing  •  30-Apr-2024

2024 Stewardship Trends 

Robert Walker
As the 2024 proxy season kicks off, the Morgan Stanley Investment Management Global Stewardship Team highlights three key themes: Natural Capital and Biodiversity, Workers’ Rights, and Artificial Intelligence (AI) that we believe will be high on the agenda for investors.

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takeaways-key-expectations page
Takeaways & Key Expectations  •  29-Apr-2024

Equity Market Commentary - April 2024 

Andrew Slimmon
In his April TAKE, Senior Portfolio Manager Andrew Slimmon discusses investor behavior as pertaining to the puzzling swell in money market fund assets, and what Applied Equity Advisors is focused on during this earnings season.

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consilient-observer page
Consilient Observer  •  23-Apr-2024

Valuation Multiples: What They Miss, Why They Differ, and the Link to Fundamentals 

Michael Mauboussin, Dan Callahan
Most investors “price” the stocks of companies by using valuation multiples instead of “valuing” them based on future cash flows and fundamentals. We address what multiples miss and why they have become less informative. We examine how the two most popular multiples, P/E and EV/EBITDA, can provide different signals about a stock’s relative attractiveness. We then take a deep look at EV/EBITDA. We do not discourage the use of multiples, but users should understand the underlying value drivers.

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tales-from-the-emerging-world page
Tales From the Emerging World  •  22-Apr-2024

Weaving India’s Future: A Tapestry of Green and Grey Energy 

Eric Carlson, Candy Chao
India is undergoing a significant transformation to strike a balance between economic growth and sustainability, revamping its environmental reputation. India’s energy security and consumption growth is a significant investment theme for the coming decade as the country adds green capacity. Eric Carlson and Candy Chao explain.

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carons-corner audio
Caron's Corner  •  22-Apr-2024  •  5:24 Min

Duration: Friend or Foe? 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

caronscorner-Insight-Tile-1x1
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alternatives page
Article Reprint  •  17-Apr-2024

Re-writing the Playbook on Alignment 

Nash Waterman
Amid today’s environment and ongoing growth in GP-led deals, rolling carry and putting additional capital at risk are no longer enough to guarantee alignment, says Morgan Stanley Investment Management’s Nash Waterman.

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video
Insight Video  •  16-Apr-2024

Video: Fixed income Team Capabilities 

Fixed Income Team
How can our full spectrum of fixed income solutions and specialized teams help navigate the curve and build a tailored portfolio?

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page
Media Appearance  •  16-Apr-2024

Lauren Hochfelder on Yahoo Finance: Morgan Stanley's Top Real Estate Investing 'Megatrends' 

Lauren Hochfelder
Lauren Hochfelder on Yahoo Finance: Morgan Stanley's Top Real Estate Investing 'Megatrends'

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carons-corner audio
Caron's Corner  •  15-Apr-2024  •  7:33 Min

Chips and Dip: Geopolitical Risk, Volatility and Value 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

caronscorner-Insight-Tile-1x1
Insight thumbnail audio icon
 
global-fixed-income-bulletin page
Global Fixed Income Bulletin  •  10-Apr-2024

We’ll take your word for it 

Broad Markets Fixed Income Team
Bonds seem to be much more attractive now than they were in early January. The Broad Markets Fixed Income Team explains.

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big-picture page
Big Picture  •  08-Apr-2024

Big Picture - Return of the 60/40 

Jitania Kandhari
In 2022, the 60/40 portfolio suffered its worst loss since 1937, prompting many market participants to question its value. Analyzing 200 years of data, Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group, evaluates the renewed relevance of the 60/40 portfolio.

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market-monitor page
Market Monitor  •  08-Apr-2024

Emerging Markets Debt Monitor – Q1 2024 

Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.

Insight-Tile-1x1-Emerging
 
market-monitor page
Market Monitor  •  08-Apr-2024

Floating-Rate Loan Market Monitor – Q1 2024 

Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.

Insight-Tile-1x1-Floating
 
big-picture video
Big Picture  •  08-Apr-2024

Video: Return of 60/40 

Jitania Kandhari
Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets; Portfolio Manager, Passport Equity, examines the return of the 60/40 portfolio strategy in 2024.

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tales-from-the-emerging-world page
Tales From the Emerging World  •  04-Apr-2024

The Value-Up Recipe for Re-Rating Korea 

Amay Hattangadi, Rose Kim
Will the Korean market’s current value proposition solidify into a lasting investment theme? Amay Hattangadi and Rose Kim examine Korea’s de-rating over the past two decades to determine whether now is time to engage in the Korea “value trade.”

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carons-corner audio
Caron's Corner  •  02-Apr-2024  •  8:23 Min

The BEAT for April: Our Top Themes - and One Major Allocation Change 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

caronscorner-Insight-Tile-1x1
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page
Insight Article  •  01-Apr-2024

Overcoming Behavioral Biases: The Importance of Our Proprietary Portfolio Exercises 

Aaron Dunn, Chris Dyer
All humans have behavioral biases, those blind spots that can impact decision-making. To address investment bias, the Eaton Vance Equity Global Team has integrated proprietary Portfolio Exercises into their investment process, a differentiator in the way they manage money and an important element of their success.

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big-picture video
Big Picture  •  01-Apr-2024

Video: Oil. Underappreciated, Underinvested and Undervalued 

Jitania Kandhari
Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets; Portfolio Manager, Passport Equity, believes oil is an underappreciated, underinvested and undervalued commodity in 2024.

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sustainable-investing page
Sustainable Investing  •  01-Apr-2024

An equity approach that seeks to deliver an attractive return journey for clients 

Ian Kirwan, Chris Dyer
The Eaton Vance Equity Global Team seeks to illustrate the merits of a "sustainable" equity investing approach.

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global-equity-observer page
Global Equity Observer  •  26-Mar-2024

Quality is worth the wait 

William Lock
From understanding how to pick great companies to the secret of longevity in the investment business, William Lock shares 10 lessons learned from 30 years of investing in high-quality companies that are able to sustainably compound capital over the long term—providing clients with attractive long-term returns.

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carons-corner audio
Caron's Corner  •  25-Mar-2024  •  8:35 Min

Take a Walk on the Supply Side 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

caronscorner-Insight-Tile-1x1
Insight thumbnail audio icon
 
big-picture video
Big Picture  •  21-Mar-2024

Video: Ten Key Themes for 2024 

Jitania Kandhari
Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets; Portfolio Manager, Passport Equity, outlines her Ten Key Themes for 2024.

