Trade war will outlast Trump, warns Lazard

--  |   11/09/2019 Text size  Decrease  Increase   |  
email_fwd
<p><strong>Lex Hall: </strong>Hi, I'm Lex Hall for Morningstar. Welcome to another edition of "Ask the Expert." Today, I am joined by Ron Temple from Lazard Asset Management. He oversees US equities. We're going to talk about the global outlook and how investors should be positioning or repositioning for the turmoil ahead.</p> <p>Hi, Ron.&nbsp;</p> <p><strong>Ron Temple:</strong> Hi.</p> <p><strong>Hall: </strong>About 18 months ago, I was writing a piece about the trade war, the burgeoning trade war, and people were sort of shrugging their shoulders a bit and saying, "oh, we are not sure that it will have a particular effect on company earnings, and so on." And now, these days, it seems that every market report you read is based on the fluctuations in the trade war tensions. How do you react to that?</p> <p><strong>Temple:</strong> I think people have underestimated the trade war for the last few years pretty consistently and still today, even in spite of all this attention in recent weeks, months, are still underestimating the severity and the duration of the trade war between the US and China. Not to mention, by the way, we rarely talk about the potential trade war between the US. and Europe as it relates to auto and auto parts. If we focus on China, I do think it is a critically important thing to think about for investors over the years ahead. And I would highlight part of why I say people are underestimating and why I'm more negative on the long-term outlook on China is I think it's evolved from an economic dispute around trade deficits, intellectual property, market access, industrial policy, which you can negotiate, to increasingly be viewed in Washington DC on a bipartisan basis as a national security issue. And put simply, I think, in the US people used to think of China as an economic competitor, but increasingly people are thinking of it as a national security adversary.</p> <p>And so, with that in the backdrop, what has largely been a story so far of tariffs and a negotiation on economics, is becoming increasingly a story around restrictions on investments in US companies by Chinese companies, restrictions around the trade of technology products. And there's a view again in Washington that we need to curtail the flow of advanced technologies that in any way could be used for military application. So, I think this is likely to continue to deteriorate.</p> <p>To be very clear, I think we will have periods of time where the pressure rises on the US administration to try to get a deal or to make the markets think a deal is coming. And you might have bits of reprieves here. So, I tend to think of ebbs and flows with a structurally more negative trajectory for this relationship. And I think it will last well beyond Trump administration, whether it's a democrat or a republican replacing them, although the tenor of the conversation might change.</p> <p><strong>Hall: </strong>OK. You go to China a lot. What are people on the ground in China saying about the trade war?</p> <p><strong>Temple:</strong> I think over the last two years, there's been a range of reactions. I think, in the early days, the biggest issue in China was trying to figure out, A, with whom to negotiate, because in traditional times, you would negotiate with the US trade rep or someone from the Department of Commerce. And you might recall, in the early days when China was negotiating, they negotiated with Wilbur Ross, Secretary of Commerce, and with Steven Mnuchin. And then, they found that whatever they had negotiated really didn't hold water because the President didn't accept it. So, there was a question of, A, with whom should we speak? And then, B, if you think about any negotiation any of us ever have, you sit down at the table and you try to think beforehand, well, what is the other side of the table, what are they trying to accomplish? And it's been very difficult for the Chinese side to nail down exactly what the US wanted.</p> <p>So, again, you might recall in the early rounds, China's offer was to buy more American products, more soybeans, more natural gas. Because I think the view was, well, if we just buy more stuff, reduce the trade deficit, that will solve the problem. But as I mentioned before, since it's evolved, it's very tough. So, I think there's a real challenge of, A, can we really negotiate in good faith with the Trump administration; B, what exactly does the administration want; C, of the list of things they want, what's negotiable and what's nonnegotiable. So, for example, the idea that the US sees China as a military adversary potentially down the road and wants China to basically no longer have access to certain technology is really a nonnegotiable item for China. The idea that the US says the Made in China 2025 initiative is patently unfair, and that the industrial policies are uncompetitive or unfair to foreign competition. Asking China to change its economic system might be a nonnegotiable item if you're advising Xi Jinping. So, I think on that side, there's a real challenge of figuring out how you approach the negotiation and whether you can in good faith reach some kind of agreement.