PSG Angle
PSG Angle – Digging for value in a two-faced market
There is a strong school of thought and much commentary in the financial press that global investment sentiment is currently bullish and stock markets are expensive. We would contend that it is difficult to make this assertion categorically and especially … Continue reading
PSG Angle : US Healthcare – an easy pill to swallow
At PSG Asset Management, our preference when investing is to allocate funds to well managed, high quality companies, which generate high returns on invested capital and have the ability to reinvest in their own franchise at attractive rates of return. … Continue reading
PSG Angle: Forget about Europe – the only thing to worry about is interest rates
These days you can count yourself lucky if you pick up a newspaper and do not find some pundit’s article about the European sovereign debt crisis and suggestions of how to fix it; not to mention endless predictions about the … Continue reading
PSG Angle: Beating the Spread
There are two schools of thought concerning the current state of world economies and markets. The first says “this time is different”. The world is different to how it previously was two decades or even one decade ago. The financial … Continue reading
PSG Angle : The Impact of Inflation and the Repo Rate on Government Bonds
In the fixed interest world, there are many variables which influence the yield on government bonds. The two most important, however, are the Consumer Price Index (CPI) – the broad basket measure of inflation – and the repo rate – … Continue reading
PSG Angle : The Opportunity in Global Equities
Regular readers of the PSG Angle will be aware that we at PSG Asset Management have been casting our gaze offshore for investment opportunities in a universe that we felt provided a fertile ground for the long-term, patient investor. We … Continue reading
PSG Angle – Europe’s Lender of Last Resort
. The origin of central banking dates back to the establishment of the Swedish Riksbank and the Bank of England in the seventeenth century. These institutions were created with the purpose of providing currency and funding their respective governments’ debts … Continue reading
The PSG Angle: Off to the Races
After an eventful 2011, in which stock market investors around the world experienced poor or lacklustre returns, the first two months of 2012 tell a different tale. As seen in table 1, markets have enjoyed a strong start to the … Continue reading
PSG Angle : The cost of economic growth
Whether you are a passive shareholder in a listed company or actively engaged in running your own business, there is one concept that focuses the mind of any capital provider, that being growth! Expectations of growth determine which projects or … Continue reading
PSG Angle : PSG Outlook – some perspectives from the battle zone
We have spent much of the last two weeks on a roadshow to clients on how we see investment markets and how our process has been configured to produce reasonable and consistent returns whatever the future holds. I thought it … Continue reading
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