ACTIONABLE ADVICE FOR FINANCIAL ADVISORS: Newsletters and Commentaries Focused on Investment Strategy

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2014-10-29 00:00:00 On Top of the Market by Team of AMG Funds

The third quarters seventh straight gain for the S&P 500 did not come easy. Investors wrestled with geopolitical turmoil in Ukraine and the Middle East, and the eventual end of the Federal Reserves (the Fed) bond buying program. U.S. small-cap stocks were volatile and fell into negative territory, year-to-date.

2014-10-06 00:00:00 What’s Next from the Bank of Japan by Jeremy Schwartz of WisdomTree

I had the opportunity to meet with Takeshi Yamada of the Market Intelligence Group at the Bank of Japan (BOJ), and I attended a presentation at the Mizuho conference by Eiji Maeda, the director-general of the Research and Statistics Department.

2014-10-06 00:00:00 Nontraded REITs’ Dividends Come With Confusion, Controversy by Walter Stabell III of Invesco Blog

Interest rates have been low for quite some time, and investors are searching for ways to generate higher yields. An increasing number of them have turned to non-exchange-traded real estate investment trusts (nontraded REITs). However, nontraded REITs offer high levels of confusion and controversy along with their high yields, and regulators are concerned that these products may not be appropriate for many of the people who invest in them.

2014-09-25 00:00:00 Europe’s Commercial Real Estate Deleveraging: ‘Not Too Fast, Not Too Slow’? by Tareck Safi, Tom Collier of PIMCO

As European bank deleveraging accelerates, we expect that commercial real estate (CRE) will continue to constitute a significant proportion of bank assets to be sold, albeit with a shifting geographical mix. We believe CRE opportunities remain in the form of single assets and complex structured transactions in particular; but a disciplined approach will be key given competition in specific types of assets and in certain jurisdictions. This will require flexible capital, local investment expertise and hands-on asset management, in addition to strategic sourcing capabilities.

2014-09-17 00:00:00 America in the Driver’s Seat – Enjoy the Ride by Doug MacKay, Bill Hoover of Broadleaf Partners

Like clockwork, earnings season has drawn to a close, creating an information vacuum for the stock market, one in which the media spends more time "making" the news than perhaps reporting it. The marginal dollar at trade - or the price maker in a high frequency dominated trading world - is one more likely to be concerned about the Fed's words over the next two days than the stream of earnings produced by corporate America over the next few quarters.

2014-05-05 00:00:00 The Impact of Interest Rates on Real Estate Securities by Team of Forward Management

Interest rate risk is one of most pressing topics being discussed among advisors, consultants and investors. As of March 2014, we have been through five and a half years of extraordinarily aggressive monetary policy and outright intervention in the capital markets by the U.S. Federal Reserve.

2013-11-21 00:00:00 When the Stimulus Stops, Cash Flow Matters by U.S. Equity Management team of Mesirow Financial

Several rounds of massive stimulus by the Federal Reserve has kept interest rates well below where they would otherwise be, buoying both stock and bond markets. As stock prices have reached new peaks, many professional investors consider current valuations to be stretched. When the stimulus finally stops, a new era of rising interest rates will likely take hold. And experienced investors know that rising interest rates and high valuations and can be a dangerous combination. Read more.

2013-11-17 00:00:00 The Unintended Consequences of ZIRP by John Mauldin of Millennium Wave Advisors

Two recently released papers make an intellectual and theoretical case for an extended period of very low interest rates and, in combination with other papers from both inside and outside the Fed from heavyweight economists, make a strong case for beginning to taper sooner rather than later, but for accompanying that tapering with a commitment to an even more protracted period of ZIRP. We are going analyze these papers, as they are critical to understanding the future direction of Federal Reserve policy. Secondly, we’ll look at some of the unintended consequences of long-term ZIRP.

2013-10-26 00:00:00 Inflation Update by Team of North Peak Asset Management

Historically the larger the increase in monthly inflation, the worse mainstream stocks and nominal bonds perform.

2013-10-02 00:00:00 Chuck Royce on 3Q13: Quality Small-Caps Can Continue to Bear Fruit by Chuck Royce of The Royce Funds

Co-CIO, President, and Portfolio Manager Chuck Royce discusses his outlook on the current state of the small-cap market, his continued confidence in quality despite the Feds announcement in September to prolong its ongoing stimulus efforts, and the current case for active small-cap management.

2013-04-10 00:00:00 The Clock is Ticking for Passive Management by Team of The Royce Funds

It may feel like only yesterday, but it has been four years since the equity market bottomed in March 2009. Much has changed since that timegovernment debt and the Feds balance sheet have exploded, bond yields have declined, and quantitative easing has become the norm.

2013-04-10 00:00:00 Investing for Income? Safe Bets Can be Surprisingly Risky. by Joe Kringdon of Pioneer Investments

The recent, seemingly terminal decline in interest rates has been difficult on many investors who have been planning their income needs for the future. Interestingly enough, a wise presenter at a meeting I attended in January* addressed this very point with a wow factor of quite a different nature.

2013-02-28 00:00:00 Jeremy Siegel on Why Stocks Are -- and Will Remain -- the Best Bet by Team of Knowledge @ Wharton

Though stock market volatility continues to rattle investors' nerves, the future looks bright for equities in the U.S. and many emerging markets, according to Wharton finance professor Jeremy Siegel. That's not so for bonds, which could become money-losing investments as rising interest rates drive bond prices down. In an interview with Knowledge@Wharton, Siegel says that investors should think about reducing their bond holdings, buying more stocks and keeping just enough cash for a rainy day and other liquidity needs, since interest rates on cash are near zero.


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