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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.

The Impact of Passive Investing on Market Efficiency

Passive ETFs have influenced the informational efficiency of the stock market: trading costs have risen, stocks are more correlated with each other than they used to be (reducing the ability of investors to control risk through diversification), and valuation is now partly affected by whether a stock is in a widely traded index or not. In response, we believe active managers need to focus more than ever on the free cash flow fundamentals that drive long-term value creation, and to invest over a long enough time horizon such that the distortions being introduced by passive trading play only a marginal role in the total holding period return.

In our latest paper, Portfolio Manager Steve Bleiberg and Co-CIOs Bill Priest and David Pearl explore in detail, the impact that passive investing has had on market efficiency and what active managers must do to in such an environment.

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White Papers

Free Cash Flow Works

Epoch's investment philosophy can be summarized by saying that it is the ability to generate free cash flow that makes a company worth something to begin with, and it is how management allocates that free cash flow that determines whether the value of the business rises or falls. In this paper, CEO and Co-CIO Bill Priest, Co-CIO David Pearl and Portfolio Manager Steve Bleiberg focus their attention on the first half of the statement, and ask two questions: 1) Why does free cash flow matter more than earnings in determining the value of a business, and 2) do free-cash-flow metrics help investors identify stocks that outperform the market?

Shareholder Yield: The Case for the Next Decade

The Shareholder Yield strategy is approaching its tenth anniversary. Since its inception it has established a strong track record. But with widespread expectations that the next ten years will be different, it is fair to ask: was this strategy simply right for the time? Or is it, as we believe, a core strategy, relevant for all times? In the attached white paper, we lay out the case for the relevance of the strategy in the coming decade. 

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Trump and Trade: What are the Risks?

In this "Insights" piece we look at President Trump's trade team and how it is likely to implement the protectionist trade views he has held for years. With China being the number one target of potential trade policy, we explore the views held by the various members of the trade team as they relate to China. The piece also identifies other countries that might likely be affected by U.S. trade policies, the likelihood of a trade war and the impact a trade war could have on the U.S. economy. Finally, we discuss the potential implications on equity markets.

Vox Populi: In 2017 the Eurozone Will Bend, But Not Break

The rise of populist political parties, a lack of progress on key reforms and tight fiscal policies will present challenges for the euro zone and its lackluster economy in 2017. In our latest paper, CEO and Co-CIO Bill Priest and Investment Strategist Kevin Hebner discuss these issues and the implications for investors. 

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Webcasts & Transcripts

Epoch’s Capital Markets Outlook - July 2017

Epoch's Co-Chief Investment Officers Bill Priest and David Pearl, as well as Portfolio Manager Bill Booth and Global Investment Strategist Kevin Hebner will discuss the key reasons for our continued constructive outlook on equity markets. Topics discussed will include:
• Why the outlook for a major shift in monetary policy appears unlikely
• The improving outlook for production and capex
• The investment case for Europe and
• The impact of Technology, one of Epoch's key investment themes, "Tech is the new macro".

View Edited Transcript > Launch Webcast >

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Video / Audio

Implications for Investors following Britain’s Vote on European Union.

Epoch's CEO, Co-CIO and Portfolio Manager Bill Priest and Global Investment Strategist Kevin Hebner discussed the implications of the U.K.'s vote to leave the European Union.

Asset TV featuring Bill Priest

William Priest of Epoch Investment Partners explains what drives global growth and how he evaluates share repurchases.

CNBC Featuring David Pearl - November 2015

David Pearl appears on CNBC to speak about the 2016 outlook and how QE has affected the markets.

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