Are persistent outperformance and long-term alpha closely linked or is it possible to deliver alpha without being persistent?
Over the past couple of decades, I’ve told clients many very important things. Most of them are timeless, which is why I find myself saying the same things repeatedly. Here are the top 10, and I’ve saved my most important for last.
Equal-weighted portfolios have long outperformed cap-weighted funds. Conventional wisdom is that was because of the small-cap factor, but new research shows more is at play.
Since its launch in November, ChatGPT has been a smash hit. To explore the benefits of airline deregulation in the U.S., we sought the help of the AI content generator.
Investors are chasing European stocks at the fastest pace in nearly a year, while US equity inflows remain muted amid concerns of a recession, according to Bank of America Corp.
Slowly but surely, investment bankers from New York to London are chipping away at the tens of billions of dollars in leveraged buyout debt that remains famously stuck on their balance sheets.
The current debt ceiling debate in Congress is a great reminder that investors should always prepare for the unexpected and invest in companies that are durable enough to withstand a range of economic scenarios.
Review the latest portfolio strategy commentary from Mike Gibbs, managing director of Equity Portfolio and Technical Strategy.
As Royce Investment Partners, the pioneers of small cap investing, celebrate their 50th anniversary, Chuck Royce and Chris Clark take a look at the past 50 years to provide a take on what they have learned and how it guides their views on what is yet to come for the asset class.
Here are six steps to implement multiple niches, bring in new clients, and accelerate their growth goals.
In 2023, trust is only half of the equation, The other half is authority.
US dollar cycles are long.
Special needs trusts and ABLE accounts are the pillars of special needs funding. I have a professional here to discuss the differences between them and how each can be used to maximize financial resources. This includes protecting government benefits, understanding eligibility requirements, guidelines for use, and funding options. The discussion will explain how you can best support families to provide quality of life and a lifetime of care.
The “pain trade” is likely higher over the next few weeks.
What happens when you ask the hottest AI tool in the world to design an ETF that can beat the US equity market? It tells you the same thing every frustrated stock manager does.
For the first time, the world invested as much money into replacing fossil fuels as it spent on producing oil, gas and coal, according to an analysis from BloombergNEF.
Checking your 401(k) account balance is a little less painful these days.
Investors are still recovering from the municipal market beatdown of 2022, but the current higher absolute yield levels provide an attractive “re-entry” point for municipal market investors.
Successful investment management can be Impaired by perverse incentives, which are what now plagues value funds.
2022 was a banner year, and not in a good way.
Joe Biden entered the Oval Office with relatively low approval ratings.
A recession is two consecutive quarters of economic contraction.
Drew O’Neil discusses fixed income market conditions and offers insight for bond investors.
The first and easiest leg of the bursting of the bubble we called for a year ago is complete.
The popping of the bubble in US stocks is far from over and investors shouldn’t get too excited about a strong start to the year for the market, warns Jeremy Grantham, the co-founder and long-term investment strategist of GMO.
Cathie Wood’s flagship strategy is on course for one of its best months on record, joining assets across Wall Street that are so far defying gloomy expectations for the year ahead in emphatic style.
Ken Griffin’s Citadel churned out a record $16 billion in profit for clients last year, outperforming the rest of the industry and eclipsing one of history’s most successful financial plays.
Do you fear looking back at your career one day and asking yourself “what if” you had made a move to independence?
For the 15 years preceding 2022, asset management was a great business, fueled by near-double-digit AUM growth driven by rising equity and bond markets. But that party ended in 2022, with big losses in the stock market and record losses in the bond market. My guest today is here to discuss what that means for asset managers, advisors, and the consumer who ultimately own mutual funds and ETFs.
The problem with speculation is that there’s usually a gap between the underlying risk and the inevitable outcome.
The death of the cheap-money era is redrawing Corporate America’s earnings map - upending a decade of Wall Street wisdom over which stocks are the bargain buys or the high fliers of tomorrow.
2022 was a year of disappointment and negative surprises as economies faced the consequences of geopolitical turmoil and central banks fighting inflation.
