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

Equity Bottom-Up

Rising global demand and tightening long-run supply lead us to believe wide-moat brands will prosper; of these, we prefer Tiffany.Tiffany's shares are undervalued now as investors have extrapolated volatile diamond prices and weak demand to lower long-term growth.Yet some of the weakness at home is due to the strong dollar and the fall in diamond prices.If long-run demand begins to outpace diamond supply, we believe the wide-moat brands are best positioned as a result of pricing power.Tiffany is one of the oldest luxury brands on our coverage list, and we believe its timeless style and culturally significant history are responsible for its wide economic moat.We judge cash flows to be strong even in poor retail markets and believe international growth opportunities are significant, yet under-appreciated by investors.Regards - Paul Swinand

Rising global demand and tightening long-run supply lead us to believe wide-moat brands will prosper; of these, we prefer Tiffany.Tiffany's shares are undervalued now as investors have extrapolated volatile diamond prices and weak demand to lower long-term growth.Yet some of the weakness at home is due to the strong dollar and the fall in diamond prices.If long-run demand begins to outpace diamond supply, we believe the wide-moat brands are best positioned as a result of pricing power.Tiffany is one of the oldest luxury brands on our coverage list, and we believe its timeless style and culturally significant history are responsible for its wide economic moat.We judge cash flows to be strong even in poor retail markets and believe international growth opportunities are significant, yet under-appreciated by investors.Regards - Paul Swinand

Changing Diamond Industry Creates Opportunities for Tiffany

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

Thematic (Sector/Industry)

<ul><li>TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.</li><li>But Internet TV will move faster and be more disruptive than analysts predict.</li><li>The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.</li><li>Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.</li><li>TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.</li></ul>

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.But Internet TV will move faster and be more disruptive than analysts predict.The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.

CEO, CIO, ClearMacro

Mike Simcock

CEO, CIO

Strategic & Tactical Asset Allocation Global Macro

ClearMacro

CIO, & CEO ClearMacro Ltd
An institutional investor with over 25 years experience, laterly having spent 10 years at GIC Singapore SWF. Managng Director, managing Global Macro, FIxed Income (Europe) and Global Credit businesses.
Passionate about utilising technology to enhance portfolio idea generation across global, multi-asset classes and optimisation of the investment process.

Macroeconomics

We're awash in concerns over inflation - the Economist last week, and multiple speakers at the 2nd Independent Research Conference where we moderated a panel on asset allocation. Ignore them.  Our analysis suggests a low near term probability of sustained inflationary concerns in core markets. However, if you disagree, steer clear of linkers and commodity futures as your inflation hedge. You'll likely lose money. We recommend equities for this role, which are currently pricing in cyclical inflation lows.  In EM, we see the trend moving in the opposite direction, as inflationary pressures top out on the back of recovery in real exchange rates.  Longer term, the outlook for inflation in core economies will move up as policy makers are forced to ease more aggressively to drive it into a 2-4% range.  Not necessarily a bad thing for risk assets.

We're awash in concerns over inflation - the Economist last week, and multiple speakers at the 2nd Independent Research Conference where we moderated a panel on asset allocation. Ignore them.  Our analysis suggests a low near term probability of sustained inflationary concerns in core markets. However, if you disagree, steer clear of linkers and commodity futures as your inflation hedge. You'll likely lose money. We recommend equities for this role, which are currently pricing in cyclical inflation lows.  In EM, we see the trend moving in the opposite direction, as inflationary pressures top out on the back of recovery in real exchange rates.  Longer term, the outlook for inflation in core economies will move up as policy makers are forced to ease more aggressively to drive it into a 2-4% range.  Not necessarily a bad thing for risk assets.

A Diesel Dilemma. Our Take on Diesel Passenger VehiclesDiesel engine powertrains have come under heightened scrutiny with the revelation of Volkswagen's U.S. emission test cheating.Some pundits have opined an early demise to the technology. However, automakers have invested heavily in diesel capacity, especially in Europe.Analyst: Richard Hilgert

A Diesel Dilemma. Our Take on Diesel Passenger VehiclesDiesel engine powertrains have come under heightened scrutiny with the revelation of Volkswagen's U.S. emission test cheating.Some pundits have opined an early demise to the technology. However, automakers have invested heavily in diesel capacity, especially in Europe.Analyst: Richard Hilgert 

Our Is the Demise of the Diesel Imminent or Exaggerated?

Portfolio Manager

Kenton Leo

Kelusa Asia Focus Funds

<ul><li><a href="https://www.smartkarma.com/entities/107" target="_blank" data-smartkarma-citation="entities:107">Hotel Shilla</a> is about to see both a sharp cyclical and structural downturn in its business.</li><li>As a result, expect to see sharp operating deleverage.</li><li>This means earnings will have to be revised down by 50% - 60%.</li><li>The stock is trading at 35x 2016 PE instead of the 16x that consensus estimates imply.</li></ul>

Hotel Shilla is about to see both a sharp cyclical and structural downturn in its business.As a result, expect to see sharp operating deleverage.This means earnings will have to be revised down by 50% - 60%.The stock is trading at 35x 2016 PE instead of the 16x that consensus estimates imply.

Hotel Shilla: Entering a Cyclical And Structural Downturn

France

LVMH Moet Hennessy Louis Vuitton SE is a diversified luxury goods group. The Company produces and sells wine, cognac, perfumes, cosmetics, luggage, and watches and jewelry.

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Lvmh Moet Hennessy Louis Vuitton (MC FP)

Changing Diamond Industry Creates Opportunities for Tiffany

Rising global demand and tightening long-run supply lead us to believe wide-moat brands will prosper; of these, we prefer Tiffany.Tiffany's shares...

Morningstar, Inc.

Internet TV as an Investment Theme

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to...

CM Research

Inflation - Really?

We're awash in concerns over inflation - the Economist last week, and multiple speakers at the 2nd Independent Research Conference where...

ClearMacro

Our Is the Demise of the Diesel Imminent or Exaggerated?

A Diesel Dilemma. Our Take on Diesel Passenger VehiclesDiesel engine powertrains have come under heightened scrutiny with the revelation of...

Morningstar, Inc.

Hotel Shilla: Entering a Cyclical And Structural Downturn

Hotel Shilla is about to see both a sharp cyclical and structural downturn in its business. As a result, expect to see sharp operating...

Kenton Leo

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