U.S. REITs – Expensive, but Still Worthwhile
REITs offer strategic benefits but limit your exposure in the current environment.
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The Appeal of Quality
Investors would be well served to tilt their portfolios toward high-quality assets.
Are Earnings Running Out of Gas?
The risks to U.S. corporate profits are underappreciated.
New Equity Indices Are Quite Stylish
New style indices have significantly improved the choices available to style-conscious investors and managers.
Why Are Interest Rates so Low? Exploring the Conundrum
Yield curve movements since June 2004 have shown how difficult it is to forecast—let alone explain—the twists and turns of interest rates.
How to be Bullish
While a continued rally is not our base scenario, a plausible argument can be made that U.S. equities are attractively priced and thus poised to move higher.
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.
U.S. Equities Are Cheaper, but Fewer Values Remain
With valuations more concentrated, style and market cap should be weaker drivers of return.
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.
History and the Latest Bear Market Rally
While the latest rally has been far more explosive than others since the onset of the bear market in 2000, from an historical perspective it is rather pedestrian.