Perspectives
Welcome to the May 2012 edition of inPerspective, Newton's newsletter for the U.S. institutional market.
As we enter another round of anxiety about Europe, should we be more concerned this time?
The International Monetary Fund's glum verdict at the start of the year on the prospects for the global economy appeared, in financial markets at least, to fall on deaf ears.
The International Monetary Fund's glum verdict at the start of the year on the prospects for the global economy appeared, in financial markets at least, to fall on deaf ears.
Emerging markets have, so far in 2012, staged an impressive rally.1 In this article, we set out the reasons for our positive outlook on emerging-market government bonds (the "ladders"), we address areas of potential threats (the "snakes"), and we explain why we believe emerging-market ("EM") bonds have the potential to outperform their developed market peers in the medium term.
In this paper we consider the longer-term attractions of harnessing income from investing in equities.
At Newton, we are always fascinated by fixed income; when our clients also make such comments, as has recently been the case, this strengthens our opinion that the shock waves emanating from global markets are shaking industries and individuals beyond the world of pure finance.
Welcome to the January 2012 edition of inPerspective, Newton's newsletter for the U.S. institutional market.
As a year of revolutions and riots drew to a close, scientists were reported to have discovered new Earth-like planets, hundreds of light years away.
As we look into 2012, we continue to see significant risks in the global economy, as a result of the continued effects of deleveraging by over-indebted countries.
In many developed economies, a process of deleveraging (debt repayment) is under way which we believe will have highly significant consequences for investors.
2011
- An update on our global sovereign bond strategy - Global bonds and currencies
November 2011- Paul Brain - Income opportunities in the high yield bond market - Global bonds and currencies
November 2011 - Parmeshwar Chadha - InPerspective - volume 4
October 2011 - Investment comment
October 2011 - Let go - Global bonds and currencies
September 2011 - Paul Brain - The dynamics of diversity
September 2011 - Thematic investing - an update
August 2011 - The investment wardrobe staple: global bond investing
July 2011 - Global equity strategy review
July 2011 - InPerspective - volume 3
July 2011 - The case for a global approach to investing
July 2011 - Investment comment
July 2011 - Investment opportunities in the high yield bond market - Global bonds and currencies
July 2011 - Parmi Chadha - Going global - Global bonds and currencies
July 2011 - Paul Brain - Fuelling the future: perspectives on nuclear energy and the utilities sector
April 2011 - Responsible investment at Newton
April 2011 - InPerspective U.S. - volume 2
April 2011 - Turning off the taps
April 2011 - Tom Beevers - Bond alchemy - Global bonds and currencies
April 2011 - Paul Brain - Investment comment
April 2011 - Differences of opinion can get ugly - Global bonds and currencies
March 2011 - Paul Brain - 2011 outlook
January 2011 - InPerspective U.S. - volume 1
January 2011 - It's a dog's life - Global bonds and currencies
January 2011 - Paul Brain - Investment comment
January 2011
2010
- Eurozone crisis part deux- 'the big one'
November 2010 - Paul Brain - InPerspective U.S. - volume 4
November 2010 - Riding the crest of a wave, but beware of any undertow - Emerging market sovereign debt
November 2010 - Carl Shepherd - Investment comment
October 2010 - Currency jigsaw puzzle - Global bonds and currencies
September 2010 - Paul Brain - A new investment cycle in Thailand begins...
September 2010 - Credit - ticking along . . .
