All change for next cycle

markets forum

how the intrinsic value of an organisation differs from its quoted value key to performance

HSBC foresees a changed economic climate dampening the efficiency of its traditional business cycle approach and is increasing its emphasis on stockpicking as a result. Speaking at the recent Investment Week London Markets Forum, Robert Morris, senior UK fund manager at HSBC, argued the economy is becoming trendless. This is making it more vital than ever before to be able to value a company effectively. While Morris emphasised the importance of valuations, he stressed business cycle investing remains the framework of the HSBC process. Morris said: "The tailwinds responsible for the 199...