- 1. Honored that Running Point and I were quoted the morning of May 6, 2022 in a
- 2. Running Point and I were quoted April 30, 2022 in an
- 3. Running Point and I were quoted April 26, 2022 in an
- 4. Running Point and I were quoted the morning of March 16, 2022 by
- 5. Running Point and I were quoted the morning of October 26, 2021 by
- 6. Running Point and I were quoted the morning of August 25, 2021 by
- 7. Running Point and I were quoted the morning of August 23, 2021 by
May 7, 2022
Michael’s quotes in the press — commentary, sarcasm, and global macro reflections
I’ve been fortunate and honored to be quoted in the press several times over the last year — by Fast Company, International Business Times, and Reuters — so in a break from my usual CIO (Check-It-Out) Reports, I’d like to play catch up on those press articles in reverse chronological order.
1. Honored that Running Point and I were quoted the morning of May 6, 2022 in a Fast Company business article in their “Financing the Future” section regarding that day’s upcoming and successful Bausch + Lomb 👁🗨 spinoff/IPO.
Bausch + Lomb stock will start trading on the NYSE, priced lower than expected in IPO, by Sam Becker, 05/06/22
Prior to spinning off its subsidiary, Michael A. Schulman, a founding partner and CIO at California-based Running Point Capital Advisors, says that Bausch Health combined two “very different types of healthcare companies.” Those being a pharmaceutical giant, and a consumer-product-focused company in Bausch + Lomb.
“Although the divisions may seem synergistic because they both operate within healthcare, the two parts of the company appeal to completely different sets of investors,” he says. “Right now, Bausch is the meal equivalent of combining premium icecream with Bolognese pasta on the same plate. Separately, they have a lot of appeal. But combined together, not so much.”
The full original quote was:
“The problem with Bausch Health Companies Inc. is that it combines two very different types of healthcare companies:
1) An exciting pharmaceutical/biotech company that should be valued based on its pipeline of future drugs and discoveries for central nervous system disorders, eye health, and gastrointestinal diseases; and
2) A stable cash cow consumer products and health group (Bausch + Lomb) that sells contact lenses and medical equipment that should be valued on fundamentals.
Although the divisions may seem synergistic because they both operate within healthcare, the two parts of the company appeal to completely different sets of investors. Right now, Bausch is the meal equivalent of combining premium ice cream with Bolognese pasta on the same plate. Separately, they have a lot of appeal; combined together, not so much.
Splitting Bausch + Lomb from Bausch Health will simplify the narratives of both companies and allow them to appeal to specific sets of investors; those that want more risk and potentially more upside versus those that desire more stability.”
2. Running Point and I were quoted April 30, 2022 in an International Business Times article regarding Starbucks ☕.
Starbucks Is Turning From A ‘Third Place’ To A Fast Food ‘Driving Place’, by Panos Mourdoukoutas, PhD, 04/30/22
“Starbucks’ biggest problem is that it has lost its charm,” Michael Ashley Schulman, CFA Partner / Chief Investment Officer Running Point Capital Advisors told International Business Times. “Starbucks used to not only sell coffee but also used to provide a fun, relaxing atmosphere and gift shop with sodas, coffee bags, tumblers, cups, and decorations to browse while waiting in line. It used to compete with a few other companies. Now, it is all about the drinks, food, drive-through, and pickup rush like any fast-food establishment.”
3. Running Point and I were quoted April 26, 2022 in an International Business Times article regarding Japan and recent Yen💴currency weakness.
Japan-China Tensions Over Taiwan Add Pressure On The Yen, by Panos Mourdoukoutas, PhD., 04/26/22
“The Japanese Yen has declined sharply since early March — it is at levels not seen in 20 years — because of a confluence of reasons including Bank of Japan’s intervention to keep its 10-year bond yields at or below 0.25%, higher U.S. yields, slower global growth, higher energy and commodity prices, and peripheral fear that Japan might get embroiled in a war to protect Taiwan from China,” says Michael Ashley Schulman, CFA Partner / Chief Investment Officer at Running Point Capital Advisors.
Meanwhile, Schulman thinks that the yen weakness reflects the weakness of the Japanese economic growth vis-a-vis the U.S. “Japan is much more dependent on global growth (which is slowing), and Japan is a net importer of energy and commodities and thus hurt by rising global prices of raw materials,” he says.
…Then there are geopolitical factors like the rising tensions in the Taiwan Strait, which further undermine the yen’s status as a safe-haven currency. “Although the yen is usually thought of as a flight-to-safety asset in times of risk or uncertainty, it has lost much of that safety luster since former Prime Minister Shinzo Abe last November began to publicly proclaim that Japan would not standby if China attacked Taiwan,” adds Schulman.
4. Running Point and I were quoted the morning of March 16, 2022 by Reuters — twice in the sme article — regarding global equity market sentiment, investor reactions and timing, U.S. Treasury yields, and that day’s impending Federal Reserve Board interest rate hike.
