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	<title>AllianceBernstein Blog</title>
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	<link>http://blog.alliancebernstein.com</link>
	<description>The AllianceBernstein Blog on Investing</description>
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		<title>Equity Market Distortions Create Big Payback Potential</title>
		<link>http://blog.alliancebernstein.com/index.php/2013/05/09/equity-market-distortions-create-big-payback-potential/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=equity-market-distortions-create-big-payback-potential</link>
		<comments>http://blog.alliancebernstein.com/index.php/2013/05/09/equity-market-distortions-create-big-payback-potential/#comments</comments>
		<pubDate>Thu, 09 May 2013 09:00:27 +0000</pubDate>
		<dc:creator>Joseph G. Paul</dc:creator>
				<category><![CDATA[AllianceBernstein]]></category>
		<category><![CDATA[Equities/Stocks]]></category>
		<category><![CDATA[equities]]></category>
		<category><![CDATA[investment style]]></category>
		<category><![CDATA[market crisis]]></category>
		<category><![CDATA[value investing]]></category>

		<guid isPermaLink="false">http://blog.alliancebernstein.com/?p=4433</guid>
		<description><![CDATA[Joseph G. Paul (pictured) and Kevin Simms Even after this year’s equities rally, market imbalances created by the financial crisis in 2008 have not disappeared. When these distortions unwind, we expect deep value stocks to rapidly recover. It&#8217;s understandable why investors became so risk averse after global markets collapsed five years ago. But we think [...]]]></description>
		<wfw:commentRss>http://blog.alliancebernstein.com/index.php/2013/05/09/equity-market-distortions-create-big-payback-potential/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Likely Rate Cut from the European Central Bank Will Be No Magic Wand</title>
		<link>http://blog.alliancebernstein.com/index.php/2013/05/01/likely-rate-cut-from-the-european-central-bank-will-be-no-magic-wand/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=likely-rate-cut-from-the-european-central-bank-will-be-no-magic-wand</link>
		<comments>http://blog.alliancebernstein.com/index.php/2013/05/01/likely-rate-cut-from-the-european-central-bank-will-be-no-magic-wand/#comments</comments>
		<pubDate>Wed, 01 May 2013 12:02:23 +0000</pubDate>
		<dc:creator>Darren Williams</dc:creator>
				<category><![CDATA[AllianceBernstein]]></category>
		<category><![CDATA[Economics]]></category>
		<category><![CDATA[Europe]]></category>
		<category><![CDATA[darren]]></category>
		<category><![CDATA[ECB]]></category>
		<category><![CDATA[Euro]]></category>
		<category><![CDATA[European Central Bank]]></category>
		<category><![CDATA[williams]]></category>

		<guid isPermaLink="false">http://blog.alliancebernstein.com/?p=4419</guid>
		<description><![CDATA[Disappointing April data suggest that the ECB is set to cut the refinancing rate at Thursday’s Council meeting. This is likely to have limited economic impact but  could encourage expectations of more creative policy action later, helping to take some upward pressure off the euro. At its last Council meeting in April, the European Central [...]]]></description>
		<wfw:commentRss>http://blog.alliancebernstein.com/index.php/2013/05/01/likely-rate-cut-from-the-european-central-bank-will-be-no-magic-wand/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Beware of the New Systemic Risk</title>
		<link>http://blog.alliancebernstein.com/index.php/2013/04/25/beware-of-new-systemic-risk/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=beware-of-new-systemic-risk</link>
		<comments>http://blog.alliancebernstein.com/index.php/2013/04/25/beware-of-new-systemic-risk/#comments</comments>
		<pubDate>Thu, 25 Apr 2013 14:00:47 +0000</pubDate>
		<dc:creator>Ashwin Alankar</dc:creator>
				<category><![CDATA[AllianceBernstein]]></category>
		<category><![CDATA[Alternative Investments]]></category>
		<category><![CDATA[Equities/Stocks]]></category>
		<category><![CDATA[diversification]]></category>
		<category><![CDATA[equities]]></category>
		<category><![CDATA[fixed-income]]></category>
		<category><![CDATA[risk]]></category>