10261958_Big-Picture_Insight-Tile-1x1
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sustainable-investing page
Sustainable Investing  •  21-Mar-2024

Cutting Through Labels’ Noise in the Sustainable Bond Market: The Merits of a Research-Driven Framework 

Fixed Income Team
The Fixed Income team actively engages with Green Bond market players to promote robust sustainable financing frameworks that help effectively catalyze capital towards environmentally and socially impactful projects, transparent disclosures, and reporting.

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audio
Insight audio  •  19-Mar-2024  •  38:57 Min

Lauren Hochfelder on Investment Wars: Do Recent Disruptions in the Real Estate Sector Create Opportunity in 2024? 

Lauren Hochfelder
Lauren Hochfelder, Co-Chief Executive Officer for Morgan Stanley Real Estate Investing, appears on Investment Wars to discuss major disruptions and trends in the commercial real estate market.

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page
Insight Article  •  14-Mar-2024

Managed Futures as a Potential Solution to Market Volatility 

Patrick T. Egan
In periods of volatility, investors may be looking for an alternative investment which may not only provide potential mitigation from the effects of market fluctuations, but also potentially capitalize on this increase in volatility.

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global-fixed-income-bulletin page
Global Fixed Income Bulletin  •  12-Mar-2024

Decision Time 

Broad Markets Fixed Income Team
Yields were broadly higher across the globe in February, as market participants recalibrated their expectations for rate cuts this year. The Broad Markets Fixed Income Team explores the impact on markets.

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takeaways-key-expectations page
Takeaways & Key Expectations  •  07-Mar-2024

Equity Market Commentary - March 2024 

Andrew Slimmon
In his March TAKE, Senior Portfolio Manager Andrew Slimmon shares his thoughts on recent market strength.

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carons-corner audio
Caron's Corner  •  05-Mar-2024  •  6:58 Min

The BEAT for March: Top Ideas and Three Changes to Our Asset Allocations 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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page
Media Appearance  •  01-Mar-2024

Inside Saudi Arabia’s Plan to Move Past Oil, by Barron's Reshma Kapadia 

Amy Oldenburg
Morgan Stanley Investment Management’s Head of Emerging Markets Equity Amy Oldenburg was interviewed by Barron’s for their January cover story on investing in Saudi Arabia.

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sustainable-investing calvert page
Calvert  •  01-Mar-2024

Parity Beyond the Boardroom: Closing Diversity Gaps in the Corporate Pipeline 

Calvert Research and Management
In the third paper of our gender diversity series, we discuss one of the top remaining global gender issues: the gap in the corporate “talent pipeline” – where gender and ethnic representation at the board and employee levels is much higher than at the executive and senior management levels.

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consilient-observer page
Consilient Observer  •  28-Feb-2024

Cost of Capital and Capital Allocation: Investment in the Era of “Easy Money” 

Michael Mauboussin, Dan Callahan
We examine the counterintuitive behavior of U.S. public companies in the recent regime of “easy money” marked by below-average interest rates.

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global-equity-observer page
Global Equity Observer  •  27-Feb-2024

Driving Quality 

Bruno Paulson, Alistair Corden-Lloyd
Compounding is a powerful force—but what tells us whether a company might be a high quality compounder? We focus on return on operating capital employed (ROOCE) and gross margins. Companies with high ROOCE typically have high-margin and asset-light operations, while high gross margins generally reflect pricing power. These attributes indicate to us which companies are worth looking at more closely, and where we ought to be spending our time evaluating franchise durability.

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carons-corner audio
Caron's Corner  •  20-Feb-2024  •  6:17 Min

When Will Rising Bond Yields Matter for Stocks? 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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tales-from-the-emerging-world page
Tales From the Emerging World  •  20-Feb-2024

Taiwan's Silicon Shield  

Samson Hung
While geopolitical tensions and the U.S.-China chip war dominate the headlines, Taiwan’s semiconductor industry will benefit from sectors including artificial intelligence and electric vehicles. The chip industry is the silicon shield that protects Taiwan.

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sustainable-investing page
Sustainable Investing  •  16-Feb-2024

ESG Update 

Kristian Heugh, Marc Fox
The Global Opportunity team shares its annual update on integrating ESG within the investment process, the carbon intensity of the portfolios and company engagement activity.

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global-fixed-income-bulletin page
Global Fixed Income Bulletin  •  15-Feb-2024

Bonds Take a Breather? 

Broad Markets Fixed Income Team
After the bond market’s stunning fourth quarter performance it was not much of a surprise that bond yields went up. Where do they go from here? The Broad Market Fixed Income Team explores.

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page
Insight Article  •  15-Feb-2024

The Merits of Hedge Fund Co-Investments 

Jarrod Quigley
Hedge fund co-investments have an important role to play in client portfolios, explains AIP Hedge Fund Solutions Team Managing Director Jarrod Quigley.

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page
Insight Article  •  10-Feb-2024

Managed Futures: A Primer 

Srdjan Teslic, Patrick T. Egan
In this primer, we provide a fundamental overview of managed futures investment strategies. What are managed futures and how are they differentiated from other strategies?

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takeaways-key-expectations page
Takeaways & Key Expectations  •  08-Feb-2024

Equity Market Commentary - February 2024 

Andrew Slimmon
In his February TAKE, Senior Portfolio Manager Andrew Slimmon shares his thoughts as we commence 2024.

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opportunity-optimum page
Opportunity Optimum  •  07-Feb-2024

The India Opportunity 

Kristian Heugh, Anil Agarwal, Marc Fox, Emily Tsui
The Global Opportunity Team believes India offers an attractive hunting ground to find ideas that meet our criteria for long-term value creation and explains the broad areas where we see opportunities.

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carons-corner audio
Caron's Corner  •  05-Feb-2024  •  5:48 Min

The BEAT Monthly: Our Top Four Ideas 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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big-picture page
Big Picture  •  05-Feb-2024

Key Themes for 2024 

Jitania Kandhari
Jitania Kandhari, Deputy CIO, Solutions & Multi Asset Group; Head of Macro & Thematic Research, Emerging Markets; Portfolio Manager, Passport Equity, outlines her Key Themes for 2024.

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video
Media Appearance  •  02-Feb-2024

See Laurel Durkay on CNBC's "The Exchange" discussing how REITs can benefit from AI 

Laurel Durkay
Sometimes overlooked, but a wildly important beneficiary of advancements in the adoption of artificial intelligence, is the data center real estate sector. In fact, Laurel calls now a “transformational moment” for data centers and reveals her top investment ideas for the space on CNBC’s "The Exchange."

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sustainable-investing engagement-report page
Engagement Report  •  02-Feb-2024

Engage Winter 2023 

Marte Borhaug
The latest edition of Engage, the International Equity Team’s semi-annual update on their ESG engagement activity.

