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Published: 17 Apr 2020

AWS, Microsoft and other IaaS providers have jumped on the quantum computing bandwagon as they try to get ahead of the curve on this emerging technology.

Developers use quantum computing to encode problems as qubits, which compute multiple combinations of variables at once rather than exploring each possibility discretely. In theory, this could allow researchers to quickly solve problems involving different combinations of variables, such as breaking encryption keys, testing the properties of different chemical compounds or simulating different business models. Researchers have begun to demonstrate real-world examples of how these early quantum computers could be put to use.

However, this technology is still being developed, so experts caution that it could take more than a decade for quantum computing to deliver practical value. In the meantime, there are a few cloud services, such as Amazon Bracket and Microsoft Quantum, that aim to get developers up to speed on writing quantum applications.

Quantum computing in the cloud has the potential to disrupt industries in a similar way as other emerging technologies, such as AI and machine learning. But quantum computing is still being established in university classrooms and career paths, said Bob Sutor, vice president of IBM Quantum Ecosystem Development. Similarly, major cloud providers are focusing primarily on education at this early stage.

"The cloud services today are aimed at preparing the industry for the soon-to-arrive day when quantum computers will begin being useful," said Itamar Sivan, co-founder and CEO of Quantum Machines, an orchestration platform for quantum computing.

There's still much to iron out regarding quantum computing and the cloud, but the two technologies appear to be a logical fit, for now.

Cloud-based quantum computing is more difficult to pull off than AI, so the ramp up will be slower and the learning curve steeper, said Martin Reynolds, distinguished vice president of research at Gartner. For starters, quantum computers require highly specialized room conditions that are dramatically different from how cloud providers build and operate their existing data centers.

Reynolds believes practical quantum computers are at least a decade away. The biggest drawback lies in aligning the quantum state of qubits in the computer with a given problem, especially since quantumcomputersstill haven't been proven to solve problems better than traditional computers.

Coders also must learn new math and logic skills to utilize quantum computing. This makes it hard for them since they can't apply traditional digital programming techniques. IT teams need to develop specialized skills to understand how to apply quantum computing in the cloud so they can fine tune the algorithms, as well as the hardware, to make this technology work.

Current limitations aside, the cloud is an ideal way to consume quantum computing, because quantum computing has low I/O but deep computation, Reynolds said. Because cloud vendors have the technological resources and a large pool of users, they will inevitably be some of the first quantum-as-a-service providers and will look for ways to provide the best software development and deployment stacks.

Quantum computing could even supplement general compute and AI services cloud providers currently offer, said Tony Uttley, president of Honeywell Quantum Solutions.In that scenario, the cloud would integrate with classical computing cloud resources in a co-processing environment.

The cloud plays two key roles in quantum computing today, according to Hyoun Park, CEO and principal analyst at Amalgam Insights. The first is to provide an application development and test environment for developers to simulate the use of quantum computers through standard computing resources.

The second is to offer access to the few quantum computers that are currently available, in the way mainframe leasing was common a generation ago. This improves the financial viability of quantum computing, since multiple users can increase machine utilization.

It takes significant computing power to simulate quantum algorithm behavior from a development and testing perspective. For the most part, cloud vendors want to provide an environment to develop quantum algorithms before loading these quantum applications onto dedicated hardware from other providers, which can be quite expensive.

However, classical simulations of quantum algorithms that use large numbers of qubits are not practical. "The issue is that the size of the classical computer needed will grow exponentially with the number of qubits in the machine," said Doug Finke, publisher of the Quantum Computing Report.So, a classical simulation of a 50-qubit quantum computer would require a classical computer with roughly 1 petabyte of memory. This requirement will double with every additional qubit.

Nobody knows which approach is best, or which materials are best. We're at the Edison light bulb filament stage. Martin ReynoldsDistinguished vice president of research at Gartner

But classical simulations for problems using a smaller number of qubits are useful both as a tool to teach quantum algorithms to students and also for quantum software engineers to test and debug algorithms with "toy models" for their problem, Finke said.Once they debug their software, they should be able to scale it up to solve larger problems on a real quantum computer.

