According to a recently issued Federal Reserve paper, Japan could have averted deflation if it had aggressively applied monetary and fiscal stimulus during the first half of the 1990s. This Comment provides highlights of the paper, the commentary it elicited among financial pundits, as well as our thoughts about its policy recommendations if they were…
A thorough presentation of the policy and strategic arguments for a commodities allocation, the impact of inflation on commodities’ performance, the special concerns for non-US$-denominated investors, and key implementation issues. Exhibits include data on performance under varying market and economic conditions, index correlations, and diversification benefits. Also included are representative manager factsheets and analyses of…
If history is any guide, and equity prices in the United Kingdom unwind in a pattern similar to the 1976 or 1987 bear markets, then most of the damage inflicted by the current downturn is almost over. If it plays out similarly to 1972–74, however, there still could be more pain to come.
Does the hybrid equity-debt structure of convertibles add real value or simply create unneeded complexity? Topics discussed include the economic basis for returns, market composition, valuations, convertibles’ role in policy portfolios, and benchmarking issues.
Will Brazil’s next president maintain the fiscal discipline and investor confidence necessary to avoid defaulting on its debt?
S&P Core and NIPA earnings address many of the shortcomings associated with reported (GAAP) and operating earnings.
Will Europe increase fiscal spending at the risk of undermining both the Stability and Growth Pact, as well as the EMU?
This short paper reviews asset class valuations and offers summary asset allocation recommendations.
This paper speculates that while some of the excess from the equity bubble years has been worked off, the secular bottom will probably not arrive until valuations improve and despair reaches levels proportional to the preceding bull market euphoria.
Springtime in Japan brought welcome signs of economic recovery, but these moments proved to be as fleeting as the bloom of cherry blossoms.