U.S. stocks are extending a late last-week rally, with Q4 earnings season set to shift into high gear.
The latest Conference Board Leading Economic Index (LEI) for December was down 1% from the November final figure of 111.6, marking the 10th consecutive MoM decline.
Advisors can illustrate the risks in single-stock positions by educating their clients on the historical evidence that demonstrates diversification is the prudent strategy.
Ray Dalio, founder of the world’s largest hedge fund, has one.
A January survey conducted by Bank of America shows that 91% of money managers believe China will “fully reopen” in 2023. That’s a significant increase from December 2022. Growth expectations for the country are also at a 17-year high.
China’s equity benchmark is closing in on a bull market as foreign investors rush to buy local shares on bets that the nation’s economic reopening and supportive policies will accelerate the market’s rebound.
It’s as close to a sure-thing bet as markets ever offer. When the S&P 500 falls 20% or more, a recession is close behind
Market watchers on Wall Street attribute this week’s stock selloff to the insidious threat of recession.
The America First trade that sent money gushing to the US over the past three years is finally starting to lose its shine as market optimism gravitates back to unloved markets outside of the world’s biggest economy.
The yield on the 10-year note ended January 20, 2023 at 3.48%, the two-year note ended at 4.14%, and the 30-year at 3.66%.
U.S. equities are higher, as the markets look to get back to their winning ways after a two-day losing streak.
Dina Ting, our Head of Global Index Portfolio Management, offers her perspective on the allure of multifactor US mid-capitalization strategies for 2023.
The Northern Trust Economics team shares its outlook for growth, inflation, employment, and interest rates.
2022 was a difficult year for bond investors, but the combination of high inflation and tighter Fed policy should keep yields elevated, creating materially stronger fixed income returns in the new year.
The US is headed for yet another standoff over the federal debt limit. House Republicans say they won’t raise the arbitrary cap on total borrowing unless President Joe Biden agrees to budget cuts.
The best start to a year for bond returns is helping fuel an unprecedented debt-sale bonanza by governments and companies around the world of more than half a trillion dollars.
Macro hedge funds, which look at economic trends and take advantage of dislocations across asset classes, had a banner year in 2022.
Some of the biggest investors in US commercial real estate are looking to cash in before property values slide further.
Nearly seven years have passed since the publication of our 2016 paper “How Can ‘Smart Beta’ Go Horribly Wrong?”
It's easy to take the wrong signal from recent market strength.
Meta Platforms Inc.’s market-beating rally of the past few months is failing to convince some skeptics, given how much money the owner of Facebook and Instagram continues to pour into building its version of the metaverse.
As a financial coach whose mission is to talk fee-only advisors “off the fence” of procrastination, I frequently answer two questions.
Let me share a story of an RIA who will be forced to mount a legal defense because of a lawsuit that is likely to be filed by two of his retired clients.
Home prices have started to correct as interest rates rose sharply in 2022.
The team at Infrastructure Capital Advisors provides key insights and advice on current market conditions and economic outlook for this month and the coming months.
Morningstar’s latest research showed higher safe spending rates across all asset allocations over all time horizons. I don’t agree with those results.
Markets provided investors with a dozen lessons in 2022 (and a bonus one in the postscript).
The Federal Open Market Committee’s 12 voting members differ on where they think interest rates should go this year. But we know they’re unanimously against cutting rates until at least 2024—or at least they were as of December, according to that meeting’s minutes.
Investors don’t appear to have been fazed by the FAA mishap. Shares of U.S. domestic airlines finished Wednesday up more than 1% before advancing a further 4% on Thursday in response to positive earnings estimates.
This article explores how the addition of specific liquid alternative strategies produces an “All-Terrain” portfolio with the potential for improved long-term performance across a wider range of market environments.
The process by which advisors select a TAMP is the latest illustration of fiduciary failure, and the SEC has responded with ominous rulemaking that will have questionable value to our profession.
One of the most lucrative money-making machines in the world of finance is all clogged up, threatening a year of pain for Wall Street banks and private-equity barons as a decade-long deal boom goes bust.