</p> <p><strong>Hall: </strong>OK. While you've got your sort of political strategist hat, kind of, half on, what do you think of the trade war in relation to the upcoming US election and Trump's position? How do you think it will change? China has less to lose arguably in this sense, because it's not running for an election. How do you see that playing out?</p> <p><strong>Temple:</strong> Well, let's take it from two sides. Let's take it from the US side and from the Chinese side. On the US side, it's really interesting in that &ndash; I mentioned before the national security view of China is somewhat bipartisan. It's not everyone, but I would generalize it as bipartisan. Interestingly, until the last couple of weeks, none of the Democratic candidates for president have really criticized Trump for what he's doing on China. The primary criticism has been that the approach to addressing the grievances has been counterproductive or unproductive. So, it's more that kind of criticism of means not ends.</p> <p>In the last couple of weeks that started to change. So, what you've seen is the economic anxiety has been increasing in the business community for over well over a year-and-a-half. It's starting to contaminate or infect the household sector. And we can come back to this later perhaps, but the core anchor to my optimism on the US economy has been a strong household sector, consumer confidence, wage growth, et cetera, that's starting to crack. And in particular, at the late part of August, we got a University of Michigan consumer confidence reading that was the &ndash; or maybe this early September &ndash; the biggest single month decline in confidence for consumers since 2012 during the Eurozone crisis, and one-third of the respondents volunteered the trade was driving their anxiety.</p> <p>In the same week, we got a Monmouth political survey. They got headlines because it said five democrats could be Trump. But what was more interesting to me, because I think that headline is really not terribly useful this early in a campaign, was that 37 per cent of voters said that the US economy is on the wrong track and is weakening; 31 per cent said it's on the right track. And that's the first time you've had a negative response since Trump got elected. So, I think if you're in the Trump administration, your anxiety level is increasing as you see a synchronised global industrial deceleration, business confidence going down and early signs that maybe that seeping into the consumer side. And the key for the playbook for Trump to win reelection is economic strength.</p> <p>Now, on the Chinese side, I think there's also an interesting thing, it's not just the United States that has to decide to reach an agreement. The Chinese have a calculus here. A, if you're Xi Jinping, it's nice not to have elections. Knowing that Donald Trump faces this issue, there should be a real conversation in Beijing about whether China should give the US a deal. So, I tend to try to put myself on both sides when I think about this. If I were advising Xi Jinping, it's actually a bit of a jump ball at this point of do I basically say, let's have the negotiations and keep stringing this along, let's see what happens to his poll ratings. Because this is a man who said within the last couple weeks, if I get reelected, you're going to have an even tougher time getting a deal. Well, then if you're Xi Jinping, and you actually hold some cards here, maybe you want to play the cards in a way that makes it less likely that Trump is the President in 2021. So, I think we should not neglect to think about the Chinese motivations and their leverage because I think China has quite a bit of leverage.</p>

Video Archive...

Scaling the emerging markets landscape
12/09/2019  Lazard Asset Management's Rohit Chopra gives his take on the trade war, what he looks for in companies and where some bright spots lie.
Trade war will outlast Trump, warns Lazard
11/09/2019  The world is underestimating the US-China trade war and it will endure beyond the Trump administration, warns Lazard Asset Management's head of US equity Ron Temple.
What happens if everyone indexes?
09/09/2019  Morningstar's director of passive strategies research Alex Bryan discusses some possible consequences.
Afterpay: buy now, regret later?
05/09/2019  The buy now, pay later platform has had an incredible run but new rivals are closing in, says Morningstar's Chanaka Gunasekera. 
