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Tech is the New Macro Impacting All Three Components of Return on Equity

The rapid expansion and implementation of technological innovation has become a key factor in the behavior of the economy and capital markets. In this paper, Investment Strategist Kevin Hebner and Co-CIOs Bill Priest and David Pearl explore how tech has become the new macro.

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Tech is the New Macro Impacting All Three Components of Return on Equity

Capital Markets Outlook - July 20, 2017

Co-CIOs Bill Priest and David Pearl and Investment Strategist Kevin Hebner discuss the macro factors impacting capital markets, including ​the outlook for wage growth and inflation in the U.S. and the improving fundamentals in Europe despite geopolitical challenges ahead. They also discuss one of Epoch's key investment themes, "Tech is the New Macro." 

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Capital Markets Outlook - July 20, 2017

Bill Booth Appears on BNN’s Money Talk

Portfolio Manager and Senior Research Analyst Bill Booth appeared on BNN's Money Talk with Kim Parlee where he discussed the landscape in Europe.

Investment Opportunities in Europe

How Investors Can Navigate Through Europe's Political Waters

Bill Booth Appears on BNN’s Money Talk
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We are global equity investors with a distinct perspective on the long-term drivers of shareholder return.

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OUR INSIGHTS

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Advantage from Perspective

Long-term investment success demands a focus on essential truths that are not always obvious. We focus on investing in companies with the enduring elements that create value: free cash flow and managements committed to providing positive returns to shareholders. Like the companies in which we invest, we are committed to transparency. This includes sharing our global market perspectives and insights that help drive our investment decisions.

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OUR INVESTMENT PHILOSOPHY

Investors often view a company through the prism of accounting measures such as price-to-book value and price-to-earnings ratios. Epoch adopts a different approach. Earnings growth and dividends drive shareholder returns, and they come from a single source: cash flow. We focus on companies that are growing free cash flow and allocating it intelligently.

Reinvesting cash flows in internal projects or acquisitions is preferred when those actions will generate returns above the cost of capital. Otherwise, we believe company managements should return excess cash to shareholders through dividends, share buybacks or debt repayments -- collectively known as "shareholder yield."

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IN THE NEWS

Bill Priest Appears on BNN’s Money Talk

CEO Bill Priest appeared on BNN's Money Talk where he discussed how the end of QE, technology becoming the market's driving macro factor, manuafacturing and the threat of protectionism.

Market Impact of the End of QE and Rising Rates (watch segment)>

Why Tech is the New Macro (watch segment)>

Manufacturing and Protectionism (watch segment)>

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Bill Priest Appears on CNBC Pro

CEO Bill Priest appeared on CNBC Pro where he discussed a wide range of topics including the influence of technology on employment, margins and payout ratios.

Technology is the New Macro (watch segment)>>

Full length video on CNBC Pro (subscription required)>

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