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?
Research Publications Archive
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.
Japan`s Cautionary Tale
The current rally in U.S. equities is strikingly similar to the Nikkei’s ill-fated surge of 1993, reinforcing our belief the bear market has yet to run its course.
Western European Private Equity: Attractive, But for How Long?
Private equity investors in Europe have outperformed their American counterparts over the past decade, and the gradual transformation of Europe’s economies should continue to provide them with a fillip in the future.
Where We Are Now and What To Do About It
A look at where things are and what steps investors should take if/when the crisis returns.