A Closer Look At Emerging Markets Equity Valuations
Emerging markets equities, while still attractive relative to developed markets, are not especially cheap in absolute terms.
Research Publications Archive
Investing Abroad While Staying at Home: The Case of the U.K.
U.K. investors seeking equity exposure to global opportunities will likely need to invest more broadly than just in the FTSE All-Share Index.
Cutting Strategic Allocations to U.S. Equity
In all developed markets, but particularly the United States, investors’ bias in favor of domestic equities is irrational and sub-optimal. We recommend that investors` strategic equity allocations be equally divided among the Americas, Europe, and Asia.
Trends in the Hedge Fund Industry
The rapid growth and maturation of the hedge fund industry has sparked a debate about the role of marketable alternative investments in institutional portfolios. This report is examines whether the growth and maturation of the industry has made marketable alternative investments less compelling, explores other trends that are transforming the competitive landscape in the industry,…
Prospects for U.S. Equities Remain Bleak
Consensus earnings expectations seem too high considering the strong market headwinds and advanced nature of the earnings cycle, while valuations remain elevated.
Bull Market in Dividends
Recent dividend growth, while extreme, has not kept pace with either corporate earnings or equity prices, but payout ratios are right in line with historical averages once you look at cyclically adjusted earnings.
U.K. Equity Valuations: A Cross-Sectional Peek
U.K. equities appear pricey once you look below the index level valuations.
What Really Happens When the Fed Stops Tightening?
A sobering look at historical trends.
Non-U.S. Small Caps Look Rich
Prices of non-U.S. small caps have run ahead of fundamentals.
Are Earnings Poised to Disappoint?
While there is some cause for cautious optimism on earnings, earnings growth is cyclically stretched and more likely to decrease than continue to rise. Consensus expectations for profit margins and earnings expectations set a high bogey.