The Loomis Sayles Global Credit Sector Team discusses rate volatility, possibly deteriorating credit fundamentals and key technicals at play in the market.
In 2022, inflation and interest rates both rose substantially, creating the near-term potential for a recession.
Current federal monetary policy, fixed income returns and economic landscape appear to closely parallel the bond bear markets in the 1990s.
Our 2022 ESG manager survey findings reinforced our belief that the integration of environmental, social and governance (ESG) factors into investment processes is here to stay.
U.S. stocks are choppy as the markets wrestle with the implications of a highly anticipated December consumer price inflation report that showed the headline figure declined but the core rate rose, both in line with expectations.
Throughout this year, Wealthspire Advisors’ Investment Team has spent significant time discussing inflation and the Federal Reserve and felt it was important to pivot towards the story in financial markets for 2022, which begins and ends with fixed income.
The six biggest Wall Street banks are expected to slash their corporate bond issuance in 2023 for a second year in a row, offering a bright spot for investors nursing record losses from the debt last year.
Market volatility and the Federal Reserve's efforts to reduce inflation will continue to garner attention.
A disaster for bulls, the yearlong tumble in American stocks has in some respects been almost as rough for the other side of the trade.
Emerging-market stocks extended their lead over US shares in the early days of the new year, with the equity benchmark rising to a six-month high against the S&P 500 Index.
2023 may be another difficult year for investors who hope to relive the speculative markets of 2020 and 2021.
The market volatility and interest-rate hikes that gave US banks their biggest windfall last year may prove to be their biggest headache in 2023.
Money managers for the ultra-wealthy are eschewing traditional private equity funds and betting directly on upstart companies.
The California Public Employees’ Retirement System is making a $1 billion wager that small private equity firms without the heft of the biggest buyout institutions can boost the pension giant’s returns and clout.
2022 was a rough year for fixed income, but we anticipate better days ahead as the Fed will likely keep rates elevated in its ongoing battle against inflation.
Healthcare stocks have remained in vogue through volatile markets, driven by increased interest in the sector during COVID-19.
The bond market is much cheaper than the stock market, according to Jeffrey Gundlach. Investors should abandon the traditional 60/40 stock/bond allocation in favor of a 40/60 split.
At KCR, we believe in the Quantamental Investment approach–a strategy that leverages the most useful aspects of both quantitative investing and fundamental investing.
Although inflation appears to have peaked, historical data suggests that prices are unlikely to reverse themselves, which could lead to an extended period of wage inflation.
The rising threat of an economic recession has done nothing to dissuade Corporate America from spending big on its own shares.
With the aggressive pace of rate hikes in 2022 and inflation slowly starting to come down, we are optimistic that we are in the later stages of the tightening cycle.
Deep value offers a compelling opportunity within U.S. equities.
Tens of thousands of tech sector job cuts may not be enough to reverse the collapse in share prices, given the looming economic downturn could slash companies’ revenues far more than the cost savings they make via layoffs.
Here are two lessons to double the value of your practice…
Probability-based retirement income strategies are highly sensitive to the capital market assumptions used in Monte Carlo analysis. Seemingly small changes in those assumptions can mean the difference between projecting a comfortable lifestyle and financial ruin.
Tight monetary policy and rising government debt will drive a regime of high interest rates, depressing stock prices and destroying the wealth of clients, most severely those at or near retirement.
Mutual Funds
Performance Persistence Matters
Are persistent outperformance and long-term alpha closely linked or is it possible to deliver alpha without being persistent?
The 10 Most Important Things I Tell Clients
Over the past couple of decades, I’ve told clients many very important things. Most of them are timeless, which is why I find myself saying the same things repeatedly. Here are the top 10, and I’ve saved my most important for last.
Why Have Equal-Weighted Portfolios Outperformed the Market?
Equal-weighted portfolios have long outperformed cap-weighted funds. Conventional wisdom is that was because of the small-cap factor, but new research shows more is at play.
