April’s publication summarizes three articles on private investments. The first argues energy private equity funds offer more upside potential in the long term than either energy commodities or energy equities; the second finds that buyouts in Germany, Austria, and Switzerland outperform a constructed public market benchmark; and the third highlights a new technique to benchmark private equity programs.
March’s publication summarizes three articles on the current political landscape in Europe. The first explores structural challenges to the euro area’s stability; the second highlights potential outcomes related to the United Kingdom’s exit negotiations with the EU; and the third reviews five shifts beyond politics that are impacting European markets.
February’s publication summarizes three articles on the potential impacts of US corporate tax reform. The first estimates the impact that certain proposals may have on the S&P 500’s earnings per share, the second highlights how a border adjustment tax may lead to a temporary spike in inflation and prompt rates to sell off, and the third examines potential risks to Asian exporting countries.
January’s publication summarizes three articles on currencies. The first discusses why covered interest rate parity has not held since the global financial crisis, the second highlights expectations for major currency pairs this year, and the third argues that hedged equities may not be reducing risks in portfolios.
December’s publication summarizes three articles on inflation. The first highlights three common misconceptions about commodity futures, including that commodity spot prices provide an inflation hedge; the second reviews the inflation-protection properties of cash, bonds, equities, and real estate; and the third argues that the reflationary pressures that were building prior to the US election are likely to continue.
November’s publication summarizes two articles and one speech related to climate change. The first highlights how a decarbonized index could outperform its benchmark; the second suggests that too rapid a transition to a low-carbon economy poses a risk to financial stability, just as climate change itself does; and the third argues that all investors should consider climate risks when making investment decisions.
October’s publication summarizes three articles related to index investing and market crowding. The first argues index investing has led to a substantial increase in the co-movement of equity securities, the second suggests the rise in index investing has decreased investors’ ability to diversify portfolios, and the third highlights that investors should consider factor strategies, even if their source of return is well known.
September’s publication summarizes three articles related to the impact of US presidential elections on markets. The first reviews how individual investors’ portfolio allocations change depending on the party elected, the second argues that market volatility increases as voters become less uncertain about the eventual election winner, and the third examines the prospects for fiscal policy in different election outcomes.
August’s publication summarizes three articles on financial stability. The first argues that low interest rates and the Brexit vote could increase risks to financial stability in the United States, the second suggests the Brexit vote could lead to a sharp tightening of credit in the Eurozone banking system, and the third highlights potential consequences of ultra-loose monetary policies and outlines policy solutions.
July’s publication summarizes two articles discussing fixed income market liquidity. The first highlights a number of worrisome liquidity trends, arguing that policy changes can help improve market function, and the second argues that liquidity has not necessarily improved despite the fact that transaction costs have fallen.