Retirees: avoid these traps in turbulent markets
04/09/2019  Recent volatility provides a good reason for retirees to check up on their portfolios--but don't overdo it.
Cheat codes to win at video game investing
03/09/2019  If the thought of spending hours on a video game isn’t appealing, you could always invest in e-sport stocks.
FAANG risks and picking the new consumer staple
28/08/2019  Ariel Investments portfolio manager Rupal Bhansali explains why the market is underestimating the risks to FAANGs and why telco stocks are attractive today.
Downturn is coming: Warnes' warning for investors
27/08/2019  Morningstar head of equity research Peter Warnes identifies the performers of this earning season and issues a warning to investors of what action to take as uncertainty builds.
Are we heading for recession?
26/08/2019  Morningstar Investment Management's Dan Kemp talks inverted bond yield curves and whether a recession is on the cards.
What record low bond yields mean for investors
15/08/2019  A record low for Australia's 10-year bond yield, which last week dipped below 1 per cent, may prompt a change in some investors' fixed-income portfolio positioning, says Brad Bugg.
Looking back at the banks and the best CEOs
15/08/2019  In this Ask the Expert special, David Ellis reflects on his time covering the banking sector, how lenders began to but profits before customers, and why he rates Gail Kelly so highly. 
Examining CBA's 'messy' result
14/08/2019  Morningstar's David Ellis explains why CBA delivered such a 'messy' result and why the home loan book of Australia's largest lender is a strength, not a weakness. 
Pharma, biotech most undervalued US healthcare industries
12/08/2019  These industries are the most undervalued in the US healthcare sector, owing to potential drug pricing reforms coming out of Washington.
Why investment trusts use gearing
08/08/2019  The AIC's Annabel Brodie-Smith talks to Morningstar's Holly Black about the risks and rewards of borrowing for investment trusts.
2 global stocks with investor upside
06/08/2019  Industrial supplier Ingersoll Rand and telco infrastructure company American Tower hold solid investor appeal, explains Alphinity's Jonas Palmqvist.
Change is in the air for global stocks
05/08/2019  Consumer cyclical stocks may tick upward in the coming months, though earnings downgrades still outnumber upgrades for now, says global equity portfolio manager Jonas Palmqvist.
2 US stocks to harness the "green rush"
30/07/2019  With cannabis' popularity already growing, widening legalisation will further catalyse demand.
Iron ore prices won’t stay high for long, warns Morningstar
24/07/2019  Miners Iluka and Oz Minerals still hold upside potential, even as investor optimism on iron ore prices is over-done and coal producers  emerge as greater value, explains Morningstar’s Mat Hodge.  
Harley Davidson too slow at winning new customers
23/07/2019  Morningstar has slashed its fair value estimate for Harley Davidson, as the iconic motorcycle manufacturer's core customer base declines faster than it can target new buyers.
CBA to put bad year behind it
19/07/2019  The Commonwealth Bank has better times ahead, says Morningstar's David Ellis, who predicts a strong recovery in earnings, which will flow through to modestly higher dividends.
AMP dismay is well-founded, says Morningstar
17/07/2019  AMP appears to be stuck with its life insurance business after regulators scuttled the sale, which is likely to further restrict the group’s struggling wealth management operations.
Looking at Amazon's future beyond Prime Day
16/07/2019  In the midst of Amazon's annual Prime Day, which ends on 16 August US-time, Morningstar looks at the online behemoth's long-term plans.
Investing should make you uncomfortable, says Platinum
15/07/2019  Limiting yourself to locally-listed companies rules out a wide range of industries and the potential upside they bring to a diverse portfolio, says Platinum’s Andrew Clifford.
3 China stocks benefiting from an ageing population
09/07/2019  This trio of opportunities in China spans the disparate sectors of insurance, biotech and gas distribution, as outlined by David Raper of UK-based fund manager Comgest.
