Fundamental Thinking

RUMINATIONS ON OUR INVESTABLE UNIVERSE, DISTILLED

Fundamental Thinking presents the perspectives of Harding Loevner’s analysts on a range of investment topics, highlighting our fundamental research and providing insight into how we approach quality growth investing.

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To regain market share lost to nimble competitors, established footwear and apparel brands are taking steps to accelerate design, production, and sales.

As top-selling biologics begin to lose patent protection, some drug makers are investing heavily to meet anticipated demand for biosimilars. Yet the high cost and complexity of these new drugs pose a risk to expected profits.

In-store apps and “digitized” brick-and-mortar stores point to a future where online and offline shopping is highly integrated.

Climate change and other global trends could lead to more encounters with pests—and rising demand for pest control services.

Fixed-base operators that run a network of locations are likely to achieve higher-than-average earnings growth in the fragmented FBO industry.

Greater precision and speed, combined with lower energy requirements, give lasers a meaningful advantage over other manufacturing tools—and a long growth trajectory for laser equipment companies.

Unlike Christmas, Diwali, or Chinese New Year, Ramadan shifts about 11 days earlier each year and is not confined to a single season—or financial quarter.

Peer-to-peer lending platforms have flourished in a period of steady economic growth, but their popularity with lenders may decline during the next downturn.

If global demand for food is rising, why did producers of a key fertilizer falter?

By emphasizing efficiency over tradition, ABC-Mart and MonotaRO have achieved high growth despite Japan’s stagnant economy.

Uber, Airbnb, and other stars of the sharing economy have high valuations that seem to belie their profitability. Is the sharing economy all hype?

Cement’s “value to volume” ratio, among other factors, sets cement companies in a profitable position.

New tools like 3D knitting, body scanning, and augmented reality could make “custom” the new black.

As algorithms reshape the life sciences, who will make it big?

As Big Beer finally learns the mantra: "if you identify a trend, ride it, don’t fight it," the growth path for craft brewers and distillers becomes more difficult, though not impossible.

The transition to fifth generation wireless technology will likely have deeper and broader economic implications than previous transitions.

Though the future of cars may be automated, our investment decisions will be anything but.

The younger, better‐educated generation of Chinese is beginning to disrupt industries around the world, presenting investors with underappreciated challenges and opportunities.

Can new entrants like Dollar Shave Club break the hegemony of the branded consumer staples giants, or will it be dominance as usual?

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