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Sharing current views and opinions showcases the thought leadership we bring to our clients.

Current Views

The Pursuit of Growth

Thoughts from our Domestic Equity Team

The financial markets are showing signs that companies are feeling optimistic about the direction of the economy. Indeed, a leading survey of companies seeking to measure confidence in the economy recently hit almost an 8-year high[1].

Among the signals we follow are mergers and acquisition activity (M&A) as well business investment in infrastructure (capital expenditures, or capex). We believe that an upswing in either of these measures demonstrates that companies are looking to grow their businesses with the belief that the economy is picking-up.

M&A activity year-to-date has been quite robust. Even with over a month left in the second quarter, global M&A volume in the first half of 2014 has been higher than any first half since the credit crisis ended[2]. Large cap U.S. firms, armed with large cash balances and access to inexpensive financing, have generally led this global M&A wave by acquiring other large cap companies[3].

As noted above, another way to increase exposure to a growing economy is to reinvest in the existing business by increasing capex. Ultimately, we think companies will engage in a meaningful amount of both M&A and capex. We view this wave of M&A activity as a positive sign that a significant increase in capex may soon follow.

Submitted by: Lee Caleshu, CFA


[1] International Strategy & Investment, “Company Survey Report”, May 2, 2014, pg. 1
[2] Bloomberg, The Roosevelt Investment Group
[3] Bloomberg, The Roosevelt Investment Group



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