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page
Insight Article  •  01-Feb-2024

Global Listed Real Estate: A Year in Review and Year-Ahead Outlook 

Laurel Durkay
Head of Global Listed Real Assets Laurel Durkay, CFA, provides thoughts on 2023 REIT performance, current opportunities, and how REITs may benefit from secular themes driving demand for real estate.

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page
Insight Article  •  01-Feb-2024

The Founder Advantage: Finding Alpha in Middle-Market Private Equity 

Aaron Sack, Patrick Whitehead
In the increasingly crowded private equity sector, we believe that the middle market can be a differentiated source of alpha—especially for companies with founder involvement. But we believe that generating alpha in the middle market requires a manager with specialized capabilities, a rigorous due diligence approach, and a proven playbook for creating value in the sector. Such expertise becomes even more crucial when partnering with entrepreneurs and business founders.

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video
Media Appearance  •  01-Feb-2024

Listen to Laurel Durkay discuss the currently compelling REIT valuations 

Laurel Durkay
Listen to Laurel Durkay, CFA, Morgan Stanley Investment Management Head of Global Listed Real Assets, discuss the compelling valuations that REITs currently offer on the Nareit REIT Report Podcast.

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consilient-observer page
Consilient Observer  •  30-Jan-2024

Increasing Returns: Identifying Forms of Increasing Returns and What Drives Them 

Michael Mauboussin, Dan Callahan
Understanding the five areas of micro and macroeconomics where increasing returns applies and show their relevance to investors.

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market-monitor page
Market Monitor  •  29-Jan-2024

Credit Market Monitor – Q4 2023 

Multi-Asset Credit Team
Analysis of global credit markets and where we see future opportunities.

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carons-corner audio
Caron's Corner  •  29-Jan-2024  •  6:10 Min

A Rate Cut Named Desire 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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global-equity-observer page
Global Equity Observer  •  29-Jan-2024

“Nobody knows anything”… but the market thinks it does 

Bruno Paulson
After a year that suggested nobody knows anything, we’re entering 2024 with good arguments for both sunny optimists and cloudy pessimists. And while we can’t be certain where the world economy will land on the sunny/cloudy spectrum, the market is clearly pricing in a sunny outcome. Combined with high multiples, that creates an unfavourable asymmetry with limited upside and plenty of downside. The trick—as always—is to hold on to the healthy long-term absolute returns when markets take a knock.

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video
Insight Video  •  29-Jan-2024

Resilience Matters 

International Equity
Resilience is the ability to adapt and recover quickly from difficulties. Hear what resilience means to our International Equity Team and how their high quality investment approach identifies resilient companies.

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sustainable-investing page
Sustainable Investing  •  19-Jan-2024

Fixed Income ESG Outlook 2024 

Barbara Calvi, Anuj Gulati, Rachel Smith
Despite a persistent challenging environment for fixed income investors, the Sustainable Bond market remained strong in 2023.

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video
Media Appearance  •  17-Jan-2024

Lauren Hochfelder Discusses 2024 Commercial Real Estate Trends on Bloomberg Television 

Lauren Hochfelder
Lauren Hochfelder, Co-Chief Executive Officer for Morgan Stanley Real Estate Investing, appears on Bloomberg Television to discuss 2024 themes and trends in commercial real estate.

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path page
PATH  •  16-Jan-2024

Where do we go from here? 

Jim Caron
Our shift to a “Goldilocks” soft-landing view continues, supported by recent macro data releases, moderately slowing growth and rising confidence that inflation will move lower, allowing policy relief. Read why we believe this supports our view of maintaining positive equities.

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beat page
Annual  •  16-Jan-2024

The BEAT – Our Seven Key Themes for 2024 

The investment environment to start 2024 is quite different from how last year began. Inflation appears to have peaked, interest rates are likely to drop and balanced portfolios may again work as intended. In support of the Portfolio Solutions Group, the Capital Markets Group reveals our seven key themes for 2024.

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page
Insight Article  •  16-Jan-2024

Digital (De)Dollarization? 

Andrew Peel, Digital Asset Markets
The U.S. dollar has been the prominent global currency for more than 80 years, but its dominance is coming under pressure in the face of evolving geopolitical shifts and increasing twin deficits in the United States. Digital assets such as bitcoin, stablecoins in addition to the promise of Central Bank Digital Currencies (CBDCs), have potential to significantly alter the currency landscape. These innovations, while still in their nascent stages, hold opportunities to both erode and reinforce the dollar’s hegemony in global finance, Andrew Peel of Digital Asset Markets explains.

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global-fixed-income-bulletin page
Global Fixed Income Bulletin  •  12-Jan-2024

And the Beat Goes On, But for How Long? 

Broad Markets Fixed Income Team
December’s stunning bond market performance was a fitting end to a roller-coaster year. Now comes the hard part. The Broad Markets Fixed Income team explains.

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market-monitor page
Market Monitor  •  09-Jan-2024

Emerging Markets Debt Monitor – Q4 2023 

Emerging Markets Debt Team
In-depth review of fundamentals and valuations across emerging markets debt.

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market-monitor page
Market Monitor  •  08-Jan-2024

Floating-Rate Loan Market Monitor – Q4 2023 

Floating-Rate Loan Group
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.

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market-alert audio
Market Alert  •  05-Jan-2024  •  5:59 Min

Market Alert with Andrew Slimmon 

Andrew Slimmon
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.

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alternatives page
Article Reprint  •  03-Jan-2024

Look Ahead 2024: Re-, near-, and friend- shoring points to a different logistics market 

Lauren Hochfelder
In this article, originally published by PERE, Lauren Hochfelder, co-chief executive officer for Morgan Stanley Real Estate Investing, says logistics will remain a favorite asset class. But she predicts there will be less of a rising tide lifting all boats now.

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carons-corner audio
Caron's Corner  •  02-Jan-2024  •  8:36 Min

A Pull-Back from the Pull-Forward? What to Watch Out for in 2024 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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global-equity-observer page
Global Equity Observer  •  28-Dec-2023

GLP-1: The Weight of Speculation 

Nic Sochovsky, Helena Miles
GLP-1 agonists have been heralded as game changers in treating obesity, with the drug manufacturers seen as the immediate market winners, and medtech and U.S. food & beverage stocks as losers. As they explain, the International Equity Team remains sanguine about the overall effects on their portfolios and believe that the medium- to long-term impacts are likely to be minimal.