In terms of putting quantum computing to use, organizations can currently use it to support last-mile optimization, encryption and other computationally challenging issues, Park said. This technology could also aid teams across logistics, cybersecurity, predictive equipment maintenance, weather predictions and more. Researchers can explore multiple combinations of variables in these kinds of problems simultaneously, whereas a traditional computer needs to compute each combination separately.

However, there are some drawbacks to quantum computing in the cloud. Developers should proceed cautiously when experimenting with applications that involve sensitive data, said Finke. To address this, many organizations prefer to install quantum hardware in their own facilities despite the operational hassles, Finke said.

Also, a machine may not be immediately available when a quantum developer wants to submit a job through quantum services on the public cloud. "The machines will have job queues and sometimes there may be several jobs ahead of you when you want to run your own job," Finke said. Some of the vendors have implemented a reservation capability so a user can book a quantum computer for a set time period to eliminate this problem.

IBM was first to market with its Quantum Experience offering, which launched in 2016 and now has over 15 quantum computers connected to the cloud. Over 210,000 registered users have executed more than 70 billion circuits through the IBM Cloud and published over 200 papers based on the system, according to IBM.

IBM also started the Qiskit open source quantum software development platform and has been building an open community around it. According to GitHub statistics, it is currently the leading quantum development environment.

In late 2019, AWS and Microsoft introduced quantum cloud services offered through partners.

Microsoft Quantum provides a quantum algorithm development environment, and from there users can transfer quantum algorithms to Honeywell, IonQ or Quantum Circuits Inc. hardware. Microsoft's Q# scripting offers a familiar Visual Studio experience for quantum problems, said Michael Morris, CEO of Topcoder, an on-demand digital talent platform.

Currently, this transfer involves the cloud providers installing a high-speed communication link from their data center to the quantum computer facilities, Finke said. This approach has many advantages from a logistics standpoint, because it makes things like maintenance, spare parts, calibration and physical infrastructure a lot easier.

Amazon Braket similarly provides a quantum development environment and, when generally available, will provide time-based pricing to access D-Wave, IonQ and Rigetti hardware. Amazon says it will add more hardware partners as well. Braket offers a variety of different hardware architecture options through a common high-level programming interface, so users can test out the machines from the various partners and determine which one would work best with their application, Finke said.

Google has done considerable core research on quantum computing in the cloud and is expected to launch a cloud computing service later this year. Google has been more focused on developing its in-house quantum computing capabilities and hardware rather than providing access to these tools to its cloud users, Park said. In the meantime, developers can test out quantum algorithms locally using Google's Circ programming environment for writing apps in Python.

In addition to the larger offerings from the major cloud providers, there are several alternative approaches to implementing quantum computers that are being provided through the cloud.

D-Wave is the furthest along, with a quantum annealer well-suited for many optimization problems. Other alternatives include QuTech, which is working on a cloud offering of its small quantum machine utilizing its spin qubits technology. Xanadu is another and is developing a quantum machine based on a photonic technology.

Researchers are pursuing a variety of approaches to quantum computing -- using electrons, ions or photons -- and it's not yet clear which approaches will pan out for practical applications first.

"Nobody knows which approach is best, or which materials are best. We're at the Edison light bulb filament stage, where Edison reportedly tested thousands of ways to make a carbon filament until he got to one that lasted 1,500 hours," Reynolds said. In the meantime, recent cloud offerings promise to enable developers to start experimenting with these different approaches to get a taste of what's to come.

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The future of quantum computing in the cloud - TechTarget

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Quantum Computing Market 2020 Break Down by Top Companies, Applications, Challenges, Opportunities and Forecast 2026 Cole Reports - Cole of Duty

In the most recent episode of his YouTube series Science vs. Cinema, UC Santa Barbara physicist Andy Howell takes on Star Trek: Picard, exploring how the CBS offerings presentation of supernovae and quantum computing stack up against real world science.

For Howell, the series that reviews the scientific accuracy and portrayal of scientists in Hollywoods top sci-fi films is as much an excuse to dive into exciting scientific concepts and cutting edge research.

Science fiction writers are fond of grappling with deep philosophical questions, he said. I was really excited to see that UCSB researchers were thinking about some of the same things in a more grounded way.

