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Results 451–500
of 769 found.
Bob Zenouzi Discusses Delaware’s Dividend Income Fund
by Robert Huebscher,
In this interview, Bob Zenouzi, manager of the Delaware Dividend Income Fund (DDIAX), discusses how he strives to provide investors with a yield that is competitive with fixed income, while achieving a premium yield to equities with better downside protection.
The Looming Risk in the Bond Market
by Robert Huebscher,
Lack of bond-market liquidity has been the focus of recent reporting in the financial media. But one of the first to warn about that danger was Michael Aronstein, who said last week that the risks are clearer than ever. Mutual fund investors face the greatest peril.
Staley Cates on Why Active Management Wins in the Long Term
by Robert Huebscher,
Staley Cates is president and chief investment officer of Southeastern Asset Management, manager of the Longleaf funds. In this interview, he says, “the passive movement is not just a big trend. It is a bubble.” He explains why passive investing has made it hard for value investors to outperform.
Gundlach on Donald Trump, China and Fed Policy
by Robert Huebscher,
Despite grabbing most of the headlines and leading in many of the polls, Donald Trump is not expected to win the Republican nomination. But Jeffrey Gundlach said that Trump has done the electorate a “big favor by bringing up issues that have been conveniently buried for quite some time.”
Vinson Walden on the Thornburg Global Opportunities Fund
by Robert Huebscher,
Vinson Walden is the co-portfolio manager, along with Brian McMahon, of the Thornburg Global Opportunities Fund (THOAX). Within Morningstar’s World Stock category, THOAX ranked among the top-performing funds over the last one, three and five years. I spoke with Vin about how he constructs the fund and his outlook for the future.
Gundlach v. Yellen: Will the Fed Raise Rates?
by Robert Huebscher,
On Friday, Fed Chairwoman Janet Yellen said that the nine-year wait for an interest-rate increase would likely end this year. Three days earlier, though, Jeffrey Gundlach said that a rate increase this year is unlikely, given the mix of bad news and uncertainty in the world markets. Which view prevails will be the focus of bond market participants in the months ahead.
Gundlach: Rising Rates and Summer Insects
by Robert Huebscher,
You should never ask summer insects about ice, according to the Chinese philosopher Chuang Zhu, because they are bound by a single season. In the same way, many investors have never experienced a period of increasing rates. One who has, however, is Jeffrey Gundlach, who offered his forecast for rates and the one sector of the bond market that is most vulnerable.
Louis-Vincent Gave: The World's Most Crowded Trade
by Robert Huebscher,
Investors are paid to adapt, not to forecast, according to Louis-Vincent Gave, and three changes are occurring globally that all portfolios must accommodate. One of them is a position that is missing from virtually every investor's allocation.
Jim Bianco's Unconventional Ideas
by Robert Huebscher,
According to Berkshire Hathaway's Charlie Munger, when it comes to investing, everything important is counterintuitive; everything obvious is wrong. In that spirit, Jim Bianco offered a series of unconventional ideas on the stock market, Fed policy and oil prices.
David Rosenberg - Bullish on Stocks
by Robert Huebscher,
The consensus narrative is negative for the economy and U.S. equity markets. But according to David Rosenberg, that is wrong. A recession is three years away, he said, and even if the Fed raises rates, equities will perform strongly this year.
Gundlach - The Bond Market is at a Pivotal Point
by Robert Huebscher,
Jeffrey Gundlach turned defensive on the U.S. bond market at the end of January, almost precisely when yields were at their lowest point. Whether his outlook changes hinges on the direction of the 30-year bond and if it retests its low yield of 2.45%.
Krugman at His Worst
by Robert Huebscher,
As an economist, Paul Krugman has much to offer. Sometimes I agree with him, but more often he challenges me to defend my opposing position. When he uses his privileged perch at the New York Times to advance his political agenda, however, he is nothing more than another second-rate "talking head" littering the media. Such was the case with his column on March 16, Israel's Gilded Age.
Dan Fuss - The New Factor in the Bond Markets
by Robert Huebscher,
Dan Fuss' career in the bond market has spanned over 50 years. During that time, Fuss has spoken regularly at CFA luncheons. Last week in Boston, he began by warning that what he had to say would be markedly different from any of his previous talks.
Gundlach to the Fed: "Dont Raise Rates"
by Robert Huebscher,
The Fed should reject its inclination to raise rates, according to Jeffrey Gundlach. It's rare that he agrees with Larry Summers, but in this case the two believe that the fundamentals in the U.S. economy do not justify higher interest rates.
Gary Shilling - Why You Should Own Bonds
by Robert Huebscher,
If you followed Gary Shilling's advice for the last 30 years, you would be very wealthy. Since 1981, Shilling has consistently advocated owning long-dated Treasury securities. In a talk last week, he reiterated that advice as one piece of his three-part asset-allocation strategy for the coming year.
