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Graham Secker: Welcome to Thoughts on the Market. I'm Graham Secker, Head of the European and UK Equity Strategy Team.

Ed Stanley: And I'm Ed Stanley, Head of European Thematic Research.

Graham Secker: And today on the podcast, we'll be talking about the continued interest in thematic investing in Europe. It's Thursday, August the 12th, at 3 p.m. in London.

Graham Secker: So, Ed, I really wanted to talk to you today because investor appetite for thematic related equity products such as ETFs, mutual funds and the like has grown to the point that thematics has actually been carved out from our traditional sector research at Morgan Stanley. So as head of the European Thematic Investing team, can you walk us through what's behind the increased interest in this area and how you see the thematic landscape evolving over the next couple of years?

Ed Stanley:  Thanks, Graham. To understand thematics, first you have to look at...

We created free lesson plans featuring women in tech for teachers to use wherever they fit into the school day—from math to history to computer science. Using these lesson plans, students can explore the hidden history of women in tech, and uncover how to think like a computer scientist.

What’s the hardest thing to talk about? Death, religion, politics? Would it surprise you to know that one of the most difficult things to discuss is money? When polled, 44% of Americans claimed that family finances were the hardest to discuss – beating out politics and even death.1

Perhaps this is because money represents more than a topic – it can represent control, power, embarrassment, insecurity, fear. For some people, the hesitation stems from a natural reluctance to confront their own mortality or their potential for future disability. For others, avoiding the topic is caused by the perception that planning is associated with complicated—and expensive—legal and tax issues.

The shortage of affordable housing has long plagued low-income families in the U.S., and racial inequity is one significant factor that’s contributed to the crisis. Minority groups, especially Blacks and Hispanics, suffer higher rates of housing insecurity due to homeownership discrimination—particularly in the mortgage application process—which leaves them disproportionately exposed to the increasingly unaffordable rental market, according to a recent Morgan Stanley Research report.1

Eddie Slaughter:  My uncle and aunt had the farm. And so when they passed on, it was in debt, so I ended up taking up the loan and that's pretty much how I began to understand all of the injustices and racism that was going on with blacks owning land in this country.

Carla Harris: This is Eddie Slaughter, a Black farmer based in Buena Vista, Georgia. Today, we'll hear about the discrimination that almost cost him his family's land. And later, I'll speak to McKinsey Partner Shelly Stewart III about Black economic mobility in America.

Shelley Stewart III: I actually think that a lot of folks intuitively understood that there was a racial wealth gap and that there's income disparity. But I was, I was actually surprised that even folks who study it and even folks who spend time thinking about it didn't realize the magnitude of the gap.

Carla Harris: Welcome to Access & Opportunity. I'm your host Carla Harris. We're telling the stories of individuals...

After nearly two decades of reporting on culture and the economy, host Sonari Glinton meets people who are looking for solutions to the cracks exposed by the pandemic. From how we care for our children and elderly, to what to do with shopping malls... these are stories of everyday people trying to figure things out, and where they’re finding hope. Now, What's Next? was formerly the Morgan Stanley Ideas podcast. We reimagined and renamed the series in 2020. Seasons 1-4 of Ideas (2017-2019) can still be found in this feed.

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We created free lesson plans featuring women in tech for teachers to use wherever they fit into the school day—from math to history to computer science. Using these lesson plans, students can explore the hidden history of women in tech, and uncover how to think like a computer scientist.

While investors often focus on daily headlines about the post-pandemic reopening and economic recovery, it’s important to step back and think about the longer-term impact of COVD-19. For investors, the question is not always what it means for the stock market next week, next month or even next year, but what are the implications over the next two to three years?

My team at Morgan Stanley Wealth Management sees three megatrends for investors to watch in the years ahead—and they are bullish for stocks:

1. A Surge in Consumer Spending 

Perhaps the most immediate driver of both economic growth and stock prices is a continuation of strong consumer spending, thanks to additional fiscal stimulus hitting the wallets of lower-income U.S. consumers. The vaccine rollout and resulting reopening of the U.S. economy could also drive further spending on a variety of services, especially from higher-end consumers. Indeed, in June, Ellen Zentner,...

