Timely market commentaries from leading investment firms

Asset Allocation Views: Singles and Doubles

With market volatility on the rise, consider a broad set of relative value opportunities across global markets.

The End Is Near for the US Credit Cycle. Are You Prepared?

The US corporate credit cycle is nearing its end, and the cycle in parts of Europe isn’t far behind. This can create treacherous conditions for unprepared investors. The first line of defense, in our view, is knowing what to expect.

How Infrastructure Companies Could Rebuild the World

While it seems US politicians rarely see eye-to-eye on anything, the fact that America’s aging infrastructure needs attention is one issue that has attracted clear bipartisan agreement. Yet, it’s unclear who is going to foot the bill for the sweeping improvements that seem to be needed.

Gary Cohn Resigns: The Other Shoe Has Dropped

Yesterday, I wrote that the markets were likely to continue to trend upward, on the idea that the U.S. tariffs were not really going to happen. But then the news that Gary Cohn had resigned as head of the National Economic Council was announced—and this has changed that perception entirely.

Why Volatility May Be a Bigger Threat Than Rates

Russ discusses why investors should worry less about higher interest rates and more about the volatility resulting from tighter financial conditions.

Tariffs Hurt All Americans, Tax Cuts Gain Popularity

The White House announced late last week that President Trump will enact new protectionist tariffs of 25% on imported steel and 10% on aluminum. This move set off fears of a new trade war as foreign trading partners most affected by the new tariffs are expected to retaliate with new tariffs of their own that will hurt US industries.

When Value Goes Global

When the value trade goes global, investors are poised to benefit. Evidence from the international equity, bond, currency, and commodity markets indicates that the value premium is a global phenomenon that can offer important portfolio diversification. However, the devil is in the details: we argue that the successful implementation of global value strategies critically depends on an economically motivated design.

Trump Plays with Fire on Trade

With his announcement last week of broad tariffs on imported steel and aluminum, President Trump launched what could be the first salvo of an all-out global trade war. Seemingly itching for a fight, he gleefully tweeted that "Trade wars are good, and easy to win."

Contemplating Value in Emerging Markets Intelligently, with a Little Help from Ben Graham

In the latest GMO Emerging Equity Insights, titled “Contemplating Value in Emerging Markets Intelligently, with a Little Help from Ben Graham” Amit Bhartia and Matt Seto revisit Ben Graham’s principles of value investing and extrapolate them to investing in emerging markets.


“Smoot-Hawley Tariff was an act implementing protectionist trade policies sponsored by Senator Reed Smoot and Representative Willis C. Hawley and was signed into law on June 17, 1930. The act raised U.S. tariffs on over 20,000 imported goods.”. . . Wikipedia

Are US Stocks Disconnected from Earnings?

There’s a curious anomaly in the US stock market. Shares of highly profitable companies have risen more slowly than their earnings growth has in recent years. This is an important signpost for investors in today’s complex market conditions.

4 Big Reasons Why Short-Term Muni Bonds Should Excite You

Municipal bonds might not be the first thing that comes to mind when you think of a sexy investment. They don’t typically command news headlines like the stock market or bitcoin. That doesn’t mean investors should disregard short-term munis. In fact, munis play a very important role in any serious portfolio. Below are four big reasons why you should get excited about muni bonds.

Why US Tax Reform Could Drive Dividends Higher

In the first few months of 2018, some US companies and multinationals have raised their dividends by 10% or more—a higher percentage increase than we’ve seen in a few years.

Emperor Xi: Part I

The Central Committee of the Chinese Communist Party recently announced it would end term limits on president and vice president. Thus, President Xi Jinping will be able to maintain his current position beyond his 2nd term.

Robo Advisor Data For Two Year Period Now Available for Advisors

Here at BackEnd Benchmarking we have recently released the 4th quarter 2017 edition of The Robo ReportTM. In this report, we took an in-depth look at two-year returns of seven different portfolios with a full two years’ worth of data.