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.

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Thematic (Sector/Industry)

A Possible Future Disruptive Technology ?<ul><li>In our opinion, as fashion trends change to reflect the values and cultural identity of the times, different competitive advantages are demanded and rewarded.</li><li>For example, in the '90s consumers were willing to pay a premium for brands and wanted logo merchandise. After 2008, consumer preference shifted to value offerings.</li><li>We think these constantly evolving preferences leave the industry very exposed to the threat of new entrants.</li><li>3D Printing is in its very early stages of market penetration but, at first glance, seems to possess many attributes that would allow it to be competitively advantageous in the current fashion environment. In particular, we note three trends that are currently commanding price premiums: technical differentiation, improved fit, and customization.</li><li>3D Printing not only advances each of these three characteristics but unites them and provides attractive cost advantages while doing so. However, we see quite a few barriers that need to be overcome before it can become a significant threat to mass manufacturing.</li><li>In the near term, we see 3D Printing most impacting jewelry and accessories manufacturers, increasing the presence of design-it-yourself kiosks in stores, and used in one-off designs.</li><li>In the very long term, if the technology can scale, we see companies with strong brands and technically differentiated products as the winners, while those with supply chain cost advantages, value-oriented non-branded products, and differentiated on fit as most exposed to the threat.</li></ul>Analyst: Bridget Weishaar&nbsp;

A Possible Future Disruptive Technology ?In our opinion, as fashion trends change to reflect the values and cultural identity of the times, different competitive advantages are demanded and rewarded.For example, in the '90s consumers were willing to pay a premium for brands and wanted logo merchandise. After 2008, consumer preference shifted to value offerings.We think these constantly evolving preferences leave the industry very exposed to the threat of new entrants.3D Printing is in its very early stages of market penetration but, at first glance, seems to possess many attributes that would allow it to be competitively advantageous in the current fashion environment. In particular, we note three trends that are currently commanding price premiums: technical differentiation, improved fit, and customization.3D Printing not only advances each of these three characteristics but unites them and provides attractive cost advantages while doing so. However, we see quite a few barriers that need to be overcome before it can become a significant threat to mass manufacturing.In the near term, we see 3D Printing most impacting jewelry and accessories manufacturers, increasing the presence of design-it-yourself kiosks in stores, and used in one-off designs.In the very long term, if the technology can scale, we see companies with strong brands and technically differentiated products as the winners, while those with supply chain cost advantages, value-oriented non-branded products, and differentiated on fit as most exposed to the threat.Analyst: Bridget Weishaar&nbsp;

The 3D Printing Revolution and Its Impact on the Apparel Industry

Founder Evidente. Top rated quantitative analyst, Evidente

Sam Ferraro

Founder Evidente. Top rated quantitative analyst

Evidente

Evidente is an independent financial education firm that delivers innovative financial advice to wholesale investors, including active long only funds, hedge funds, pension funds, and sovereign wealth funds, in Australia and globally.  Drawing on academic research in asset pricing, behavioural finance and portfolio construction, Evidente provides wholesale investors with commercial solutions to stock selection and asset allocation decisions across equities and other asset classes.

<ul><li>The S&amp;P500 moved sharply lower overnight, shedding 3% apparently on continued concerns about China's future growth prospects.&nbsp; Despite the correction in recent months, the stock market still doesn't look particularly cheap, with the prospective PE on the S&amp;P500 still higher than historical norms. &nbsp;The headwinds facing US stock investors stem from the stagnation in expected profitability over the past 12 months.&nbsp;</li><li>For Australia, the market&rsquo;s prospective PE of 14.5x suggests that the market is neither cheap or expensive at current levels.&nbsp; Like the US, the key headwind facing corporate Australia is the stagnation of future growth prospects, which has now dragged on for five years now due to the terms of trade shock.&nbsp;</li><li>As far as reporting season goes, the market continues to punish even small misses from high growth stocks.&nbsp; I discuss the market pricing for Seek.com and other market darlings that have confronted growth stalls in the past year.</li></ul>

The S&amp;P500 moved sharply lower overnight, shedding 3% apparently on continued concerns about China's future growth prospects.&nbsp; Despite the correction in recent months, the stock market still doesn't look particularly cheap, with the prospective PE on the S&amp;P500 still higher than historical norms. &nbsp;The headwinds facing US stock investors stem from the stagnation in expected profitability over the past 12 months.&nbsp;For Australia, the market&rsquo;s prospective PE of 14.5x suggests that the market is neither cheap or expensive at current levels.&nbsp; Like the US, the key headwind facing corporate Australia is the stagnation of future growth prospects, which has now dragged on for five years now due to the terms of trade shock.&nbsp;As far as reporting season goes, the market continues to punish even small misses from high growth stocks.&nbsp; I discuss the market pricing for Seek.com and other market darlings that have confronted growth stalls in the past year.

United States

Aptiv PLC manufactures vehicle components. The Company produces electronic safety for automobile and commercial vehicle manufacturers. Aptiv supplies original equipment manufacturers throughout the world.

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Aptiv PLC (APTV US)

The 3D Printing Revolution and Its Impact on the Apparel Industry

A Possible Future Disruptive Technology ? In our opinion, as fashion trends change to reflect the values and cultural identity of the times,...

Morningstar, Inc.

Weekly Impressions

The S&P500 moved sharply lower overnight, shedding 3% apparently on continued concerns about China's future growth prospects. Despite the...

Sam Ferraro

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