00:00Let's start with Martin it's been a big thing for us thismorning. A lot of people think that maybe this Martin story which has held up in corporate America that story can persistinto a new year. Do you think it can. Well look I mean I think margins have surprise on the upside. Iwas really the call last year which always happens as you know coming out of a recession. You get operating leverage. This timeit was extraordinary because you had policy support essentially subsidize the unemployment that was out there. Right. Peoplewere at home but they were still getting a check from the government and they could spend it digitally. So that is unique.And we see that being a problem going forward where people have made assumptions now that those extraordinary margins are goingto be carried forward. We see a couple of areas of particular consumer discretionary industrials parts of the technologymarket look to be a little bit lofty in terms of margin expectations. That's where we are...

After years of trading in a narrow range around $1,200 an ounce, gold has been trading above $1,700 for the past year.  Given low correlations with other asset classes, gold may also have a role in a diversified portfolio as a hedge against potential downturns. It can also serve as a good allocation and hedge considering the continual risk of a potential rise in inflation from the record stimulus pumped into the economy.1 If rates fall, inflation returns, or if we see U.S. dollar weakness, gold could outperform.

In the aftermath of the COVID-19 pandemic, investors may be seeking ways to add resiliency to their portfolios. It could therefore be an opportune time to consider the inherently risk-mitigating characteristics of long-short equity strategies.

Our Mission

In our 2018 survey, investors reported capitalizing multicultural and women-owned businesses at 80% less than businesses overall, and our research shows this translates into roughly $4.4 trillion in missed opportunity. The Multicultural Innovation Lab, part of our Multicultural Client Strategy Group, is here to change that. Launched in 2017 to promote financial inclusion and provide founders of tech and tech-enabled startups with much-needed access to investors—along with the tools, resources and connections they need to grow and thrive—the Lab’s mission is nothing less than to transform the investing landscape.

The shortage of affordable housing has long plagued low-income families in the U.S., and racial inequity is one significant factor that’s contributed to the crisis. Minority groups, especially Blacks and Hispanics, suffer higher rates of housing insecurity due to homeownership discrimination—particularly in the mortgage application process—which leaves them disproportionately exposed to the increasingly unaffordable rental market, according to a recent Morgan Stanley Research report.1

Our Mission

In our 2018 survey, investors reported capitalizing multicultural and women-owned businesses at 80% less than businesses overall, and our research shows this translates into roughly $4.4 trillion in missed opportunity. The Multicultural Innovation Lab, part of our Multicultural Client Strategy Group, is here to change that. Launched in 2017 to promote financial inclusion and provide founders of tech and tech-enabled startups with much-needed access to investors—along with the tools, resources and connections they need to grow and thrive—the Lab’s mission is nothing less than to transform the investing landscape.

NEW YORK — August 3, 2021

Morgan Stanley Investment Management today announced that it has raised $1.6 billion for North Haven Credit Partners III (“NHCP III” or the “Fund”), exceeding its original fundraising target by 29%. Investors in NHCP III, the successor fund to North Haven Credit Partners II, include public and private pension funds, sovereign wealth funds, insurance companies and individual investors.  The Fund, managed by the Morgan Stanley Private Credit team, will focus primarily on junior capital investments in private North American businesses including 2nd lien debt, mezzanine debt, preferred equity and special situations.

“We are pleased with the strong support for NHCP III from new and returning investors which expands our substantial Private Credit business to over $10 billion in investable assets including anticipated leverage,” said David N. Miller, Head of Global Private Credit and Equity for Morgan Stanley Investment Management. “This...

With relatively high equity valuations and rate pressure on bonds, the value proposition for hedge funds has become increasingly positive. While we envision a reasonably benign economic and market environment, we believe that global equity and bond markets will be hard-pressed to continue delivering the strong returns they have in the recent past.