Four Key Themes

“Four key themes from 4Q earnings conference calls. (1) The margin debate continues as companies seek to offset pricing and cost pressures with efficiency gains and operating leverage, but further expansion looks challenging. (2) Despite recent concerns, many companies remain optimistic about and committed to EM growth. (3) In seeking to deploy their record levels of cash, firms continue to increase dividends and buybacks but also look increasingly to invest for growth. (4) A weakened yen and EM volatility are two of the factors causing managements to cite FX as a headwind to revenue growth.” (Goldman Sachs)


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