Harold Evensky - Nine Key Communication Points
by Robert Huebscher,
Advisors should put their mouths where their money is, according to Harold Evensky. Educating and preparing clients for what advisors will ultimately deliver must be a core principle of every practice. In a recent presentation, Evensky described nine key ways that advisors should interact with clients, the media and their peers.
Mohamed El-Erian: Beware the Bubble in Liquidity
by Robert Huebscher,
In 2000, it was technology stocks. In 2007, it was real-estate prices. Among today's overvalued asset classes, which one will crash most spectacularly when the bubble bursts? Mohamed El-Erian, the chief economic advisor at Allianz, thinks he knows the answer.
Woody Brock on Why to Own Stocks Now - Video
by Robert Huebscher,
Dr. Horace 'Woody' Brock is the founder Strategic Economic Decisions and the author of American Gridlock. In a recent talk, he explained why investors should own stocks ? particularly those with stable dividends ? and why bonds are very risky in today's environment. This is the video; a transcript of this talk is also available.
Albert Edwards - "Markets to Riot"
by Robert Huebscher,
Albert Edwards admits that his "bear" reputation is well deserved, at least with respect to equities, an asset class he has dismissed for the last 10 years. His bearishness has not abated, and for the coming year, he fears that "deflation will overwhelm the west." Markets, he said, will riot.
Gundlach: Don't Fear Fed Tightening
by Robert Huebscher,
Throughout the post-crisis period, collective wisdom among market forecasters has held that interest rates would rise. But low rates have persisted, proving those prognosticators "dead wrong," in Jeffrey Gundlach's words. Gundlach, correctly contrarian in his interest-rate predictions, now believes the Fed will raise rates in 2015 but investors should not fear Fed tightening.
Gross versus Gundlach: Who Has More Skill?
by Robert Huebscher,
If rocket science has a counterpart in financial analysis, it is in the quantitative analytics from companies like Boston-based Northfield Information Services. Last week, I spoke with Dan di Bartolomeo, founder and CEO, to see if he could detect skill or luck among the two biggest fixed-income managers: Bill Gross, when he managed the PIMCO Total Return Fund (PTTRX), and Jeffrey Gundlach, manager of the DoubleLine Total Return Fund (DBLTX).
Jeremy Siegel - Fair Value for the S&P 500 is 2,300
by Robert Huebscher,
During the post-financial crisis period, no person has been more accurate at forecasting U.S. equity market returns than Jeremy Siegel, the Russell E. Palmer Professor of Finance at the Wharton School. In this year's interview, he explains why the fair value of the S&P 500 is 11% higher than its valuation today.
A First Look at Morningstar's Analyst Ratings
by Robert Huebscher,
Overwhelming academic evidence documents the difficulty in distinguishing skill from luck among actively managed mutual funds. Despite this fact, many vendors have attempted to identify those that will beat their benchmarks and deliver excess risk-adjusted returns. Noteworthy among those vendors is Morningstar, which offers forward-looking "analyst ratings." We've evaluated the predictive ability of the first vintage of those ratings, which were published three years ago.
Bill Sharpe on Retirement Planning
by Robert Huebscher,
Bill Sharpe discusses topics at the forefront of financial-planning research: The role of annuities in a retirement portfolio, the proper glidepath for target-date funds, if investors should anticipate mean reversion in market returns and whether ESG- and SRI-oriented portfolios make sense.
Michael Aronstein on the Fed's Latest Mistake
by Robert Huebscher,
Since the Fed began its post-crisis monetary easing, a cult of second-guessers has emerged. The most extreme cry of "dollar debasement" or admonish that markets are doomed for hyperinflation. The more reasonable view, articulated by Michael Aronstein at a recent conference for financial advisors, is that near-zero interest rates and QE have distorted markets, but it is unclear when or how that will impact investors.
Gundlach on Today's Surprising Driver of Bond Prices
by Robert Huebscher,
Inflationary pressures could ultimately trigger an uncontrollable spike in interest rates, according to Jeffrey Gundlach, but such predictions are likely at least five years too early. In the short run, he identified the key driver that will keep rates low - the strong performance of European bond markets.
Gundlach: A Big Moment for the Economy and the Markets
by Robert Huebscher,
The benchmark 10-year Treasury bond is an attractive investment, according to Jeffrey Gundlach, although its yield is likely to stay between 2.2% and 2.8% for the remainder of the year. Despite that narrow range, Gundlach foresees pivots in other parts of the investment landscape.
A Test for Small-Cap and Value Stock Investors
by Robert Huebscher,
Readers of this publication are well versed in the findings of the 1992 Fama-French paper, which documented the outperformance of small-capitalization and value stocks. But few are aware of these two sentences, which appeared in the conclusion of that paper
How Hedge Funds Destroy Value
by Robert Huebscher,
All you really need to know about hedge fund performance is evident from the fact that Simon Lack could not produce the pie chart below in 2012. The chart shows how hedge-fund returns have been divided among manager fees, fund-of-funds fees and investor profits.
