The Guardian (October 1)
“British manufacturers are pulling back sharply on investment plans due to mounting uncertainty over Brexit and growing fears of a global trade war,” with only a third of firms planning to “to increase their investment in plant and machinery – a record low.”
Tags: Brexit, Fears, Global trade war, Investment plans, Machinery, Manufacturers, Plant, Pulling back, UK, Uncertainty
Bloomberg (October 1)
“Stocks of the so-called sogo shosha, the groups that drove Japan’s postwar export success—the likes of Itochu Corp., Marubeni Corp. and Mitsubishi Corp.—have rallied as much as 36 percent over the last year, outpacing the race to a three-decade high by the broad Topix Index. The trading companies’ free cash-flow levels are above those reached in their heyday, and their leverage much lower.”
Tags: Export, FCF, Itochu, Japan, Leverage, Marubeni, Mitsubishi, Outpacing, Postwar, Rallied, Sogo shosha, Success, Topix
The Atlantic (October Issue)
“Estrangements are political, not personal…. Given the right conditions, any society can turn against democracy. Indeed, if history is anything to go by, all societies eventually will…. Polarization is normal…. Skepticism about liberal democracy is also normal. And the appeal of authoritarianism is eternal.”
Tags: Appeal, Authoritarianism, Democracy, History, Liberal democracy, Polarization, Skepticism, Society
IPE Real Assets (September/October Issue)
“Real estate is often said to be a long-term, buy-and-hold asset class for institutional investors. But the success of investments invariably comes down to getting the timing right.” Recently, “a handful of fund managers” have “sold to bigger parties, either fully or partially.” This raises the question whether the latest round of M&A is a signal. Though it is a “possible canary,” there are other reasons for M&A. The prevailing outlook amongst investors and managers is for “a supportive market environment in the short to medium term” and “an extended cycle, albeit a flat one in terms of capital value growth.”
Tags: Asset class, Buy-and-hold, Canary, Extended cycle, Fund managers, Institutional, Investors, M&A, Real estate, Timing, Value growth