I Asked ChatGPT to Write About Airline Deregulation in the U.S. Here’s How It Went
Since its launch in November, ChatGPT has been a smash hit. To explore the benefits of airline deregulation in the U.S., we sought the help of the AI content generator.
Investors Flock to European Stocks Leaving US Behind, BofA Says
Investors are chasing European stocks at the fastest pace in nearly a year, while US equity inflows remain muted amid concerns of a recession, according to Bank of America Corp.
Wall Street Rides Loan-Market Rally to Sell Risky Buyout Debt
Slowly but surely, investment bankers from New York to London are chipping away at the tens of billions of dollars in leveraged buyout debt that remains famously stuck on their balance sheets.
Elephant in the Room
The current debt ceiling debate in Congress is a great reminder that investors should always prepare for the unexpected and invest in companies that are durable enough to withstand a range of economic scenarios.
Weekly Market Guide
Review the latest portfolio strategy commentary from Mike Gibbs, managing director of Equity Portfolio and Technical Strategy.
Small Cap Pioneers Share Their Investing Principles
As Royce Investment Partners, the pioneers of small cap investing, celebrate their 50th anniversary, Chuck Royce and Chris Clark take a look at the past 50 years to provide a take on what they have learned and how it guides their views on what is yet to come for the asset class.
An Uncommon Approach to Implementing Multiple Niches
Here are six steps to implement multiple niches, bring in new clients, and accelerate their growth goals.
The Secret to Making the Sale in 2023
In 2023, trust is only half of the equation, The other half is authority.
The Buck Stops Here
US dollar cycles are long.
Funding Special Needs Clients with ABLE Accounts
Special needs trusts and ABLE accounts are the pillars of special needs funding. I have a professional here to discuss the differences between them and how each can be used to maximize financial resources. This includes protecting government benefits, understanding eligibility requirements, guidelines for use, and funding options. The discussion will explain how you can best support families to provide quality of life and a lifetime of care.
The “Pain Trade” Is Higher For Now
The “pain trade” is likely higher over the next few weeks.
We Asked ChatGPT to Make a Market-Beating ETF. Here’s What Happened
What happens when you ask the hottest AI tool in the world to design an ETF that can beat the US equity market? It tells you the same thing every frustrated stock manager does.
$1 Trillion Green Investment Matches Fossil Fuels for First Time
For the first time, the world invested as much money into replacing fossil fuels as it spent on producing oil, gas and coal, according to an analysis from BloombergNEF.
Popular 401(k) Funds Rebound After Tanking in 2022
Checking your 401(k) account balance is a little less painful these days.
Municipal Bonds: Is it Safe to Get Back in the Water?
Investors are still recovering from the municipal market beatdown of 2022, but the current higher absolute yield levels provide an attractive “re-entry” point for municipal market investors.
The Perversion Afflicting Value Investors
Successful investment management can be Impaired by perverse incentives, which are what now plagues value funds.
1099 Season – An Opportunity for Tax-Aware Advisors
2022 was a banner year, and not in a good way.
What Would an Early Biden Departure Mean for Markets?
Joe Biden entered the Oval Office with relatively low approval ratings.
Recession Fear Investing
A recession is two consecutive quarters of economic contraction.
Investing With a Flat Yield Curve
Drew O’Neil discusses fixed income market conditions and offers insight for bond investors.
After a Timeout, Back to the Meat Grinder!
The first and easiest leg of the bursting of the bubble we called for a year ago is complete.
Jeremy Grantham Warns of a 17% Plunge in the S&P 500 This Year
The popping of the bubble in US stocks is far from over and investors shouldn’t get too excited about a strong start to the year for the market, warns Jeremy Grantham, the co-founder and long-term investment strategist of GMO.
Cathie Wood's ARKK Is Well on Way to One of Its Best Months Ever
Cathie Wood’s flagship strategy is on course for one of its best months on record, joining assets across Wall Street that are so far defying gloomy expectations for the year ahead in emphatic style.
Citadel's $16 Billion Win Tops Paulson's Greatest Trade Ever
Ken Griffin’s Citadel churned out a record $16 billion in profit for clients last year, outperforming the rest of the industry and eclipsing one of history’s most successful financial plays.
