European Equities – Cautiously More Optimistic
European equity valuations are reasonable from a historical perspective—pessimism about sovereign finances and a slow recovery may be fully priced in.
Research Publications Archive
Dodd-Frank’s Impact on Alternative Investments: A Brief Review
This paper highlights key provisions of the major U.S. financial act signed into law in July 2010, focusing on issues related to alternative investments and managers. With more than 60 mandated federal studies due over the next several years and at least 200 new regulations that have yet to be written, the final regulatory landscape…
The Sober Future of Endowment Spending
Given that the global economic outlook is highly uncertain and valuations are not particularly cheap, we once again find ourselves in the role of urging institutions to develop spending contingency plans now, to prepare for the day when their spending policy may dictate cuts, as opposed to being forced to make such decisions hastily, under…
European Equities: Average Valuations in Abnormal Times
While European equity valuations are reasonable from a historical perspective, market pricing doesn’t provide much cover for risks stemming from sovereign finances and the halting economic recovery.
Reflections on a Decade
Even as we focus on the investment challenges of the new decade, it is useful to consider the past ten years. This report briefly covers the performance of various asset classes in the 2000s before delving into lessons learned and observations relevant in the years ahead.
Still or Sparkling? Many Bond Valuations Are High, But Proof of a Bubble Is Somewhat Elusive
While there are some good reasons that demand for fixed income assets has increased, the subsequent price appreciation has made compelling investments harder to find. However, while we view sovereign bonds from many developed countries as very overvalued, our outlook on credit is more nuanced.
Geographic Revenue Mix: Helping to Explain Earnings Growth Despite Dormant Domestic Economies
The importance of geographic revenue mix has increased in recent years as growth prospects for emerging and developed markets have diverged. For European and U.S. companies positioned to capitalize on this growth, it may provide a silver lining despite slowing domestic demand.
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.
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.