Introduction to Short Selling for U.S. Investors
This primer revisits the widely misunderstood practice of short selling, considers the associated risks, and addresses the role of dedicated short sellers in a broad investment portfolio.
Research Publications Archive
The Right Time for Natural Resources Equities?
Natural resources equities offer reasonable values today, and some shelter during future inflationary periods.
U.K. Property: Hold the Champagne
While property prices have soared over the past year, future returns are likely to be tepid, with gains capped by the huge debt overhang and limited lender capacity, but supported by the accommodative monetary environment.
An Overview of Hedge Fund Strategies and Operations
This paper provides an introduction to hedge fund strategies and operations. Topics covered include common investment strategies, capacity, investor base, legal and fee structures, liquidity provisions, staffing, external service providers, and fund documents.
What if the U.S. Dollar Crashes?
While there are few options to effectively hedge against a US$ crash, investors should nevertheless think carefully about the ways such an event might play out, and what this implies for the efficacy of current investment strategies.
An Update on Europe – Not Quite Time to Sound the All Clear
Authorities have taken decisive steps recently to quell concerns about sovereign debts. However, the underlying problems will take a long time to work through and thus volatility is likely to be a recurring theme in European markets for some time.
Fixed Income Investing When Interest Rates Rise
Many institutions are reviewing their fixed income exposure in light of concerns over the prospects for rising interest rates. While shortening duration to protect portfolios against higher rates ahead seems intuitively appealing, experience indicates it is ill-founded.
Emerging Markets Equities: Still Cautious
Stretched valuations and macroeconomic uncertainty leave emerging markets equities vulnerable.
Emerging Markets Currency Funds – Time to Hitch a Ride on the Local?
Investors in emerging markets cash funds have historically enjoyed a smooth ride given high local interest rates; those investing in today’s low-rate environment will depend more on currency appreciation.
Inflation-Linked Bonds Move From the Bargain Bin to Prime Shelf Space
Investor demand for linkers has pushed down real yields, but versatile securities still have a role to play.