Salient to Investors: Sarah Ketterer at at Causeway Capital Mgmt said: Buying energy stocks very incrementally as oil prices eventually reach a floor and rise again but no idea when. Looks for companies with tremendous financial strength that can continue to pay dividends. Smart companies will use their balance sheet strength to buy
READ MORE... →Salient to Investors: Justin Haque at Hobart Capital Markets said the ECB was slow to start and it is still not US-style QE, but they are trying to talk up the market – the appetite to short is now sated, so why not run long with the ECB? Read the full article
READ MORE... →Salient to Investors: Steen Jakobsen at Saxo Bank said we have reached the part of the cycle where bad news is bad news – for years we have been trading on monetary policy and now we have to deal with real economic problems. James Bullard at FRB St. Louis said the Fed
READ MORE... →Salient to Investors: Yngve Slyngstad at Norges Bank Investment Management, Norway’s sovereign wealth fund, said: They are gradually picking up some new markets but at a less rapid pace than at the beginning of 2014. At the end of June, 9.9% of the fund’s stocks and 13.4% of its bonds
READ MORE... →Salient to Investors: Nicola Marinelli at Glendevon King said there is nothing new scaring the market, but most people have been long after the summer and that has paid well and having had a very good year they do not want to risk that performance in the last few weeks
READ MORE... →Salient to Investors: Ken Fisher at Fisher Investments said: Ending QE would be the most bullish thing we can do because it is not a stimulus – it flattens the yield curve and slows things down. We are doing well despite QE, not because of it. Historically, a steeper yield
READ MORE... →Salient to Investors: Claire Chaves D’Oliveira at Groupama Asset Mgmt sees a risk of a mismatch between investor optimism and company earnings, and says companies have surprised today on the downside on very well-known macro situations, like an emerging-market slowdown, but analysts have not kept up. Dagong Global Credit Rating
READ MORE... →Salient to Investors: Jay Peloski at Itau said global equity market leadership is shifting from the US to the non-US developed markets. Guillermo Felices at Barclays said European and Japanese equities have more room for earnings improvement. Based on forward estimates, earnings growth in Europe is 46%, in Japan is
READ MORE... →Salient to Investors: Philip Dicken at Threadneedle Asset Mgmt said the lack of tapering was a real surprise and signals that if the Fed is worried about growth it will not taper, and that is another net positive for European equities, where life is getting incrementally better. Dicken said whereas
READ MORE... →Salient to Investors: A Bloomberg poll of investors, analysts and traders showed: 40% see the euro-area economy as improving, more than 4 times the number in May 40% see the world economy as strengthening, the most since January 2011. 52% expect stocks to produce the best return over the next
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