Ask Brad: Do You Rent or Own Your Advisory Practice?
Do you fear looking back at your career one day and asking yourself “what if” you had made a move to independence?
The Post-2022 Asset Management Landscape
For the 15 years preceding 2022, asset management was a great business, fueled by near-double-digit AUM growth driven by rising equity and bond markets. But that party ended in 2022, with big losses in the stock market and record losses in the bond market. My guest today is here to discuss what that means for asset managers, advisors, and the consumer who ultimately own mutual funds and ETFs.
Pushing Your Luck
The problem with speculation is that there’s usually a gap between the underlying risk and the inevitable outcome.
Amazon Is a Value Stock in Topsy-Turvy New World of Investing
The death of the cheap-money era is redrawing Corporate America’s earnings map - upending a decade of Wall Street wisdom over which stocks are the bargain buys or the high fliers of tomorrow.
Fed Up: Can the Fed Accommodate the Market?
2022 was a year of disappointment and negative surprises as economies faced the consequences of geopolitical turmoil and central banks fighting inflation.
Stocks Adding to Friday's Rally, Flood of Earnings Data Looms
U.S. stocks are extending a late last-week rally, with Q4 earnings season set to shift into high gear.
CB LEI: 10th Consecutive Decline in December, Recession Signal Continues
The latest Conference Board Leading Economic Index (LEI) for December was down 1% from the November final figure of 111.6, marking the 10th consecutive MoM decline.
Fortune Doesn’t Always Favor the Bold: The Perils of Concentrated Stock Positions
Advisors can illustrate the risks in single-stock positions by educating their clients on the historical evidence that demonstrates diversification is the prudent strategy.
A Powerful New Tool Transforms How Billionaires Give Fortunes Away
Ray Dalio, founder of the world’s largest hedge fund, has one.
Fund Managers Are Betting On China Stocks And Commodities As The Country Reopens
A January survey conducted by Bank of America shows that 91% of money managers believe China will “fully reopen” in 2023. That’s a significant increase from December 2022. Growth expectations for the country are also at a 17-year high.
China Stocks on Cusp of Bull Market as Year of the Tiger Ends
China’s equity benchmark is closing in on a bull market as foreign investors rush to buy local shares on bets that the nation’s economic reopening and supportive policies will accelerate the market’s rebound.
There's an Upbeat Signal Buried Beneath the Stock Market's Surface
It’s as close to a sure-thing bet as markets ever offer. When the S&P 500 falls 20% or more, a recession is close behind
US Market Watchers Are Fretting Over the Biggest January Options Expiry in a Decade
Market watchers on Wall Street attribute this week’s stock selloff to the insidious threat of recession.
Investors Start to Unwind the $540 Billion America First Trade
The America First trade that sent money gushing to the US over the past three years is finally starting to lose its shine as market optimism gravitates back to unloved markets outside of the world’s biggest economy.
Treasury Snapshot: January 20, 2023
The yield on the 10-year note ended January 20, 2023 at 3.48%, the two-year note ended at 4.14%, and the 30-year at 3.66%.
Stocks Higher Heading into the Weekend
U.S. equities are higher, as the markets look to get back to their winning ways after a two-day losing streak.
Mid-Cap ETFs’ Moment
Dina Ting, our Head of Global Index Portfolio Management, offers her perspective on the allure of multifactor US mid-capitalization strategies for 2023.
A Not-So-Fresh Start
The Northern Trust Economics team shares its outlook for growth, inflation, employment, and interest rates.
Strategic Income Outlook: Was This a Crazy Year or What?
2022 was a difficult year for bond investors, but the combination of high inflation and tighter Fed policy should keep yields elevated, creating materially stronger fixed income returns in the new year.
Do Away With a Debt Ceiling That Serves No Purpose
The US is headed for yet another standoff over the federal debt limit. House Republicans say they won’t raise the arbitrary cap on total borrowing unless President Joe Biden agrees to budget cuts.
