The Investment Process
The Research Process
Identify Shortages
- Supply shortages emerge due to inadequate investment, which leads to higher prices
- Higher prices in turn lead to higher cash flows and higher returns on investment
- Identify those companies best positioned to take advantage of shortages
Identify Global Geographic Growth Opportunities
- Stock market valuations are deemed to be inexpensive
- A catalyst for growth is present
- The currency is expected to strengthen relative to the U.S. dollar, enhancing U.S. dollar returns
Identify Unique Global Credit Market Opportunities
- Changing economic fundamentals may be a positive factor for both income and price appreciation
- An attractive yield curve exists to react to changing economic fundamentals
- For international securities, the currency is expected to strengthen relative to the U.S. dollar, enhancing U.S. dollar returns