How quickly the world can change! 2020 serves as a reminder of the dramatic market swings that are possible over short calendar year periods. The year began with the markets collapsing as the scale of the global COVID-19 pandemic took shape. This was followed by...
Using our ESG universe, we observe that the majority of funds have underperformed the wider market over the last...
Global Macro practitioners can be divided into two camps: discretionary and systematic. Discretionary practitioners develop a top-down macroeconomic view and engage in concentrated positions based on discretionary assessments of fundamental data such as GDP,...
Investors have asked us this question given the lackluster, and frankly disappointing, performance of many of their Trend managers prior to 2019. Industry observers have opined on this as well, and they sometimes attribute disappointing performance to things like:...
After enduring the (40%) global equity market collapse of 2008, investors large and small are eager to reexamine the perils posed by equity market “tail risk”...
Diversification remains the cornerstone of modern portfolio theory. Yet, during the financial crisis many “diversifying” investments readily followed the direction of the equity markets as they collapsed in 2008 and...
When someone says ‘time is on their side,’ they’re saying time is working in their favor, and almost always from a long-term...
The financial recovery since early 2009 has been a most welcome reprieve from the lowest depths of the Global Financial Collapse...
With corporate bond and U.S. Treasury rates near 100-year lows after a 30-year steady decline, investors everywhere are pondering the consequences if interest rates begin to...
Thirty-one years ago the yield on corporate Aaa bonds reached its 100-year peak of 15.5%. That date was in September, 1981, and rates for corporate bonds and U.S. Treasuries have fallen ever since, with both rates resting near 100-year lows...