Latest from IPE Magazine – Page 285
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Features
Two sides to private equity
A recent NBER working paper suggested that private equity delivered absolutely no risk-and-cost-adjusted return beyond what is available in public markets. Anthony Harrington takes a closer look at this surprising finding
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Features
Banking on emerging markets
Financial services may be a less stretched way to get exposure to the emerging consumer, writes David Turner. But will stockpicking shield investors from these markets’ credit crunches?
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Features
Long tech, short toil
Bob Swarup likens today’s environment with the second industrial revolution and the six-year depression it unleashed, and advises investors to get on the right side of the current technological revolution
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Interviews
Global expectations
“What makes businesses interesting is how they adapt to a global changing world,” declares John Calamos, founder, chairman, CEO and co-CIO of Calamos Investments. Having set up the firm in 1977, listed it on Nasdaq in 2004 and reached an AUM peak of $49bn (€36bn) in 2007, he is now overseeing a transformation that he intends will take it on a journey from a predominantly US focussed firm to a global fund management company.
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Special Report
Investing for Income: Cash is king
The background to this month’s Special Report is the confluence of several tremendously powerful forces acting on both the preferences of capital and the enterprises that are the destinations for that capital.marin
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Special Report
Investing for Income: Corporates worldwide turn on the cash taps
The years since the financial crisis have seen global company dividends and share buybacks increase markedly, for reasons both good (earnings recovery) and not so good (caution about investing for growth). Lynn Strongin Dodds surveys the new landscape
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Special Report
Investing for Income: A cache of cash
The tech sector has amassed historic levels of cash but distributes very little of it. Joel Kranc asks whether current management can help the sector look at its model differently
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Special Report
Investing for Income: The other vampire squids
Are yield-hungry institutions and the circling sharks of the activist world sucking corporations dry? Martin Steward asks investors how they see their responsibilities
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Special Report
Investing for Income: Executive pay, shareholders and the economy
Skewed management incentives have encouraged companies to give lots of cash back to their shareholders, writes Andrew Smithers. But this will be damaging to the economy and to long-term investors
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Special Report
Investing for Income: Buy, buy love?
Companies can return cash to shareholders via dividends or the more contentious share buybacks. Jennifer Bollen asks who are the real beneficiaries of a buyback programme
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Special Report
Investing for Income: Good value, high quality
Charlotte Moore explores the factor risks inherent in various strategies designed to generate equity income
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Features
Favour Europe and the euro
Lorenzo Naranjo and Carmen Stefanescu argue that balance of payments and current accounts suggest Europe is strengthening while China weakens
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Features
Focus Group: Feeling deflated
Participants in this month’s Focus Group are quite concerned about disinflationary pressures and the threat of deflation – especially in the euro-zone. Taking the euro-zone as a whole, the ‘core’ euro-zone, and the UK, respondents consider near-zero inflation as ‘inconceivable’ only in the latter. By contrast, four out of the 20 investors polled rate the risk of deflation as ‘high’ in the euro-zone as a whole.
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Special Report
Investing for Income: The futures look bright
Emma Cusworth finds investors looking for pure dividend bets and an illiquidity premium willing to take the other side from the traditional bank players in dividend futures trades
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Interviews
Cautious, Swiss and international
As an institutional manager and provider of institutional-type investment management services to private banks, including within its own group, Pictet Asset Management (PAM) clearly stands apart from the private banking fraternity.
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Asset Class Reports
US Equities: No place like home
Joseph Mariathasan asks if the relative home bias of North American companies might be a shelter from the geopolitical and economic storms rattling international markets
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Asset Class Reports
US Equities: Let’s get together
Joseph Mariathasan looks at trends in corporate activity in the US market
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Asset Class Reports
US Equities: How deep is your value?
Martin Steward looks at three US quality-value strategies, two of which exemplify the difference between ‘deep’ and ‘relative’ value and one whose profile belies any stylistic categorisation
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Asset Class Reports
US Equities: Catching the technology wave
Joseph Mariathasan discusses where US technology companies sit in relation to a once-in-a-generation paradigm shift: the move from desktop to mobile and the cloud