Global Bond Sales Off to Record Start of Nearly $600 Billion
The best start to a year for bond returns is helping fuel an unprecedented debt-sale bonanza by governments and companies around the world of more than half a trillion dollars.
Macro Hedge Funds Had a Banner Year. Can They Stage an Encore?
Macro hedge funds, which look at economic trends and take advantage of dislocations across asset classes, had a banner year in 2022.
Investors Seek to Pull $20 Billion From Core Real Estate Funds
Some of the biggest investors in US commercial real estate are looking to cash in before property values slide further.
Revisiting Our “Horribly Wrong” Paper: That Was Then, This Is Now
Nearly seven years have passed since the publication of our 2016 paper “How Can ‘Smart Beta’ Go Horribly Wrong?”
Areté Market Review Q422: Cash is King-ish
It's easy to take the wrong signal from recent market strength.
Meta’s 54% Stock Comeback Is Still on Shaky Ground
Meta Platforms Inc.’s market-beating rally of the past few months is failing to convince some skeptics, given how much money the owner of Facebook and Instagram continues to pour into building its version of the metaverse.
The Two Client Questions Advisors Must Be Able to Answer
As a financial coach whose mission is to talk fee-only advisors “off the fence” of procrastination, I frequently answer two questions.
Will RIAs be Liable for Failed Retirement Income Planning?
Let me share a story of an RIA who will be forced to mount a legal defense because of a lawsuit that is likely to be filed by two of his retired clients.
Home Prices Will Likely Fall Further
Home prices have started to correct as interest rates rose sharply in 2022.
October 2022 Market & Economic Outlook Report
The team at Infrastructure Capital Advisors provides key insights and advice on current market conditions and economic outlook for this month and the coming months.
Challenging Morningstar’s Safe Withdrawal Rates
Morningstar’s latest research showed higher safe spending rates across all asset allocations over all time horizons. I don’t agree with those results.
Lessons from the Markets in 2022
Markets provided investors with a dozen lessons in 2022 (and a bonus one in the postscript).
The Punchbowl Is Gone
The Federal Open Market Committee’s 12 voting members differ on where they think interest rates should go this year. But we know they’re unanimously against cutting rates until at least 2024—or at least they were as of December, according to that meeting’s minutes.
Unfazed by Airline Grounding, Investors Look Ahead to Earnings
Investors don’t appear to have been fazed by the FAA mishap. Shares of U.S. domestic airlines finished Wednesday up more than 1% before advancing a further 4% on Thursday in response to positive earnings estimates.
From All-Weather to All-Terrain Investing for the Stormy Decade Ahead
This article explores how the addition of specific liquid alternative strategies produces an “All-Terrain” portfolio with the potential for improved long-term performance across a wider range of market environments.
The SEC Outsourcing Rule and Our Failure as Fiduciaries
The process by which advisors select a TAMP is the latest illustration of fiduciary failure, and the SEC has responded with ominous rulemaking that will have questionable value to our profession.
Wall Street's Lucrative Leveraged-Debt Machine Is Breaking Down
One of the most lucrative money-making machines in the world of finance is all clogged up, threatening a year of pain for Wall Street banks and private-equity barons as a decade-long deal boom goes bust.
Global Credit Outlook: Cautious on Turbulence & Technicals
The Loomis Sayles Global Credit Sector Team discusses rate volatility, possibly deteriorating credit fundamentals and key technicals at play in the market.
Equity Outlook: The Times They Are A-Changin’
In 2022, inflation and interest rates both rose substantially, creating the near-term potential for a recession.
2023 Municipal Bond Playbook: A Page from the 1990s
Current federal monetary policy, fixed income returns and economic landscape appear to closely parallel the bond bear markets in the 1990s.
2022 ESG Survey Deep Dive: Active Ownership Review
Our 2022 ESG manager survey findings reinforced our belief that the integration of environmental, social and governance (ESG) factors into investment processes is here to stay.
Stocks Grappling With December Inflation Report
U.S. stocks are choppy as the markets wrestle with the implications of a highly anticipated December consumer price inflation report that showed the headline figure declined but the core rate rose, both in line with expectations.
