Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

<p>OPEC's production cuts announced this week represent a positive near-term development for world oil markets, removing more than 1 million barrels per day from an oversupplied system. Even after factoring in the inevitable U.S. shale response to higher crude prices, OPEC's cuts point to a meaningful supply deficit next year. Consequently, we are raising our 2017 West Texas Intermediate price to $60 per barrel from $50.</p><p>Improved near-term fundamentals come at a cost, however. Even a modest recovery in oil prices will encourage U.S. shale producers to further ramp activity so that they eventually replace almost all "removed" OPEC barrels with their own. Increased near-term shale activity means that oil prices are unlikely to remain elevated for long. The industry is awash in low-cost oil, and temporary OPEC cuts cannot alter this reality. Our long-term oil price assumption of $55/bbl WTI is unchanged.</p><p><em>Analyst: Stephen Simko, CFA </em></p>

OPEC's production cuts announced this week represent a positive near-term development for world oil markets, removing more than 1 million barrels per day from an oversupplied system. Even after factoring in the inevitable U.S. shale response to higher crude prices, OPEC's cuts point to a meaningful supply deficit next year. Consequently, we are raising our 2017 West Texas Intermediate price to $60 per barrel from $50.Improved near-term fundamentals come at a cost, however. Even a modest recovery in oil prices will encourage U.S. shale producers to further ramp activity so that they eventually replace almost all "removed" OPEC barrels with their own. Increased near-term shale activity means that oil prices are unlikely to remain elevated for long. The industry is awash in low-cost oil, and temporary OPEC cuts cannot alter this reality. Our long-term oil price assumption of $55/bbl WTI is unchanged.Analyst: Stephen Simko, CFA 

OPEC Adds a Twist to the Plot, but the Ending Is Unchanged

Information Technology Consultant

Ishita Jain

<p>Electric vehicles (“EVs”) have been around for some time now in various shapes and forms. While they have always held immense promise, mass adoption has eluded the industry. As more carmakers jump onto the bandwagon, it is worthwhile exploring the opportunities and circumstances that may finally see a trend towards mass adoption. The purpose of this insight is to shed some light on the hype around EVs, the trends in costs of EVs and investment avenues.</p>

Electric vehicles (“EVs”) have been around for some time now in various shapes and forms. While they have always held immense promise, mass adoption has eluded the industry. As more carmakers jump onto the bandwagon, it is worthwhile exploring the opportunities and circumstances that may finally see a trend towards mass adoption. The purpose of this insight is to shed some light on the hype around EVs, the trends in costs of EVs and investment avenues.

<p>The decision by OPEC to cut production is certain to have a material impact on short-term oil and energy share prices.</p><p>This brief report aims to address what we believe are the key supply aspects underpinning 2017-18 fundamentals. Our aim is to assist long-term investors with making sense of the implications of whatever supply strategy OPEC ultimately decides to pursue. Whatever strategy is decided upon, the short-term nature of any production cuts and the long-term problem for oil prices that is U.S. shale means our bearish $55/barrel West Texas Intermediate, or WTI, long-term price outlook will not be changing.</p><p><em>Analyst: Stephen Simko, CFA </em></p>

The decision by OPEC to cut production is certain to have a material impact on short-term oil and energy share prices.This brief report aims to address what we believe are the key supply aspects underpinning 2017-18 fundamentals. Our aim is to assist long-term investors with making sense of the implications of whatever supply strategy OPEC ultimately decides to pursue. Whatever strategy is decided upon, the short-term nature of any production cuts and the long-term problem for oil prices that is U.S. shale means our bearish $55/barrel West Texas Intermediate, or WTI, long-term price outlook will not be changing.Analyst: Stephen Simko, CFA 

Cold Water: An OPEC Cut Can't Fix Oil's Structural Issues

EM PM, Ecstrat

Emad Mostaque

EM PM

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

<p>Most investors are in a state of complete confusion at the moment following the surprise election of President-elect Trump. Even many that thought the market was underpricing Trump winning have been shocked by the market reaction, flipping to a remarkably positive outlook. </p><p>This note looks at some of the structural underpinnings that inform this uncertainty and some elements of how we can start to model the likeliest outcomes going forward.</p>

Most investors are in a state of complete confusion at the moment following the surprise election of President-elect Trump. Even many that thought the market was underpricing Trump winning have been shocked by the market reaction, flipping to a remarkably positive outlook. This note looks at some of the structural underpinnings that inform this uncertainty and some elements of how we can start to model the likeliest outcomes going forward.

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

<ul>
<li><div><span lang="EN-US">The Republican sweep in Washington and the unique nature of his insurgent victory means Trump faces fewer constraints on his power than any recent President.</span></div></li>
<li><div><span lang="EN-US">Trade and infrastructure spending are likely to be two key priorities – he can overturn established trade agreements and impose punitive tariffs without recourse to Congress.</span></div></li>
<li><div>However, the Mexican NAFTA deal rather than Asia is likely to be the initial focus of any trade pressure.</div></li>
<li><div>Trump’s economic policies (and many of his advisors) will be…</div></li>
</ul>


The Republican sweep in Washington and the unique nature of his insurgent victory means Trump faces fewer constraints on his power than any recent President.
Trade and infrastructure spending are likely to be two key priorities – he can overturn established trade agreements and impose punitive tariffs without recourse to Congress.
However, the Mexican NAFTA deal rather than Asia is likely to be the initial focus of any trade pressure.
Trump’s economic policies (and many of his advisors) will be…


President Trump Taking America Back to the 1980s…

United States

ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis.

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Conocophillips (COP US)

OPEC Adds a Twist to the Plot, but the Ending Is Unchanged

OPEC's production cuts announced this week represent a positive near-term development for world oil markets, removing more than 1 million barrels...

Morningstar, Inc.

Investing in Electric Vehicles

Electric vehicles (“EVs”) have been around for some time now in various shapes and forms. While they have always held immense promise, mass...

Ishita Jain

Cold Water: An OPEC Cut Can't Fix Oil's Structural Issues

The decision by OPEC to cut production is certain to have a material impact on short-term oil and energy share prices.This brief report aims to...

Morningstar, Inc.

Trump, OPEC and Uncertain Games

Most investors are in a state of complete confusion at the moment following the surprise election of President-elect Trump. Even many that thought...

Emad Mostaque

President Trump Taking America Back to the 1980s…

The Republican sweep in Washington and the unique nature of his insurgent victory means Trump faces fewer constraints on his power than any recent...

Sean Maher

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