Transport Sector, China and Asia-focused Research

Charles De Trenck

Equity Bottom-Up

The death of the retailer was foretold back in ’99 during the Tech Bubble, although we had not conceptualized down to Millennials Facebook usage patterns yet! Death by a thousand cuts. This piece looks at the rise of the Amazon frame of mind and the [recent] death of retail. The final discussion looks at logistics costs and variances in estimates.*** Results for brick and mortar retailers in the US this week remind us once more how long this agonizing play has lasted (Late ‘90s was the…

The death of the retailer was foretold back in ’99 during the Tech Bubble, although we had not conceptualized down to Millennials Facebook usage patterns yet! Death by a thousand cuts. This piece looks at the rise of the Amazon frame of mind and the [recent] death of retail. The final discussion looks at logistics costs and variances in estimates.*** Results for brick and mortar retailers in the US this week remind us once more how long this agonizing play has lasted (Late ‘90s was the…

The Logistics of Pain at Mainstream Retailers, or the Rise of the Amazon Mom (Not Just Millennials)

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)

<ul><li class="p1">The idea of e-commerce as a disruptive force is not new, with consumers becoming increasingly comfortable making everyday purchases online or through mobile devices across many developed economies.</li><li class="p1">However, as we take a step back and examine the various states of digital commerce across different geographies, we find a number of constants in not only how winners in the digital commerce space rise to the top in each region, but also how these players develop lasting network effects that serve as the foundation of the wide economic moats we assign to many of the leading players in this industry across the globe.</li></ul>Analysts: R.J. Hottovy, Suruchi Jain, Daniel Mueller

The idea of e-commerce as a disruptive force is not new, with consumers becoming increasingly comfortable making everyday purchases online or through mobile devices across many developed economies.However, as we take a step back and examine the various states of digital commerce across different geographies, we find a number of constants in not only how winners in the digital commerce space rise to the top in each region, but also how these players develop lasting network effects that serve as the foundation of the wide economic moats we assign to many of the leading players in this industry across the globe.Analysts: R.J. Hottovy, Suruchi Jain, Daniel Mueller

The Global E-Commerce Handbook: Themes Investors Need to Know as Consumer Shopping Tendencies Evolve

Information Technology Consultant

Ishita Jain

Mark Twain once said 'Too much of anything is bad, but too much of good whisky is barely enough'. The 'water of life', as it's colloquially called, is enjoyed the world over in equal measure. Whether you like it smoky, smooth or peaty, whisky has always made good company. And now, over the last few years it's caught the imagination of the general public not only on the taste buds but also in portfolios. New and innovative ways to invest have cropped up in what used to be a drink reserved for the rich and the elite. The article gives an overview of the whisky market and some ways to invest in it. For those unaware of the difference between whisky and whiskey, you can read more <a href="http://www.whiskyforeveryone.com/whisky_basics/whisky_or_whiskey.html" target="_blank">here</a>.

Mark Twain once said 'Too much of anything is bad, but too much of good whisky is barely enough'. The 'water of life', as it's colloquially called, is enjoyed the world over in equal measure. Whether you like it smoky, smooth or peaty, whisky has always made good company. And now, over the last few years it's caught the imagination of the general public not only on the taste buds but also in portfolios. New and innovative ways to invest have cropped up in what used to be a drink reserved for the rich and the elite. The article gives an overview of the whisky market and some ways to invest in it. For those unaware of the difference between whisky and whiskey, you can read more here.

Global Macro Strategy

Callum Henderson

Macroeconomics

* Concerns over China, the US and oil have driven this year's market slump, not the Fed* Yellen's Fed is likely to enact the most 'measured' tightening cycle in the history of the Federal Reserve* The offset to extremely measured Fed rate hikes will be the gradual end and reversal of the dollar rally* USD weakness on the back of growth competition will be a positive for high-beta assets, including EM* The focus within EM will be on alpha rather than beta and more specifically on relative value* Overweight ASEAN currencies vs. Underweight NEA currencies (ex-JPY) continues to generate alpha

* Concerns over China, the US and oil have driven this year's market slump, not the Fed* Yellen's Fed is likely to enact the most 'measured' tightening cycle in the history of the Federal Reserve* The offset to extremely measured Fed rate hikes will be the gradual end and reversal of the dollar rally* USD weakness on the back of growth competition will be a positive for high-beta assets, including EM* The focus within EM will be on alpha rather than beta and more specifically on relative value* Overweight ASEAN currencies vs. Underweight NEA currencies (ex-JPY) continues to generate alpha

Asia Calling: Measure for Measure - Why Fed Tightening Is Great News for High-Beta 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?

United States

Nordstrom, Inc. is a fashion retailer of apparel, shoes, and accessories for men, women, and children.  The Company operates through multiple retail channels, discount stores, boutiques, catalogs, and on the Internet. Nordstrom, Inc. also offers, through a subsidiary, private label card credit and debit cards.

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Nordstrom Inc (JWN US)

The Logistics of Pain at Mainstream Retailers, or the Rise of the Amazon Mom (Not Just Millennials)

The death of the retailer was foretold back in ’99 during the Tech Bubble, although we had not conceptualized down to Millennials Facebook usage...

Charles De Trenck

The Global E-Commerce Handbook: Themes Investors Need to Know as Consumer Shopping Tendencies Evolve

The idea of e-commerce as a disruptive force is not new, with consumers becoming increasingly comfortable making everyday purchases online or...

Morningstar, Inc.

Whisky - Rarer the Richer

Mark Twain once said 'Too much of anything is bad, but too much of good whisky is barely enough'. The 'water of life', as it's colloquially called,...

Ishita Jain

Asia Calling: Measure for Measure - Why Fed Tightening Is Great News for High-Beta Assets

* Concerns over China, the US and oil have driven this year's market slump, not the Fed* Yellen's Fed is likely to enact the most 'measured'...

Callum Henderson

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.

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