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The world needs a much higher carbon price

The world needs a much higher carbon price

🕔12:19, 17.Sep 2021

Carbon pricing has so far failed to take off. But it could soon become a pillar of the green economy. The transition from a fossil-fuelled economy to one powered by renewables carries the promise of being as transformational as the

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Lifecycle investing: From theory to practice

Lifecycle investing: From theory to practice

🕔08:00, 17.Sep 2021

The concept of matching asset allocation to an individual’s risk preferences has been around for decades. As the theory developed, the concept of lifecycle investing – varying asset allocation according to an individual’s age – was born. In this article,

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Japan’s software revolution is making up for lost time

Japan’s software revolution is making up for lost time

🕔16:00, 16.Sep 2021

The use of software solutions by companies to improve competitiveness, efficiency and productivity, and reduce costs, is picking up pace – just in time, as a shortage of skilled workers continues to bite. Over several decades Japan has built a

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A look into the future: The strengthening case for investing in Asia

A look into the future: The strengthening case for investing in Asia

🕔15:51, 16.Sep 2021

It has been more than a year since COVID-19 was declared a global pandemic. The start-stop lockdowns that followed the first wave of the coronavirus outbreak made it particularly tough for many businesses and individuals to adapt.

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Carbon offsets: A necessary tool, but only under close scrutiny and precise conditions

Carbon offsets: A necessary tool, but only under close scrutiny and precise conditions

🕔11:42, 16.Sep 2021

If the world is going to limit global warming to +1.5°C from pre-industrial times, as set out in the Paris Agreement, global carbon emissions need to hit net zero by 2050. Every company will have a unique pathway as they

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Our Monthly Market Analysis And Positioning

Our Monthly Market Analysis And Positioning

🕔10:40, 16.Sep 2021

Welcome to the first issue of the Investment Traffic Lights “Quarterly Edition.” The Quarterly Editions will focus on our strategic twelve-month forecasts that follow our quarterly strategy meetings, which also means that the “Market overview” section will be shorter than

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Made in Marseille – The framework for a global biodiversity strategy?

Made in Marseille – The framework for a global biodiversity strategy?

🕔08:13, 16.Sep 2021

The world’s largest organisation for the protection of nature – the International Union for the Conservation of Nature (IUCN) – holds its quadrennial gathering this week in Marseille. Rescheduled from 2020 due to the Covid-19 pandemic, the event is the

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Markets in 3D: Delta, Deceleration and Divergences

Markets in 3D: Delta, Deceleration and Divergences

🕔15:03, 15.Sep 2021

Special Europe: invest in the recovery In a nutshell As the European economy is recovering from the largest economic shock of modern history, we are revising our growth and inflation assumptions to the upside. Although the path to recovery is

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How can we decarbonise the steel sector?

How can we decarbonise the steel sector?

🕔13:05, 15.Sep 2021

In 2020, the world produced 1 864 million tonnes of steel. This, combined with an energy-intensive production process, means the steel industry is responsible for a great deal of greenhouse gas emissions, more so than for example producing chemicals or

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CIO autumn update : Countdown to COP26

CIO autumn update : Countdown to COP26

🕔10:55, 15.Sep 2021

We now know that the world risks a grim future even if the global economy is decarbonised rapidly, according to a landmark report on climate change. The assessment makes clear: inaction is simply not an option for policymakers, companies and

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BII Global weekly commentary

BII Global weekly commentary

🕔10:38, 15.Sep 2021

BII Global weekly commentary Europe is in the spotlight this month, with a key European Central Bank (ECB) meeting and a pivotal German election that could have significant medium-term implications for the fiscal stance of Europe’s largest economy. We see

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US CRE Market Insights – September 2021

US CRE Market Insights – September 2021

🕔09:33, 15.Sep 2021

It feels so good to celebrate the recovery from the Covid-19 recession. Economists in both the UK and US are turning out bright and buoyant forecasts for strong economic growth in both 2021 and 2022. Jobs are readily available and

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Investing in Climate Solutions

Investing in Climate Solutions

🕔16:54, 14.Sep 2021

With the United Nations Climate Change Conference (COP26) showing a world committed to doing better, disruptive innovation will be key to tackling climate change.