The Year in Review: Wealthspire Advisors 2022 Q4 Review
Throughout this year, Wealthspire Advisors’ Investment Team has spent significant time discussing inflation and the Federal Reserve and felt it was important to pivot towards the story in financial markets for 2022, which begins and ends with fixed income.
Top US Banks Slash Bond Sales, a Bright Spot for Investors
The six biggest Wall Street banks are expected to slash their corporate bond issuance in 2023 for a second year in a row, offering a bright spot for investors nursing record losses from the debt last year.
Equities Are Searching for Clarity
Market volatility and the Federal Reserve's efforts to reduce inflation will continue to garner attention.
Biggest Ever Bear-Market Bounces Create Unending Pain for Shorts
A disaster for bulls, the yearlong tumble in American stocks has in some respects been almost as rough for the other side of the trade.
Emerging-Market Stocks Rise to Six-Month High Versus S&P 500
Emerging-market stocks extended their lead over US shares in the early days of the new year, with the equity benchmark rising to a six-month high against the S&P 500 Index.
3 Investment Themes for 2023
2023 may be another difficult year for investors who hope to relive the speculative markets of 2020 and 2021.
Banks' Revenue Bonanza Seen Under Threat From Looming US Recession
The market volatility and interest-rate hikes that gave US banks their biggest windfall last year may prove to be their biggest headache in 2023.
Family Offices Bypass Private Equity Funds to Make Bets Directly
Money managers for the ultra-wealthy are eschewing traditional private equity funds and betting directly on upstart companies.
Calpers Makes $1 Billion Bet on Small Funds as New CIO Reshapes Pension
The California Public Employees’ Retirement System is making a $1 billion wager that small private equity firms without the heft of the biggest buyout institutions can boost the pension giant’s returns and clout.
Total Return Outlook: Can I Have Another (Rate Hike)?
2022 was a rough year for fixed income, but we anticipate better days ahead as the Fed will likely keep rates elevated in its ongoing battle against inflation.
Healthcare Stocks: An Innovative Antidote for Volatile Times
Healthcare stocks have remained in vogue through volatile markets, driven by increased interest in the sector during COVID-19.
Gundlach: Bonds are Much Cheaper than Stocks
The bond market is much cheaper than the stock market, according to Jeffrey Gundlach. Investors should abandon the traditional 60/40 stock/bond allocation in favor of a 40/60 split.
Quantamental Investing: A Brief Primer on KCR’s Toolkits
At KCR, we believe in the Quantamental Investment approach–a strategy that leverages the most useful aspects of both quantitative investing and fundamental investing.
Things Are Getting Sticky. Prices Always Have Been.
Although inflation appears to have peaked, historical data suggests that prices are unlikely to reverse themselves, which could lead to an extended period of wage inflation.
US Corporations Are Still Lining Up to Buy Back Their Own Shares
The rising threat of an economic recession has done nothing to dissuade Corporate America from spending big on its own shares.
The Back Half of the Hike Cycle
With the aggressive pace of rate hikes in 2022 and inflation slowly starting to come down, we are optimistic that we are in the later stages of the tightening cycle.
Memo To The Investment Committee: A Hidden Gem
Deep value offers a compelling opportunity within U.S. equities.
Amazon, Salesforce Job Cuts Are Warning Signs for Stock Prices
Tens of thousands of tech sector job cuts may not be enough to reverse the collapse in share prices, given the looming economic downturn could slash companies’ revenues far more than the cost savings they make via layoffs.
Ask Brad: How to Double the Value of Your Practice
Here are two lessons to double the value of your practice…
The Dangers of Monte Carlo Simulations
Probability-based retirement income strategies are highly sensitive to the capital market assumptions used in Monte Carlo analysis. Seemingly small changes in those assumptions can mean the difference between projecting a comfortable lifestyle and financial ruin.
Plan for More Wealth Destruction
Tight monetary policy and rising government debt will drive a regime of high interest rates, depressing stock prices and destroying the wealth of clients, most severely those at or near retirement.