Practical analysis for investment professionals


Weekend Reads for Investors: The S&P 500 and IPOs Sputter, Private Markets Pick Up the Slack

The market for IPOs, traditionally a useful barometer of the collective appetite of investors, suggests a slowdown is at hand in the United States.

Weekend Reads for Investors: Disruption, Damodaran, and Dalio

Growing tensions in Iraq may have temporarily dampened the mood of equity investors over the past week, but as we approach the year’s midpoint, most major stock markets remain near record highs.

Weekend Reads for Investors: No Market for Old Men

Jeremy Grantham, senior statesman at GMO, recently opined that the stock market is not yet in bubble territory, noting that the S&P 500 Index was 25% below such a threshold by his calculation. Removing any ambiguity as to his outlook for equities, Grantham added, “The next bust will be unlike any other.”

Do Investors Recognise the Conflicts and Incentives in IPOs?

The process for initial public offerings (IPOs) is one of the most opaque areas of the market and is ripe for reform.

Best of 2013: Taking Stock of Equities

As 2013 comes to a close, we took a look back at, and highlight below, some of the stories that captured the attention of investors and helped to set the trend for global equity markets over the past 12 months. With the notable exception of emerging markets, it was (as of this writing) a year of impressive gains for most major stock markets, particularly in light of what has been a persistently sluggish economic backdrop.

Financial Advisers: How to Counsel Clients in a Hot IPO Market

This year is on track to be a banner year for IPOs. It's important that financial advisers remind clients about the data on the long-term underperformance of IPOs, and if they still insist on buying shares, that they do so from a pool of money that has been specifically set aside for this purpose.

Weekend Reads for Advisers: Twitter, FATCA, and Space Exploration

I'm a big fan of public radio, especially magazine-style programs that take the listener deep into a topic, yielding an immersive auditory and visual experience. With the radio shows, you are transported, ever so briefly, to another place or time. And so it was that on a recent afternoon, I tuned into NPR's Fresh Air and sat transfixed in my car as retired Canadian astronaut Chris Hadfield vividly described life in space.

The Facebook IPO: Ethical Violations or Not?

More than a year has passed since the initial public offering of Facebook. The hype that preceded the US$105 billion IPO was matched only by the media frenzy that followed the stock’s botched trading debut and immediate price decline. Headlines alleged conspiracy, insider trading, and selective disclosure. We're asking readers to participate in an online survey and tell us whether they think there were ethical violations.

Poll: What’s Behind the IPO Surge?

It’s been hard not to notice the recent surge in initial public offerings in the United States. According to Renaissance Capital, the market for new issues in 2013 is on pace to be the busiest year since 2000, which marked the end of the dot-com IPO frenzy.

IPOs, Regulation, and Exchange Liquidity: Views from Vienna (Video)

In this short video interview, Michael Buhl, shares the perspective of the Vienna Stock Exchange on issues concerning initial public offerings, regulatory developments, dark pools, and high-frequency trading.

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