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Falling into Fall.

Falling into Fall.

🕔16:01, 14.Sep 2021

Government bond yields generally moved higher last week; the spectre of a withdrawal of ultraeasy policy conditions remains front and centre of attention. Indeed, we will hear more on this subject perhaps this week from Europe when the European Central

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The long road to sustainable development goals for sovereigns

The long road to sustainable development goals for sovereigns

🕔15:44, 14.Sep 2021

The resolution was adopted by the General Assembly and agreed upon by the 193 Member States of the United Nations, with goals to transform our world by 2030. All countries and stakeholders, acting in collaborative partnership, will agree to 17

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Green revolution re-energises utility stocks

Green revolution re-energises utility stocks

🕔12:23, 14.Sep 2021

After three straight years of stellar performance, European renewable energy stocks have fallen back to earth in 2021. But the future is still bright for green power as the world’s transition to a low-carbon economy gathers pace. In the short

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A mature bull market is not something to fear

A mature bull market is not something to fear

🕔10:16, 14.Sep 2021

Monthly Investment Outlook: Global equity markets continued to climb in August while fixed income investors saw headwinds with rising risk-free yields joining volatile …

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Pandemic leaves consumers smarter about their food

Pandemic leaves consumers smarter about their food

🕔09:16, 14.Sep 2021

Market weekly: What will be the consequences of the Covid-19 pandemic for the food and agriculture sector? How is the transition towards more sustainable food production and consumption affected? What we have seen so far is an … Listen to

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Verdad Curriculum

Verdad Curriculum

🕔08:31, 14.Sep 2021

Foreword We have been running our internship program since 2014, hosting over 50 college students and MBAs for paid internships at our firm. The centerpiece of our internship is a daily seminar-style class taught by the partners at the firm.

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Reading the inflation tea leaves

Reading the inflation tea leaves

🕔16:03, 13.Sep 2021

Why is this concerning? Well, the clearing mechanism for supply and demand is price. If demand is growing robustly but supply is struggling to keep up (both anecdotes cited in the ISM report), then price is going to adjust to

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Newsletter – Autumn 2021

Newsletter – Autumn 2021

🕔15:15, 13.Sep 2021

As we emerge from the worst of the pandemic, the outlook remains challenging to decipher. Regional differences in COVID-19 vaccine availability and uptake rates are creating a two-speed economic recovery globally. Post-pandemic cynics and optimists will find data to support

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Pandemic Guerilla

Pandemic Guerilla

🕔12:40, 13.Sep 2021

In hindsight, Jay Powell is probably very happy to have been so elusive at Jackson Hole on the timeline for “tapering” after the disappointing US job numbers for August. It is not the first time this year that payroll data

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The climate crisis becomes real

The climate crisis becomes real

🕔11:58, 13.Sep 2021

Global Sustainable Outcomes: There’s only one way to summarise Q2: a world divided. In North America and Europe economic recovery exceeded expectations as successful vaccination programmes supported market reopening. Here in the UK we emerged from a bleak winter of

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What about forgetting about the Fed, just for a while?

What about forgetting about the Fed, just for a while?

🕔11:34, 13.Sep 2021

Weekly investment update: Investors and economists spent the summer waiting for Fed chair Jerome Powell’s Jackson Hole speech in late August and the first part of September commenting on it. The next meeting of US Federal Reserve policymakers is not

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The Carbon Impact of Investor Relations Activity

The Carbon Impact of Investor Relations Activity

🕔11:33, 13.Sep 2021

Investor relations (IR) teams increasingly field questions for their companies about sustainability topics. According to our most recent edition of Global Trends in Investor Relations, 71.3% of IR teams globally reported in 2019 that ESG/CSR communications with investors are among

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Building CSR into company culture is paramount

Building CSR into company culture is paramount

🕔09:10, 13.Sep 2021

There is much talk in the investor community around the three letters “ESG” (environmental, social, governance), but when it comes to corporate sustainability, CSR (corporate social responsibility), is equally as important. While the former provides a …

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De geheimen van inflatiegerelateerde obligaties

