As the Cycles Turn
A look at what history tells us to expect as the earnings, business, and stock market cycles converge.
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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 Dénouement Begins
We continue to view U.S. equities as overvalued based on both valuations and the difficult economic environment, but advocate tactical bets within U.S. equities rather than a substantial underweight.
The Pause That Refreshes?
Narrow market participation and weak financial shares may spell more trouble after the November jolt.
The Great and Powerful Fed?
While equity markets celebrate Fed rate cuts, underlying conditions (and thus our long-term outlook) are little changed.
Opportunistic Credit Funds Hoping for Fire-Sale Prices
Managers go shopping in the aftermath of the credit conflagration.
Anatomy of a Credit Crunch
A look at the origins and extent of the credit crackup in the United States.
U.S. Small Cap Investing – Issues and Expectations
Is conventional wisdom correct in assuming that the small-cap sector of the U.S. equity market is less efficient than the large-cap sector? And what, exactly, defines the small-cap sector? This report seeks to answer those questions and others by sorting through the relevant small-cap indices and the biases of manager databases. It also outlines the…
U.S. Value Stocks Moving Out of the Markdown Aisle
The slim premium for growth stocks provides investors an opportunity to upgrade the quality of their portfolios.
Some Thoughts on “Perma-Bear” Adjusted Ratios
Our thoughts on the recent debate in the financial press over the relevance of cyclically adjusted P/E ratios.