For the Star Trek episode, Howell spoke with series creators Alex Kurtzman and Michael Chabon, as well as a number of cast members, including Patrick Stewart. Joining him to discuss quantum science and consciousness were John Martinis a quantum expert at UC Santa Barbara and chief scientist of the Google quantum computing hardware group and fellow UCSB Physics professor Matthew Fisher. Fishers group is studying whether quantum mechanics plays a role in the brain, a topic taken up in the new Star Trek series.

Howell also talked supernovae and viticulture with friend and colleague Brian Schmidt, vice- chancellor of the Australian National University. Schmidt won the 2011 Nobel Prize in Physics for helping to discover that the expansion of the universe is accelerating.

"We started Science vs. Cinema to use movies as a jumping-off point to talk science Howell said. Star Trek Picard seemed like the perfect fit. Star Trek has a huge cultural impact and was even one of the things that made me want to study astronomy.

Previous episodes of Science vs. Cinema have separated fact from fiction in films such as Star Wars, The Current War, Ad Astra, Arrival and The Martian. The success of prior episodes enabled Howell to get early access to the show and interview the cast and crew.

"What most people think about scientific subjects probably isn't what they learned in a university class, but what they saw in a movie, Howell remarked. That makes movies an ideal springboard for introducing scientific concepts. And while I can only reach dozens of students at a time in a classroom, I can reach millions on TV or the internet.

More here:

Science of Star Trek - The UCSB Current

Congress has appropriated more than $2.25 trillion to counter the impact of COVID-19 on American families and the economy. It is likely to spend even more once legislators return from their recess in early May. This unprecedented level of expenditure is resulting in a massive deficit and national debt levels that are likely to exceed 120 percent of the nations gross domestic product, especially as GDP growth itself is no longer a foregone conclusion. In turn, there will be renewed pressure on the defense budget, which already is forecast to have no real growth in fiscal year 2021.

Interest on the national debt, which at some point will begin to rise again, will create a massive burden on annual federal budgets. The demand for increases in domestic spending will be difficult to ignore in the aftermath of the pandemic. For these reasons, it is not beyond the realm of probability that defense budgets beginning in fiscal year 2022 will not even grow in nominal terms.

Even if the Department of Defense (DOD) had been forced to address only the reality of no real growth in defense spending as opposed to the additional burden of minimal nominal growth it would have had to re-evaluate its spending priorities. Historically, when DOD has been forced to undertake what it terms cut drills, these have been done with the greatest reluctance, and at times have been completed with little analysis of the implications of potential trade-offs. Invariably, what resulted from these efforts were reductions in spending for operations and maintenance, force level reductions, or the shedding of research and development of untried weapons and systems. On the other hand, the department and especially the armed services were exceedingly reluctant to dispense with longstanding legacy programs.

This time, however, DOD faces a budget challenge of unmatched proportions. Defense budgets are certain to decline in real terms. Indeed, should the Democratic Party take the White House or the Senate (or both) in the upcoming elections, even deeper cuts in defense are sure to follow. Yet the threats posed by China and Russia, already projected to increase, may well prove to be even greater in the face of a weakened and disorganized West. The DOD, therefore, will have to take seriously the need for a fundamental re-evaluation of its priorities, and not merely undertake another cut drill.

The last time the department fundamentally shifted its focus was in the early 1990s, when its base force resulted in a 25 percent reduction in force structure, a 20 percent reduction in manpower relative to fiscal year 1990 and a 10 percent reduction in budget authority. DOD may have to consider launching an effort along similar lines if it is not to be caught flat-footed next year, as a result of either the full budget impact of coronavirus spending or the November elections, or both.

As with the base force, force levels are a likely target for reductions. Pay and benefits, to include family housing, are untouchable because they are key to maintaining a top-level volunteer force. This is especially critical at this time because, in the aftermath of the viruss spread within the military, it may prove difficult for the services to maintain their recruitment objectives. Similarly, operations and maintenance budgets cannot be tampered with to maintain deterrence against possible new adventurism on the part of Russia, China, North Korea or Iran.

Apart from force-level reductions, therefore, the only other candidates for cuts are research and development and the procurement accounts. Reductions in R&D, typically favored in cut drills, will be more difficult, given the need to maintain an advantage over Russia and China in the realms of hypersonics, artificial intelligence, quantum computing and other cutting-edge technologies. Procurement accounts are thus the only remaining targets for budget reductions.