De geheimen van inflatiegerelateerde obligaties

🕔14:56, 10.Sep 2021

Nu de consumptieprijzen stijgen, zoeken beleggers steeds vaker producten om zich te beschermen tegen inflatie, zoals inflatiegerelateerde obligaties. Maar ze moeten zich ook bewust zijn van de complexiteit. De schokkende Amerikaanse consumentenprijzen in april maakten duidelijk dat de prijsdruk opnieuw

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Real estate in a portfolio context

Real estate in a portfolio context

🕔14:04, 10.Sep 2021

Real estate is often a building block within the investment portfolios of institutional investors. As with other asset classes, there are times when real estate is over- or undervalued. In this article, we investigate the use of an econometric model

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Cryptocurrencies May Transform Capital Markets

Cryptocurrencies May Transform Capital Markets

🕔12:34, 10.Sep 2021

Speculation is extraordinary, but so is potential. Whether investors welcome it—or even realize it— cryptocurrency, or crypto, is having an impact on their portfolios. The immense size of the cryptocurrency ecosystem and its disruptive effects are being felt across capital

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Meeting critical metals demand for a sustainable future

Meeting critical metals demand for a sustainable future

🕔12:29, 10.Sep 2021

Growth in the net-zero digital economy relies on increased production of critical ICT metals and rare earths. How can we green the world and connect it, while limiting the social and environmental impact? There is much talk about the scope

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The future of the financial sector: The analyst view

The future of the financial sector: The analyst view

🕔10:40, 10.Sep 2021

Key takeaways Regulatory and digital disruption have been headwinds to the financial services industry, but tech innovation offers opportunities for both new entrants and incumbents to survive and thrive. The rising wealth of Asian emerging economies, the growth in derivatives

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China’s Five-Year Plan: A transformative shift towards self-sufficiency

China’s Five-Year Plan: A transformative shift towards self-sufficiency

🕔08:27, 10.Sep 2021

The National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPCC) closed in Beijing on March 11th. This is the most important event on China’s political calendar, as the NPC approves the main policy objectives that will set the tone for the remainder of the year. This year was especially important, as it also …

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Q2 2021 bank earnings have beaten market expectations

Q2 2021 bank earnings have beaten market expectations

🕔16:16, 9.Sep 2021

Flash Update: Q2 2021 proved to be another good quarter for banks, beating market expectations once again. These beats were generally driven by better revenues in capital market divisions, especially equity trading and M&A, whilst loan loss provisions continued to

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Really low real yields.

Really low real yields.

🕔14:52, 9.Sep 2021

In Credit  AUGUST 2021 As we start a new month, we can reflect on another better week and month for core government bonds. US yields fell by around 25bps in July. The fall was led by declining real yields, which

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Visie op asset allocatie

Visie op asset allocatie

🕔13:39, 9.Sep 2021

Fed bereidt de markten voor op afbouw opkoopprogramma ‒ Chinese groeivertraging en corona treffen opkomende economieën ‒ Sterke winstgroei steunt aandelenrally ‒ Winst nemen op vastgoed, obligaties opkomende markten naar neutraal 

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Decoding China’s regulatory paradigm shift

Decoding China’s regulatory paradigm shift

🕔13:29, 9.Sep 2021

Sweeping regulatory changes in China have caught markets off guard lately and prompted confusion about Beijing’s intention behind actions that seemingly contradict its longterm strategy of building a high-tech and knowledge-based society. However, beneath what appear to be uncoordinated actions

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De strijd tegen Delta

De strijd tegen Delta

🕔11:00, 9.Sep 2021

Hoewel de verspreiding van de nieuwe Delta Covidvariant de wereldeconomie heeft verstoord, zouden stimulansen en vaccinatieprogramma's een sterke groeivertraging moeten voorkomen. De economische groei is de afgelopen maanden duidelijk vertraagd, grotendeels door de verspreiding van de bijzonder besmettelijke Delta-variant van

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Another strong month for equities

Another strong month for equities

🕔09:26, 9.Sep 2021

Weekly investment update: Risk assets performed well again in August. Chair Powell said nothing in his keynote speech at Jackson Hole last week to reverse the positive trend. Low real yields continue to underpin valuations in …

