What Should Individual Investors Do Now That the US Tax Bill Has Passed?
The new US tax bill creates little pressure for immediate action by individual investors, even though we expect the legislation to be quite impactful.
Research Publications Archive
What Should Investors Expect in 2018?
Investors should expect more of the same in 2018, as many of the factors that drove risk assets higher this year remain in force. Still, 2017’s returns will be difficult to top for many asset classes, and investors should keep a wary eye out for unexpected inflation and geopolitical risks.
Outlook 2018: Stick Around for Dessert
In our 2018 outlook, we review the prospects for several asset classes—developed and emerging markets equities, credit, real assets, sovereign bonds, and currencies—and share the advice of our chief investment strategist.
Should Institutional Investors Hold Cryptocurrencies?
In our opinion, institutional investors are better served focusing on investing in companies seeking to profit from the development and adoption of blockchain technology and “fintech” (financial technology) more broadly than holding cryptocurrencies directly.
Is Private Equity Replacing Public Equity?
It sure looks like it. The increasingly unforgiving nature of public equity markets, coupled with the continued evolution and growth of private investment markets, is making it easier for more companies to stay private, with some CEOs avowing to do so indefinitely.
Should Investors Position Themselves for US Tax Reform?
We would not seek to position portfolios specifically for tax reform as markets have already priced in some improvement in earnings from tax cuts, and the winners and losers from the proposed tax changes will not be clear until more details are provided. Global cyclical and value stocks offer better risk/reward prospects as they should benefit if tax reforms are passed, but are not reliant on such an outcome.
Cryptocurrencies: Boom or Bubble?
Institutional investors should very carefully consider the risks of cryptocurrencies before investing.
China’s Onshore Bond Market: An Introduction
China has recently opened its domestic bond market to foreign investors. At first glance this is a huge opportunity for investors. However, as with many things in China, the story is more complicated than it appears.
A Balancing Act: Strategies for Financial Executives in Managing Pension Risk
As pressures on pensions mount, we believe financial executives are best served by re-evaluating major decisions in terms of the true tools at their disposal. In this paper we review four levers that are fundamental drivers of pension costs and outcomes: asset returns, liability hedging, contribution policy, and benefit management. Balancing these levers is critical to enabling greater probability of success in managing pension risk, and we introduce a framework for chief financial officers and other financial executives to use in doing so.
Eurozone Distress: In Case of Emergency Break Glass
Another outbreak of Eurozone distress is not our base case, but more risk-averse investors should understand their options.