Bullish ASX investors may be underestimating rate risk
05/07/2019  Local share investors' continued confidence in the wake of Tuesday's historic RBA interest rate cut may be somewhat misplaced, warns Morningstar Investment Management's Brad Bugg.
Forecast 2019-20: Tough times ahead
02/07/2019  Financial markets face the same challenges now as they did 12 months ago, and investors are at considerable risk even as central banks continue to drive down interest rates.
Rising wages, inflation mean investors shouldn't overlook Japan
01/07/2019  Abenomics have taken hold, bringing the economy out of deflation and creating opportunities in several areas, including small cap stocks.
Tips on building a low-maintenance retirement portfolio
28/06/2019  These strategies can help investors who are either approaching retirement or already retired and don't want to spend hours each week monitoring their investments.
What happens when a fund suspends trading?
27/06/2019  As Woodford Equity Income suspends fund withdrawals, Morningstar's UK director of manager research Jonathan Miller tells senior editor Holly Black what it means for investors.
What is an illiquid investment and should you invest?
26/06/2019  With the spotlight on illiquid assets and unquoted companies as the Woodford Equity Income fund remains suspended, Morningstar senior editor Holly Black talks to fund analyst David Holder about illiquid assets.
Friday Fundamentals Webinar: Portfolio Construction
21/06/2019  Morningstar's Portfolio Construction Guide helps you, the investor, put goals-based investing into practice, as explained by our individual investor product manager Mark LaMonica.
All buybacks are not equal, says Epoch
19/06/2019  Kera Van Valen and her team identify global companies with free cash-flow that regularly return profits via dividends, share buybacks and debt reduction, with Target a recent portfolio addition.
Why sovereign bonds hold enduring appeal
18/06/2019  Neither cash, infrastructure funds or even corporate bonds provide investors with true underlying defensive structures during peak market stress, warns Colchester’s Keith Lloyd.
Safeguarding your finances against cognitive decline
17/06/2019  The risk of financial mistakes and fraud rise exponentially among individuals experiencing cognitive decline, but there are ways to minimise your financial vulnerability.
Investing basics: how to pick stocks like Warren Buffett
14/06/2019  From the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska, Morningstar director of investor education Karen Wallace reveals how Buffet benefited from sniffing out companies with competitive advantages.
Blend funds to improve SMSF investment mix, says PineBridge
14/06/2019  SMSFs have long been prone to a strong home market bias, but adding a blend of funds can add diversification without blowing out costs or risk, says PineBridge’s Hani Redha.
US stocks ‘rich and vulnerable’ but other markets still attractive
13/06/2019  Amid uncertainty around trade policies and global growth concerns, parts of Australia’s equity market still appeal as do Japan stocks and some domestic credit vehicles, says Schroders’ Australia head of multi-asset.
We’re simplifying global equities, says Magellan CEO
11/06/2019  One of Australia’s most successful professional investors, Hamish Douglass, explains how behavioural biases can harm your portfolio, and why he chose to launch an exchange-traded managed fund.
Antipodes highlights favoured markets, sectors
07/06/2019  Global stock picker Jacob Mitchell explains how investors can get exposure to consumer staples, and why he currently favours emerging markets and parts of Europe.
A wide-moat firm trading at a meaningful discount
06/06/2019  Morningstar equity analyst Seth Goldstein explains why he sees significant upside for Compass Minerals.
Why fund managers are embracing ESG
03/06/2019  Investor demand is just one of several reasons more fund managers are assessing companies against environmental, sustainability and governance criteria.
Why Iluka is bucking the mining company trend
31/05/2019  This rare earths company provides a different exposure to consumer materials, has a clear path to revenue growth and is undervalued, says Morningstar’s Mat Hodge.
3 top picks: politics, equity risk among dominant investor themes
30/05/2019  Global economic policy, equity market risk levels and higher duration in fixed income investments are three key areas Insight Investment’s Steve Waddington is watching over the shorter term.  
