U.S. Financials: Catch a Falling Knife?
Despite low valuations, U.S. financial stocks will likely remain a “value trap” until greater clarity emerges as to the ultimate magnitude of losses facing the financial system.
Research Publications Archive
Endowment Management
A summary of our views on the questions and issues which those responsible for managing an endowment must resolve if they are to invest the assets effectively.
Large Firms Stepping Off the Share-Buyback Treadmill
After years of supporting share prices and EPS growth with increasingly aggressive share-repurchase programs, companies are showing signs of buyback fatigue.
Commodities: Is the Investment Well Running Dry?
Six years into the commodity boom, and despite increasing risk factors, there remains a strong rationale for a properly conceptualized and managed portfolio allocation to commodities.
The Implications of Falling U.K. House Prices
While a large segment of the U.K. equity market is exposed to direct of knock-on effects of house price declines, this is not reflected in current prices.
Quality – A Closer Look
A closer look at “quality” equities across developed markets reaffirms our view that high-quality equities remain attractive and portfolios should remain tilted toward mega-cap growth.
European Consumer Prices Set to Rise?
The European Central Bank has been far less hawkish than advertised; as a result, Eurozone prices may rise faster than most expect.
The Eye of the Storm
While markets may rally over the coming months, the hurricane of deleveraging is far from over, with a second wave of turmoil likely as a weakening U.S. economy weighs on growth in the rest of the world, a scenario still not fully priced into equity markets.
The Fed’s Reflationary Effort: Will It Work And What Are The Risks?
While the Fed is committed to a policy of reflation, market conditions pose significant obstacles to success and there are also serious inflationary risks associated with this policy.
Municipal Bonds – Waters Are Roiling in this Once-Sleepy Sector
Deleveraging, insurance woes, and liquidity concerns deliver pitfalls and opportunities to taxable investors.