Dividends: Feeling the Pressure
Even as the global economy has been showing some nascent signs of recovery, we expect dividend payouts will continue to be pressured as companies globally adapt to a tougher earnings environment.
Research Publications Archive
Living on Borrowed Time – Dissecting the Current Equity Market Rally
The powerful move in equities from their March lows has outpaced fundamentals. History indicates that at this point in the cycle the easy gains have been made and returns going forward will likely be muted.
Behavioral Risk
Managing behavioral risk is arguably prerequisite to effective implementation of other risk mitigation strategies. This paper identifies ways investors can counter the urge to stampede for the exits during times of crisis.
Is ETF Trading Causing Wider Ripples?
Index-based trading will influence correlations, volatility, and manager opportunities.
Uncharted Waters – The U.S. Policy Response to the Financial and Economic Crisis
The U.S. government’s policies to combat the financial and economic crisis appear to have been much more effective in bolstering the financial system and revitalizing capital markets than in stimulating the economy, but capital markets remain fragile and the policies have introduced a number of serious investment-related risks.
Currency Hedging
This paper explores alternatives for managing currency exposure inherent in diversified portfolios.
Now What?!
This is the eighth in what has evolved into a series of occasional papers, Asset Allocation in the Current Environment, on the evolution of the secular bear market in equities and our thoughts on how investors can best cope with the prevailing uncertainties.
Secondaries: An Introduction
This primer provides an overview of the secondary market and discusses the role of secondaries in a diversified investment portfolio.
Distressed Corporate Credit From an After-Tax Perspective
High-yield bonds and loans are normally unattractive to taxable investors, but current conditions are more favorable than usual, and careful manager selection may tip the balance in investors’ favor.
S&P 500 Earnings: Gazing Across the Abyss
The collapse in S&P earnings over the past year and the range of future possible earnings estimates create high uncertainty around U.S. equity valuations.