		<guid isPermaLink="false">http://blog.alliancebernstein.com/?p=4384</guid>
		<description><![CDATA[Ashwin Alankar and Michael DePalma It felt like there was nowhere to hide from the market declines last Monday, April 15, when stocks, bonds and commodities fell in unison across the world, well before the Boston bombings that day. We believe that this failure of diversification was instigated by increasingly powerful multi-asset funds, many of which [...]]]></description>
		<wfw:commentRss>http://blog.alliancebernstein.com/index.php/2013/04/25/beware-of-new-systemic-risk/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Value Investing and the Philosopher’s Stone</title>
		<link>http://blog.alliancebernstein.com/index.php/2013/04/25/value-investing-and-the-philosophers-stone/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=value-investing-and-the-philosophers-stone</link>
		<comments>http://blog.alliancebernstein.com/index.php/2013/04/25/value-investing-and-the-philosophers-stone/#comments</comments>
		<pubDate>Thu, 25 Apr 2013 11:30:30 +0000</pubDate>
		<dc:creator>Kevin Simms</dc:creator>
				<category><![CDATA[AllianceBernstein]]></category>
		<category><![CDATA[Equities/Stocks]]></category>
		<category><![CDATA[active management]]></category>
		<category><![CDATA[equities]]></category>
		<category><![CDATA[investment style]]></category>
		<category><![CDATA[value investing]]></category>

		<guid isPermaLink="false">http://blog.alliancebernstein.com/?p=4350</guid>
		<description><![CDATA[Kevin Simms and Joseph G. Paul When J.K. Rowling finished her first manuscript of Harry Potter and the Philosopher’s Stone in 1995, she submitted it to 12 publishers, who all rejected the book. In time, those publishers would regret missing the chance to back an unknown author who would later take the world by storm. Like [...]]]></description>
		<wfw:commentRss>http://blog.alliancebernstein.com/index.php/2013/04/25/value-investing-and-the-philosophers-stone/feed/</wfw:commentRss>
		<slash:comments>4</slash:comments>
		</item>
		<item>
		<title>Safe Harbor Is Safe for Secure Lifetime Income Default Investments</title>
		<link>http://blog.alliancebernstein.com/index.php/2013/04/24/safe-harbor-is-safe-for-secure-lifetime-income-default-investments/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=safe-harbor-is-safe-for-secure-lifetime-income-default-investments</link>
		<comments>http://blog.alliancebernstein.com/index.php/2013/04/24/safe-harbor-is-safe-for-secure-lifetime-income-default-investments/#comments</comments>
		<pubDate>Wed, 24 Apr 2013 13:34:13 +0000</pubDate>
		<dc:creator>Daniel A. Notto</dc:creator>
				<category><![CDATA[AllianceBernstein]]></category>
		<category><![CDATA[Americas]]></category>
		<category><![CDATA[Defined Contribution]]></category>
		<category><![CDATA[dc]]></category>
		<category><![CDATA[defined contribution]]></category>
		<category><![CDATA[Department of Labor]]></category>
		<category><![CDATA[DOL]]></category>
		<category><![CDATA[QDIA]]></category>
		<category><![CDATA[qualified default investment alternative]]></category>
		<category><![CDATA[retirement income]]></category>
		<category><![CDATA[safe harbor]]></category>
		<category><![CDATA[target-date funds]]></category>