Kyle Bass: The Looming Crises in Asia
by Robert Huebscher,
For the last several years, nobody has been more outspokenly bearish on Japan than Kyle Bass. In a recent talk, Bass reiterated his doubts about Japan's chances of averting a debt crisis. What's more, he also said China's economy will fall below expectations.
Lacy Hunt: The Dark Side of Debt
by Robert Huebscher,
Lacy Hunt has used econometric research to persuasively demonstrate the statistical relationship between excessive debt and slow economic growth. Although Hunt and I disagree over whether this analysis can be applied to the U.S., our forecasts for growth in the U.S. economy and for the bond markets are remarkably similar.
Will Global Tensions Derail the US Recovery?
by Robert Huebscher,
It's not the Fed's monetary policy that investors should fear, but the "geopolitical tapering" undertaken by the Obama administration, contends Niall Ferguson, the Harvard historian. Ian Bremmer, the political scientist and chairman of the Eurasia Group, disagrees - despite some tactical missteps, he said, the current administration has achieved reasonable results.
Bill Sharpe: "Smart beta makes me sick"
by Robert Huebscher,
If you rely on "smart beta" strategies to achieve returns that you hope will beat the broad market, then you also need a response to the criticisms posed by Bill Sharpe, the Nobel laureate and Stanford economist. Sharpe uses unassailable logic, in my opinion, to demonstrate why smart-beta strategies must eventually do no better than the market.
John Hussman: Really Mean Reversion
by Robert Huebscher,
In his most recent commentary, GMOs Jeremy Grantham said value investors are destined to endure pain in a market bubble, especially in its latter stages, as clients scorn them for missed opportunities. John Hussman is surely one such investor - indeed, Granthams commentary drew extensively on Hussmans research. In a recent talk, Hussman explained why he, Grantham and other long-term value-driven investors should be worried, even if equity markets perform well in the short run.
A Conversation with DFA’s David Booth
by Robert Huebscher,
It’s possible for an airplane company to manufacture excellent jets that reliably and safely reach their destination, even if some of its engineers design questionable components. Indeed, its products may be among the best ever designed. That’s my impression DFA, which was reinforced after meeting with its co-founder and co-CEO, David Booth.
Our Most Read Article from Last Week: Gundlach - Rates Will Remain Low in 2014
by Robert Huebscher,
Slowing economic growth, low inflation and a lack of motivated sellers will keep interest rates depressed, at least for the rest of this year, according to Jeffrey Gundlach. But investors should prepare for an eventual rise in rates, he said, because he is skeptical of the Federal Reserve’s ability to successfully exit from QE.
Gundlach - Rates Will Remain Low in 2014
by Robert Huebscher,
Slowing economic growth, low inflation and a lack of motivated sellers will keep interest rates depressed, at least for the rest of this year, according to Jeffrey Gundlach. But investors should prepare for an eventual rise in rates, he said, because he is skeptical of the Federal Reserves ability to successfully exit from QE.
Have Researchers Uncovered Buffett’s Secret?
by Robert Huebscher,
Researchers from AQR Capital Management, a Connecticut-based asset manager, claim they have uncovered the source of Warren Buffett’s alpha. They believe Buffett-like performance can be achieved by constructing a portfolio with exposure to certain "factors." But their theory hinges on a crucial assumption, which, as I will show, is highly tenuous.
David Rosenberg: No U.S. Recession in Sight
by Robert Huebscher,
Following a lackluster recovery that began in June 2009, many fear the U.S. is due for another recession, given that the average post-war economic expansion lasted five years. But we’re only in the "fourth or fifth inning of the business cycle," according to David Rosenberg, who predicts growth in consumer and capital spending - and positive returns for U.S. equities.
Why Emerging Market Fears are Overblown
by Robert Huebscher,
Conditions in the emerging markets bear little resemblance to those in 1997 leading up to the Asian crisis, according to Simon Derrick, a leading market strategist with BNY Mellon. In this interview, he also explains why the euro is overvalued and picks the winners and losers in todays currency wars.
James Montier - What Worries Me Right Now
by Robert Huebscher,
GMO’s investment strategist James Montier discusses why corporate profits will revert to the mean, what investors should know about the controversy over CAPE valuations, and the one issue that is the "preeminent occupation" of his mind right now.
Albert Edwards and Dylan Grice: Bearish Forecasts from Two Top Strategists
by Robert Huebscher,
Its been nearly 18 years since Albert Edwards forecast an "ice age" in which bonds would outperform equities. Hes been right until just recently, when cumulative returns on the two classes converged. But Edwards insists that his thesis is still accurate - deflation will be the force to propel bonds over stocks, he says. Dylan Grice, meanwhile, warns that the markets operate on an unstable equilibrium that could devolve into apocalyptic conditions.
Results 451–500
of 769 found.
