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.
Research Publications Archive
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.
Investing in Global ex U.S. Small-Caps: Can a Case be Made?
While non-U.S. small-cap equities appear undervalued, performance may vary significantly between the two primary indices.
The Financial Sector: A Giant Octopus and its Tentacles
Not since the oil shock of the early 1980s has a single sector accounted for such a large percentage of market earnings—what does this mean for investors?
U.K. Property: Attractive, But Pricey
Although property has outperformed equities and bonds over the last 16 years, 10%+ annual returns are unlikely in the foreseeable future.
Manager Hiring and Firing
This report uses extensive data to support our conviction that investors should be cautious about firing poorly performing managers that have simply adhered to their strategy during an unfavorable part of the market cycle and whose results fall within the range investors should have reasonably expected.