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Video Transcription - Page 1
"Commodities Are a Flight to Quality"
Host 1: Martin Soong
Host 2: Sri Jegarajah
Todd G. Everts: I think there’s a lot of reasons to be cautious because there’s a lot of manufacturing data, there’s lot of earning reports from non-bank type of stocks that are going to be reported in the next few weeks in the US which are going to be disappointing. The Sea-change that I’ve seen in and amongst the circles that I am in, in Asia, the Middle East and Latin America are first of all as we approached the end of last year, there wasn’t any activity, whether as M&A (Merger and Acquisitions) or as private equity or it was allocations to hedge funds. As we approached the beginning of the new year we saw nothing that gave us hope, nothing that gave us confidence because in Asia, Chinese New Year and getting back to work. But what I’ve seen is a dramatic sea change in the last 6 weeks as it relates to M&A activity, allocations to hedge funds, allocations to funds of hedge funds, and venture capital. And that is extremely encouraging. All that with the fact that new money is coming in to the market without the use of leverage and so as we look at the markets, say, a year ago, the volatility we saw in the markets was escalated dramatically because the amount of capital was levered 7, 10, 15, 20 times depending on the investor. Today, because the banks haven’t re-entered they’re starting to re-enter which is encouraging. The amount of volatility in the market is slightly less but it’s new money coming in to the market. If we look at the consumer in the US which drives the US economy and we look at the consumer in the investment world which invest in the US for mutual fund, 401Ks and retirement plans if they’ve exited the market they’re already gone, so if they’re coming back in to the market this is an extremely positive sign.
Host 1: Is it there or it isn’t really big money. Is it institutional money is coming in?
Todd G. Everts: I think it’s institutional money but what’s encouraging is that institutional money is unlevered so when we see the market go up by half a percent, one percent or two percent it’s more of real money, it’s not money that is betting on an opportunity for the day or the week, it’s more on money that is going to stay in the market. That is encouraging. What’s discouraging is we’re going to get negative numbers from US manufacturing, we’re going to get negative numbers as relates to US financial bailout, we’re going to get negative on employment numbers and the market still seems to be resilient to this because it’s new money coming in to the market.
Host 2: Sri Jegarajah
About CNBC Squawk Box (Asia)
CNBC Squawk Box. Anchored by veterans Martin Soong and Karen Tso, the new "Squawk Box" continues to be the jumpstart on the business day for the corporate and financial communities. CNBC's signature show is better than ever, providing viewers with the edge to stay ahead: breaking news, connecting with newsmakers and chasing the hottest stories, as well as the ones that aren't hot... yet.
Host 1: Thursday morning, welcome back to Squawk Box Asia side, let’s get
to Todd Everts, president and CEO at Wall Street Global, he joins us live from our
studios up in Hong Kong. Todd, great to see you again. We were talking offline just
a couple of minutes ago and you were saying the look of the last 6 weeks there’s
been a lot of happening that’s given you reason for optimism, I mean we were talking
about this earlier on this morning. Markets seems to be pricing and not just the
US recovery but a global one as well but hey let’s not get ahead of ourselves there’s
a lot to be cautious about still.
CNBC Squawk Box. Anchored by veterans Martin Soong and Karen Tso, the new "Squawk Box" continues to be the jumpstart on the business day for the corporate and financial communities. CNBC's signature show is better than ever, providing viewers with the edge to stay ahead: breaking news, connecting with newsmakers and chasing the hottest stories, as well as the ones that aren't hot... yet.
Todd G. Everts: I think there’s a lot of reasons to be cautious because there’s a lot of manufacturing data, there’s lot of earning reports from non-bank type of stocks that are going to be reported in the next few weeks in the US which are going to be disappointing. The Sea-change that I’ve seen in and amongst the circles that I am in, in Asia, the Middle East and Latin America are first of all as we approached the end of last year, there wasn’t any activity, whether as M&A (Merger and Acquisitions) or as private equity or it was allocations to hedge funds. As we approached the beginning of the new year we saw nothing that gave us hope, nothing that gave us confidence because in Asia, Chinese New Year and getting back to work. But what I’ve seen is a dramatic sea change in the last 6 weeks as it relates to M&A activity, allocations to hedge funds, allocations to funds of hedge funds, and venture capital. And that is extremely encouraging. All that with the fact that new money is coming in to the market without the use of leverage and so as we look at the markets, say, a year ago, the volatility we saw in the markets was escalated dramatically because the amount of capital was levered 7, 10, 15, 20 times depending on the investor. Today, because the banks haven’t re-entered they’re starting to re-enter which is encouraging. The amount of volatility in the market is slightly less but it’s new money coming in to the market. If we look at the consumer in the US which drives the US economy and we look at the consumer in the investment world which invest in the US for mutual fund, 401Ks and retirement plans if they’ve exited the market they’re already gone, so if they’re coming back in to the market this is an extremely positive sign.
Host 1: Is it there or it isn’t really big money. Is it institutional money is coming in?
Todd G. Everts: I think it’s institutional money but what’s encouraging is that institutional money is unlevered so when we see the market go up by half a percent, one percent or two percent it’s more of real money, it’s not money that is betting on an opportunity for the day or the week, it’s more on money that is going to stay in the market. That is encouraging. What’s discouraging is we’re going to get negative numbers from US manufacturing, we’re going to get negative numbers as relates to US financial bailout, we’re going to get negative on employment numbers and the market still seems to be resilient to this because it’s new money coming in to the market.
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