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page
Insight Article  •  28-Dec-2023

The New Normal: Higher-for-longer is likely and risk has a cost in a new regime 

Aaron Dunn, Brad Galko
We are in a new regime where “higher-for-longer” is likely and risk has a cost. We believe a diversified allocation is essential in this increasingly unpredictable environment. Our value philosophy focuses on quality, leading companies that are mispriced or misunderstood by the market and are trading at a discount to their intrinsic value.

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carons-corner audio
Caron's Corner  •  18-Dec-2023  •  7:32 Min

Where Do We Go From Here? Neutral May Be the New Defensive 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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alternatives page
Article Reprint  •  15-Dec-2023

Morgan Stanley Hunts for Deals in Commercial-Property Upheaval 

Lauren Hochfelder
In this article, originally published by Bloomberg, Lauren Hochfelder, Co-Chief Executive Officer for Morgan Stanley Real Estate Investing, discusses the search for real estate opportunities during commercial-property upheaval.

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alternatives page
Media Appearance  •  14-Dec-2023

Lauren Hochfelder interviews for Bloomberg's "Wall Street Week" - Video 

Lauren Hochfelder
Watch Lauren Hochfelder on Bloomberg's "Wall Street Week" explain why she is so bullish on the commercial real estate sector heading into 2024.

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consilient-observer page
Consilient Observer  •  13-Dec-2023

Pattern Recognition: Opportunities and Limits 

Michael Mauboussin, Dan Callahan
Explore the powers and perils of pattern recognition, which investors often credit. We define it, discuss when it works better, and offer ways to improve it.

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page
Insight Article  •  13-Dec-2023

What’s Next For Fixed Income Markets 

Fixed Income Team
The post-pandemic surge in yields represents a paradigm shift that is reshaping opportunities and risks across the fixed income landscape.

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takeaways-key-expectations page
Takeaways & Key Expectations  •  12-Dec-2023

Equity Market Commentary - December 2023 

Andrew Slimmon
In his December TAKE, Senior Portfolio Manager Andrew Slimmon shares a few lessons from 2023.

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carons-corner audio
Caron's Corner  •  11-Dec-2023  •  5:39 Min

Fed’s Making a List, Checking it Twice for a Policy Rate That’s Naughty or Nice? 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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page
Insight Article  •  11-Dec-2023

Perception Versus Reality in Listed Real Estate: More Than Meets the Eye 

Laurel Durkay
Commercial real estate has been navigating rising interest rates, macroeconomic uncertainty and stubborn inflation. In some cases, changes in how we live, work, and play are exacerbating problems. Yet we believe some macroeconomic dynamics are improving and there are opportunities in commercial real estate for investors who are willing to look more closely.

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carons-corner audio
Caron's Corner  •  04-Dec-2023  •  6:27 Min

Pulling Forward "the Boring," Making 2024 a Year for Balance 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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global-fixed-income-bulletin page
Global Fixed Income Bulletin  •  30-Nov-2023

Whiplash! 

Fixed Income Team
November was a bond market for the history books. Now, the question is, where to from here?

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global-equity-observer page
Global Equity Observer  •  27-Nov-2023

Executive pay: “Show me the incentive and I will show you the outcome” 

Bruno Paulson
As long-term investors, we want our companies’ pay plans to encourage longer-term thinking over short-term opportunism. We favour incentive schemes that align goals with shareholder interests, structured on sensible and disciplined performance-based targets. And we take the compensation process seriously, with our proprietary Pay X-Ray scoring system and established principles based on 20 years of talking to companies about executive pay.

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carons-corner audio
Caron's Corner  •  20-Nov-2023  •  6:07 Min

2024: “Don’t Call it a Comeback” 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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tales-from-the-emerging-world page
Tales From the Emerging World  •  17-Nov-2023

Oil: Unrestrained, Underappreciated and Underinvested 

Jitania Kandhari, Amol Rajesh
Despite growth in EV sales, oil demand has continued to increase over the past decade. With increased supply discipline and very attractive shareholder returns, we see a compelling outlook for oil prices and energy equities, Jitania Kandhari and Amol Rajesh of the Emerging Markets Equity Team explain.

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sustainable-investing calvert video
Calvert  •  13-Nov-2023

Navigating global change as investors 

Calvert Research and Management
What does global change mean for long-term investing and how should you respond? Get answers from an industry leader.

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path page
PATH  •  10-Nov-2023

Is the Fed losing patience? 

Jim Caron
With bond yields near 5%, US GDP coming in at 4.9% in 3Q and volatility increasing, we have reduced both risk and our duration underweight. We believe that the Fed may be losing patience and the risk of another hike is higher than reflected in current valuations.

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carons-corner audio
Caron's Corner  •  06-Nov-2023  •  6:31 Min

From the Big Bad Wolf to Goldilocks – Is it Different this Time? 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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carons-corner audio
Caron's Corner  •  01-Nov-2023  •  6:23 Min

FOMC Recap: Is the Fed Focusing on Asset Prices Through Financial Conditions? 

Jim Caron
Jim Caron, CIO of the Portfolio Solutions Group, shares his macro thematic views on key market drivers.

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sustainable-investing calvert page
Calvert  •  31-Oct-2023

As Corporate DEI Performance Improves, Calvert’s Methodology for Evaluating DEI Issues Builds on Those Gains 

Calvert Research and Management
This paper discusses how as corporate DEI performance improves, Calvert refines its methodology to recognize those gains and promote improvement, thus helping to identify leaders and improvers. It discusses the Calvert Diversity, Equity and Inclusion Index Series and the strategies derived from them, and notes that Calvert’s DEI indexes have each outperformed their broad market benchmark since inception as of September 2023.

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global-fixed-income-bulletin page
Global Fixed Income Bulletin  •  31-Oct-2023

Another October Shocker: Déjà Vu? 

Fixed Income Team
Fixed income markets remain challenging, making it difficult to have a high degree of confidence about what will come in 2024. What does it mean for investors?

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consilient-observer page
Consilient Observer  •  24-Oct-2023

Total Shareholder Return 

Michael Mauboussin, Dan Callahan
We study the sources of total shareholder return (TSR) and tie them to underlying economic principles. This is useful to assess the prospective returns of a stock and to create a framework for flagging value traps. The analysis reveals that few investors in the stocks of companies that pay dividends earned the TSR and refutes the common belief that dividends contribute to capital accumulation. This framework gives investors a checklist of drivers and the tools to assess them.

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sustainable-investing calvert page
Calvert  •  30-Sep-2023

Reshaping Worker Expectations: From the Great Resignation to the Great Reshuffle 

Yija Chen
In this second paper of our 2023 gender diversity series, we examine changes in the makeup of the U.S. labor force and workforce that occurred partly because of the pandemic—in particular, the effects on women workers. We also explore these trends among other developed economies and offer perspectives on how companies can recruit and retain workers in this new era.

