Points of view of Dorval AM experts

Top point of view
09/04/2020
Exposure rates of the Dorval Asset Management Range – 9th April 2020
With the extremely severe but temporary shock on the economy, corporate earnings and dividends in 2020, investors are losing their bearings on asset valuations. As the first quarter 2020 earnings reporting season draws near, we sometimes hear said that current stock-market levels underestimate the reality of the slump. Yet this reasoning boils down to a considerable overestimation of the impact of an admittedly spectacular but inherently temporary shock, which seems unreasonable.
Top point of view
06/04/2020
Exposure rates of the Dorval Asset Management Range – 3rd April 2020
The world economy has shut down to save lives, so it is senseless trying to decipher the economic indicators that are still being issued. 
Top point of view
30/03/2020
Exposure rates of the Dorval Asset Management Range – 27th March 2020
A number of observers are wondering why the stock-markets have surged again (the MSCI World has climbed 17% since the low on March 23) while the economic situation is deteriorating drastically, as shown by the record number of new jobless claims in the US, which soared to 3.28 million.
Top point of view
23/03/2020
Exposure rates of the Dorval Asset Management Range – 20th March 2020
The plunge on the world stock-markets since the start of the coronavirus crisis can be seen as a build-up of risk premiums i.e. economic uncertainty premium, health uncertainty premium, liquidity premium, solvency premium, volatility premium, political risk premium, etc.
Top point of view
16/03/2020
Exposure rates of the Dorval Asset Management Range – 13th March 2020
The stock-market crash over the past few days has primarily been a result of panic surrounding management of the current extensive – but albeit temporary until we see proof to the contrary – health crisis.
Top point of view
09/03/2020
Exposure rates of the Dorval Asset Management Range – 6th March 2020
With the financial markets having succumbed to an epidemic of pessimism, stabilization on the world stock-markets seems to require three main factors: 
Top point of view
28/02/2020
Exposure rates of the Dorval Asset Management Range – 28th February 2020
Overview: investors have often been described as complacent of late when faced with the economic risks of the efforts to contain the coronavirus, but panic has now set in. 
Top point of view
24/02/2020
Exposure rates of the Dorval Asset Management Range – 21st February 2020
The whole world is closely monitoring concrete efforts to contain the coronavirus, while initial indicators for February are not helping provide much visibility. 
Top point of view
17/02/2020
Exposure rates of the Dorval Asset Management Range – 14th February 2020
Germany has just announced stagnating 4Q 2019 GDP, while its political situation has taken a more complex turn, with some observers expressing concern on the country’s economic outlook after its strength has impressed the entire world since 2005 (cf. chart 1). 
Top point of view
10/02/2020
Exposure rates of the Dorval Asset Management Range – 7th February 2020
Sluggish German (-3.5%) and French (-2.8%) manufacturing output figures for December 2019 cast doubt over the economic stabilization scenario in Europe. 
Top point of view
03/02/2020
Exposure rates of the Dorval Asset Management Range – 31st January 2020
As the United Kingdom and the European Union parted ways after a rocky 47-year partnership, investor anxiety homed in on the coronavirus.
Top point of view
27/01/2020
Exposure rates of the Dorval Asset Management Range – 24th January 2020
The latest Markit business surveys – the famous PMI – suggest that euro area growth continues to stabilize at a moderate pace. 

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