EPOCH INSIGHTS
Providing timely and thoughtful perspectives on investment issues – and the broader economic context that drives financial markets – has always been a hallmark of Epoch. We invite you to explore the insights highlighted here and encourage you to share your perspective on these important issues.
Dividends: Beautiful, and Sometimes Dangerous
Dividend strategies are regaining popularity. But pursuing dividend yield alone can lead to poor results. Investors need to understand a company’s sources of cash and should view cash dividends, share buybacks and debt repayments collectively in assessing management’s strategy to create shareholder value.
In a world likely to offer 6-8% long term equity returns on average, we discuss a strategy that should weather the challenges that lie ahead and provide a "9% Solution" with lower volatility over the long term.
Free-Cash-Flow Investing: A Value Strategy
Value, a word commonly used in our profession, means many things to many people. We share our perspective of value, as reflected in our free-cash-flow methodology, and how it relates to the conventional concept of value.
The “Freezer Moment”: When Reality Strikes
Despite the many growing challenges that face global economies, equities of well-managed, free-cash-flow growing, dividend-paying companies should do well.
Epoch’s Capital Markets Outlook January 18, 2012
Despite resilient U.S. consumption, global growth will be restrained by high debt levels and contracting credit. Bill Priest and David Pearl highlight the risks and opportunities for equity investors in a slow-growth environment.
Bloomberg Executive Interview with Bill Priest
Bill talks about priorities for the global investor, free cash flow and shareholder yield, describing the paradigm shift occurring in capital markets.
Answers to the Investors Challenge
How to invest to meet future capital needs in a world characterized by low economic growth rates, low interest rates and above-average volatility.