		<guid isPermaLink="false">http://blog.alliancebernstein.com/?p=4360</guid>
		<description><![CDATA[The new frontier in US defined contribution (DC) plans involves qualified default investment alternatives (QDIAs) with a secure lifetime income component. Will such vehicles retain their safe-harbor protections? Yes. That’s not just our opinion on this topic; it’s outlined in the October 24, 2007 Final Rule issued by the US Department of Labor (DOL), “Default [...]]]></description>
		<wfw:commentRss>http://blog.alliancebernstein.com/index.php/2013/04/24/safe-harbor-is-safe-for-secure-lifetime-income-default-investments/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Indian Milk Helps Quench Thirst for Emerging-Market Growth</title>
		<link>http://blog.alliancebernstein.com/index.php/2013/04/24/indian-milk-helps-quench-thirst-for-emerging-market-growth/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=indian-milk-helps-quench-thirst-for-emerging-market-growth</link>
		<comments>http://blog.alliancebernstein.com/index.php/2013/04/24/indian-milk-helps-quench-thirst-for-emerging-market-growth/#comments</comments>
		<pubDate>Wed, 24 Apr 2013 11:00:14 +0000</pubDate>
		<dc:creator>Tassos Stassopoulos</dc:creator>
				<category><![CDATA[AllianceBernstein]]></category>
		<category><![CDATA[Asia-Pacific]]></category>
		<category><![CDATA[Emerging Markets]]></category>
		<category><![CDATA[Equities/Stocks]]></category>
		<category><![CDATA[active management]]></category>
		<category><![CDATA[emerging markets]]></category>
		<category><![CDATA[equities]]></category>
		<category><![CDATA[growth investing]]></category>
		<category><![CDATA[India]]></category>
		<category><![CDATA[investment style]]></category>

		<guid isPermaLink="false">http://blog.alliancebernstein.com/?p=4248</guid>
		<description><![CDATA[Evolving trends in emerging markets are not always driven by macro-economic policies or demographics. Sometimes, something as simple as a fridge can change millions of people’s lives and re-define an entire industry. This is exactly what’s happening in India’s milk market. The world’s second most-populous nation is also the world’s largest market for milk, yet [...]]]></description>
		<wfw:commentRss>http://blog.alliancebernstein.com/index.php/2013/04/24/indian-milk-helps-quench-thirst-for-emerging-market-growth/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Is There a Silver Lining to the Gold Price Plunge?</title>
		<link>http://blog.alliancebernstein.com/index.php/2013/04/19/is-there-a-silver-lining-to-the-gold-price-plunge/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=is-there-a-silver-lining-to-the-gold-price-plunge</link>
		<comments>http://blog.alliancebernstein.com/index.php/2013/04/19/is-there-a-silver-lining-to-the-gold-price-plunge/#comments</comments>
		<pubDate>Fri, 19 Apr 2013 10:24:42 +0000</pubDate>
		<dc:creator>Jon Ruff</dc:creator>
				<category><![CDATA[AllianceBernstein]]></category>
		<category><![CDATA[Equities/Stocks]]></category>
		<category><![CDATA[commodities]]></category>
		<category><![CDATA[equities]]></category>
		<category><![CDATA[gold]]></category>
		<category><![CDATA[risk]]></category>

		<guid isPermaLink="false">http://blog.alliancebernstein.com/?p=4318</guid>
		<description><![CDATA[It’s been a volatile week for gold prices, which tumbled by the most in 30 years. Although gold is still not obviously undervalued, we think the recent market moves make stock prices of gold miners look attractive when compared with prices of the precious metal.  On Monday, gold posted its largest one-day price drop since [...]]]></description>
		<wfw:commentRss>http://blog.alliancebernstein.com/index.php/2013/04/19/is-there-a-silver-lining-to-the-gold-price-plunge/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Will Emerging-Market Stocks Close Gap with Global Equities?</title>
		<link>http://blog.alliancebernstein.com/index.php/2013/04/18/will-emerging-market-stocks-close-gap-with-global-equities/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=will-emerging-market-stocks-close-gap-with-global-equities</link>
		<comments>http://blog.alliancebernstein.com/index.php/2013/04/18/will-emerging-market-stocks-close-gap-with-global-equities/#comments</comments>
		<pubDate>Thu, 18 Apr 2013 15:00:43 +0000</pubDate>
		<dc:creator>Morgan Harting</dc:creator>
				<category><![CDATA[AllianceBernstein]]></category>
		<category><![CDATA[Emerging Markets]]></category>
		<category><![CDATA[Equities/Stocks]]></category>
		<category><![CDATA[emerging]]></category>
		<category><![CDATA[emerging markets]]></category>
		<category><![CDATA[equities]]></category>

