Cryptocurrencies: Boom or Bubble?
Institutional investors should very carefully consider the risks of cryptocurrencies before investing.
October 2017
VantagePoint: Fourth Quarter 2017
This quarter’s edition covers key risks to continued economic expansion, including monetary policy and inflation pressures. Also discussed are whether investors are being compensated for taking risk and different strategies for geopolitical risks.
October 2017
Why Diversification Wins
Lessons from Fiscal Year 2017 Results Diversified investors are noticing quite a difference in 2017 fiscal year performance—and it’s a welcome change. In the midst of an extended US equity market, and with returns that many diversified investors have found hard to swallow over the last few years, the turnaround in annual performance for what […]
October 2017
Do Recent Events Change the Outlook for Insurance-Linked Security Strategies?
The strong Atlantic hurricane season and Mexican earthquakes have resulted in a tragic loss of life and property. Insurance-linked securities (ILS), meanwhile, have suffered a less dramatic impact.
October 2017
Policy Benchmarking: A Guide to Best Practices
Policy benchmarking is a critical component of building and managing a successful investment program. In this paper we set out our comprehensive benchmarking framework and then zero in on the policy benchmark as the primary reference point for evaluating investment decisions.
September 2017
Is the Recent Concentration of US Equity Performance in a Small Number of Stocks a Cause for Concern?
Not in our opinion. Recent market leadership by the so-called FAAMG stocks is not extraordinary relative to history, and their valuations and fundamentals, combined with this year’s relatively healthy market breadth, mean that they don’t necessarily present an outsized threat at this time.
August 2017
Is the US Dollar Dead?
Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. We are not ready to pronounce the strong dollar cycle dead, but do admit the US dollar is in critical condition. Investors should remain partially unhedged or prepared to ride out a period of currency volatility. […]
August 2017
Will the Nascent Shift in Equity Market Leadership from US to Non-US Equities Persist?
Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. Prospects for a continued turn in the cycle look promising. US outperformance relative to other developed markets peaked in November 2016, as the chart below shows, raising the prospect that the cycle has indeed turned. US […]
July 2017