The persistent disparity among valuations across different sectors indicates the likelihood that high P/E stocks will continue to disappoint; while overlooked issues at the other end of the valuation spectrum should outperform. The proportion of lofty P/E stocks within the overall market is gradually shrinking. Despite value’s trouncing of growth last year, we suspect this…
An examination of types of distressed opportunities and strategies, and the historical performance of distressed funds. Exhibits cover distressed capital structure, sample fund composition, and a review of terms.
This report focuses on TIPS` behavior during severe economic contraction, evaluating whether a portfolio composed of equities and TIPS will weather a prolonged economic contraction as effectively as a more conventional portfolio composed of equities and nominal bonds. The report provides a supplement to our previous research report on TIPS.
An introduction to U.S. TIPS, their performance and correlations to other assets classes, as well as the various rationales for a TIPS allocation and investing strategies.
An evaluation of common mistakes made by investment committees including overrating the importance of recent information, oversimplification of complex issues, extrapolation of past results into the future, and diffusion of responsibility.
Investors index to achieve portfolio diversification at the lowest possible cost, but abandon any chance of outperforming the chosen benchmark. In contrast, active investors pay higher fees and incur the risk of underperforming the benchmark because they believe their managers will add value over time. With lower fees than active management, close benchmark tracking, but…
This brief report argues against several popular market-timing strategies and examines the potential risks and rewards of momentum investing for short- and long-term investors.
This brief report examines various portfolio protection products, their risks, cost, and effectiveness.
A primer on unitized accounting including information on creating and withdrawing units, appreciation/depreciation, and income allocation and distribution.
This short paper examines the relative merits of four distinct options for managing in-kind distributions. Also included is contact information for seven representative post-venture and distribution managers.