Budget cutters for years have zeroed in on the strategic nuclear triad, and current plans for its modernization offer them new targets. Global Strike Command is seeking $200 billion over the next decade to fund new bombers, intercontinental ballistic missiles, command and control and related supporting elements of the strategic nuclear triad. On the other hand, longtime opponents of spending on strategic nuclear forces will argue against the need for a new bomber, and instead will call for converting the strategic nuclear triad to a dyad of land- and submarine-based missiles. Other critics of the triad may support the bomber program and might prefer dispensing with the land-based leg in favor of the bomber and submarine legs. Budget pressures will underscore both sets of arguments.

With respect to general purpose forces, there no doubt will be a renewed call to halt all aircraft carrier procurement beyond the two Ford class carriers under construction, or at best to support construction of one more. Even President TrumpDonald John TrumpWuhan lab denies claims of coronavirus origination Banks say they ran out of PPP funding 'within minutes' Trump defends testing capabilities, blasts critics during WH briefing MORE at one point voiced his concern about the program. Given its skyrocketing costs, the F-35 also may find itself in the crosshairs of budget hawks. The Army recently dropped its program to develop an Optionally Manned Fighting Vehicle, its third attempt to replace the 1980s Bradley Infantry Fighting Vehicle, only to renew it several weeks later. It might have to drop it again. Finally, there have long been calls for a re-evaluation of the elements and costs of the nearly four-decades-old missile defense program.

Cutting procurement is always a difficult pill for the services to swallow, and this time will be no different. No doubt DOD will point to the need to maintain the defense industrial base, and workers jobs, as a reason for avoiding major reductions in defense procurement. That argument certainly will resonate with Congress. This time, however, the case for resisting change may be overwhelmed by the impact of a plague that has caught the nation unprepared and may well return with even greater force in the months or years ahead.

Dov S. Zakheim is a senior adviser at the Center for Strategic and International Studies and vice chairman of the board for the Foreign Policy Research Institute. He was under secretary of Defense (comptroller) and chief financial officer for the Department of Defense from 2001 to 2004 and a deputy under secretary of Defense from 1985 to 1987.

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Defense budget cuts following the pandemic will be hard to swallow | TheHill - The Hill

The Pentagons Defense Innovation Unit is looking to the private sector to develop space-based quantum sensing prototypes within two years the kind of sensors that could contribute to a space-based quantum internet.

Highlights:

Quantum technologies will render all previously existing stealth, encryption, and communications technologies obsolete, so naturally the Pentagon wants to develop quantum technologies as a matter of national security.

The Defense Innovation Unit (DIU) has opened a solicitation to evaluate commercial solutions that utilize demonstrable quantum technology to achieve significant performance improvements for aerospace and other novel applications to include, but not limited to, inertial sensing, timing and gravimetry.

The DIU wants a prototype within 24 months that consists of acompact, high-performance quantum sensor for precision inertial measurement in deep space and other GPS-denied environments.

There are a lot of technical concepts that go into this technology, but for simplicitys sake, the DIU is looking for quantum sensing technology that can perform accurate measurements by overcoming the effects of gravity on time and space.

While the DIU did not go into any specifics about what the quantum sensing technology would actually be used for, we may gleam some ideas from what the military has already been researching specifically improved communications, precision navigation, and precision timing.

For example, the Air Force Research Laboratory has been investigating a variety of quantum-based sensors to create secure, jam-resistant alternatives to GPS, according to National Defense Magazine.

And because quantum sensors can detect radar signatures and beyond, they may be used by the military tobypass just about any stealth technology.

Other potential applications could include Earth defense mechanisms that could detect, prevent, or respond to missile attacks, asteroids, and comets, as well as keeping track of satellites and space debris that whiz around Earths orbit.

Additionally, a network of quantum technologies could offer the military security, sensing and timekeeping capabilities not possible with traditional networking approaches, according to the US Army Research Laboratory.

If we take the idea of quantum sensors a step further and into the realm of quantum sensing networks, then we are looking at one component of a quantum internet, when combined with quantum computing.

A quantum internet will be the platform of a quantum ecosystem, where computers, networks, and sensors exchange information in a fundamentally new manner where sensing, communication, and computing literally work together as one entity, Argonne Laboratory senior scientistDavid Awschalom told How Stuff Works.

