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Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Redefining-value-and-opportunity

Perspectives

“Redefining value” and “Opportunity: Brazil”

David Bailin

By David Bailin

Chief Investment Officer

September 1, 2020Posted InFixed Income, Investment Strategy and Equities

The pandemic will likely abate in 2021 with the arrival of vaccines and treatments.  As we have noted, it is time for portfolios to be positioned to take advantage of the likely rebound in many impacted sectors and countries. This week we focus on how to understand “Value Investing” in today’s market and highlight Brazil as a key region with significant recovery potential. Value investing has an 85-year history of outperformance, but its track record has been abysmal since 2009.  As companies use technology and software rather than physical assets to invest in their growth, balance sheets are not the sole place to identify value anymore.  We suggest four places beyond the balance sheet to help investors identify value in 2020 and to avoid paying too much for it.

Value and Brazil are hand in glove.  As the world’s 9th largest economy and a victim of COVID comparable to the US, Brazil offers a compelling investment thesis just now.

The hunt for “Value” is a global one and the emerging markets are stores of value.  With above average growth rates due to an evolving middle class as well as world-class companies and exposure to commodities, we believe Brazil is poised for a rebound in its equity markets. 



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