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.
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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.

Thematic (Sector/Industry)

In <a href="http://www.smartkarma.com/insights/how-oil-can-head-over-100-by-2017" target="_blank">my last thoughts on oil</a>, where I plotted some of the structural factors that might take it over $100 in the next few years, I noted that the probability of a December OPEC cut was being underpriced by the market.Today we have seen headlines that Saudi will do, Draghi-style, "whatever it takes" to stabilize the oil price including co-operating with the broader OPEC cartel.A shift in Saudi Arabian production strategy was one of the main drivers of the "double dip" in oil prices over the summer…

In my last thoughts on oil, where I plotted some of the structural factors that might take it over $100 in the next few years, I noted that the probability of a December OPEC cut was being underpriced by the market.Today we have seen headlines that Saudi will do, Draghi-style, "whatever it takes" to stabilize the oil price including co-operating with the broader OPEC cartel.A shift in Saudi Arabian production strategy was one of the main drivers of the "double dip" in oil prices over the summer…

Oil markets continue to be turgid as producers look to make up lower prices by increased volume.&nbsp;This has led to markets that are severely overstretched versus their fundamentals.If we look at the oil futures curve structure and elements likely to impact it, oil looks like it may surprise to the upside much as it has surprised to the downside.This piece summarises the bull case for a complex topic.

Oil markets continue to be turgid as producers look to make up lower prices by increased volume.&nbsp;This has led to markets that are severely overstretched versus their fundamentals.If we look at the oil futures curve structure and elements likely to impact it, oil looks like it may surprise to the upside much as it has surprised to the downside.This piece summarises the bull case for a complex topic.

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

Although we continue to believe that crude oil prices are well below the levels required to incentivize sufficient investment to meet demand beyond 2017, we are reducing our long-term price outlook by $5 per barrel to $70 Brent and $64 WTI to reflect bearish developments in recent quarters in the outlook for low-cost supply and industrywide cost deflation.While $5 represents a relatively small adjustment to our long-term oil price assumption, we are also adjusting our near-term activity and pricing forecasts to reflect our belief that industry oversupply is making it very likely that crude markets will not approach any semblance of normalcy until 2017.Taken together, these changes have a meaningful impact on a handful of our energy sector fair value estimates, particularly firms that currently employ large amounts of leverage.&nbsp;We are beginning to publish new fair value estimates today, and all companies will be live two weeks from today.Analyst: Mark TaylorSector Head: Mathew HodgeFull report below the fold....

Although we continue to believe that crude oil prices are well below the levels required to incentivize sufficient investment to meet demand beyond 2017, we are reducing our long-term price outlook by $5 per barrel to $70 Brent and $64 WTI to reflect bearish developments in recent quarters in the outlook for low-cost supply and industrywide cost deflation.While $5 represents a relatively small adjustment to our long-term oil price assumption, we are also adjusting our near-term activity and pricing forecasts to reflect our belief that industry oversupply is making it very likely that crude markets will not approach any semblance of normalcy until 2017.Taken together, these changes have a meaningful impact on a handful of our energy sector fair value estimates, particularly firms that currently employ large amounts of leverage.&nbsp;We are beginning to publish new fair value estimates today, and all companies will be live two weeks from today.Analyst: Mark TaylorSector Head: Mathew HodgeFull report below the fold....

Oil Price Outlook: All Signs Point to a Brutal Near-Term and a Meaningful Long-Term Recovery

China

Inner Mongolia Yitai Coal Co., Ltd. operates in coal mining, processing, and distribution.  Through its subsidiaries, the Company also operates in hotel management, licorice planting, pharmaceutical manufacturing, and manages roadways.

Inner Mongolia Yitai Coal Company Ltd (3948 HK)

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Inner Mongolia Yitai Coal Company Ltd (3948 HK)

Is an OPEC Cut Imminent?

In my last thoughts on oil, where I plotted some of the structural factors that might take it over $100 in the next few years, I noted that the...

Emad Mostaque

How Oil Can Head over $100 by 2017

Oil markets continue to be turgid as producers look to make up lower prices by increased volume. This has led to markets that are severely...

Emad Mostaque

Oil Price Outlook: All Signs Point to a Brutal Near-Term and a Meaningful Long-Term Recovery

Although we continue to believe that crude oil prices are well below the levels required to incentivize sufficient investment to meet demand beyond...

Morningstar, Inc.

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)