“… the coffee consumption in China … now sits at less than four cups per year, per person, compared to 300 in the US, this is a huge opportunity“ Starbucks President on the latest Earnings Call.
No wonder Starbucks has 4,000 stores in China already with 1,000 more planned for 2020.
The word China was mentioned 52 times on the call …
Morgan Stanley (via FT Alphaville) point out a Savills report (here and here) – if WeWork walked away from every commitment they have in London Offices it would raise the months of supply from 12 to 18.5 (City) and 15 (West End).
This is below the 20 months considered over supply.
“Just over 20 years have passed since the publication of Mark Carhart’s landmark 1997 study on mutual funds.
Its conclusion—that the data did “not support the existence of skilled or informed mutual fund portfolio managers”—was the capstone of an academic literature, which began with Michael Jensen in 1968, that formed the conventional wisdom that active management does not create value for investors.
We review the literature on active mutual fund management since the publication of Carhart’s work to assess the extent to which current research still supports the conventional wisdom.
Our review of the most recent literature suggests that the conventional wisdom is too negative on the value of active management.“
