Nabbing the No. 1 slot for a fifth consecutive year is Christopher Senyek, who added head of macro research and chief investment strategist at Wolfe Research to his responsibilities in May, following François Trahan’s departure to launch his own firm. Senyek’s “laser-like focus on earnings quality and other specific accounting issues often leads to specific, actionable investment ideas,” one backer declares. The 38-year-old researcher is advising clients that rising corporate borrowing rates are propelling improvements in pension funding, which is beneficial for corporate America’s balance sheets. “The liabilities are discounted at corporate bond rates, so future cash payments to beneficiaries are present-valued at the high-quality corporate rate,” Senyek explains. “The higher-rates mechanism gives you a lower liability, and that lowers unfunded liabilities.” Industries whose companies should benefit include airlines, autos, capital goods, chemicals, defense and steel, he believes. Those poised to lose are health care and information technology. “I appreciate the amount of sector-specific, drill-down work he does,” another booster attests. Senyek adds that, despite higher interest rates, he still looks very favorably on housing because he expects pent-up demand to continue to drive that market. — Paul Sweeney |
The 2013 All-America Research Team: Accounting & Tax Policy, No. 1: Christopher Senyek