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Markets in 3D: Delta, Deceleration and Divergences

Markets in 3D: Delta, Deceleration and Divergences

🕔18:14, 8.Sep 2021

Equities have remained buoyant over the past weeks despite some challenges (China regulation, Afghanistan crisis), primarily due to the exceptional earnings seasons in the US and Europe. Looking ahead, we identify three main themes: the spread of the Delta Covid

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Two questions for autumn

Two questions for autumn

🕔11:15, 8.Sep 2021

Capital Markets Monthly Summer is coming to an end in the northern hemisphere. Whether the stock markets will begin to see cooler temperatures following the sharp price increases of these past few months, or conversely, whether we can expect an

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Patience is a virtue

Patience is a virtue

🕔10:34, 8.Sep 2021

Thematic equities in focus:  After the rotation witnessed in Q1 2021, the second quarter was quieter, with elements of the inherent market volatility having subsided. However, investors continue to have questions around the prospect of inflation as economies continue to

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Decoupling from China? Not really – Just a shift in Asian supply-chains

Decoupling from China? Not really – Just a shift in Asian supply-chains

🕔08:57, 8.Sep 2021

Since the Sino-US trade war in 2018, some large developed countries have been pushing to reshore their global production, in effect seeking to ‘decouple from China’. Chatter about such a trend has raised concerns that Asian supply chains, which underpin

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Quick take on Jerome Powell’s Jackson Hole speech

Quick take on Jerome Powell’s Jackson Hole speech

🕔08:17, 8.Sep 2021

brief summary of their views. In his speech, Chairman Powell indicated that the US Federal Reserve (Fed) is on track to begin tapering its $120 billion-per-month asset purchase program later this year and shared a dovish view on US inflation.

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Green hydrogen – Investing in the ‘Swiss Army knife of decarbonisation’

Green hydrogen – Investing in the ‘Swiss Army knife of decarbonisation’

🕔17:48, 7.Sep 2021

Hydrogen can be seen as the answer to the challenge of reaching net-zero emissions as long as it can be produced without emitting CO2 – in other words, as long as it is green. Its characteristics have earned it the

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Barometer: Dealing with Delta

Barometer: Dealing with Delta

🕔15:40, 7.Sep 2021

Asset allocation: stimulus and vaccine offer enduring support Economic growth has clearly slowed in recent months thanks in large part to the spread of the particularly infectious Delta variant of Covid. Still, with monetary stimulus in plentiful supply and vaccination

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Investment implications of recent Chinese policy interventions

Investment implications of recent Chinese policy interventions

🕔15:19, 7.Sep 2021

Having outperformed other regional stock markets for much of the pandemic, Chinese stocks have fallen sharply over the past few months (EXHIBIT 1). Concerns around the Chinese economy slowing were blamed for the initial move, but more recent declines have

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Libor Transition: How much longer must we ‘sofr’ from libor-linked securities?

Libor Transition: How much longer must we ‘sofr’ from libor-linked securities?

🕔14:17, 7.Sep 2021

In March of this year, regulators across multiple jurisdictions made a well-orchestrated announcement that all non-USD LIBOR rates would be discontinued at the end of 2021. However, and much to the relief of market participants in the US, this announcement

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Another amazingly good quarter. What next?

Another amazingly good quarter. What next?

🕔13:19, 7.Sep 2021

The markets easily withstood many adversities in the summer. In the coming twelve months equities and real estate remain our favorites, though their potential returns are only moderate.  Asurprisingly good quarter is behind us. Despite the delta variant, the U.S.-China

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STOXX Monthly Index News – August

STOXX Monthly Index News – August

🕔11:06, 7.Sep 2021

Stocks rose for a seventh straight month during August amid ongoing optimism that the global economy continues to rebound from the COVID-19 slump and as the US Federal Reserve indicated it won’t rush to …

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Are emerging markets on the cusp of a dividend boom?

Are emerging markets on the cusp of a dividend boom?

🕔09:32, 7.Sep 2021

The headline numbers tell a fairly grim story. Global dividend payouts fell 12.1%1 in 2020 as the COVID-19 pandemic forced economies to shut down for a prolonged period. The economic inactivity prompted many companies to go into …

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