GLOBAL MARKETS-Global equities, U.S. yields rise on Ukraine peace hopes, Fed rate hike, by Chibuike Oguh, 03/16/22
“The quarter-point hike is already in the market, already known. What will have an effect on the market is what the Fed ends up saying after the announcement, whether they seem hawkish or dovish,” said Michael Ashley Schulman, chief investment officer at Running Point Capital in California.
“At this point, I think you have a lot of active investors and hedge funds that are seeking any news that would make for a tradable bottom despite the dire global macro scenario of inflation, rising rates, and a horrible war in Russia-Ukraine,” Schulman added.
5. Running Point and I were quoted the morning of October 26, 2021 by Reuters regarding investment market movements and expectations.
GLOBAL MARKETS-Global equities edge up on upbeat earnings; gold falls, by Chibuike Oguh, 10/26/21
“Traders see this relatively strong earnings and other companies taking advantage of low interest rates to invest in capital expenditure as positive momentum,” said Michael Ashley Schulman, chief investment officer at Running Point Capital.
For more background, the original statement was much longer and similar to some of what I had mentioned previously in my weekly posts. The full original quote was:
“When what was recently a bankrupt company, Hertz, is able to place a $4.2B order for 100,000 Teslas for its rental fleets, it exemplifies technology again as an enabler for other industries. Traders see [examples such as] this, relatively strong earnings, and other companies taking advantage of low rates to invest in capital expenditures as positive momentum.
“Although there is no lack of Halloween jitters, if one speaks to businesses, demand is strong, credit is available, supply chain hurdles should eventually get fixed, and there are still millions of people that should join or re-enter the U.S. labor force.
“Additionally, there is a lot of concern about inflation, but not much about the differentiation between good inflation and bad inflation. Good inflation happens when a strong economy grows; bad inflation occurs when an economy or government is weak — we are in a growth recovery environment and that has been our position since government stimulus began in March 2020.
“Equities, private real estate, and private credit tend to do relatively well in an inflationary environment because their asset values also often increase and they can usually raise prices or rates; commodities tend to do well at the outset, but often tumble with the increased supply that inevitably comes with higher prices.”
6. Running Point and I were quoted the morning of August 25, 2021 by Reuters regarding investment market movements and expectations.
Wall Street hits records on economic optimism; dollar falls, by Chibuike Oguh, 08/25/21
“Part of the risk-on move that began on Monday with FDA approval of vaccines has continued,” said Michael Ashley Schulman, chief investment officer at Running Point Capital.
“Some investors feel we’re reaching the peak of the COVID wave, thus reopening and economic growth will continue.”
7. Running Point and I were quoted the morning of August 23, 2021 by Reuters regarding investment market movements and expectations.
Equities gain, U.S. dollar falls; Fed seen less eager to taper, by Chibuike Oguh, 08/23/21
“It’s a whole combination of factors, the big one being the FDA approval of the vaccine. A lot of people are taking it as good news and then the Fed may not be as keen on tapering as suspected,” said Michael Ashley Schulman, chief investment officer at Running Point Capital.
Thank you for reading!
Best wishes for the weeks ahead😊
Michael Ashley Schulman, CFA
Partner / Chief Investment Officer
“We deliver custom investment solutions, innovations, and unique perspectives to you and your family.”
#currency #yen #japan #china #taiwan #familyoffice #multifamilyoffice #cio #moneymanagement #wealthmanagement #investment #business #coffee #food #charm #change #inflection #fastfood #strategy #familyoffice #moneymanagement #wealthmanagement #trading #investment #business #future #health #healthcare #biotech #pharmaceutical #financialplanning #wealthmanagement #stocks #stockmarket #cashcow #Business #familyoffice #financialplanning #stockmarket #assetmanagement #assetallocation #investmentmanagement #capitalmarkets #wealthmanagement #riskmanagement #portfoliomanagement #estate #familyoffices #highnetworth #trading #management #interestrates #analytics #research #consultants #interestrates #covid19 #supplychain #UHNWI #yourfamilyofficehere #estateplanning #humor #markets #Investments #investment #investing #fixedincome #bonds #metaverse #stocks #equities #privateequity #venturecapital #PE #VC #RE #AI #illiquid #commodities #hedgefunds #privatecredit #privatedebt #volatility #impactinvesting #ESGinvesting #impact #impactinvestments #creatoreconomy #nicherealestate #Macro #macroeconomics #economics #economy #finance #inflation #money #stablecoin #technology #sustainability #events #news #weekinreview #globalmacro #globaltrade #Countries #Companies #China #Europe #Russia #putin #Ukraine #US #war
Disclosure: The opinions expressed are those of Running Point Capital Advisors, LLC (Running Point) and are subject to change without notice. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Forward-looking statements cannot be guaranteed. Running Point is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Running Point’s investment advisory services and fees can be found in its Form ADV Part 2, which is available upon request. RP-21-26, RP-21–27, RP-22-7, RP-22-15, RP-22-17, RP-22-20