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consilient-observer page
Consilient Observer  •  26-Sep-2023

Trading Stages in the Company Life Cycle 

Michael Mauboussin, Dan Callahan
The life cycle captures the stages of a company’s existence, from birth to growth to maturation to decline. Knowing where a company is in its life cycle is helpful for assessing capital allocation, financing costs, governance, and valuation. In this report, we use the cash flow statement to place companies in the proper stage. We then show the average characteristics of companies in each stage, their rates of transition between stages, and the past shareholder returns of each transition cohort.

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video
Insight Video  •  12-Sep-2023

American Resilience 

International Equity
A portfolio of high quality, well managed American companies with something extraordinary – resilience. American Resilience. As strong as you are.

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tales-from-the-emerging-world page
Tales From the Emerging World  •  29-Aug-2023

Global Real Estate: One Size Doesn't Fit All 

Jitania Kandhari, Audrey Muhirwa
While U.S. residential market dynamics are favorable with strong employment and low loan delinquencies, real estate in other developed economies faces vulnerabilities. China’s struggling property market remains a drag on its economy, but in many other emerging economies increased affordability, shifts in global trade and limited supply will create opportunities explains Jitania Kandhari, Head of Macro & Thematic Research, Emerging Markets Equity Team.

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global-equity-observer page
Global Equity Observer  •  28-Aug-2023

Good Things Come to Those Who Wait: An Argument for Long-term Thinking 

William Lock, Annabel Stanford
While society may be driven by immediate rewards, the International Equity team would argue that patience in investing leads to enduring results and positive long-term investment outcomes.

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edge page
EDGE  •  09-Aug-2023

Disruptive Change Research 

Counterpoint Global
Counterpoint Global looks back across almost two decades of dedicated research on disruption—and the ways it reinforces our long-term mindset, helps us manage risk and reduce errors of omission. Diving into studies of digital advertising, cloud computing and the approaching wave of AI, the team reviews both how we approach disruptive change research and how that research has benefited Counterpoint Global in capitalizing on unique investment opportunities.

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tales-from-the-emerging-world page
Tales From the Emerging World  •  03-Aug-2023

Nigeria's New Dawn? 

Steven Quattry
Nigeria's new reform minded president looks to accelerate economic growth for Africa's largest economy, leading to investment opportunities targeting the rising consumer.

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global-equity-observer page
Global Equity Observer  •  31-Jul-2023

Compounding Through the Hype 

Bruno Paulson, Emma Broderick
As artificial intelligence enters its next chapter, the early winners of the “AI gold rush” have been the semiconductor and cloud computing providers. But the surge in generative AI also included two surprises: the speed of consumer adoption and the lack of barriers to entry. While the full impact of AI remains unclear, the International Equity Team continues to invest through its high-quality lens, focusing on further opportunities in cost reduction and value creation, and with an eye on risks.

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consilient-observer page
Consilient Observer  •  25-Jul-2023

Birth, Death, and Wealth Creation 

Michael Mauboussin, Dan Callahan
We examine the demographics of public companies and their patterns of wealth creation. We focus on the last half century in the U.S. and review the “births” and “deaths” of public companies. We also discuss changes in market composition. Nearly 60 percent of companies have failed to create value, and 2 percent have created 90 percent of the aggregate wealth. This suggests two strategies for portfolio construction: seek broad diversification or aim to own the wealth creators.

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global-equity-observer page
Global Equity Observer  •  29-Jun-2023

To Buy or Not to Buy 

Marcus Watson and Richard Perrott
In the world of M&A, not all acquirers are equal. The International Equity Team is cautious of M&A, typically a high-risk choice for a company’s capital allocation. But there are companies out there—some of which they own—with a track record of relatively low-risk acquisitions that add meaningfully to shareholder returns. Good acquirers are a rare breed, but there are common characteristics to their strategies that suggest it is a repeatable process.

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page
Insight Article  •  22-Jun-2023

Private Credit Perspectives: Q&A with Jeff Levin and Mark Jochims of Morgan Stanley Private Credit (MSPC) 

Jeff Levin, Mark Jochims
Appetite for opportunities in private debt investing has been on the rise. In this dialogue, members of Morgan Stanley Investment Management’s Private Credit leadership team, Jeff Levin and Mark Jochims, offer their perspective on the market.

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video
Insight Video  •  16-Jun-2023

The Power of Resilience 

International Equity
Adding resilience to your portfolio means letting the companies you hold work for you. Learn how the International Equity team seeks to identify companies with earnings resilience and why this matters for long-term investors.

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consilient-observer page
Consilient Observer  •  06-Jun-2023

ROIC and the Investment Process 

Michael Mauboussin, Dan Callahan
This report extends our analysis of the ROICs for public companies in the U.S. and updates the data to cover the years 1990 to 2022. We start by providing the latest ROIC figures, then examine the link between changes in ROICs and total shareholder returns (TSRs), and finish by reviewing elements of competitive strategy as well as persistence of ROIC by sector.

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audio
Media Appearance  •  27-Apr-2023  •  38:23 Min

Head of Morgan Stanley Capital Partners Aaron Sack on Capital Allocators: Branded Middle Market Investing at Morgan Stanley  

Aaron Sack
This conversation covers Head of Morgan Stanley Capital Partners (MSCP) Aaron Sack’s path to Morgan Stanley, his experience investing from a bank-affiliated PE platform, and his team’s investment principles and approach across sourcing, due diligence, deal making, and operational improvements. The discussion closes with notes on the current market dynamics, competitive positioning, and an example MSCP investment.

aaron.sack
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Insight Article  •  18-Apr-2023

Why Invest in Asian Private Equity? The Case for Outperformance 

Pamela Fung
Leverage Morgan Stanley Investment Management’s experience and insight to demystify the private equity opportunity in Asia and opportunities for outperformance.

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consilient-observer page
Consilient Observer  •  18-Apr-2023

Stock-Based Compensation 

Michael Mauboussin, Dan Callahan
U.S. companies are increasingly paying employees with stock-based compensation (SBC) rather than cash. We begin with data showing overall trends, then turn to the accounting issues, and wrap up by evaluating the strengths and weaknesses of SBC. Ongoing shareholders typically realize more dilution with young companies than with old ones because SBC tends to be more significant, and buybacks less significant, for young companies. Research is equivocal on the benefits commonly cited for SBC.

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Advisor Institute  •  08-Apr-2023

Why the 3 Dynamics Matter 

David Richman
Discover how this framework can help you have more meaningful conversations.

