Is ETF Trading Causing Wider Ripples?
Index-based trading will influence correlations, volatility, and manager opportunities.
Research Publications Archive
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.
U.K. Property: Patience Required
While prices are clearly more attractive than in the recent past, the massive debt overhang in the sector will not only hamper price recovery for some time, but could cause significantly more short-term pain.
Is the Case for Commodities Still Intact?
Implementation headwinds for commodity futures are substantial today.
Spending Policy Changes: Endowments
In April 2009 a group of U.S. colleges and universities, museums and libraries, independent schools, and other institutions were invited to participate in a brief survey on spending policy as an update to a similar survey that was conducted in 2008. The survey asked about the policies in place, as well changes that were being…