August 2010 - Howard Cunningham and Scott Freedman - A perfect storm...for bond markets, at least. - Global bonds and currencies
August 2010 - Paul Brain - Themes in the global healthcare sector
July 2010 - InPerspective U.S. - volume 3
July 2010 - Sovereign debt crises and their implications for currencies - Global bonds and currencies
July 2010 - Paul Brain - When is a default not a default? - Global bonds and currencies
July 2010 - Paul Brain - Investment comment
July 2010 - An SPV to save the eurozone...? - Global bonds and currencies
June 2010 - Paul Brain - Welcome to the Hotel California... you can never leave! - Global bonds and currencies
May 2010 - Paul Brain - Investing in emerging-market equities
April 2010 - The outlook for inflation and implications for investment strategy
April 2010 - Newton's global dynamic bond strategy - investment commentary
April 2010 - InPerspective U.S. - volume 2
April 2010 - Investment comment
April 2010 - Sitting on a perch, or is it a fence? - Global bonds and currencies
March 2010 - Paul Brain - 300 Greeks - Global bonds and currencies
February 2010 - Paul Brain - Newton InPerspective - volume 1
January 2010 - The respective merits of absloute-return and relative-return investing
January 2010 - If it were done... 'twere well it were done quickly' - Global bonds and currencies
January 2010 - Howard Cunningham - Investment comment
January 2010 - A view from the top - go global - Global bonds and currencies
January 2010
2009
- Get real! (or perhaps not?) - Global bonds and currencies
December 2009 - Howard Cunningham - Be careful what you wish for - Global bonds and currencies
November 2009 - Paul Brain - inSight
Fourth Quarter October 2009 - Strategy focus: Newton's Global Dynamic Bond strategy
October 2009 - Newton's developing economies theme
October 2009 - Europe is as easy as ABC
October 2009 - Raj Shant - What shape recovery? - Global bonds and currencies
October 2009 - Paul Brain - Emerging markets recalibrated - Global bonds and currencies
October 2009 - Carl Shepherd - Investment comment
October 2009 - Chinese basket weaving - Global bonds and currencies
September 2009 - Paul Brain - Sterling - the ugly duckling - Global bonds and currencies
August 2009 - Paul Brain - Stocks and bonds - Global bonds and currencies
August 2009 - Paul Brain - The merits of active investment management
July 2009 - The merits of active investment management
July 2009 - Strategy focus: Asia-Pacific equitites
July 2009 - Exit strategy - Global bonds and currencies
July 2009 - Paul Brain - Investment comment
July 2009 - Endless recovery? - Global bonds and currencies
18 June 2009 - Paul Brain - Top of the range? - Global bonds and currencies
3 June 2009 - Paul Brain - Thrifty investing - Global bonds and currencies
5 May 2009 - Paul Brain - Bond investing in the zero-interest-rate world
April 2009 - Strategy focus: Newton's Global Real Return strategy
April 2009 - China's pursuit of economic growth - investment implications
30 April 2009 - Zoe Kan and Jason Pidcock - Newton InSight
April 2009 - Investment comment
April 2009 - Investment comment - April 2009
April 2009 - Manic depressive - Global bonds and currencies
6 April 2009 - Paul Brain - The ugly contest - Global bonds and currencies
2 March 2009 - Paul Brain - Newton inSight
January 2009 - Welcome to the planet ZIRP
12 January 2009 - Paul Brain - Investment comment - January 2009
January 2009
2008
- Investment comment
Fourth Quarter 2008 - Tracking error and risk management
December 2008 - Ed Gore Browne - The end of 'Top Gear' economics
14 November 2008 - Stewart Cowley - Newton InSight 2008
Third Quarter 2008 - Investment comment
Third Quarter 2008 - The politics of MV
7 October 2008 - Stewart Cowley - Staring into the abyss and realising you don't want to go there
7 October 2008 - Paul Brain - Pollyanna vs. Hank Paulson: ''this time it's personal''
16 September2008 - Stewart Cowley - Seeking the Holy Grail
9 September 2008 - Paul Brain - A future for yield
22 August 2008 - Parmeshwar Chadha - All Agro
30 June 2008 - Paul Brain - Magical misdirection
30 June 2008 - Stewart Cowley - Parabolic, Exponential, Hyperbolic
24 June 2008 - Stewart Cowley - Keeping the lights on - an update on the oil price
20 June 2008 - Charles Whall - Thematic investing - an update
20 June 2008 - Ed Gore Browne - Bread and Barter
23 May 2008 - Stewart Cowley - King Canute and the China Moon
22 May 2008 - Paul Brain - The Middle East is running short of energy
22 May 2008 - Charles Whall - "My Grain Headache..."
1 May 2008 - Carl Shepherd - Investment Comment
Second Quarter 2008 - Ed Gore Browne - Newton inSight 2008
Second Quarter 2008 - ''Interview with Stewart Cowley April 2025''
29 April 2008 - Stewart Cowley - Chicken or Egg?
22 April 2008 - Paul Brain - "Bring out your dead..."
21 April 2008 - Stewart Cowley - Indigestion and the Right Medicine
17 March 2008 - Paul Brain - Abstract Art and ABS-Tracked Credit
14 March 2008 - Howard Cunningham - Dancing on the Motorway
22 February Cowley - Stewart Cowley - Weapons of Mass Destruction - The Great Leverage Unwind
22 February 2008 - Paul Brain - Global Fixed Income Strategy - "It's Just Unpleasant"
14 February Cowley - Stewart Cowley - Investment Comment
First Quarter 2008 - Ed Gore Browne - Investment Grade Bonds - Crisis or Opportunity for 2008?
