By Jason Trennert
One among Wall Street's brightest new stars discusses the best way to navigate modern-day markets, for either the fast and long-term traders this present day are trying to find a superior, depended on voice to assist them make experience of turbulent markets. Jason Trennert has turn into that voice. Trennert is a customary visitor on famous funding courses like CNBC's "Squawk Box," and his boutique examine company is well known between funding pros and high-profile Wall road companies. In New Markets, New suggestions, Trennert outlines an insightful, useful, and forward-thinking method of making an investment. offering traders with innovations dependent extra on long term functionality than non permanent hysteria, he explores issues together with: significant subject matters that might stream markets within the coming decade The hidden yet all-too-real risks of passive administration and index money the place and the way to discover shares and bonds with the simplest risk/reward tradeoff
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Additional resources for New Markets, New Strategies
Example text
As flows into equities have dried up in recent years, the competition for the marginal dollar has 31 INVESTMENT THEMES FOR THE NEXT DECADE intensified. Chasing performance has become the norm, turning traditionally staid mutual funds into gunslingers. , the average holding period for stocks in the United States was eight years in 1960, versus 11 months in 2001 (see Chart 2-2). Practically speaking, a buy-and-hold strategy is becoming impossible for any fund manager who wants to hold onto his job.
4. The high water mark and outsized performance fees represent risks for the ongoing concern value of hedge funds and for investors. 5. Increased regulation, lackluster performance from new entrants, and increased dividend payouts may all slow the pace of the growth in the hedge fund industry. 41 This page intentionally left blank. ” —BRAZILIAN PROVERB W HILE IT MIGHT BE DIFFICULT for any native New Yorker to imagine, it seems likely that Washington’s impact on Wall Street will be more important in the years to come than in any other period in the history of America’s financial markets.
Another question that remains in this brave new world of dividend policy is whether investors will continue to favor capital gains over yield. While it’s always dangerous to predict the nature of crowds, Australia’s experience with dividend reform might provide an interesting guide. In the mid-1980s, Australia made sweeping changes to its tax policy with regard to capital gains and dividends. 2% 22 Chapter 1: Yield Makes a Comeback, and the Importance of Dividends tax was introduced; in 1987, Australian investors could take a tax credit for any income tax paid by the company on the income from which dividends were derived; and in 1988, superannuation funds (government mandated retirement funds) were entitled to a rebate from income tax payable from the full amount of the imputation credit attached to the dividends.