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.

Equity Bottom-Up

United States Oil Fund LP / Equity Bottom-Up

<p>As King Abdullah passes, new King Salman will have to spend to secure his throne and has complete freedom to do as he wishes, including changing oil policy. The oil market structure is currently significantly oversold and we could easily see a short squeeze, although medium-term weakness may be likely and the long-term prognosis bullish.</p>

As King Abdullah passes, new King Salman will have to spend to secure his throne and has complete freedom to do as he wishes, including changing oil policy. The oil market structure is currently significantly oversold and we could easily see a short squeeze, although medium-term weakness may be likely and the long-term prognosis bullish.

United States Oil Fund LP

Why Saudi Succession Matters