Equity Investors Shrug Off Economic Concerns
Optimism about future earnings growth is rising.
Research Publications Archive
Conflicts of Interest
This report examines state and federal law governing the fiduciary responsibilities of nonprofit entities, particularly investment committees, and IRS enforcement of transactions involving “excess benefit” and “disqualified persons.” Exhibits include sample conflict of interest and disclosure policies.
Revaluing China’s Renminbi
What are analysts saying about China’s new foreign exchange-rate regime?
US Treasury Inflation-Protected Securities (TIPS): An Introduction
An introduction to U.S. TIPS, their performance and correlations to other asset classes, as well as the pros and cons for a TIPS allocation and investing strategies.
Portable Alpha: A Closer Inspection
This paper focuses on how portable alpha can be applied by investing portfolio assets with a manager that can generate alpha and using index derivatives to acquire the desired beta exposures. Included is a discussion on implementation strategies, identifying and measuring alpha, diversification, leverage, and liquidity. Exhibits show a hypothetical example for using portable alpha,…
Why Are Interest Rates so Low? Exploring the Conundrum
Yield curve movements since June 2004 have shown how difficult it is to forecast—let alone explain—the twists and turns of interest rates.
U.K. Equity Valuations
U.K. equity valuation metrics provide mixed signals, but suggest that the market is close to fair value unless one assumes a rather dramatic decline in earnings just over the horizon.
The Case for Global Diversification
U.S. investors that maintain a home bias should cast a wider net.
How to be Bullish
While a continued rally is not our base scenario, a plausible argument can be made that U.S. equities are attractively priced and thus poised to move higher.
The All-Share Grows More Concentrated
The Royal Dutch/Shell merger will make the already top-heavy FTSE indices even more concentrated.