March 25, 2019 Beyond the Brexit Trees, Is There Light in the EU Wood? by John Taylor Now that the UK has avoided (at least for now) a hard Brexit as it negotiates to extend Article 50, investors might reasonably wonder whether they can relax for a moment and take stock of the bigger picture. What sort of longer-term future does the European Union (EU) have, irrespective of the UK? Brexit, Economics, Fixed Income Likes 0 SHARE Bookmarks
March 18, 2019 Looking Forward, Looking Back: 10 Charts After 10 Years Just over a decade ago, global markets began to recover from the biggest shock in postwar history. These 10 charts show both how much has changed since then and how post-crisis market conditions may influence the next decade. Active & Passive , Equities, Fixed Income, Volatility Likes 0 SHARE Bookmarks
February 27, 2019 The Long View: China—The Indispensable Nation? by Douglas J. Peebles, Eric Winograd A generation ago, China had little influence beyond its borders. Today, its importance to the world economy rivals the United States’. China’s role in markets is growing, too: in April, it will join a major global bond index. The future may bring a freely traded Chinese yuan and a challenge to the US dollar. Currency, Economics, Fixed Income, Later in the Cycle Likes 0 SHARE Bookmarks
February 26, 2019 High-Yield Bonds: A Long-Term Investor’s Friend The US high-yield bond market has an impressive record when it comes to recovering drawdowns quickly. But how much can an investor who stays put reasonably expect to earn? Fixed Income, Later in the Cycle Likes 0 SHARE Bookmarks
February 20, 2019 The Long View: Is Tech Helping or Hurting? by Douglas J. Peebles, Eric Winograd Is the technological revolution making us more productive? Are we measuring productivity properly? And what does it all mean for monetary policy and countries’ growth potential? Economics, Fixed Income, Later in the Cycle Likes 0 SHARE Bookmarks
February 13, 2019 The Long View: The Problem with Populism by Douglas J. Peebles, Eric Winograd Populist, anti-establishment policies will be with us for a while because the conditions that inspire them, such as rising inequality and stagnant incomes, will, too. That has long-term implications for inflation and global growth that investors cannot ignore. Economics, Fixed Income, Later in the Cycle Likes 0 SHARE Bookmarks
February 12, 2019 High Yield: The Comeback Kid How swift will the high-yield recovery be? How likely is it to be sustained? History sheds some light. Fixed Income, Later in the Cycle, Volatility Likes 0 SHARE Bookmarks
February 06, 2019 The Long View: Debt and Demographics by Douglas J. Peebles, Eric Winograd Countries and companies have been on a borrowing binge even as the growth of the working-age population in many parts of the world slows. Is a prolonged period of low growth and low inflation in our future? Economics, Fixed Income, Later in the Cycle Likes 0 SHARE Bookmarks
February 05, 2019 Can a High-Yield Allocation Still Offset Equity Volatility? by Gershon Distenfeld Should you be concerned that high-yield bonds didn’t predict last year’s equity market selloff? We don’t think so. In fact, we think investors should consider adding high-yield exposure to reduce overall risk. Fixed Income, Later in the Cycle, Volatility Likes 0 SHARE Bookmarks
February 04, 2019 How Well Do You Know High Yield? Do these statistics surprise you? While it may initially seem counterintuitive, the high-yield market’s quick rebound rate after downturns actually makes sense. Its consistent, high income makes it among the most resilient asset classes. Fixed Income Likes 0 SHARE Bookmarks
February 01, 2019 Latest Jobs Data Show a Robust US Labor Market by Eric Winograd The government shutdown and temporary displacement of some workers didn’t cause the strong US labor market to miss a beat. Today’s jobs report reinforces that gains have been accelerating. That’s good news for the economy and markets. Economics, Equities, Fixed Income Likes 0 SHARE Bookmarks
January 29, 2019 Municipal Bonds: Three Strategies for 2019 by Daryl Clements Municipal bond investors like their muni portfolios to play the role of Old Faithful in their overall asset allocation, providing safety and income. But that doesn’t mean that the investment environment is reliably the same. How can muni investors stay on track in 2019? They can adhere to these three strategies. Active & Passive , Fixed Income, Municipals, Rising Rates Likes 0 SHARE Bookmarks
January 23, 2019 Nigeria and South Africa: Will Elections Bring Change for Investors? by Adriaan du Toit Africa’s two largest economies will hold elections this year, and there’s a good chance the outcomes will lead to slightly faster growth and higher asset prices. But rising populism and nationalism remain a longer-term risk. Economics, Emerging Markets, Fixed Income Likes 0 SHARE Bookmarks