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consilient-observer page
Consilient Observer  •  22-Mar-2023

Confidence 

Michael Mauboussin, Dan Callahan
Probability and confidence are distinct concepts, and we believe it is useful for investors to separate them. For example, the price of two potential investments may present the same discount to expected value, but confidence in the probabilities for one may exceed those of the other. That nuance may be relevant for determining the appropriate weighting of securities or evaluating diversification.

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page
Insight Article  •  16-Mar-2023

Deconstructing the Denominator Effect 

Portfolio Solutions Group
Our Portfolio Solutions Group analyzes the key factors that impacted the "denominator effect" in 2022's market downturn.

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page
Insight Article  •  15-Mar-2023

Private Markets Asset Allocation Framework 

Portfolio Solutions Group
Our Portfolio Solutions Group introduces their proprietary Private Markets Asset Allocation Framework (PMAAF) designed to help investors think about how to allocate their dry powder.

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page
Insight Article  •  08-Mar-2023

The Case for Stable Risk-Adjusted Returns: Why Now? 

Jim Caron
The traditional 60% equity / 40% bond portfolio will not work well when asset returns are highly correlated. Employing a balanced and active management approach to achieve more stable risk-adjusted returns may prove superior and the overriding goal of the Global Balanced Risk Control Strategy.

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global-equity-observer page
Global Equity Observer  •  01-Mar-2023

Welcome to the Multi-Stage Life 

Emma Broderick, Jinny Hyun
Which companies are well placed to capitalize on the long-term behavioral and lifestyle changes that a multi-stage life might bring about? The International Equity Team discusses.

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audio
Media Appearance  •  28-Feb-2023  •  39:39 Min

Morgan Stanley Capital Partners’ Patrick Whitehead on BDO Private Equity PErspectives: Playing Offense in a Volatile Market  

Patrick Whitehead
Patrick Whitehead and Katie Lankalis with LLR Partners joined host Todd Kinney, National Relationship Director at BDO's private equity practice, to discuss value creation strategies and how to drive growth in a volatile market environment, how restrictive financing conditions could impact private equity returns and how the deal landscape could shape up in 2023.

patrick.whitehead
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consilient-observer page
Consilient Observer  •  15-Feb-2023

Cost of Capital 

Michael Mauboussin, Dan Callahan
This is a guide to estimating the cost of capital, a measure of both expected return and the discount rate. For example, investors discount future free cash flows at the cost of capital to come up with a present value. Our goal is to find a figure that reflects opportunity cost sensibly, is economically sound, and gives the investor and businessperson a practical solution. We recommend settling on a reasonable cost of capital and then allocating the bulk of time thinking about future cash flows.

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page
Insight Article  •  26-Jan-2023

Private Equity Climate Investing, the Year Ahead 

Vikram Raju
In this piece, Vikram Raju, Head of Climate Investing for Morgan Stanley Private Credit and Equity, discusses key trends in carbon impact for 2023 and beyond. limited partners can access the attractive return profile offered by the space.

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global-equity-observer page
Global Equity Observer  •  23-Dec-2022

When Money Isn't Free 

Anton Kryachok
As higher interest rates make it harder to engineer growth through debt, we think the relative value of businesses that can grow organically should only go up. Learn how our companies are better placed to use their balance sheet resilience to enhance their competitive positions, increase the sustainability of return on operating capital employed (ROOCE) and drive steady, predictable growth.

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video
Insight Video  •  15-Dec-2022

Introduction to the 1GT Fund with Vikram Raju 

Vikram Raju, David N Miller
Whether looked at through the lens of economics, health, politics or sustainability, what outcomes might we see in the year ahead? Hear more from the Marte Borhaug, Head of Sustainable Outcomes for the International Equity Team.

vikram.raju
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consilient-observer page
Consilient Observer  •  14-Dec-2022

Capital Allocation 

Michael Mauboussin, Dan Callahan
Capital allocation is a key job of management, but not all know how to allocate effectively. In this report, we establish the foundation by reviewing the sources and uses of capital and then show how U.S. companies have allocated capital since 1985. Next, we review the alternatives in detail, including intangible investments, and offer a guide for thinking about the prospects for value creation. We finish with a framework for assessing a company’s capital allocation skills.

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global-equity-observer page
Global Equity Observer  •  29-Nov-2022

The Power of Premium Pricing over Private Label 

Nic Sochovsky, Alistair Corden-Lloyd
In the current climate of rising prices and a global squeeze on the cost of living, do big brands face the risk of consumers “trading down”? The International Equity Team discusses why price perception matters, and the power of cues to influence decision making.

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tales-from-the-emerging-world page
Tales From the Emerging World  •  22-Nov-2022

Mining for a Greener Future 

Eric Carlson, Candy Chao
Mining companies have had a terrible environmental reputation in the past, but recent efforts show how the industry can implement sustainable initiatives. Investors are now focusing on companies that have practical decarbonization pathways to help lower emissions over the next three to five years. Eric Carlson and Candy Chao explore.

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tales-from-the-emerging-world page
Tales From the Emerging World  •  09-Nov-2022

Vietnam's Emerging Consumer Class 

Steven Quattry
Vietnam’s large, young and tech-savvy middle class, makes it one of a few countries to benefit from globalizing in a deglobalizing world and usher in the next generation of investments in emerging markets. Steve Quattry and Jorge Chirino explain.

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consilient-observer page
Consilient Observer  •  09-Nov-2022

ROIC and Intangible Assets 

Michael Mauboussin, Dan Callahan
We extend the analysis from our recent report, “Return on Invested Capital,” by adjusting ROIC for all companies to reflect intangible investment. While the median and aggregate ROIC for the adjusted figures is similar to the traditional one, the main result is that extremely high and low ROICs regress toward the mean. We believe these adjustments represent a step toward a more accurate view of the magnitude and return on investment.

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consilient-observer page
Consilient Observer  •  06-Oct-2022

Return on Invested Capital 

Michael Mauboussin, Dan Callahan
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.

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consilient-observer page
Consilient Observer  •  15-Sep-2022

Market Share 

Michael Mauboussin, Dan Callahan
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". We study the link between some of these variables and return on investment and provide some analytical tools along the way. We finish with some case studies to see how these ideas apply to a handful of industries.

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big-picture page
Big Picture  •  22-Aug-2022

China’s Geopolitical Aspirations and Challenges 

Jitania Kandhari
"China’s spectacular economic growth has remade the geopolitical landscape and created tensions with the U.S. But the country’s internal and external challenges will limit Beijing’s ambitions. Investors will be on the edge," explains Jitania Kandhari, Head of Macro and Thematic Research for Emerging Markets Equity Team.

