Cowen Research Publishes Annual Themes Outlook
Cowen Inc. (NASDAQ:COWN) has released Themes 2023, an annual report highlighting investment opportunities shaped by current trends, inflation, and policy changes. Key themes include deglobalization, energy transition, and technological innovation, which Cowen believes will drive significant market shifts. The report emphasizes the integration of ESG factors into research and the importance of understanding emerging markets and supply chain dynamics. Cowen aims to guide investors through a tumultuous economic environment with informed insights.
- Themes 2023 highlights growing investment opportunities in sectors like energy transition, robotics, and digital assets.
- Cowen's focus on ESG factors positions it favorably in a market increasingly concerned with sustainability.
- 2022 was marked by global disorder, impacting investment stability and increasing market uncertainty.
- Ongoing inflation and supply chain challenges may pose risks to consumer spending and investment.
Explores The Trends Impacting Investment Opportunities In The Year Ahead
NEW YORK, Dec. 12, 2022 (GLOBE NEWSWIRE) -- Cowen Inc. (NASDAQ:COWN) (“Cowen” or the “Company”), today announced the release of Themes 2023. This annual handbook, assembled by the Company’s Research department, identifies themes in which Cowen’s collaborative approach and sector knowledge provide insights into the policies, trends and developments that are shaping industries. As in previous years, Themes 2023 builds off Cowen’s flagship Ahead Of The Curve® Series, the preeminent equity and policy research product for institutional investors and corporate decision makers. Themes 2023 can be accessed THEMES TO WATCH.
Robert Fagin, Cowen’s Global Head of Research noted, “Cowen’s Themes publication leverages our analytical expertise and proprietary research and is one of Cowen’s most anticipated publications each year. Our signature collaborative approach provides crucial insights and perspective. Cowen has made the integration of ESG and sustainability factors central to our research agenda, investing heavily in our team and data capabilities to help investors separate hype from investability.”
Each theme featured is accompanied by corresponding Cowen reports and events that readers can reference for additional background and depth.
“2022 marked another year of global disorder, leading to disruptions across multiple industries. Inflation has also surged, driven by product shortages resulting from global supply chain challenges, strong consumer demand, and low unemployment. Numerous geopolitical rifts and elections further increased market tension and uncertainty,” said Bill Bird, Cowen’s Head of Thematic Content. “Amidst this tumultuous environment, Cowen Research has sought to be a reliable and consistent source of stable and prescient thematic research. Our fundamental analysts work together to identify cross-sector themes, and rise above the noise to spot opportunity and risk. In addition, we incorporate input from our policy experts at Cowen’s Washington Research Group to provide unique views on the impact of regulatory and political agendas.”
The table below summarizes the 14 areas of focus addressed in Themes 2023.
| THEME | SUMMARY OF COWEN’S INSIGHT |
| Deglobalization & Reglobalization | The world is at the advent of a new era of economic statecraft, which will have broad implications for trade patterns and capital flows, mobility, control over critical technology inputs, energy costs, and margins. Nations are focused on securing critical supply chains. New legislation in the U.S., for example, will support significant domestic technology innovation and investment. |
| Supply Chain | Geopolitical and COVID-induced disruptions are reshaping supply chains. Cowen sees a paradigm shift with dramatic reshoring, favorable implications for North American transportation and logistics, robotics and automation, and autonomous trucking. |
| Energy Transition | Cowen believes global efforts to achieve greenhouse gas reductions and energy independence will result in numerous energy transition pathways. We see opportunities in lithium, electric vehicle charging, small modular nuclear reactors, and bridge fuels such as renewable diesel. Unprecedented levels of new, U.S. investment will benefit multiple sectors, including solar, clean hydrogen, carbon capture and sequestration, grid infrastructure, and battery manufacturing. |
| Inflation & The Consumer | Cowen’s proprietary surveys and data show some signs of inflation moderation. At the same time, a tight labor market remains an issue, and it is reasonable to believe that some components of inflation will be part of the “new normal,” including the adoption of ESG standards, deglobalization and reshoring, and energy independence. We see a bifurcated consumer market in which low-income and middle-income consumers feel the highest pressure. Financial conditions for this cohort could certainly worsen if Fed tightening drives unemployment. |
| Mobility | The |
| Therapeutics, Tools & Digital Innovation | Innovation in the biotech industry has shown no signs of slowing, and Cowen believes that artificial intelligence and synthetic biology tools hold the potential to further accelerate the pace of innovation. Cowen predicts that 2023 will see a surge of data, trial starts, and commercial milestones. |
| Technology Innovation | Cowen sees several technologies ushering in the next wave of disruptive growth and innovation, including quantum computing, compound semiconductors, customer data platforms, data-driven drug discovery, and web 3.0 payments solutions. |
| Robotics & Automation | Cowen believes robotics is set for increased adoption and will play a multi-faceted role, including in hardening supply chains. Robotics will also increasingly be used as tools to fight climate change, drive human productivity, increase revenue growth, and address structural labor market tightness. |
| Digital Assets | Cowen believes crypto and digital asset platforms will come under increased regulatory scrutiny and that companies with the most advanced compliance infrastructure will be advantaged. We see particularly promising crypto use cases in global remittance, where fees reached |
| Future of Health Care Delivery | Cowen believes payment model innovation, site-of-care delivery transformation, and the digital data revolution are three investable health care mega-trends. We expect our value-based care consolidation thesis will continue to play out after this year’s stock corrections. |
| ESG | Despite challenges in 2022, global investors’ scrutiny of ESG factors continues to grow. Going forward, we see greater focus on a wider range of ESG considerations and the factors deemed material to driving long-term value. Cowen also sees increased ESG reporting standardization being driven by regulators. |
| Future of Public Health | In Cowen’s proprietary surveys of medical experts, only half of respondents believed we are better prepared for future pandemics. In the U.S., pandemic preparedness will be elevated as a strategic priority, and processes at agencies like the CDC will be revamped. |
| Future of War | Russia’s acceleration of its war with Ukraine has led to governments rethinking their spending priorities. For example, in a push to develop next-generation weapons like hypersonic missiles and space-based systems, U.S. Department of Defense spending on research & development is surging to its highest level in 70 years. Cybersecurity and biosecurity are additional areas seeing dramatic spending increases. |
| Cannabis | Cowen believes there remains a significant opportunity to transition a large illicit market that is currently two times larger than the legal market. We believe deflationary pressures could persist for another year but that the industry can weather its growing pains through continued expansion into new adult-use markets, consolidation, and incremental regulatory relief. We see U.S. federal legalization of cannabis as a question of “when,” not “if.” |
For more information and to read the Cowen 2023 themes report, please click THEMES TO WATCH.
About Cowen Research
Cowen’s research department has 64 senior analysts covering 970 securities across multiple sectors including industrials, consumer, energy and sustainability, health care, technology, media & telecom, and cross-asset, as well as a deep Washington policy team. All of our analysts incorporate robust ESG analysis in their research process. Cowen was named winner of “Best ESG Research” at the ESG Investing Awards 2022, the world’s leading awards celebrating excellence in Environmental, Social and Governance (ESG) research, ratings, funds and products.
About Cowen Inc.
Cowen Inc. (“Cowen” or the “Company”) is a diversified financial services firm offering investment banking services, equity and credit research, sales and trading, prime brokerage, global clearing, commission management services and actively managed alternative investment products. Founded in 1918, the firm is headquartered in New York and has offices worldwide. Learn more at Cowen.com.
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Media Contacts:
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Dan Gagnier
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