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)

<p>As we come to the end of potentially one of the most transformative nights in global history it now seems almost certain that Donald Trump will be President of the United States of America, comfortably winning the electoral vote even as Hillary won the popular vote. </p><p>I outline my initial thoughts on the drivers behind this, and the political, geopolitical and market impact of this below.</p>

As we come to the end of potentially one of the most transformative nights in global history it now seems almost certain that Donald Trump will be President of the United States of America, comfortably winning the electoral vote even as Hillary won the popular vote. I outline my initial thoughts on the drivers behind this, and the political, geopolitical and market impact of this below.

Trump & The Morning After the Night Before

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

<p>A recent entertaining and thought-provoking read on this site, <a href="https://www.smartkarma.com/insights/why-the-car-you-currently-own-is-the-last-car-you-will-ever-buy" target="_blank" data-smartkarma-citation="insights:5272">Why the Car You Currently Own Is the Last Car You Will Ever Buy</a>, raises many controversial issues, not least of which is the premise in the headline, one that we would dispute. It should be said that we don't entirely disagree with the basic premise, which is that car ownership in many sections of society may well go down, and as a consequence go down in aggregate. However, the mechanism for this is probably not technological, but…</p>

A recent entertaining and thought-provoking read on this site, Why the Car You Currently Own Is the Last Car You Will Ever Buy, raises many controversial issues, not least of which is the premise in the headline, one that we would dispute. It should be said that we don't entirely disagree with the basic premise, which is that car ownership in many sections of society may well go down, and as a consequence go down in aggregate. However, the mechanism for this is probably not technological, but…

The Future of Car Ownership - More, or at Least Different, Not Less - An Alternative View

Chief Investment Officer, KIS Capital Partners

Josh Best

Chief Investment Officer

Boutique absolute return fund manager

KIS Capital Partners

KIS Capital Partners is a boutique absolute return fund manager based in Sydney, Australia with an Asia ex Japan trading focus. We believe that an absolute return fund should be risk and performance focused with strong attention to investment differentiation. Absolute return funds should not be asset gatherers. We invest alongside our clients in liquid and transparent markets with a focus on pragmatic and vigilant risk management.

<p><strong>The arrival of the autonomous car is set to be the greatest disruptive force in the transport industry since the advent of the private automobile.</strong> From making personal car ownership obsolete to alleviating the burden placed on hospitals by road accidents, autonomous cars will permeate all aspects of society. But what do we mean by an ‘autonomous’ car?</p><p>According to the National Highway Traffic Safety Administration (NHTSA) there are 5 levels of autonomy. This ranges from Level 0, the driver controls the vehicle at all times, to Level 4, the driver is not expected to control the vehicle at any point during the trip. Today, car manufacturers are adding increasing levels of autonomy to their vehicles. Both Tesla’s Model S and Renault-Nissan’s Infiniti Q50, for example, come with Level 2 autonomy, giving the car lane-changing, acceleration and braking abilities.</p><p><strong>The focus of this piece will, however, be on the imminent arrival of Level 4 autonomy and the disruption it will cause across a variety of industries.</strong></p>

The arrival of the autonomous car is set to be the greatest disruptive force in the transport industry since the advent of the private automobile. From making personal car ownership obsolete to alleviating the burden placed on hospitals by road accidents, autonomous cars will permeate all aspects of society. But what do we mean by an ‘autonomous’ car?According to the National Highway Traffic Safety Administration (NHTSA) there are 5 levels of autonomy. This ranges from Level 0, the driver controls the vehicle at all times, to Level 4, the driver is not expected to control the vehicle at any point during the trip. Today, car manufacturers are adding increasing levels of autonomy to their vehicles. Both Tesla’s Model S and Renault-Nissan’s Infiniti Q50, for example, come with Level 2 autonomy, giving the car lane-changing, acceleration and braking abilities.The focus of this piece will, however, be on the imminent arrival of Level 4 autonomy and the disruption it will cause across a variety of industries.

Why the Car You Currently Own Is the Last Car You Will Ever Buy

Senior Investment Analyst, Black Crane Investment Mgmt Ltd

Perry Tan, CFA, CAIA, FRM

Senior Investment Analyst

Black Crane Investment Mgmt Ltd

<div>Jet.com was a $600m company last year before further fund raising.</div><div>It is now valued at $3.3bn after Wal-Mart's cash and stock acquisition announced earlier.</div><div>Jet.com charges a $49.99 per month annual fee to its customers and promises the lowest prices (they priced below Amazon and other competitors).</div><div>Their strategy backfired and suffered losses because they did not sign up with enough partner merchants and as a result, Jet.com employees had to sometimes buy from competing merchants at a loss, in…</div>

Jet.com was a $600m company last year before further fund raising.It is now valued at $3.3bn after Wal-Mart's cash and stock acquisition announced earlier.Jet.com charges a $49.99 per month annual fee to its customers and promises the lowest prices (they priced below Amazon and other competitors).Their strategy backfired and suffered losses because they did not sign up with enough partner merchants and as a result, Jet.com employees had to sometimes buy from competing merchants at a loss, in…

Sweden

Hennes & Mauritz AB (H&M) designs and retails fashions for women, men, teens, and children.  The Company sells a variety trendy, sporty, and classic garments in addition to accessories such as jewelery, bags, and scarves, and cosmetics. H&M owns and operates stores in many European countries and the United States.

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Hennes & Mauritz AB (HMB SS)

Trump & The Morning After the Night Before

As we come to the end of potentially one of the most transformative nights in global history it now seems almost certain that Donald Trump will be...

Emad Mostaque

The Future of Car Ownership - More, or at Least Different, Not Less - An Alternative View

A recent entertaining and thought-provoking read on this site, Why the Car You Currently Own Is the Last Car You Will Ever Buy, raises many...

Pelham Smithers Associates

Why the Car You Currently Own Is the Last Car You Will Ever Buy

The arrival of the autonomous car is set to be the greatest disruptive force in the transport industry since the advent of the private automobile....

KIS Capital Partners

Wal-Mart's Acquisition of Jet.com

Jet.com was a $600m company last year before further fund raising.It is now valued at $3.3bn after Wal-Mart's cash and stock acquisition announced...

Perry Tan, CFA, CAIA, FRM

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