The notion of a space-based quantum internet using satellite constellations is becoming even more enticing, as evidenced in the joint research paper, Spooky Action at a Global Distance Resource-Rate Analysis of a Space-Based Entanglement-Distribution Network for the Quantum Internet.

According to the scientists, Recent experimental breakthroughs in satellite quantum communications have opened up the possibility of creating a global quantum internet using satellite links, and, This approach appears to be particularly viable in the near term.

The paper seems to describe quantum technologies that are nearly identical to the ones the DIU is looking to build.

Aquantum internet would allow for the execution of other quantum-information-processing tasks, such as quantum teleportation, quantum clock synchronization, distributed quantum computation, and distributedquantum metrology and sensing, it reads.

SpaceX is already building a space-based internet through its Starlink program. Starlink looks to have 12,000 satellites orbiting the earth in a constellation that will beam high-speed internet to even the most remote parts of the planet.

The company led by Elon Musk has already launched some 360 satellites as part of the Starlink constellation.

All the news reports say that Starlink will provide either high-speed or broadband internet, and there are no mentions of SpaceX building a quantum internet, but the idea is an intriguing one.

SpaceX is already working with the Pentagon, the Air Force, NASA, and other government and defense entities.

In 2018, SpaceX won a $28.7 million fixed-price contract from the Air Force Research Laboratory for experiments in data connectivity involving ground sites, aircraft and space assets a project that could give a boost to the companys Starlink broadband satellite service, according to GeekWire.

Lets recap:

By the looks of it, the DIUs space-based quantum sensing prototypes could very well be components of a space-based quantum internet.

However, there has been no announcement from SpaceX saying that Starlink will be beaming down a quantum internet.

At any rate, well soon be looking at high-speed, broadband internet from above in the near future, quantum or otherwise.

Quantum computing: collaboration with the multiverse?

US Energy Dept lays foundation for quantum internet, funds $625M to establish quantum research centers over 5 years

Originally posted here:

Pentagon wants commercial, space-based quantum sensors within 2 years - The Sociable

To say the stock market has been volatile in recent weeks would be a bit of an understatement. As you watch stock prices rise and fall dramatically over the course of a week while the coronavirus crisis unfolds, it's hard to know exactly what to do with your money.

After careful consideration, though, I've decided on two tactics I plan to stick with during the crisis. And depending on your situation, the approach I've chosen could possibly work for you as well.

Image source: Getty Images.

My investment accounts have lost quite a bit of money in recent weeks. In fact, one account primarily invested in index funds erased basically all of the gains over the past several years, and I'm now slightly down on an account I was up over 10% on at the end of February.

While it's hard to watch my balance fall without being tempted to take all the money out so I don't suffer any further losses, I'm making no changes at all to my current investments.

That's because I'm invested in a diverse mix of different assets and I have an appropriate amount of stock exposure relative to my age and retirement goals. I was confident in my investment strategy before the crisis started, and I know I'm still doing the right things to earn around a 7% to 8% average annual return over time.

There's no reason for me to sell stocks during an emotional time or to make changes to a well-balanced portfolio just because I'm nervous about the economy in the short term.

Not only am I not selling any of my investments, but I'm also increasing the amount of money I'm putting into the stock market. And I'm doing this by buying more of each of my index funds every two weeks.

I normally make regular contributions and purchase a little more of each index fund I'm currently invested in every time I do that. I've simply increased those contributions and am continuing to up my stake on a fixed schedule.

I'm doing this because I know it's really difficult to figure out what days the market will move up and what days it will decline. And it's impossible to try to time when stocks will hit bottom.

I personally think the market is likely to keep going down for a while because the economic fallout of social distancing will be far-reaching. But since I don't have a crystal ball, I don't know when the recovery will start. I'm also not worried about it because, with my steady schedule of investing, chances are good I'll get a great deal on at least some of my investments.

And yes, I'll pay more if I buy on an up day, but I'm a long-term investor putting money into the market that I won't need for more than a decade. Over time, it won't much matter if I paid slightly more than I could have for some of my shares. I'm confident my account balance will grow as expected based on historical trends. And by buying now during an unprecedented crisis when stocks are on sale, I may even beat my projections on some of those investments.

