Time to Buy REITs?
REITs are undeniably cheaper than in the recent past; still, there could be more downside yet to come.
Authored by: Eric Winig
Taking Stock of U.K. Dividends
While U.K. dividends seem likely to hold up reasonably well in coming years, low dividend yields and the ailing financial sector are likely to limit the protection afforded investors in the event of a market downturn.
High-Yield Bonds: Be Selective
While we remain bearish on high-yield bonds in general, experienced and talented managers should have a plethora of profit opportunities as spreads widen and defaults rise.
The More Things Change …
While the impressive run-up in Asian equities has caused us to become more cautious on a tactical basis, it has done little to change our long-term bullish outlook for the region.
The Great and Powerful Fed?
While equity markets celebrate Fed rate cuts, underlying conditions (and thus our long-term outlook) are little changed.
Has U.K. Property Finally Peaked?
It looks increasingly like U.K. property has seen its highs for this cycle.
Global Survey-Vive la Difference?
While global equity markets rose more or less in sync from early 2003 until the recent outbreak of volatility, returns are likely to diverge as the credit bubble unwinds.
The Trouble with European Financials
While exposures to “toxic waste” debt are tough to pin down, European financials face a tough road ahead.
The Surprising Truth About Emerging Markets Local Currency Debt Valuations
Contrary to popular belief, aggregate yields on local currency emerging markets debt do not offer a premium to US$-denominated debt on a currency-adjusted basis; however, given the breadth and relative inefficiency of the local currency market, we continue to believe active managers should be able to add value.
European Equities: Priced for Perfection?
Going long the European restructuring/growth story has gone from a contrarian play to a consensus trade.