Robert McConnaughey is the global research director for Columbia Management Investment Advisers, LLC (CMIA). Mr. McConnaughey joined the firm in 2002 as director of fundamental equity research and has been a member of the investment community since 1993.
Prior to joining Columbia Management, Mr. McConnaughey served as the associate director of research for Citigroup Global Asset Management, overseeing growth industry equity research analysis worldwide. Previously, he was a managing director of Prudential’s Real Estate Securities Group, where he directed research and portfolio management of retail and institutional assets. Mr. McConnaughey began his career in investment management at Fidelity Management & Research, where he was an analyst and portfolio manager.
Mr. McConnaughey earned his B.A. degree from Dartmouth College.
When discounted for index composition, U.S. equities are not trading at a significant premium to Europe. One can draw some very misleading conclusions about any disparate group by only looking at the aggregates. Those who draw broad conclusions based on index valuations may be creating opportunities for those who can dig deeper for them. Nobody
Republicans exceeded expectations across the board, gaining control of the Senate and picking up significant net new seats in the House as well as in state capitols. We aren’t expecting the GOP to embark on a politically self-destructive path regarding debt limits and potential government shutdowns. But a clash over immigration might increase risks of
While consensus suggests a slightly better than average chance of a GOP takeover, battle for control of the U.S. Senate is going to be a dramatically close call. When we examine how a GOP win might affect industries such as energy, healthcare and defense, it’s not as black-and-white as some people might think. One of
In Japan, there is general optimism for a steady economic recovery, with a prevailing sense of confidence in reasonable valuations and a low bar for incremental improvement. Companies that can take advantage of global business opportunities look far more attractive than those simply waiting for a rising national tide to lift their boats. A re-allocation
We continue to be excited about the opportunities to position in emerging markets ahead of positive change where market uncertainty still exists. Chinese corporate level governance reforms may be fertile ground for undiscovered investment opportunities. The scope and pace of China’s reform will have significant influence on the global economy and should be monitored closely.
Recent selloff has tested stance that investors would benefit from seeking scarce growth, so long as that growth did not become wildly overvalued. We appear to be moving into a “sorting out” stage where investors begin to more granularly assess both the fundamentals and the incremental opportunities. Patience and tolerance for ongoing bouts of volatility
The markets have rewarded U.S. corporations that have embraced a discipline of strict cost oversight and a rigorous focus on returning capital to shareholders. We strongly favor such discipline unless it ends up crowding out reinvestment for innovation and profitable revenue growth. From the bare bones levels of the post-crisis period, it is encouraging to
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