Who Will Be First Out of the Bunker?
Attractive opportunities abound (in equities and especially in credit), but the pervasive economic gloom will get worse before it gets better. Download PDF
Research Publications Archive
U.S. Venture Capital Investing
While the recent uncertainty and volatility in economic and financial markets have made it difficult to ascertain the outlook for the venture capital market, these conditions may also serve to create a better supply/demand balance down the road. We continue to regard select high-quality venture capital managers as an effective means to capture returns from…
Inflation-Linked Bonds in a Deflationary Environment
Despite mounting concerns over deflation, inflation-linked bonds offer low-cost insurance against a deflationary future, and look increasingly attractive relative to nominal government bonds at today’s historically low yields.
Global Equity Investing
In a broad and integrated global equity market, realization of portfolio goals increasingly requires investors to adopt both an appropriate global equity investment strategy and a well-thought-out implementation plan that includes decisions regarding portfolio structure. This structure should enable investors to easily dial exposure up or down among sectors, regions, styles, and capitalization sizes. “Global…
The Case for Investment-Grade Corporate Bonds
Today’s economic environment and current yields and spreads make investment-grade bonds an asset class worthy of consideration, but this would be a tactical bet with potentially significant downside if the exit is poorly timed.
U.S. Equity Style Performance – It’s All Relative
Market leadership shifted abruptly toward high-quality mega-cap stocks over October and November, yet despite the sharp recent improvement in relative valuations of small caps and value stocks, we still think it is too early to switch from a defensive high-quality portfolio in the current environment.
Strategic Implications of the Market Meltdown
This paper reviews strategic questions and advises investors to think carefully about the economic and political dimensions of investment decisions.
High-Yield Bonds – Toxic or Tasty?
The default outlook for high-yield bonds is dreadful, but with more than two-in-three issues trading at distressed levels, today’s yields already price in depressionary conditions.
Securities Lending: An Introduction
This primer discusses securities lending programs.
Stay the Course or Abandon Ship?
While it is only natural to crave safety after periods of intense volatility, we do not believe investors should respond to recent market declines by panicking, scrapping their policy portfolio, and hunkering down in cash (with the obvious exception of excess cash necessary for near-term capital call, spending, and other liquidity needs).