The outlook for dividends in a world of yield starvation

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There remains much uncertainty regarding the depth, breadth and length of the COVID-19 recession. For example, the Global Economic Policy Uncertainty Index (compiled by academics from Stanford, Chicago, and Northwestern) stands at a record high and almost twice its level during the global financial crisis (GFC). Bill Priest, CFA, Executive Chairman, co-CIO and portfolio manager

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21 May 2020

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Cold War 2.0 and its implications for global markets

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Bill Priest, CEO, co-CIO and portfolio manager of Epoch Investment Partners (Epoch) recently visited Australia to share Epoch’s world view with financial advisers and in particular, the potential impact of Cold War 2.0 on investment markets. In this article, GSFM shares Bill’s insights, gleaned from an investment career spanning more than 45 years, and discusses

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05 Dec 2019

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Blitzscale and hope – unicorns, IPOs and the fear of repeating the late 1990s

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The current hype about two-sided digital platforms, blitzscaling and winner-takes-most markets has fuelled a surge in IPO listings. It is perhaps unsurprising that this exuberance, especially when combined with inordinate liquidity, record levels of VC activity and multiple fundraising rounds, has often produced stratospheric valuations that are difficult to reconcile with free-cash-flow (FCF) fundamentals. As

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30 Sep 2019

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Back from the brink

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While the US is ‘back from the brink’ and markets have returned to positive territory in 2019, this cycle is well into its late innings. As discussed in this article from GSFM’s investment partner, Epoch Investment Partners, written by CEO and co-CIO Bill Priest, there are three reasons to maintain a cautious investment stance. The

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01 Jul 2019

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Trump, Tech and Trade

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China 2025 is perceived as an existential threat to US commercial and technological leadership. This raises the risk that the Trump administration could conclude that its best response is to decouple much of the US supply chain from China. As discussed in this paper from Epoch Investment Partners, penned by CEO and co-CIO Bill Priest

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30 Jan 2019

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Global themes in a tech driven world

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In a recent series of presentations to advisers in Australia, industry veteran Epoch’s CEO and co-CIO Bill Priest, discussed the new world order, in which bits replace atoms, tech is the new macro and companies need to evolve to stay relevant. Global businesses have arguably entered a period of unprecedented innovation and disruption, one where

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23 Oct 2018

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Investment implications of the US election

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Following the US election, Epoch Investment Partners (Epoch) hosted a webinar to discuss the implications of the US presidential election result. It was hosted by Bill Priest, co-CIO and CEO, and Kevin Hebner, Managing Director of Global Portfolio Management. Their views are outlined in the following article. New York-based Epoch manages the Grant Samuel Epoch

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16 Nov 2016

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Is Japan investable through a cash flow prism?

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There are so many ways companies, sectors and economies can be viewed: many investors study traditional accounting metrics such as price/earnings (P/E) and price/book value (P/BV) ratios of companies and sector. Economic data is put under the microscope. On the other hand, Epoch Investment Partners (Epoch), manager of the Grant Samuel Epoch Global Equity Shareholder

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24 Oct 2016

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Active management key to long-term returns

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Speaking from New York by video link at the PortfolioConstructionForum Conference in Sydney yesterday, Mr Bill Priest, CEO of Epoch Investment Partners said that active managers who focus on the short term negate the longer-term advantages of active asset management. “While active managers may be under pressure from passive and low cost approaches, they must

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25 Aug 2016

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Brexit and its contagion

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Bill Priest, CEO and co-CIO at New York-based Epoch Investment Partners, manager of the Grant Samuel Epoch Global Equity Shareholder Yield Funds, provides an update with two subjects — Epoch’s capital markets outlook and their view of the implications of Brexit; the latter is inextricably tied to the former. We analyse the potential impact of

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18 Jul 2016

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