Global Survey-Vive la Difference?
While global equity markets rose more or less in sync from early 2003 until the recent outbreak of volatility, returns are likely to diverge as the credit bubble unwinds.
Research Publications Archive
The Trouble with European Financials
While exposures to “toxic waste” debt are tough to pin down, European financials face a tough road ahead.
Hedge Funds: A Framework for Making Strategy Allocation Decisions
This expansive report discusses our approach to strategy allocation by providing the basic framework for allocation decisions, the key return drivers and investment backdrops in the core marketable alternative strategies, and recommendations for program construction. It also contains a performance review of the five core marketable alternative strategies: long/short equities, distressed securities, convertible arbitrage, merger…
The Jig Is Up: The End of Easy Credit
Whether the current turmoil in the credit markets intensifies or slowly blows over, the days of easy credit financing are over.
Anatomy of a Credit Crunch
A look at the origins and extent of the credit crackup in the United States.
European Property: Is the Party Over?
For the time being investors should avoid large bets on European property and should be in no hurry to ramp up allocations.
European Linkers: Getting Interesting?
While rising real yields have restored some value to European inflation-linked bond markets, linkers are not yet attractive on their own, although do offer some value relative to nominal government paper.
The Surprising Truth About Emerging Markets Local Currency Debt Valuations
Contrary to popular belief, aggregate yields on local currency emerging markets debt do not offer a premium to US$-denominated debt on a currency-adjusted basis; however, given the breadth and relative inefficiency of the local currency market, we continue to believe active managers should be able to add value.
U.S. Small Cap Investing – Issues and Expectations
Is conventional wisdom correct in assuming that the small-cap sector of the U.S. equity market is less efficient than the large-cap sector? And what, exactly, defines the small-cap sector? This report seeks to answer those questions and others by sorting through the relevant small-cap indices and the biases of manager databases. It also outlines the…
U.S. Value Stocks Moving Out of the Markdown Aisle
The slim premium for growth stocks provides investors an opportunity to upgrade the quality of their portfolios.