Global Real Estate Stocks—Time to Get Out?

Real estate stocks have now rebounded from the crash during the global financial crisis. But we think valuations are still reasonable, especially as property fundamentals continue to improve in key markets.

read more

Hospital “Survivor”: Muni Bondholders Wait to See Who Makes the Cut

To stay solvent, hospitals run a numbers game, charging high prices to patients with private insurance to offset lower payments from Medicare and Medicaid and the uninsured. Some hospitals make a nice profit; others struggle. Now hospitals face a game changer—the Affordable Care Act, which expands Americans’ access to medical insurance but changes the reimbursement [...]

read more

UK Budget: No Fiscal Consolidation, but Looser Money Ahead

We expect little change in UK fiscal policy in Wednesday’s budget. Instead the Chancellor George Osborne may try to nudge the Bank of England towards more aggressive monetary easing, putting further pressure on the pound.

read more

Reducing the Risk from Adding Stock Exposure

Adding other sources of diversification could significantly reduce the risk from increasing stock exposure, our research suggests.

read more

Feared Copper “Flood” More Likely a Trickle

Investors have turned bearish on commodities, particularly in the case of copper, where recent talk of a looming surge in new supply has sparked fears of a price rout. We’re skeptical about the copper supply-glut story and don’t think what’s happening in copper is a “canary in the coal mine” for the rest of the [...]

read more

Shadow Banking Darkens China Policy Outlook

Chinese government measures to cool the property market last week could be the start of a broader tightening campaign. The “shadow banking” industry might be next in line for action.

read more

Emerging-Market Debt: Pure High-Grade Strategies Gain Popularity

Investors in hard-currency emerging-market (EM) bonds are starting to change the way they think about the opportunity. For some, this means moving to investment-grade-only strategies.  

read more

Tips for Kicking the Tires on Target-Date Funds

The US Department of Labor (DOL) recently issued some tips to guide defined contribution (DC) plan sponsors when selecting a target-date fund as an investment option in their plan. The tips are sensible—one may be even a bit surprising. And they should probably be taken quite seriously, considering the source.

read more

How Much Risk Does Adding Stocks Pose?

Investors have good reasons for their recent net increase in stock fund purchases—and good reasons to remain anxious, in our view. While market volatility has returned to normal, memories of the wild market swings of the past five years loom large. Here’s what we think about the risk of increasing stock exposure now.

read more

US Manufacturing Restores Competitive Vigor

The US manufacturing sector has repeatedly figured out how to reinvent itself when faced with competitive threats. In recent years, American companies have become much leaner, regaining an edge in global markets that should lead to a bigger role in economic growth.

read more

Archives by Month:

Archives by Subject: