The Dénouement Begins
We continue to view U.S. equities as overvalued based on both valuations and the difficult economic environment, but advocate tactical bets within U.S. equities rather than a substantial underweight.
Research Publications Archive
Curbed Enthusiasm
European markets are not setting up for a standout 2008.
The Pause That Refreshes?
Narrow market participation and weak financial shares may spell more trouble after the November jolt.
EM: What to do, What to do…
While the long-term case for emerging markets equities remains intact, now is not the time to overweight emerging markets equities as soaring valuations and a blind faith in “decoupling” leave them quite vulnerable in the near term.
Japan: Stay the Course?
Negative investor sentiment and susceptibility to the effects of a global downturn make Japanese equities a risky short-term proposition, but valuations, relatively steady economic fundamentals, and strong corporate profits argue for an overweight position on the part of those with the patience to tolerate any potential short- to intermediate-term underperformance.
Does the “Buck” Stop Here?
While the U.S. dollar may be poised for a short-term rebound, the long-term direction for the U.S. dollar is down, as emerging markets untether themselves from the greenback.
The Great and Powerful Fed?
While equity markets celebrate Fed rate cuts, underlying conditions (and thus our long-term outlook) are little changed.
Has U.K. Property Finally Peaked?
It looks increasingly like U.K. property has seen its highs for this cycle.
A Brief Guide to 130-30 Funds
“130/30” has become the most common shorthand for describing an investment strategy that relaxes the long-only constraint of traditional equity portfolios and incorporates both long and short equity positions, while maintaining a 100% net equity exposure to the market. The report analyzes what is behind the recent surge of 130/30 products and how to potentially…
Opportunistic Credit Funds Hoping for Fire-Sale Prices
Managers go shopping in the aftermath of the credit conflagration.