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tales-from-the-emerging-world page
Tales From the Emerging World  •  02-Aug-2022

Emerging India in a Multipolar World 

Amay Hattangadi, Jitania Kandhari
In India, there has been a recent change from the Gandhian principles of small is beautiful to actively incentivizing large scale manufacturing. Coupled with a healthy banking sector and high demand for housing, the stage is set for Delhi to move forward with an opportunity to shine.

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edge page
EDGE  •  27-Jul-2022

Psychedelics 

Counterpoint Global
Psychedelics have the potential to fundamentally reshape how we think about and treat not only mental illness but a host of other conditions as well. Counterpoint Global investigates how psychedelic therapy works, the potential wide-spread impact of this innovative treatment, and the roadblocks to medical adoption.

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consilient-observer page
Consilient Observer  •  20-Jul-2022

Good Losses, Bad Losses 

Michael Mauboussin, Dan Callahan
Investors must look past simple measures of profits to understand a business’s true ability to create value. The rise of intangibles means more investments are expensed versus capitalized, which makes financial statements appear distorted versus those of the past. Academics distinguish between GAAP losers, companies that have losses but a high return on investment, and real losers, or those that have expenses unrelated to investment that exceed sales. Evidence from recent decades shows GAAP losers produced attractive shareholder returns relative to the real losers and profitable companies.

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sustainable-investing convergence page
Convergence  •  13-Jul-2022

Crypto & Carbon 

Thomas Kamei
Blockchain technologies have unique capabilities that can enable an interoperable marketplace for voluntary carbon offsets – solving a number of issues with the existing market, such as significant variance in underlying quality of offsets – and thus have an opportunity to play a role in decarbonizing the global economy.

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tales-from-the-emerging-world page
Tales From the Emerging World  •  23-Jun-2022

Saudi Arabia, More Than Just an Oil Story  

Najmul Hasnain
Saudi Arabia is in the midst of an ambitious and transformative program of social and economic reforms designed to wean the economy off its dependence on the oil sector. Najmul Hasnain, Head of the Saudi Arabia Equity Team, explores.

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consilient-observer page
Consilient Observer  •  15-Jun-2022

New Business Boom and Bust 

Michael Mauboussin, Dan Callahan
Burgeoning industries often follow the same developmental pattern as a child’s brain, with an overproduction of options followed by a pruning of those that are not useful. This appears wasteful but is in fact an elegant solution. We discuss this pattern for companies, describe why investors should care, and offer some current examples of where this pattern of entry and exit is playing out.

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consilient-observer page
Consilient Observer  •  10-May-2022

Wealth Transfers 

Michael Mauboussin, Dan Callahan
The goal of capital allocation is to put resources to their best use to create long-term value per share for ongoing shareholders. The first major part of capital allocation is investing in the business. The second is transacting with mispriced securities, which introduces the potential for wealth transfers between stakeholders. Astute investors appropriately focus on a management's ability to make investments in the business, but they should also pay attention to management actions with regard to buying and selling the company’s stock.

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sustainable-investing convergence page
Convergence  •  30-Apr-2022

Culture Quant Framework 

Counterpoint Global
Company culture is essential to unleashing the ingenuity that drives intangible investments, yet it continues to defy quantification. Counterpoint Global identified employee retention as a significant indicator of culture. They show how it correlates with attractive stock returns and how this analysis is integrated into their Sustainability Research process.

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opportunity-optimum page
Opportunity Optimum  •  14-Apr-2022

Opportunity Optimum 

Kristian Heugh, Marc Fox, Emily Tsui
Welcome to Opportunity Optimum, a writing series in which the Global Opportunity team discusses how and where they are finding the best opportunities to invest capital around the world.

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consilient-observer page
Consilient Observer  •  12-Apr-2022

Intangibles and Earnings 

Michael Mauboussin, Dan Callahan
The shift from tangible to intangible investments has complicated the ability to interpret financial statements. One solution is to record intangible investments on the balance sheet and then amortize them over their useful lives. These adjustments recast profitability for some companies and are inconsequential for others. Overall, we estimate that earnings for the S&P 500 would be about 10 percent higher with these changes. This suggests great caution in comparing earnings or valuation multiples over time.

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consilient-observer page
Consilient Observer  •  16-Mar-2022

Feedback 

Michael Mauboussin, Dan Callahan
Continuous process improvement is essential to achieving outstanding long-term outcomes. Receiving timely and accurate feedback—information used as a basis for improvement—can enhance the process and make you a better forecaster. We discuss multiple facets of process improvement, including getting the right people and helping them thrive, the role of organizational structure in fostering good decision making, and specific mechanisms to sharpen execution. We draw on principles from other fields but focus primarily on the investment management industry.

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sustainable-investing page
Sustainable Investing  •  31-Jan-2022

Decarbonisation: The Inevitable Policy Response 

Vladimir Demine, Candida de Sliva
In the second paper of their decarbonisation series, the International Equity team focuses on what the UN Principles for Responsible Investing refer to as the ‘inevitable policy response’ to global warming and asks: why does this matter for investors?

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consilient-observer page
Consilient Observer  •  27-Jan-2022

Underestimating the Red Queen 

Michael Mauboussin, Dan Callahan
Organisms allocate energy between growth and maintenance and repair. They stop growing when maintenance requires all of the energy. Substitute capital for energy and companies appear to follow a similar trajectory. This is important because you can anticipate a company’s growth only if you understand how much capital it spends on growth versus maintenance. Most executives and investors likely underestimate maintenance spending. Steps toward better understanding include a proper assessment of maintenance capital expenditures and a separation of SG&A into investment and maintenance components.

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edge page
EDGE  •  27-Dec-2021

Drones 

Counterpoint Global
After decades of development in garages and hobby shops, small drones are finally ready to make an impact in the enterprise. We discuss the evolution of enterprise drones and how the technology could disrupt small package delivery and aerial data collection. We also discuss the regulatory and societal challenges facing the enterprise drone industry today and highlight recent progress towards overcoming those challenges.

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consilient-observer page
Consilient Observer  •  06-Oct-2021

Categorizing for Clarity: Cash Flow Statement Adjustments to Improve Insight 

Michael Mauboussin, Dan Callahan
Accounting has not kept pace with the changing economics of businesses, which has created a huge gap between what companies report in their financial statements and what an investor needs to understand a business. To better categorize activities, we suggest making adjustments within the statement of cash flows pertaining to stock-based compensation, leases, and intangible investments. We believe these adjustments substantially improve the description of a business. We share a case study of Amazon for 2020 to make the concepts more concrete.

