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.
Research Publications Archive
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.
U.S. Real Estate and REIT Investing
A look at the growth of the 2006 U.S. real estate and REIT markets. Report covers private real estate, public real estate securities, the various property sectors (office, apartment, retail, industrial, and hotel), as well as provides strategy suggestions for investors in the real estate market.
It’s Getting Late—Risks Are Rising
This report on asset allocation in the current environment is the fifth in what has evolved into a series of occasional papers on the evolution of the secular bear market in equities and our thoughts on how investors can best cope with the prevailing uncertainties. While recognizing that conditions could certainly remain benign for some…
Social Investing
This paper examines various approaches to social investing, explores whether social investing is incompatible with fiduciary responsibility, and outlines steps necessary to develop a social investing program.
In Search of Global Quality
Quality is relatively cheap outside the United States, although harder to come by.
Implications of a Rising Pound
While continued pound strength would weigh on unhedged cross-border U.K. investors, it should not crimp corporate profits so long as global growth stays strong.
Much Ado About Nothing
Is all the talk about high equity risk premiums missing the bigger picture?
All Quiet on the Eastern Front?
Is a booming emerging Europe veering toward an “Asia-Style” crisis?
The Changing Face of Emerging Markets Debt
While the external debt market continues to fade away, rapidly expanding local currency markets offer opportunities for enterprising investors.