## Liability Driven Investments and their Impact on Financial Markets

Download PDF Introduction The term “Liability Driven Investment”, also known as LDI, covers investment policies with the goal of covering current and future liabilities of the investor. As such, it is not a benchmark-driven investment strategy since it does not need to outperform any benchmark, but rather only needs to Read more…

## The future of gold: the full hedge role is at risk

Historically, correlation among different risky assets has increased during periods of financial crisis: losses in one market spread to others, thus creating “contagion”. The increased correlation phenomenon is confirmed by our previous analysis on the topic (https://bsic.it/new-old-high-correlation/). Furthermore, there is also the so-called “flight to quality”, meaning that investors move Read more…

## Starwood – Marriott: Star Marriage or a Walkaway?

Starwood Hotels & Resorts Worldwide Inc.; Market Cap: $12.18bn (as of 19/11/2015) Marriott International Inc.; Market Cap:$ 18.64bn (as of 19/11/2015)   Introduction On November 16, Marriott International, Inc. (NASDAQ:MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced that the boards of directors of both companies unanimously Read more…

## Ferrari: too fast outside the circuit?

[edmc id= 3236]Download here the Ferrari Pitch[/edmc] After having covered the IPO of Ferrari (https://bsic.it/wanna-flawless-ferrari-52-now-feasible/) in detail a couple of weeks ago, we are now trying to identify RACE’s market positioning in terms of multiples. The structure of the analysis is as follows: firstly, we plot Ferrari’s positioning against major automakers Read more…

## Is 2015 the new 1997/1998?

Macroeconomic scenario in 1997 In 1997, speculative attacks against the Thai baht forced the country to float and devalue its currency in a move that was followed by the Philippines, Malaysia, Singapore, and Indonesia. Then, Hong Kong stock market experienced a massive decline, which consequently led to losses in markets Read more…

## A bigger future for Nokia

The TMT market underwent profound changes during the last years, consolidating the best practice businesses and asking for a reshape of the others. That is the case of Nokia (NOK). In fact, it gave up to Microsoft the Devices & Services division in 2013 and, at the beginning of August Read more…

## Daimler – Shifting into the next gear

Driven by strong growth in China, the announcement of QE in the Eurozone and a solid recovery in the US, the automotive sector experienced a remarkable rally since the beginning of the year to the end of June. The SXAP (STOXX Europe 600 Automobiles & Parts Index) expanded more than Read more…