3 top picks: Bennelong's Julian Beaumont
28/05/2019  Globally oriented export industries are key pillars of the Bennelong Australian Equity Partners portfolio, says Julian Beaumont.
Using multi-asset funds to lift, smooth investment returns
27/05/2019  Especially as markets dip and volatility ticks up, multi-asset investing can play a powerful role in investment portfolios, explains Insight Investment portfolio manager Steve Waddington.
Friday fundamentals webinar: Getting the most from investing in LICs
27/05/2019  Listed investment companies are popular closed-ended investment vehicles providing an easily-tradeable and transparent way to invest in equities but there are pitfalls, says Morningstar analyst Andrew Miles.
ETFs are democratising investing, says Vanguard
23/05/2019  As exchange-traded funds that take country tilts, invest in fixed income and even provide exposure to unlisted assets take hold, there are new ways to hold a core allocation to ETFs without being overly concentrated, explains Vanguard's Axel Lomholt.
A blueprint for building your financial plan
22/05/2019  A new book offers straightforward advice from start to finish.
The largest risk for young retirees
21/05/2019  Christine Benz talks with J.P. Morgan's Anne Lester about sequence risk, spending volatility during retirement and how to adjust withdrawals over time.
Unpacking the value in Pact Group
16/05/2019  Morningstar equity Grant Slade explains why packaging company Pact Group is undervalued and why new leadership will boost its turnaround strategy.
Car dealership tie-up a potential win
15/05/2019  Morningstar equity analyst Daniel Ragonese analyses the ramifications for the mooted merger between AP Eagers and Automotive Holdings Group.
What to do (and not do) in a volatile market
14/05/2019  Christine Benz discusses how investors should handle the turmoil, whatever the life stage.
Why concentration is the new diversification
13/05/2019  How a concentrated portfolio can also be diversified, and attract principles of quality, valuation, and low correlation with Sam Baldwin, portfolio manager at Guardian Capital
Finding pockets of value in US equities
10/05/2019  The US equity market has rallied after the fall of late last year but pockets of value remain in consumers staples, while in Europe and Japan financial stocks appeal, says Bryce Anderson.
Blocked merger underlines telco sector turmoil
09/05/2019  TPG remains undervalued regardless of any appeal outcome following the ACCC's rejection of the TPG-Vodafone merger, says Morningstar's Brian Han.
Ask the Expert: Link's long-term growth
08/05/2019  Link Administration has an upisde that the market is ignoring because it is too focused on superannuation reforms and Brexit, says Morningstar's Gareth James.
Buffett quizzed on Berkshire buybacks, succession
06/05/2019  Senior equity analyst Gregg Warren asked Buffett and Munger questions during the annual meeting.
3 Top Picks: Lazard's likes in global equities
03/05/2019  Medical waste, medical devices, and the global beverage market are three sectors where Lazard Asset Management's Warryn Robertson sees an opportunity to make solid gains.
How We Invest Your Money: Warryn Robertson
30/04/2019  Finding businesses with stable earnings and predictable cash flows is key to making excess returns for investors, says Lazard Asset Management's Warryn Robertson.
The investor risk of relying on economic forecasts
24/04/2019  Forecasts are usually designed to influence decision-making, and investors should be particularly wary of predictions that don't also provide a probability level, says Morningstar Investment Management UK's Dan Kemp.
Morningstar Minute: Crown Resorts a good bet
16/04/2019  Wynn's shortlived bid for Crown Resorts has only boosted Daniel Ragonese's conviction that the Australian gaming powerhouse is good value.  
Friday fundamentals webinar: Deep dive into ETFs
15/04/2019  Emma Rapaport talks to Morningstar's Alex Prineas about exchange-traded funds and what they can offer for the Australian investor.
