European Equities: Priced for Perfection?
Going long the European restructuring/growth story has gone from a contrarian play to a consensus trade.
Research Publications Archive
Endowments and Alternative Investments – Preparing for the Next Audit
In July 2006 the American Institute of Certified Public Accountants issued a “Practice Aid” to guide the auditors of institutions with investments in alternative assets. This report reviews the key elements of auditing alternative investments and provides advice on steps endowments should consider in their 2007 audit, which will most likely be more difficult than…
Active or Passive Management – It’s Not That Simple
A detailed discussion of the conditions necessary for investors to consider active management, and the requirements for the majority of managers to outperform the market. For six equity assets classes, we discuss the manager database, popular benchmarks, general bets embedded in active management, and indexing options to develop a framework for evaluating the expected performance…
Why Not Hold Cash?
While virtually all asset classes look expensive, the decision to hold cash (or implement a derivatives-based hedge) is more complicated than it appears.
Battle of the Benchmarks
With investor interest in global equities continuing to ramp up, index providers are working overtime to ensure that they meet the evolving needs of investment managers and investors.
Room to Boost European Dividend Yields?
Excess cash may lead to increased dividends and share-buyback activity, if M&A activity doesn’t lay claim to the money first.
Emerging Markets Equities: An Introduction
A primer designed to help investors navigate the often bumpy road of investing in emerging markets equities. Topics covered include rationalizations, concerns, and strategies for investing in emerging markets equities.
Some Thoughts on “Perma-Bear” Adjusted Ratios
Our thoughts on the recent debate in the financial press over the relevance of cyclically adjusted P/E ratios.
Emerging Markets Equities Have Become Overvalued
While we continue to believe in the long-term opportunity in emerging markets equities, prices have become excessive relative to fundamentals.
European Small Caps: Is There More Left to Run?
While small caps may be able to climb higher amid the current liquidity-driven market, valuations clearly point to an unfavorable risk-reward trade-off relative to large caps.