Global Leaders Investment Letter: August 2022
Brown Advisory
SEPTEMBER 6, 2022
As economies decouple and deglobalise, prior “just-in-time” firms will move to “just-in-case” inventory, so it won’t be surprising to see RoICs come down without an offset in either asset turns or profit margins as they carry more robust inventory levels. In the period 2010 to 2014 there was a boom in energy capex particularly into U.S.
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