Staying the course and increasing my investing are the right choices for me because I'm confident in my strategy and I already have accessible emergency savings for the short term.

If you're in a similar situation, you may also decide to keep your current investments as they are and to add more money to the market on a regular basis. This strategy is likely to pay off, if it's one you're in a financial position to pull off.

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This Is How I'm Handling My Investments During the Coronavirus Crisis - The Motley Fool

C&D International Investment Group (HKG:1908) shareholders are no doubt pleased to see that the share price has had a great month, posting a 34% gain, recovering from prior weakness. And the full year gain of 13% isn't too shabby, either!

All else being equal, a sharp share price increase should make a stock less attractive to potential investors. In the long term, share prices tend to follow earnings per share, but in the short term prices bounce around in response to short term factors (which are not always obvious). So some would prefer to hold off buying when there is a lot of optimism towards a stock. Perhaps the simplest way to get a read on investors' expectations of a business is to look at its Price to Earnings Ratio (PE Ratio). Investors have optimistic expectations of companies with higher P/E ratios, compared to companies with lower P/E ratios.

See our latest analysis for C&D International Investment Group

C&D International Investment Group's P/E of 5.19 indicates relatively low sentiment towards the stock. The image below shows that C&D International Investment Group has a lower P/E than the average (6.2) P/E for companies in the real estate industry.

SEHK:1908 Price Estimation Relative to Market April 19th 2020

Its relatively low P/E ratio indicates that C&D International Investment Group shareholders think it will struggle to do as well as other companies in its industry classification. Since the market seems unimpressed with C&D International Investment Group, it's quite possible it could surprise on the upside. It is arguably worth checking if insiders are buying shares, because that might imply they believe the stock is undervalued.

Generally speaking the rate of earnings growth has a profound impact on a company's P/E multiple. When earnings grow, the 'E' increases, over time. Therefore, even if you pay a high multiple of earnings now, that multiple will become lower in the future. Then, a lower P/E should attract more buyers, pushing the share price up.

C&D International Investment Group's earnings per share grew by 3.1% in the last twelve months. And its annual EPS growth rate over 5 years is 89%.

One drawback of using a P/E ratio is that it considers market capitalization, but not the balance sheet. That means it doesn't take debt or cash into account. In theory, a company can lower its future P/E ratio by using cash or debt to invest in growth.

Such expenditure might be good or bad, in the long term, but the point here is that the balance sheet is not reflected by this ratio.

C&D International Investment Group's net debt is considerable, at 278% of its market cap. This level of debt justifies a relatively low P/E, so remain cognizant of the debt, if you're comparing it to other stocks.

C&D International Investment Group has a P/E of 5.2. That's below the average in the HK market, which is 9.6. It's good to see EPS growth in the last 12 months, but the debt on the balance sheet might be muting expectations. What we know for sure is that investors are becoming less uncomfortable about C&D International Investment Group's prospects, since they have pushed its P/E ratio from 3.9 to 5.2 over the last month. If you like to buy stocks that could be turnaround opportunities, then this one might be a candidate; but if you're more sensitive to price, then you may feel the opportunity has passed.

Story continues

Investors should be looking to buy stocks that the market is wrong about. If the reality for a company is not as bad as the P/E ratio indicates, then the share price should increase as the market realizes this. So this free visualization of the analyst consensus on future earnings could help you make the right decision about whether to buy, sell, or hold.

You might be able to find a better buy than C&D International Investment Group. If you want a selection of possible winners, check out this free list of interesting companies that trade on a P/E below 20 (but have proven they can grow earnings).

If you spot an error that warrants correction, please contact the editor at editorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned.

We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Thank you for reading.

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What Is C&D International Investment Group's (HKG:1908) P/E Ratio After Its Share Price Rocketed? - Yahoo Finance

April 19, 2020

Steven Bleibergis Managing Director and Portfolio Manager at Epoch Investment Partners, Inc. He is involved with the design and development of investment strategies and is a contributor to Epochs thought leadership.

Earlier, he was a portfolio manager at Legg Mason responsible for managing $7.5 billion in various asset allocation-based funds including Target Risk, Target Date and Dynamic Risk Management.

