Perspective
Macroeconomics and Corporate Earnings
The impact of macroeconomic change depends on a business model and its economic exposure.
MORGANS CAPITAL MANAGEMENT
Understand the economy. Interpret the business impact.
Growth, inflation, interest rates and currencies form the backdrop to business decisions.
01 / MCM
From the environment to the transmission channel.
Macroeconomic changes do not affect all companies equally. We ask how demand, financing, costs and exchange rates may influence a specific business model.
This connection between the economic environment and business fundamentals is central to the analysis.
02 / MCM
Europe in an interconnected economy.
Research on European capital markets considers international trade relationships, energy and commodity dependencies and the importance of global end markets.
Economic data are interpreted in context, including time lags and differing developments across regions and industries.
03 / MCM
Scenarios rather than false precision.
A single economic path is often insufficient. Alternative scenarios help examine how a company or portfolio thesis might respond to different economic conditions.
Connect with MCM