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sustainable-investing convergence page
Convergence  •  29-Sep-2021

Beyond Virtue Signaling: Financial Materiality of Carbon Emissions 

Counterpoint Global
Sustainability Research at Counterpoint Global has produced a method to systematically measure the potential cost of carbon emissions as well as the financial impact of a carbon tax. Our framework allows us to translate these costs into estimates of stock returns. We believe that measuring the cost of carbon emissions allows us to better understand the environmental risks for the companies in our portfolio as well as for those we do not own. We also seek to help our clients benefit from the many opportunities that a low-emissions world could create.

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consilient-observer page
Consilient Observer  •  03-Aug-2021

Everything Is a DCF Model 

Michael Mauboussin, Dan Callahan
We suggest the mantra “everything is a DCF model.” Whenever investors value a stake in a cash-generating asset, they should recognize they are using a discounted cash flow (DCF) model. The topic deserves attention because many market participants don’t think DCF models are relevant, and many use heuristics for value without recognizing the purpose and limitations of the shorthands. The intrinsic value, determined by the present value of future cash flows, attracts the price like a magnetic force. This means it is useful for investors to keep in mind the value drivers of a discounted cash flow model.

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global-multi-asset-viewpoint page
Global Multi-Asset Viewpoint  •  31-Jul-2021

Inflation Outlook – One Year Later 

Cyril Moulle-Berteaux
MSIM’s Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: "Inflation Outlook – One Year Later"

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consilient-observer page
Consilient Observer  •  23-Jun-2021

The Impact of Intangibles on Base Rates 

Michael Mauboussin, Dan Callahan
The shift in investments from tangible to intangible assets has important implications for how investors should think about corporate growth rates. Companies with more intangible assets can grow faster, but they can also become irrelevant and shrink faster. Our analysis of historical sales growth rates for U.S. companies reveals both of these results: higher growth and more dispersion, on average, for companies and industries with the highest intangible asset intensity. Skillful investors may be able to identify the companies that will grow faster than expected, hence providing the potential for attractive returns.

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consilient-observer page
Consilient Observer  •  19-May-2021

The Economics of Customer Businesses 

Michael Mauboussin, Dan Callahan
This report focuses on the customer as the basic unit of analysis in understanding value. The idea of customer lifetime value has been around for decades, but we believe our discussion is richer and more nuanced than what many companies and analysts present. We discuss a framework called customer-based corporate valuation, which links customer economics to shareholder value and offers a more robust way to forecast revenues. We also show the limitations of common ratios such as customer lifetime value to customer acquisition cost (LTV/CAC), explore how companies can create consumer and supplier surplus, provide a case study, examine trade-offs in the drivers of value, and explore common errors.

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sustainable-investing page
Sustainable Investing  •  25-Feb-2021

The Material Risk Indicator: A proprietary framework for assessing ESG risks and opportunities 

Vladimir Demine, Marte Borhaug
How to record ESG company risks and opportunities in a consistent and comparable way? The International Equity Team explains the Material Risk Indicator.

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global-multi-asset-viewpoint page
Global Multi-Asset Viewpoint  •  20-Feb-2021

What’s in Store for Real Rates in the U.S.? 

Cyril Moulle-Berteaux
MSIM’s Global Multi-Asset Team discusses their investment perspective in the latest viewpoint: “What’s in Store for Real Rates in the U.S.?"

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consilient-observer page
Consilient Observer  •  15-Sep-2020

One Job 

Michael Mauboussin, Dan Callahan
The one job of an equity investor is to take advantage of gaps between expectations and fundamentals, which requires an understanding of the magnitude of investment and return on investment in order to properly anticipate free cash flows. With investments shifting more toward intangible assets, this report discusses the measurement and characteristics of intangible assets and reviews the implications of the growth of intangibles for investors.

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consilient-observer page
Consilient Observer  •  04-Aug-2020

Public to Private Equity in the United States: A Long-Term Look 

Michael Mauboussin, Dan Callahan
Over the past quarter century there has been a marked shift in U.S. equities from public markets to private markets controlled by buyout and venture capital firms. This change has had reverberations for asset managers, investors, executives, and policy makers.

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consilient-observer page
Consilient Observer  •  09-Jun-2020

The Math of Value and Growth 

Michael Mauboussin, Dan Callahan
We show how corporate valuations change as we vary assumptions about growth, return on incremental invested capital, and the discount rate.

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sustainable-investing convergence page
Convergence  •  31-May-2020

Sustainability Research 

Counterpoint Global
Counterpoint Global discusses how Sustainability Research is additive to their existing investment process and converges the pursuit of profits and purpose.

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consilient-observer page
Consilient Observer  •  20-May-2020

Myth Busting, Popular Delusions, and the Variant Perception 

Michael Mauboussin, Dan Callahan
We address four myths or popular delusions in the investment industry.

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consilient-observer page
Consilient Observer  •  14-Apr-2020

Dispersion and Alpha Conversion 

Michael Mauboussin, Dan Callahan
An investor’s success requires both skill and opportunity. We look at how investors can express skill and use dispersion to measure the opportunity set.

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consilient-observer page
Consilient Observer  •  20-Mar-2020

BIN There, Done That 

Michael Mauboussin, Dan Callahan
To improve your forecasting skills, try decreasing noise. Analyzing superforecasters reveals forecasters can be trained to more effectively update their views, reduce bias, and reduce noise.

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edge page
EDGE  •  15-May-2018

Blockchain 

Counterpoint Global
Counterpoint Global examines Blockchain, the technology behind it and its potentially disruptive power.

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global-multi-asset-viewpoint page
Global Multi-Asset Viewpoint  •  30-Apr-2018

Navigating Higher Inflation: An Empirically-Based Multi-Asset Approach 

Cyril Moulle-Berteaux
MSIM’s Global Multi-Asset Team discusses their investment views in the latest viewpoint: “Navigating Higher Inflation: An Empirically-Based Multi-Asset Approach.”

GMA-Tile
 
edge page
EDGE  •  31-Aug-2017

EDGE: Autonomous Vehicles 

Counterpoint Global
Counterpoint Global researches autonomous vehicles, which use a suite of sensors, actuators and a central computer to "perceive" the environment and automate the driving process. This technology could change our perception of personal transportation.

edge-autonomous-vehicle
 
edge page
EDGE  •  30-Apr-2017

Machine Learning 

Counterpoint Global
Counterpoint Global examines machine learning, a new way to train computer systems to generate insights from data and apply those insights to new situations.

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edge page
EDGE  •  31-Jan-2017

Case Study: CRISPR 

Counterpoint Global
Counterpoint Global analyzes clustered regularly interspaced short palindromic repeats (CRISPR), a tool for genetic research that could birth new industries and disrupt existing medical treatments.

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