		<guid isPermaLink="false">http://blog.alliancebernstein.com/?p=4301</guid>
		<description><![CDATA[Companies in emerging markets are more profitable and less debt burdened than their developed-market peers, and their shares trade at a deep discount. So when will emerging-market stocks close the gap with global equity markets? This year, the MSCI Emerging Market Index has fallen 4.7% in US-dollar terms, while the MSCI World Index for developed-country [...]]]></description>
		<wfw:commentRss>http://blog.alliancebernstein.com/index.php/2013/04/18/will-emerging-market-stocks-close-gap-with-global-equities/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Bonds: Born to Be Mild</title>
		<link>http://blog.alliancebernstein.com/index.php/2013/04/16/bonds-born-to-be-mild/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=bonds-born-to-be-mild</link>
		<comments>http://blog.alliancebernstein.com/index.php/2013/04/16/bonds-born-to-be-mild/#comments</comments>
		<pubDate>Tue, 16 Apr 2013 20:03:31 +0000</pubDate>
		<dc:creator>Douglas J. Peebles</dc:creator>
				<category><![CDATA[AllianceBernstein]]></category>
		<category><![CDATA[Asset Allocation]]></category>
		<category><![CDATA[Bonds/Fixed Income]]></category>
		<category><![CDATA[bond bears]]></category>
		<category><![CDATA[municipal bonds]]></category>
		<category><![CDATA[tax-exempt bonds]]></category>

		<guid isPermaLink="false">http://blog.alliancebernstein.com/?p=4290</guid>
		<description><![CDATA[A 30-year bull market for bonds has come to an end, but this does not make a bear market inevitable, in our view. We’ve reached the end of a golden age for bond investing, during which the benchmark 10- year US Treasury note provided an annualized total return of 8.6%, as the Display below shows. [...]]]></description>
		<wfw:commentRss>http://blog.alliancebernstein.com/index.php/2013/04/16/bonds-born-to-be-mild/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Emerging-Market Debt: Pure High-Yield Strategies Come of Age</title>
		<link>http://blog.alliancebernstein.com/index.php/2013/04/09/emerging-market-debt-pure-high-yield-strategies-come-of-age/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=emerging-market-debt-pure-high-yield-strategies-come-of-age</link>
		<comments>http://blog.alliancebernstein.com/index.php/2013/04/09/emerging-market-debt-pure-high-yield-strategies-come-of-age/#comments</comments>
		<pubDate>Tue, 09 Apr 2013 09:00:11 +0000</pubDate>
		<dc:creator>Marco Santamaria</dc:creator>
				<category><![CDATA[AllianceBernstein]]></category>
		<category><![CDATA[Bonds/Fixed Income]]></category>
		<category><![CDATA[Emerging Markets]]></category>
		<category><![CDATA[EMD]]></category>
		<category><![CDATA[emerging]]></category>
		<category><![CDATA[high yield bonds]]></category>
		<category><![CDATA[marco]]></category>
		<category><![CDATA[santamaria]]></category>

		<guid isPermaLink="false">http://blog.alliancebernstein.com/?p=4273</guid>
		<description><![CDATA[We believe investors should be thinking about emerging-market debt in terms of credit quality buckets (investment grade or high yield) rather than sectors (sovereign or corporate). For some types of investor, pure high-yield strategies can offer significant advantages. As we argued in a recent blog, credit quality has become a more meaningful distinction than sector as [...]]]></description>
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		<slash:comments>0</slash:comments>
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