2 high-quality US mid-cap stocks to consider
09/04/2019  Ariel's John Rogers discusses why he likes Jones Lang LaSalle and Stericycle. 
Use caution when chasing the latest investing trend
08/04/2019  Marijuana-focused funds produced spectacular returns last year, but they come with significant risks. 
Ask the Expert: John Likos on global growth, franking and hybrids
05/04/2019  Morningstar's director of equity and credit research gives his take on slowing global growth, the impact of Labor's franking policy and whether hybrid securities suit your portfolio.
Behind Wesfarmers' surprise bid for Lynas
04/04/2019  Morningstar equity analyst Johannes Faul explains the motives behind Wesfarmers' $1.5bn surprise bid for rare earths miner Lynas Corporation. 
Ask the Expert: Woolies' $1.7bn share buyback
03/04/2019  Morningstar analyst Johannes Faul explains the motives behind Woolworths' sale of its petrol business and its $1.7bn share buyback.
Does the yield inversion really signal a recession?
02/04/2019  The rare inverted yield curve environment today does not determine the markets tomorrow explains Dan Kemp, chief investment officer, EMEA at Morningstar Investment Management.
How We Invest Your Money: '75pc of our stocks did well so the batting average is good
01/04/2019  Ned Bell explains how Bell Asset Management managed to outperform last year when the market at large was getting beaten up.
What is Lyft worth?
29/03/2019  Morningstar's Ali Mogharabi gives his take on the company's value, how it stacks up against Uber, and the threat that regulation poses.
3 top picks in global small- and mid-caps
28/03/2019  A Danish medical device company, an American computer networking firm, and a Swiss leader in alternative asset management are among the small- to mid-cap stocks on Ned Bell's stock radar.
3 approaches to sustainable investing
27/03/2019  The three main approaches that an ESG-conscious investor can follow often overlap, says Hortense Bioy, director of passive strategies and sustainability research at Morningstar.
Fox Corporation has well-placed bets on live sports, news
26/03/2019  Morningstar has initiated coverage of the Fox Corporation after the Disney merger.
WAAAX on: taking the pulse of small-cap players
25/03/2019  Tech darlings WiseTech and Xero may not yet be household names but they have made some stellar gains, says Ross Macmillan, senior analyst with Morningstar Manager Research.  
Friday fundamentals webinar: new site preview
22/03/2019  In this exclusive Friday Fundamentals Webinar, we preview the new Morningstar Premium website, showcasing the big improvements to how we present our research and data, which will help you make better decisions.
Strategic-Beta ETPs on the rise
21/03/2019  Strategic or smart beta exchange traded products continued to expand in 2018 and now make up 10.5 per cent of Australia's ETP market, says Morningstar associate director, manager research Alexander Prineas.
Why successful investors avoid knee-jerk reactions
19/03/2019  Tuning out from unhelpful market noise is often a far better investing strategy than responding to events that are outside your control, and Brexit is a prime example, says Morningstar's Dan Kemp.
Ask the expert: From Fairfax family to Morningstar members
14/03/2019  Previous roles managing the Fairfax family’s money and at Qantas Super provide several contrasts and comparisons to Matt Wacher’s new chief investment officer role at Morningstar Investment Management Australia.
Earnings season insights: Why record dividends unsustainable
12/03/2019  The record $85bn in shareholder returns for the first half of 2019 isn't likely to be replicated any time soon, says Morningstar’s Peter Warnes, who also singles out a few winners and losers.
More women on US boards, but gender imbalance remains
11/03/2019  Women hold 16 per cent of all company board positions, but there are several caveats including company size and a higher rate of double-up, according to a Morningstar US report.
Ask the expert: Strategic beta ETFs
07/03/2019  State Street’s Thomas Reif explains smart beta exchange-traded funds, how style tilts such as value, size and low volatility work, and how such ETFs respond to higher volatility.
