Commodities: Balancing the Economic Possibilities
Commodities could provide valuable portfolio protection in the event that central banks, focused on using liquidity to fend off deflation, incite a bout of unexpected inflation.
Research Publications Archive
Earnings Growth in Europe: Is This The Year For A Turnaround?
European equity valuations still reflect inflated earnings growth expectations, suggesting that investors have yet to fully recognize the implications of macroeconomic estimates of sluggish growth and continued headwinds.
Reversal of Fortune: The Effect of the Market Decline on the Budgets of Endowed Institutions
This paper describes the circumstances surrounding the accelerated rise of expenses at many institutions with large endowments during the unprecedented market rise of the 1990s, and the budgetary implications of the three-year decline in the equity markets, not seen since 1941. A section entitled “What to Do?” offers suggestions for dealing with the budgetary consequences…
The Global Investment Outlook
The foremost areas of concern for global investors and their implications for asset allocation strategies.
U.S. Equity Valuations: Improving But Not Enough
Using normalized earnings to value U.S. equities suggests they remain overvalued.
Where’s the Economy Heading?
Although the current slowdown has thus far been more moderate than other postwar slowdowns, further weakening could precipitate unusually harsh consequences.
Europe’s Diverging Economies
While inflationary pressures simmer in the United Kingdom, Continental Europe faces another year of economic stress.
Timberland
This report analyzes the current environment for timberland investments, including sources of return and a breakdown of global supply and demand issues. Also included is a discussion of the relative merits of the four primary vehicles for timberland investment: commingled accounts, separate accounts, direct investing, and REITs and MLPs.
Assessing Strategic Strengths: An Introduction
This primer describes 12 key financial indicators useful in monitoring a college or university’s ability to provide for future generations of students.
Commodities: An Introduction
A primer on commodities including the policy argument for an allocation, sources of return, investment vehicles, correlations with other asset classes, and benchmarks.