Mr. Marshall Mays
Founder & Director, Emerging Alpha Advisors, Ltd.
Member of the Financial Services Council
Council Member Biography
Marshall Mays is the Founder of Emerging Alpha Advisors, a risk advisor to institutional investors. Mr. Mays is also the Author of "Asian Values," a newsletter uncovering long-term value in Asia's markets and has spent 23 years investing in Asia, as well as Director of the Asia Bond Market Forum, a voluntary association of members concerned about the bond markets in Asia. He has worked for eight years in Japan, structuring debt at Chase Manhattan (1986-89) and running State Street Global Advisors (1991-94). Mr. Mays then served in Hong Kong as Nikko Securities' Chief Strategist (1995-98). He continues to work with financial regulators across the region, including the PBoC, designing a consolidated financial system in China and publicly traded bond markets plus local credit-information in half a dozen markets. Mr. Mays' sector research covers heavy-capital and machinery, infrastructure, energy and power-generation, plus financial services, logistics, and IT hardware. He is a regular guest on Bloomberg TV and CNBC, and has written numerous articles and several books on Asia's bond and pension markets. (This is me - Update Profile)
Employment History
- 1999 - Unspecified
- Founder & Director, Emerging Alpha Advisors, Ltd.
- 1995 - 1998
- Chief Strategist, Nikko Securities International
- 1991 - 1994
- Managing Director, STATE STREET GLOBAL ADVISORS, INC.
GLG NewsSM Analyses by Marshall Mays
GLG News is now G+ Insights
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G+ is a community for professionals, academics and entrepreneurs to connect through online discussions and in-person meetings. You will continue to see G+ Insights (formerly GLG News) here as well as on the G+ website, where you can share and discuss the G+ Insights you read.
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Volatility is becoming "normal" again
October 2, 2009
After the storm – A “new normal” for the world economy | www.economist.com
1 - This opinion-leader concentrates on needed changes in public policy, which are unlikely to happen. What will happen to the markets during this period of waffle?2 - Currency management will matter, as another way governments cheat, but the very shift from emergency priming to actual use of funds will shake up the capital markets.3 - Beware the consequences of shifting consumption patterns. You may get what you wish for!
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The new sub-prime market - another slow-motion disaster
October 1, 2009
Asian freight lines face threat of seizure | www.ft.com
1. Ship financing has usually been risky business, but during the 2003-07 go-go years that corresponded with the debt bubble it all seemed free and easy.2.Like US commercial property, ship construction got a lot of non-bank money, so now some funds will suffer - but so will the CDOs the bankers stuffed with ship credits.3. As the Baltic Dry Index plot suggests, a "death spiral" has begun in this asset class and a lot of balance sheets will suffer horribly.
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Global capacity adjustment - not just a China PR stunt
September 30, 2009
China moves to curb industrial capacity | www.ft.com
1. Overcapacity is a recurring Chinese problem, in the name of employment management and overall growth. 2. High export dependency (42% in 4Q08) exposed the economy to infrastructure bottlenecks, trade friction and increased risk of oversteering. 3. The need to adjust is real, but the bigger risks are social fragmentation, a global loss of confidence in the China growth story and severely reduced manoeuvering room in the international area.
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Near-term short on Daiwa is in order
September 14, 2009
Daiwa to buy out SMFG from venture for $2.2 billion | uk.reuters.com
1. A large, research-driven brokerage that has never fully adjusted to the realities of the post-90s Japan needed the deal-making and distribution muscle of SMFG.2. Its tightening of the relationship over a year ago was based on recognizing that weakness.3. The buy-out reflects a refusal of Daiwa leadership to try merging its culture with that of Nikko Cordial and the aggressive Sumitomo. A go-it alone strategy will be difficult - and lead to a new partner next year.
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Perpetual mispricing machine - Durable misconceptions about Asia’s markets
July 1, 2009
Asian stocks struggle to gain ground | www.ft.com
1. China's growth, a two-decade-old story, has been rewarding on average to those allowed to tap it, but access price has been high and the disappointments painful. We face huge risk of another one now, at a time other exporters and financial investors can least afford it. When might a publicly disclosed slow-down arise? Will bank performance be the symptom or the cause? 2. Japan is clearly more linked to China's growth than other rich countries, so China's problems are Japan's. Can the accumulation of improvements in Japan make up for the weight of a continued slow-down in PRC demand? 3. If the current risk is no worse than that elsewhere, what about the long term prospects? Are they superior to those elsewhere? Are current earnings multiples justified? If not now, when?
GLG Study Groups with Marshall Mays(?)
| Study Group Name | No. Members |
|---|---|
| Exchange Traded Fund Experts | 306 |
GLG Live Meetings with Marshall Mays(?)
Recent Seminars
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November 17, 2011 | Hong Kong
Seminar: Retuning China's Financial Engine - Innovation as a Matter of Necessity (Hong Kong) -
October 12, 2009 | London
Seminar: Do China's Banks Represent a Threat or an Opportunity? (London) -
September 11, 2009 | Hong Kong
Seminar: Sailing in Chinese Shoal Waters - Banks Serving as Industrial Policy Tools (Hong Kong) -
February 26, 2009 | Singapore
GLG Seminar: (Singapore) The Risks to Credit Expansion in Asia - Scenarios for the Next Five Years -
January 8, 2009 | Hong Kong
GLG Seminar: (Hong Kong) China and the Asian Banking Dominos
GLG Webcasts & Teleconferences
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