Prior to that, he was the head of investment strategy at Citigroup Asset Management and a portfolio manager at Credit Suisse Asset Management.

He is a co-author ofWinning at Active Management: The Essential Roles of Culture, Philosophy and Technology. He received a bachelors degree from Harvard and a masters degree from the Sloan School of Management at MIT, with a concentration in finance.

In this 3,678 word interview, exclusively with the Wall Street Transcript, Mr. Bleiberg reveals many of his top picks and the investment philosophy that determines them.

If you were going to go out and buy a business yourself to own 100% of it, how would you focus on it, or how would you make that decision, first, whether to do it and, second, how much to spend?

You would not look at what the accounting earnings are going to look like each year for the next 10 years. What you would want to know is: How much cash is it going to cost me out of pocket today to buy this business, and how much cash is going to flow into my pocket each year going forward?

Thats how you would analyze it. And to us, buying stocks, even though youre not going to be buying the whole company, thats still the right way to think about it because youre trying to figure out what is this business worth to me as an owner.

This leads Mr. Bleiberg to focus his stock picks on several high return strategies:

So with the strategy, which we call Capital Reinvestment, we might like a company such as Visa(NYSE:V) orMastercard(NYSE:MA) because they have very high margins.

If you think about their marginal cost if I go to the store, and I charge something on myVisacard, they collect their fee as a percentage of what I spent at the store. But their marginal cost for processing that transaction is extremely low. I mean, this is all automated.

And so its a very high-margin business. So thats what drives the high return on invested capital there.

Get all the most important picks from Epoch Investment Partners by reading the entire 3,678 word interview, exclusively with the Wall Street Transcript.

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Epoch Investment Partners Has the Right Attitude to Owning Their Portfolio - The Wall Street Transcript

Many Americans will soon be receiving a coronavirus stimulus payment from the IRS. Depending on your income, you could receive up to $1,200 per adult and an additional $500 per child dependent in your household.

When you get this big, lump-sum payment, you'll have to decide what to do with it. You have three options, and the right one will depend on your existing financial situation.

Image source: Getty Images.

The stimulus check is meant to provide income for Americans who need it because coronavirus adversely affected their finances. If you've lost your job, unemployment benefits haven't started yet, and you need money to cover food or bills immediately, spending your check is the right option.

It's true that most creditors will work with you now, suspending late fees and allowing you to put loans into forbearance so you won't have to make payments. Most renters also are protected by federal or state moratoriums on eviction, and utility companies generally can't cut off power during the coronavirus crisis.

But that doesn't mean you shouldn't pay your bills if you can -- even if you need your stimulus money to do so. Interest won't stop accruing on your debt even if it's put into forbearance (except for most federal student loans), and rent and utility payments will continue to be due (the amount you owe won't just be forgiven). So, if you stop paying now, you could end up owing a lot later, which would make it harder to get back on your feet financially.

If you have the money to cover your bills but you have no liquid emergency savings, or your emergency fund is very small, the best thing to do with your check is put it in the bank.

You don't want to make your money inaccessible to you by investing in assets you can't easily get out of. And since the stock market is very volatile right now, you don't want to invest it and risk losing some of it right away in case you end up needing it.

If you have emergency savings sufficient to cover three to six months of living expenses, and you don't need your stimulus money to pay bills, investing your check is likely your smartest choice.

Investing your money now enables you to take advantage of the economic downturn to get into index funds or buy stocks of great companies at potentially discounted prices. There are some great investment buys you could take advantage of right now, even with as little as the $1,200 the stimulus money provides.

You could use the money to bulk up your retirement accounts, depositing it into your IRA and scoring tax savings. Or you could open a taxable brokerage account if you want to be able to access the funds before age 59 1/2.

Just be sure not to invest money you're likely to need in the next five years, as you want to make sure you can leave the cash invested long enough to recover from any market downturns.

Your stimulus money is meant to help improve your financial situation, and it can do that whether you use it now to avoid consumer debt or invest it to build a more secure future.

Choosing whether to save or invest your stimulus money will depend on whether you're currently in a good financial position or if you need a little extra help to shore up your finances during troubled economic times.

Originally posted here:
Should You Save or Invest Your Stimulus Money? - The Motley Fool