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>Balance sheet strength, management acuity, and regulatory systems matter more for financial services firms than other stock sectors.</li><li>Financial crises are rarely driven by economic shocks alone. Nonmacro factors embedded in the regulatory, competitive, political, and economic environments are bigger contributors to banking crises.</li><li>Leverage can be moat-destructive. Given the hefty amounts of financial and operating leverage in the business models of Financial Services firms, it is critical to focus on firms with stable management teams, consistent business strategies, and selective mergers and acquisitions policies.</li><li>Transformative deals are rarely moat-enhancing. With relationships, reputations and business culture all being critical contributors to business success, it is rare to see a firm pull off a "transformative" deal that does not disrupt one of these pillars, which is why most acquisitions fall short of their original intent.</li></ul><p><em>Analyst: Greggory Warren, CFA</em></p>

Balance sheet strength, management acuity, and regulatory systems matter more for financial services firms than other stock sectors.Financial crises are rarely driven by economic shocks alone. Nonmacro factors embedded in the regulatory, competitive, political, and economic environments are bigger contributors to banking crises.Leverage can be moat-destructive. Given the hefty amounts of financial and operating leverage in the business models of Financial Services firms, it is critical to focus on firms with stable management teams, consistent business strategies, and selective mergers and acquisitions policies.Transformative deals are rarely moat-enhancing. With relationships, reputations and business culture all being critical contributors to business success, it is rare to see a firm pull off a "transformative" deal that does not disrupt one of these pillars, which is why most acquisitions fall short of their original intent.Analyst: Greggory Warren, CFA

Information Technology Consultant

Ishita Jain

<p>Financial technology firms, popularly called fintechs, refers to up and coming startups that use technology to make financial systems more efficient particularly in the area of personal banking. &nbsp;Over the past couple of years, they have become major drivers of the financial services industry since the advent of the global financial crisis and the deluge of regulations that followed it. With much euphoria around the fintechs and the ability of their counterparts from Silicon Valley to 'disrupt' industries and displace incumbents, these new-age financial technology companies are becoming ubiquitous. Transfer wise, for instance, offers a way to convert money and send it abroad at a lower cost than banks. At the end of 2014, it claims to have captured <a href="https://transferwise.com/blog/2015-06/transferwise-users-move-500-million-a-month-globally/" target="_blank">2% of the market share</a> in the U.K. with users moving half a billion pounds a month&nbsp;already. With many others like TransferWise moving into areas of traditional banking, this is an industry that is worth exploring further.</p>

Financial technology firms, popularly called fintechs, refers to up and coming startups that use technology to make financial systems more efficient particularly in the area of personal banking. &nbsp;Over the past couple of years, they have become major drivers of the financial services industry since the advent of the global financial crisis and the deluge of regulations that followed it. With much euphoria around the fintechs and the ability of their counterparts from Silicon Valley to 'disrupt' industries and displace incumbents, these new-age financial technology companies are becoming ubiquitous. Transfer wise, for instance, offers a way to convert money and send it abroad at a lower cost than banks. At the end of 2014, it claims to have captured 2% of the market share in the U.K. with users moving half a billion pounds a month&nbsp;already. With many others like TransferWise moving into areas of traditional banking, this is an industry that is worth exploring further.

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>Following the downgrade of the Credit Outlook of Saudi Arabia by S&amp;P concerns continue to mount as to the stability of countries in the region should oil prices stay at or below current levels for the next 3-5 years, a &ldquo;lower for longer&rdquo; scenario as opposed to the $100+ oil long-run oil prices that were expected at the middle of last year.</p><p>This note analyses some of the key drivers that will determine the different scenarios that may play out in the Middle East and which paths are more likely.</p><p>Whereas in previous instances higher oil prices were bad for peace in the region, it may now be that we are in for a rocky road unless prices rebound sharply, which may in itself drive up prices.</p>

Following the downgrade of the Credit Outlook of Saudi Arabia by S&amp;P concerns continue to mount as to the stability of countries in the region should oil prices stay at or below current levels for the next 3-5 years, a &ldquo;lower for longer&rdquo; scenario as opposed to the $100+ oil long-run oil prices that were expected at the middle of last year.This note analyses some of the key drivers that will determine the different scenarios that may play out in the Middle East and which paths are more likely.Whereas in previous instances higher oil prices were bad for peace in the region, it may now be that we are in for a rocky road unless prices rebound sharply, which may in itself drive up prices.

