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Sahil Mahtani

See more on "Macroeconomics"
5 Documents
October 4, 2018
Topic:
1
Investors have long attempted to incorporate ESG information into their stockpicking decisions, however, ESG funds have underperformed the market. This issue shows how the latest developments in artificial intelligence and machine learning are finally giving investors the upper hand. Big data catches out ‘greenwashing’ and provides forward-looking market signals that outperform the market. This is a boon for investors who want to determine how ESG issues affect the fair value of stocks. [more]
September 19, 2018
2
It may not feel like it, but we live in inflationary times relative to long-term history. Before the start of the twentieth century, prices crept higher only very slowly over time and were often flat for long periods. In the UK prices were broadly unchanged between 1800 and 1938. However, inflation moved higher everywhere across the globe at numerous points in the twentieth century. UK prices since 1938 are up by a multiple of 50 (+4885%). [more]
June 6, 2018
3
About 250 years on from the first industrial revolution, we appear to be on the brink of a new age of automation, one dominated by complex robots and artificial intelligence. In this issue, we examine the impact of the next generation of automation on workers, industry, and society at large. Evidence from history, economics, and our industry analysts suggest that robots are more likely to complement us than replace us. [more]
March 1, 2018
5
In the fourth part of our series on the impact of rising yields, we discuss the rising incidence of zombie firms in recent years. Bottom-up data of some 3,000 companies in the FTSE All World index show that the percentage of zombie firms has more than tripled to 2.0% of firms in 2016 from 0.6% in 1996. Such firms are defined as those with an interest coverage ratio under 1x for 2 consecutive years and a price to sales ratio under 3x. That matters because zombie firms are linked to fading business dynamism and because years of low interest rates should have led to fewer such firms, not more. There are early signs we are at a turning point, however. The numbers for 2017, with two-thirds of firms reporting, suggest that zombie firm incidence declined sharply last year. If this proves to be a real trend, it may give central banks confidence that continuing to raise rates and pull away from unconventional monetary policy will have some advantages. [more]
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