Banks hold up better than expected
06/03/2019  Despite Hayne fallout and other short-term pressures, three of the big four remain undervalued and dividends are solid, says Morningstar’s David Ellis.
Microsoft holds strong upside for investors, says Morningstar
05/03/2019  Very few companies the size of Microsoft can offer 12 percent revenue growth and 15 per cent earnings growth in each of the next several years.
Coles, Woolies and shareholders facing tough facts
20/02/2019  As margin pressures keep profits flat for supermarket giants Woolworths and Coles, the market is gradually realising their share prices are too high, says Morningstar’s Johannes Faul.
The what, how and why of flexible bonds
19/02/2019  Unconstrained bond strategies can outperform traditional fixed income in rising rate environments but the full story is more nuanced, says Morningstar’s Tim Wong. 
'Cheap and hated' China market packed with opportunity
18/02/2019  Describing China's A share market as 'a stock pickers' paradise,' T Rowe Price's Eric Moffett is among a cohort of professional investors rushing to identify the best opportunities.
3 reasons for optimism on Telstra result
15/02/2019  Critics of Telstra's 1H19 earnings result ignore the positive signs on its crucial NBN-proofing and other measures to help secure long-term earnings, says Morningstar's Brian Han.
Don't get decimated in a downturn
13/02/2019  Diversification is your best bet to minimise losses during a downturn rather than expecting an active equity fund to turn defensive, says Morningstar's Russ Kinnel.
What Fed’s pause means for investors
12/02/2019  The US Federal Reserve’s pause on interest rate rises last week was a relief for equity markets and riskier types of credit, but investors should prepare for increases later in 2019, says Mellon’s head of multi-sector strategies.
CBA result highlights challenges facing Aussie banks
08/02/2019  Commonwealth Bank delivered a "messy" and slightly disappointing result for 1H18 amid slowing loan growth and weaker house prices, but the long-term earnings outlook remain positive, says Morningstar’s David Ellis.
3 key investor themes for 2019
05/02/2019  UK equities look undervalued in all but the most extreme Brexit scenarios, says Morningstar Investment Management's Mark Preskett.
Recap of key revelations from the Hayne inquiry
04/02/2019  We retrace some of the key milestones from Kenneth Hayne's banking royal commission, ahead of the final report's public release after 4pm today.
Index investors 'get what they don't pay for'
31/01/2019  The late Vanguard founder, Jack Bogle, was a committed believer in index investing and the Cost Matters Hypothesis, says Morningstar's Russ Kinnel.
TPG decision will shake-up Aussie telco sector
30/01/2019  TPG's abandoning of its mobile network plans holds two powerful implications for the company and its competitors, particularly Telstra, says Morningstar's Brian Han.
4 tech giants look cheap ahead of earnings
29/01/2019  It's a full week of earnings, with Apple, Amazon, Facebook, and Microsoft all trading in 4-star range ahead of their reports.
Spooked investors, market sell-off create opportunity
25/01/2019  US stocks are still considered broadly expensive, but consumer staples is one area where lower valuations are creating opportunity, says Morningstar Investment Management’s Bryce Anderson.
International exposure can bring big benefits, says Morningstar
23/01/2019  Minimising home bias within their portfolios should be a key focus for Australian investors in 2019, says Tim Murphy, director of manager research, Morningstar Australia.
Netflix appeal wanes amid cash burn, competition
22/01/2019  Netflix ended 2018 on a strong note, but its ongoing use of cash and increasing competition from the likes of NBC, Universal and Disney hurt its prospects for 2019.
5 US mega-stocks set to announce earnings
21/01/2019  Chipmaker Intel and household name tech firm IBM are due to announce quarterly earnings this week, alongside Procter & Gamble, Johnson & Johnson and Starbucks.
Finding good returns in alternatives
17/01/2019  When all else is falling, alternative asset classes such as hedge funds, soft commodities, emerging market debt and banks loans can offer decent returns, says Morningstar's Brad Bugg.