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Buffett Talks Investing, Takeovers and ‘Dancing with the Stars’ in Letter (CNBC, 7 min read) Berkshire Hathaway’s CEO remains upbeat about the long-term prospects for equity markets, assuming rates remain around current levels, but urges shareholders to focus on company earnings rather than quarterly price gains. Full letter can be accessed here.
A Multi-Asset Approach to Assessing Risk and Opportunity in Emerging Markets (Advisor Perspectives, 5 min read) Franklin Templeton’s multi-asset team are constructive on EM, favouring local currency debt over hard currency due to better liquidity in times of stress and in particularly short-dated Mexican paper.
Why is the Euro Punching Below its Weight? (CEPR, 62 page read) Reinhart, Rogoff and Ilzetzki determine the absence of a safe Eurozone asset, the lack of unity on monetary policy and no European capital markets union as the main factors preventing the euro from rivalling the US dollar as the international currency of choice.
What Do You Like More, Value Or Growth? (JPMorgan Asset Management, 2 min read) Growth stocks have tended to outperform value stocks in moderate growth environments like the current period, or in high growth >5.5% expansions. But with increasingly stretched valuations investors continuing with a growth strategy should analyse each stock individually.