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Brazil Welcomes Trade, Ricardo Cheers
President Jair Bolsonaro’s young tenure as Brazil’s leader has been tumultuous since he was sworn in on January 1, 2019. But from purely an economic standpoint, one clear positive has been his leadership on trade. Since the EU and Mercosur (the South American trade bloc) inked a deal to create a new trade bloc in June, Bolsonaro has taken steps aimed at holding up Brazil’s end—the most recent: lifting tariffs on some 2,300 imported products (no doubt raising a posthumous cheer from David Ricardo).
About That Irish Backstop …
A key hold-up in Brexit negotiations is the so-called Irish backstop—which has to do with the fact that the only physical border between the UK and an EU country is that between the Irish Republic and Northern Ireland. This introduces questions about how trade between the two will be conducted once the UK (and Northern Ireland with it) is no longer in the EU, but Ireland remains part of the common market.
In one sense, these tensions go back centuries, resurrecting questions that have long-plagued the island about its proper place—as a country, in relation to the UK, and in relation to the rest of Europe. And then there is the age-old religious divide between Catholics and Protestants.
In the News
Another busy day in monetary policy and macroeconomic news. Here’s a handful of the headlines that caught our interest.
In the News
The repo market garnered a lot of attention as rates spiked, prompting the Fed to provide additional liquidity to bring rates down—just one of several monetary policy headlines today.
Can Countries Improve Their Corporate Governance Practices?
Artisan Partners International Value Team Portfolio Manager David Samra discusses whether he believes countries can improve their corporate governance standards over time.
Enhancing Fundamental Research With Analytical Tools
In addition to rigorous bottom-up research, the Antero Peak Group leverages a slew of analytical tools to eliminate subjectivity and manage risk.
The Impact of Negative Rates and Passive Investing
Global Value team portfolio manager Dan O’Keefe discusses the impact of passive investing on price discovery.
Identifying Long-Term Opportunities in the International Small-Mid Universe
Portfolio manager Rezo Kanovich explains why a long-term investment horizon and a contrarian view are cornerstones of his team’s approach.
Identifying Value Amid a Shifting Rates Outlook
Founding portfolio manager Bryan Krug discusses where he’s finding opportunities in the high yield market given the recent move in interest rates.
Risk Awareness and Downside Protection
After witnessing firsthand two massive market corrections, portfolio manager Tom Reynolds discusses his acute focus on risk management and downside protection.