Senvest Capital Inc. (SEC) 2019年年度报告「TSX」.pdf

1、SENVESTANNUALREPORT2019Senvest Capital Inc.Managements Discussion and Analysis December 31,2019 OVERALL PERFORMANCE Senvest Capital(“Senvest”or the“Company”)has been monitoring the recent outbreak of the novel coronavirus(“COVID-19”)and the potential impact on its financial position.The outbreak of

2、COVID-19 has caused tremendous volatility in the financial markets and especially the equity markets which have experienced significant declines.While the extent and duration of the impact of COVID-19 on global and local economies,financial markets,and issuers in which the Company may invest is unce

3、rtain at this point,the outbreak has the potential to adversely affect the value of the Companys assets.Even though the market moved up very forcefully in the fourth quarter,and traded at historically high valuations,it was susceptible to surprise shocks,such as a global pandemic scare.The coronavir

4、us is a real hit to economic activity,and has caused substantial declines in stock markets around the world.As stated above visibility is very difficult and it is certain that at least the first half of 2020 will produce very weak economic numbers.To help counter these negative effects global centra

5、l banks have begun easing all around the world.The last quarter of 2019 marked a truce in the trade hostilities between the U.S.and China following the October announcement of an“interim”phase one agreement.The staving off of further tariff increases,a partial rollback of certain tariffs,and provisi

6、on of intellectual property protections assuaged concerns of a full-blown trade war and its potential impact on global macro-economic conditions.The Fed cut interest rates for the third time and re-started its open market purchases of short-term Treasury debt securities.The combination of trade stab