Oil and Gas Investing
This report examines the diversification benefits of oil and gas, entry/exit prices, risks (“dry-hole,” liability, and tax), implementation issues, and investment manager evaluation criteria.
Authored by: Mike Walden
Portable Alpha: A Closer Inspection
This paper focuses on how portable alpha can be applied by investing portfolio assets with a manager that can generate alpha and using index derivatives to acquire the desired beta exposures. Included is a discussion on implementation strategies, identifying and measuring alpha, diversification, leverage, and liquidity. Exhibits show a hypothetical example for using portable alpha,…
U.S. TIPS Look Before You Leap
With real yields of just 1.6%, ten-year U.S. TIPS are currently an expensive inflation hedge.
Earnings Growth: Don’t Bank On It
The financial sector contributed 30%–40% of S&P 500 earnings in 2002–04, but odds are against this trend continuing.
Timberland Investing – Current Environment
While interest in timberland has grown in the past few years, skillful active management and significant due diligence are needed for investing in this asset class. This paper provides an analysis and outlook for timberland investing, including return expectations for U.S. timberland and the qualitative and quantitative considerations for investing in non-U.S. timberland. Exhibits cover…
Thinking About Risk?
In the fall of 2002, a confluence of factors supported greater risk taking. Today, the same factors suggest that investors focus on risk reduction and diversification.
Dividends: Are Companies Willing & Able?
With corporations awash in cash, investors should expect (and demand) higher dividends.
Investing in Energy
Aging infrastructure, capacity constraints, and rising global demand suggest that the energy sector may offer profitable investment opportunities over the coming years.
Implementing Investments in Real Assets
This paper examines the diversification and inflation-hedging benefits of an allocation to real assets. Exhibits include correlation analyses, and performance data for representative commodities, energy, natural resources, and timberland managers.
Rallies From Bear Market Lows
Rebounds from bear market lows are illusory and quick; trying to play such rallies is a fool’s errand.