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.
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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.

Thematic (Sector/Industry)

Reports all over press now of an attempted coup in Turkey highlight yet again the underpricing of geopolitical risk across markets, something we had been given a warning about by Brexit mere weeks ago.If successful, this would mark quite the comeback by the embattled CHP, who are falling apart at the seams but are by far closest to the military establishment, even after the purges of Sledgehammer and Ergenekon where it seems the AKP were not too paranoid after all about an impending coup.We…

Reports all over press now of an attempted coup in Turkey highlight yet again the underpricing of geopolitical risk across markets, something we had been given a warning about by Brexit mere weeks ago.If successful, this would mark quite the comeback by the embattled CHP, who are falling apart at the seams but are by far closest to the military establishment, even after the purges of Sledgehammer and Ergenekon where it seems the AKP were not too paranoid after all about an impending coup.We…

Turkey Flies the Coup