What happens to the Gulf if oil prices stay lower for longer?

<p>In the wake of what looks to be the second most deadly terror attack since 9/11 (the first being the horror that was Beslan), we look at the&nbsp;local and regional ramifications.&nbsp;<br/><br/>It does not make for cheerful reading as the terrorist threat continues to evolve and extend its tendrils, with a&nbsp;nuanced response needed. Egyptians are working hard and I hope they pull through.<br/><br/>This also highlights the severe geopolitical risk in the region, which I believe is the highest in a decade, even as OPEC spare capacity is at 08 lows.</p>

In the wake of what looks to be the second most deadly terror attack since 9/11 (the first being the horror that was Beslan), we look at the&nbsp;local and regional ramifications.&nbsp;  It does not make for cheerful reading as the terrorist threat continues to evolve and extend its tendrils, with a&nbsp;nuanced response needed. Egyptians are working hard and I hope they pull through.  This also highlights the severe geopolitical risk in the region, which I believe is the highest in a decade, even as OPEC spare capacity is at 08 lows.

<div>Below are some thoughts on the current situation in Turkey re: the Kurdish flare up, the likely outcome of which will be an AKP majority government. Not all kurds are the same and ISIS is succeeding in its tactics of neutering one of the more effective forces against it, although the YPG &amp; Peshmerga will remain.</div><div>&nbsp;</div><div>Egypt is now at a crucial point in its development, with real risks of repeating the mistakes of Algeria in the 90s civil war.&nbsp;</div><div>&nbsp;</div><div>Further escalation may well mark a great opportunity for investment however as the underlying economy, ex-tourism, will continue to hum along with the real victim of all this being civil society.&nbsp;</div>

Below are some thoughts on the current situation in Turkey re: the Kurdish flare up, the likely outcome of which will be an AKP majority government. Not all kurds are the same and ISIS is succeeding in its tactics of neutering one of the more effective forces against it, although the YPG &amp; Peshmerga will remain.&nbsp;Egypt is now at a crucial point in its development, with real risks of repeating the mistakes of Algeria in the 90s civil war.&nbsp;&nbsp;Further escalation may well mark a great opportunity for investment however as the underlying economy, ex-tourism, will continue to hum along with the real victim of all this being civil society.&nbsp;

A Kurdish conundrum & Egypt faces the ghosts of Algeria

United States

Willis Towers Watson Public Limited Company operates as an advisory, broking, and solutions company. The Company provides a range of insurance brokerage, reinsurance, and risk management consulting services. Willis Towers Watson serves customers worldwide.

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Willis Towers Watson (WTW US)

Breaking the Bank

Balance sheet strength, management acuity, and regulatory systems matter more for financial services firms than other stock sectors. Financial...

Morningstar, Inc.

The Case for Fintechs

Financial technology firms, popularly called fintechs, refers to up and coming startups that use technology to make financial systems more...

Ishita Jain

What happens to the Gulf if oil prices stay lower for longer?

Following the downgrade of the Credit Outlook of Saudi Arabia by S&P concerns continue to mount as to the stability of countries in the region...

Emad Mostaque

Egypt on the brink

In the wake of what looks to be the second most deadly terror attack since 9/11 (the first being the horror that was Beslan), we look at the local...

Emad Mostaque

A Kurdish conundrum & Egypt faces the ghosts of Algeria

Below are some thoughts on the current situation in Turkey re: the Kurdish flare up, the likely outcome of which will be an AKP majority...

Emad Mostaque

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