bmo analysis
2 sided markets or competitive advantage?? last question mid-term exam
growth hacks (referral incentives increase signup by 60% in 2011, compeitions dropquest, easy to use simplicity availability on multiple device and platforms
Samsung glaxy II - But being able to wirelessly sync photos and videos to a cloud account offers Dropbox another competitive edge.
suatainabilty of current position
Image
Easy of use competitive advantage creating value capturing value status quo
Rare
Immitable
Oprational excellence
Investment
Implications
While the US may be on the verge of emerging from financial repression , we believe much of the rest of the developed world is likely to remain in that dynamic for some time to come, largely to allow for continued deleveraging. The rise in real rates globally reflects some degree of economic normalization, with solid US growth, Europe emerging from recession, and reduced chance of hard landing in China, but emerging markets growth has been decelerating. Monetary policy normalization in the Eurozone and Japan is likely to run well behind that in the
US, which allows for holding some rate risk in those regions, such as selected peripheral exposures in Europe. In the US, selective issues in the municipal market, parts of the high yield sector, and certain securitized assets look reasonably priced relative to their histories. Furthermore, for the higher - quality and liquid segments of a portfolio, mortgage - backed securities are providing a significant yield pick - up relative to investment
-
grade corporate issues, and the possibility that Fed QE tapering focuses more on Treasuries than on MBS, as recent research suggests it should to maximize policy effectiveness, may argue for continuing support of that market. 1
Emerging
market debt has obviously been beset by significant total return losses and capital outflows, which may continue, but we would caution
growth hacks (referral incentives increase signup by 60% in 2011, compeitions dropquest, easy to use simplicity availability on multiple device and platforms
Samsung glaxy II - But being able to wirelessly sync photos and videos to a cloud account offers Dropbox another competitive edge.
suatainabilty of current position
Image
Easy of use competitive advantage creating value capturing value status quo
Rare
Immitable
Oprational excellence
Investment
Implications
While the US may be on the verge of emerging from financial repression , we believe much of the rest of the developed world is likely to remain in that dynamic for some time to come, largely to allow for continued deleveraging. The rise in real rates globally reflects some degree of economic normalization, with solid US growth, Europe emerging from recession, and reduced chance of hard landing in China, but emerging markets growth has been decelerating. Monetary policy normalization in the Eurozone and Japan is likely to run well behind that in the
US, which allows for holding some rate risk in those regions, such as selected peripheral exposures in Europe. In the US, selective issues in the municipal market, parts of the high yield sector, and certain securitized assets look reasonably priced relative to their histories. Furthermore, for the higher - quality and liquid segments of a portfolio, mortgage - backed securities are providing a significant yield pick - up relative to investment
-
grade corporate issues, and the possibility that Fed QE tapering focuses more on Treasuries than on MBS, as recent research suggests it should to maximize policy effectiveness, may argue for continuing support of that market. 1
Emerging
market debt has obviously been beset by significant total return losses and capital outflows, which may continue, but we would caution