Poof! There Goes the American Retirement Dream…Again
When it comes to planning for retirement, we’ve been setting US workers up to fail.
read moreUK Economic Quagmire Adds Pressure for Monetary Policy Change
Bank of England governor-elect, Mark Carney, has raised hopes that the central bank may soon switch to a nominal GDP target. In our view, the costs outweigh the benefits, but the attractions of a radical new approach will grow if the economy remains stuck in the doldrums.
read moreThe Markets and the Cult of Now
Crisis-battered investors continue to favor the relative certainty of current income over the “maybe” of future capital appreciation. If you ask me, however, this hyperfixation on Now is creating some provocative opportunities in Later.
read morePay Attention to Pricing Power in 2013
Revisions to earnings forecasts started to improve in late 2012 as analysts’ worst macroeconomic fears eased. But this year, global companies may find it tougher to boost profits while their pricing power remains weak.
read moreDo Smaller DC Plans Need Advisors?
Many smaller US defined contribution (DC) plans rely on guidance from advisors, and the majority of these DC plan sponsors are happy they do so. But how do plans gauge whether they really need advisors, and assess the benefits against the cost of advice?
read moreWill Emerging Market Earnings Rebound in 2013?
For two years, emerging markets companies have delivered inferior earnings growth and investment returns compared to peers in sluggish developed market economies. Now, the consensus is that earnings growth will catapult from near-zero in 2012 to 13 per cent in 2013. Hopes were high at the end of 2010 and 2011, too, yet analysts were then [...]
read moreMunicipals Escape Taxation for Now
In the end, the American Taxpayer Relief Act did not eliminate the tax exemption for municipal bonds or modify it any way. In fact, the increase in the top marginal tax rate makes muni bonds more attractive versus taxable bonds. And the Medicare surtax on investment income, enacted in 2010 but effective in 2013, makes muni bonds more [...]
read moreSurging EM Corporate Bond Issuance: Cause for Concern?
New bond issuance by emerging-market companies boomed in 2012, leading to fears of a bubble. But we think this market growth is positive for investors, rather than a harbinger of soaring debt levels or deteriorating credit quality.
read moreLooking Under the Hood at High-Yield Bank Loans
Ashish Shah, Gershon Distenfeld and Ivan Rudolph-Shabinsky When you’re shopping for a car, you take a look under the hood to see what makes the thing run. You also check out the car’s features: does it have heated seats, a rear-view camera, a GPS?
read moreHow Much Hedge Fund Exposure Makes Sense?
Our research suggests that a well-diversified allocation to hedge funds might improve portfolio returns, but their greatest benefit is the risk reduction that comes from their low correlation to stocks. Here’s why.
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