What Should We Do About the Japanese Equity Rally?
Is the most explosive rally in the post-bubble era the long-awaited end of the bear market, or a replay of past equity rallies that ended up fizzling instead of dazzling?
Research Publications Archive
U.S. Equities: Multiple Concerns
U.S. equity buyers should beware the perils of price.
French and German Equities
Risk outweighs reward in these key European markets.
Money for Nothing: The Global Liquidity Binge
Global liquidity is soaring, yet most major economies are spinning their wheels. So where is all the money going?
The Shocking Truth About Earnings Growth
Despite the pawing of the bulls and the roaring of the bears, current corporate earnings growth is right about where one would expect it to be following a recession.
European Mid-Cap Equities: Why They Should Not Be Disregarded
Given the stunning performance of mid caps this year, is there still time to make a tactical allocation bet to this sector?
U.S. High-Yield Bonds: Check the Exits (Summary)
Following the recent nine-month sprint, the lowest-quality bonds are fatigued and overvalued, while higher-quality bonds appear to have more stamina. Investors, however, should take note of the exit signs.
Is the Cyclical Upturn in European Equities Justified?
While the 20%+ rally in the United Kingdom seems to have legs, the surge in continental equities may be running out of fuel.
Summary Observations on the 2003 Tax Act
Observations on investment implications from the 2003 Tax Act.
Global Government Bonds: Blowing Bubbles
Global real bond yields are not far from their historical averages, confirming our aversion to allocating assets based on interest rate predictions.