Ativo Capital

Rigorous Thinking


Financial and economic commentary reflecting Ativo’s world view:

Oil, China and Prospects for the US Economy

Thursday, May 12, 2016

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April 15, 2016 Global stock markets were off to a rocky start in 2016. Was the sharp decline in U.S. stock prices early in the year a signal that the economic expansion that began in 2009 is about to end, or is the canard “The stock market has predicted five of the last three recessions” again relevant? The dramatic decline in petroleum prices has contributed to the malaise of the residents of the ten U.S.states that produce 80 percent of domestic crude oil. The prices of oil company stocks are down sharply.  Real GDP and household incomes have declined…

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Ativo Capital Recognition at NAA’s 15th Annual Wall Street Summit

Monday, November 2, 2015

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Ativo Capital Management, LLC Joins the ‘Billion Dollar Circle’ of New America Alliance (NAA) Ativo to be recognized at the NAA’s 15th Annual Wall Street Summit as one of 10 member firms with more than $1 billion in assets under management October 29, 2015 01:52 PM Eastern Daylight Time CHICAGO–(BUSINESS WIRE)–Ativo Capital Management, LLC (Ativo), announced this morning its recognition by the New America Alliance (NAA) into the ‘Billion Dollar Circle,’ comprised of 10 firms owned by NAA members, each with more than $1 billion in AUM. The NAA, a national collective of influential Latino business leaders driving empowerment and…

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Ativo’s Summer Reading List

Tuesday, July 28, 2015

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In recognition of a summer vacation tradition, we’re taking a break from serious commentary to share what the Ativo team has been reading.   As this reflects our personal summer reading, it is furnished “as is,” without warranty of any kind. Ram Gandikota, Senior Portfolio Manager & Associate Director of Research, is reading Steve Pinker’s “The Better Angels of Our Nature: Why Violence Has Declined” and “Business Adventures” by John Brooks, which he describes as “a collection of fascinating stories” that are “still relevant today in understanding how corporations function.” Senior Performance Analyst Amanda Dice is busy studying for her…

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Continuing Evolution of the Greek Crisis – June 30, 2015

Wednesday, July 1, 2015

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The next few developments in the unfolding of the tragedy in Athens are predictable. The Tsipras government is lefty and spastic; its response to a problem will be more controls. There are controls on cross border payments and apparently there are controls on withdrawals from ATMs. These controls will enable the banks to delay the dates when they can no longer run replenish the Euro notes in the ATMs. But the planes that have brought these notes from Frankfurt to Athens are no longer flying. Why will anyone accept the limits on their choices that the government proclaims? There…

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The Resolution of the Crisis in Athens

Friday, June 26, 2015

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Last week I visited Reykjavik to present the draft of a chapter on international monetary reform to the Department of Economics at the University. The city is booming, the cranes have returned and the restaurants are full. The country is more or less at full employment. Ironically, the crisis in Iceland and then the volcanic eruption has put the country as a mecca for tourists. The global financial crisis impacted Iceland in 2008 and 2009 at about the same time as it hit the United States, Britain, Ireland, Spain, Portugal and Greece. The United States is at full employment….

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