Global Asset Allocation, Politics & Governance, Ecstrat

John-Paul Smith

Global Asset Allocation, Politics & Governance

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.

Cross Asset Strategy

<div><div><div>Let me begin by revisiting the road map for the bear market in EM equities which I first outlined in my role as EM equity strategist for Deutsche Bank towards the end of 2010 and the start of 2011, at a time when the consensus outlook for EM economies and equities was almost unanimously bullish.</div><div>&nbsp;</div><div>I made a number of tentative predictions and recommendations, which were generally greeted with a combination of indifference and skepticism and on occasion outright hostility among most, though not quite all of the bank&rsquo;s clients.</div><div>&nbsp;</div></div></div><div><div><strong>It seems that we may now be entering the final stage of EM relative underperformance, in line with our expectations in our initiation last year where we posited the relative trade was 2/3rds through.</strong></div></div>

Let me begin by revisiting the road map for the bear market in EM equities which I first outlined in my role as EM equity strategist for Deutsche Bank towards the end of 2010 and the start of 2011, at a time when the consensus outlook for EM economies and equities was almost unanimously bullish.&nbsp;I made a number of tentative predictions and recommendations, which were generally greeted with a combination of indifference and skepticism and on occasion outright hostility among most, though not quite all of the bank&rsquo;s clients.&nbsp;It seems that we may now be entering the final stage of EM relative underperformance, in line with our expectations in our initiation last year where we posited the relative trade was 2/3rds through.

A Roadmap of the EM Bear Market and Three Myths about the China Bull Market

Information Technology Consultant

Ishita Jain

Thematic (Sector/Industry)

<p>Airbus and Boeing, the powerhouses of the aircraft manufacturing industry and the largest duopoly in the world, shared revenues of $407.5 billion in 2014. As the fight for market share trudges along, it is a battle of nerves and steel (or carbon fiber in this matter). The airlines industry today is dynamic and competitive, investing in cost-saving measures rapidly. How are these two manufacturing giants coping up? Let us take a look.</p>

Airbus and Boeing, the powerhouses of the aircraft manufacturing industry and the largest duopoly in the world, shared revenues of $407.5 billion in 2014. As the fight for market share trudges along, it is a battle of nerves and steel (or carbon fiber in this matter). The airlines industry today is dynamic and competitive, investing in cost-saving measures rapidly. How are these two manufacturing giants coping up? Let us take a look.

Flying through turbulent or clear skies: An analysis on Airbus & Boeing

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Ecolab reported a robust second quarter with notable strengths and some areas of challenge.</li><li>The company maintained a strong trajectory of double-digit earnings growth amidst a complex global operating environment.</li><li>Organic sales grew by 3%, driven largely by strong value pricing and the core business's momentum.</li></ul>

Ecolab reported a robust second quarter with notable strengths and some areas of challenge.The company maintained a strong trajectory of double-digit earnings growth amidst a complex global operating environment.Organic sales grew by 3%, driven largely by strong value pricing and the core business's momentum.

Ecolab: Are The Water Business Growth Opportunities Here To Stay?

<ul><li>In reviewing Ecolab's first-quarter 2025 financial performance, the company demonstrated notable strengths alongside areas presenting challenges.</li><li>Ecolab reported double-digit earnings per share (EPS) growth, achieving a 12% increase, even as organic sales climbed by 3%.</li><li>This robust performance highlights the company's ability to maintain an upward trajectory despite a weakening demand in some end markets.</li></ul>

In reviewing Ecolab's first-quarter 2025 financial performance, the company demonstrated notable strengths alongside areas presenting challenges.Ecolab reported double-digit earnings per share (EPS) growth, achieving a 12% increase, even as organic sales climbed by 3%.This robust performance highlights the company's ability to maintain an upward trajectory despite a weakening demand in some end markets.

Ecolab’s AI Mousetraps Are Just the Beginning—Is This the Future of Pest Control?

<ul><li>Ecolab has reported another record-setting year with impressive growth in sales, earnings, margins, and free cash flow in 2024, amid a steady organic sales growth of 4% in the last quarter.</li><li>The firm sees consistent success in its largest and most profitable market, the United States, where organic sales increased by mid-single digits.</li><li>Nonetheless, geographic variations persist, with other global regions experiencing low single-digit growth, affected by mixed macroeconomic trends.</li></ul>

Ecolab has reported another record-setting year with impressive growth in sales, earnings, margins, and free cash flow in 2024, amid a steady organic sales growth of 4% in the last quarter.The firm sees consistent success in its largest and most profitable market, the United States, where organic sales increased by mid-single digits.Nonetheless, geographic variations persist, with other global regions experiencing low single-digit growth, affected by mixed macroeconomic trends.

Ecolab: The Untold Truth Behind Its Razor-and-Blade Model—And Why It’s a Cash Machine!

United States

Ecolab Inc. is a global provider of water, hygiene, and energy technologies and services for customers in foodservice, food processing, hospitality, healthcare, industrial, and oil and gas markets. The Company's services include water treatments, cleaning and sanitizing solutions, pest elimination, and kitchen repair and maintenance services.

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Ecolab Inc (ECL US)

A Roadmap of the EM Bear Market and Three Myths about the China Bull Market

Let me begin by revisiting the road map for the bear market in EM equities which I first outlined in my role as EM equity strategist for Deutsche...

John-Paul Smith

Flying through turbulent or clear skies: An analysis on Airbus & Boeing

Airbus and Boeing, the powerhouses of the aircraft manufacturing industry and the largest duopoly in the world, shared revenues of $407.5 billion...

Ishita Jain

Ecolab: Are The Water Business Growth Opportunities Here To Stay?

Ecolab reported a robust second quarter with notable strengths and some areas of challenge. The company maintained a strong trajectory of...

Baptista Research

Ecolab’s AI Mousetraps Are Just the Beginning—Is This the Future of Pest Control?

In reviewing Ecolab's first-quarter 2025 financial performance, the company demonstrated notable strengths alongside areas presenting...

Baptista Research

Ecolab: The Untold Truth Behind Its Razor-and-Blade Model—And Why It’s a Cash Machine!

Ecolab has reported another record-setting year with impressive growth in sales, earnings, margins, and free cash flow in 2024, amid a steady...

Baptista Research

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