9 January 2008 - Paul Brain - Newton inSight
First Quarter
2007
- The price of oil
11 December 2007 - Charles Whall - "Three horsemen and stable door - history is being repeated part lll"
26 November 2007 - Paul Brain - Looking Down From an inflated Place
13 November 2007 - Stewart Cowley - Eeyore versus Tigger
24 October 2007 - "Emerging market currencies - how to benefit from rising food inflation"
11 October 2007 - Paul Brain - "Through the dark clouds there may be a ray of sunlight, or maybe you need to stand on a tall building"
5 October 2007 - Paul Brain - "I am a genius"
12 September 2007 - Stewart Cowley - "Donald, where are your true losers"
31 August 2007 - Howard Cunningham - "Looks like history IS being repeated"
17 August 2007 - Paul Brain - "The Money Famine"
16 August 2007 - Stewart Cowley - "What a carry on"
15 August 2007 - Stewart Cowley - "Free to those who can afford it"
3 August 2007 - Stewart Cowley - "They just don't know when to stop"
18 July 2007 - Paul Brain - "SUB PRIME connected to your RMBS connected to your ABX connected to LCDX connected to Credit in general"
22 June 2007 - Paul Brain - The Point of No Return
21 June 2007 - Stewart Cowley - "It's a Bull Market Jim"
21 June 2007 - Stewart Cowley - United States of Asia
15 June 2007 - Stewart Cowley - "Is this the big one?"
11 June 2007 - Paul Brain - Guaranteed to Break the Ice at Parties
21 May 2007 - Stewart Cowley - The Bear of Little Brain
04 May 2007 - Stewart Cowley - "Fighting for their freedom"
20 April 2007 - Paul Brain - "Riding the Roller Coaster, Standing Up with Your Arms in the Air"
18 April 2007 - Stewart Cowley - In a Tight Spot Are We?
16 April 2007 - Stewart Cowley - That's a Bit Steep
4 April 2007 - Stewart Cowley - The God of Economic Rationality
27 March 2007 - Stewart Cowley - C D Oliver
16 March 2007 - Stewart Cowley - "Are we always destined to repeat history?"
15 March 2007 - Paul Brain - "Children's Party Games"
14 March 2007 - Howard Cunningham - Middle-aged Men and the Urals
28 February 2007 - Stewart Cowley - How can something so wrong - feel so right?
26 February 2007 - Stewart Cowley - A New Years Resolution
15 January 2007 - Stewart Cowley
2006
- ''When will the good times end?''
22 December 2006 - Paul Brain - The New Armada (and insights for 2007)
21 December 2006 - Raj Shant - The Accident Waiting to Happen
28 November 2006 - Stewart Cowley - Me, Crocket and Tubbs
20 November 2006 - Stewart Cowley - Strange Fruit
15 November 2006 - Stewart Cowley - Terms of Endearment
13 November 2006 - Stewart Cowley - Oil Market Outlook
9 August 2006 - Charles Whall - ''Can't see the wood for the trees''
10 July 2006 - Paul Brain - It's Hurting and it's Working
7 July 2006 - Stewart Cowley - The Secrets of Speaking Japanese
14 June 2006 - Stewart Cowley - A Dedicated Follower of Fashion
14 June 2006 - Stewart Cowley - All is not lost - yet
2 June 2006 - Playing Golf with Ben Bernanke
2 June 2006 - Stewart Cowley - Gentlemen prefer bonds?
10 May 2006 - Bullfighting Pensioners
3 April 2006 - Carry on up the glacier
19 April 2006 - Move along - there's nothing to see here
16 March 2006 - 2006 - The Year of the Dog
23 February 2006 - When politics matters
21 February 2006 - Killing the goose that laid the golden egg
20 February 2006 - Playing Chess with Mr Spook
16 February 2006 - Stewart Cowley - Blackberry Juice
16 February 2006 - Stewart Cowley - Dependency Culture
26 January 2006 - Stewart Cowley - Uninteresting Rates
26 January 2006 - Stewart Cowley - "Emerging and submerging markets"
25 January 2006 - Paul Brain - RPI R.I.P
20 January 2006 - Stewart Cowley
