Delivering Global Macro Investment Insights

DeSaque Macro Research

DeSaque Macro Research Limited was formed by Said DeSaque in April 2012 with the view to delivering global macro investment insights aimed at providing new ideas to clients.

Said DeSaque has over 26 years of experience working as a professional economist in financial services. Prior to establishing DeSaque Macro Research, Said held positions as Senior Economist at Robert W Baird and William Blair. He began his career as a graduate at PaineWebber in 1986, where he eventually became Head of the London Economics Department.

Said takes a very keen interest in international relations, along with their implications for economic development. His research interests include the economic transformation of China and its implications for global capital markets, particularly in the United States. He is a member of Chatham House in London.

The US economy and capital markets have historically been Said’s main focus of attention. He frequently presents his views to institutional investors in diverse geographic locations. In recent years, Said has also been carefully monitoring economic developments in Asia, particularly China and Japan.

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

<ul>
<li>The reaction of central banks to the global financial crisis (GFC) was a boon for passive investment funds after 2008 and, consequently, bubbles in equity and fixed income investment benchmarks.</li>
<li>Easy money and passive investment turned long-standing relative financial asset returns on their head: value stocks no longer outperformed growth counterparts. Small-cap stocks also began underperforming their larger brethren. </li>
<li>Higher economic and inflation volatility in the future means that the nature of post-GFC investment returns will not return, thereby implying a much bigger opportunity for active fund management.</li>
</ul>


The reaction of central banks to the global financial crisis (GFC) was a boon for passive investment funds after 2008 and, consequently, bubbles in equity and fixed income investment benchmarks.
Easy money and passive investment turned long-standing relative financial asset returns on their head: value stocks no longer outperformed growth counterparts. Small-cap stocks also began underperforming their larger brethren. 
Higher economic and inflation volatility in the future means that the nature of post-GFC investment returns will not return, thereby implying a much bigger opportunity for active fund management.


Active Equity Portfolio Management Trumps Passive in the Post-Easy Money Environment