Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

China Real estate / Thematic (Sector/Industry)

Ping An Securities Group (Holdings) (231 HK)

<ul type="disc">
<li>Canadian household debt to GDP stands at a record and about 70ppts higher than the US - house prices are at historically high levels versus incomes and rents.</li>
<li>In real terms, the median Toronto house price has doubled in real terms over the past decade – selling prices in the city were up 33% y/y last month, sparking the introduction of a 15% tax on foreign buyers.</li>
<li>Rising risk aversion reflected in tighter consumer lending criteria (particularly for subprime borrowers) will drag on growth next year…</li>
</ul>


Canadian household debt to GDP stands at a record and about 70ppts higher than the US - house prices are at historically high levels versus incomes and rents.
In real terms, the median Toronto house price has doubled in real terms over the past decade – selling prices in the city were up 33% y/y last month, sparking the introduction of a 15% tax on foreign buyers.
Rising risk aversion reflected in tighter consumer lending criteria (particularly for subprime borrowers) will drag on growth next year…


China Pacific Insurance (Group) Co., (601601 CH)

Canadian Canaries in the Basement, China Insurers Attractive…