For many years “alpha” – outperformance of the market on a risk-adjusted basis – was the Holy Grail of investment. Almost all money managers claimed they could produce it. It turned out that few could. Now a new Holy Grail: diversification. But there is little agreement as to what it means.
At a time when the US is poised to turn inward, China’s economic performance is more important globally than ever. Whether China can achieve sustainable growth patterns in the coming years will depend on several key factors, the most important being internal
Since the end of World War II, the hierarchy of economic priorities has been relatively clear: build a prosperous and open world order first, then try to generate inclusive and sustainable national growth patterns. Now, a reversal seems to be underway, with far-reaching consequences for the global economy.
Depending on whom you ask, inequality is driven by globalization, tax policies, crony capitalism or some other macro-economic force. But what if something more sinister is preventing poor people from advancing?
While we don’t really know what’s to come in terms of financial and retirement-related policies on the horizon under the Trump administration...
As the election results were confirmed late Tuesday night in the United States (around midday Wednesday in Asia), there was a pretty violent reaction in many markets and across asset classes and regions. Michael Hasenstab, CIO of Templeton Global Macro, opines on the drivers and meaning of today’s market twists and turns.
Donald Trump has pulled off an astonishing upset to win the White House, securing at least 288 electoral votes as of 3:30 a.m. EST to defeat Hillary Clinton.
Mean reversion is as applicable to trading costs as it is to valuation. Today’s costs to trade are at 56-year historical lows; they are due to rise soon. Now is the time to position your portfolio ahead of expected higher costs to trade and lower equity prices.
We expose the crafty game that Wall Street and corporate investor relations departments play to put a positive spin on earnings releases and give the impression that stock prices are cheap based on forward-looking earnings expectations.
Has the institution of the Nobel Prize in economics been a cause of the global economic woes of the last 20 years – its financial crises, its economic slowdowns and its increasing intra-national inequalities? In their recent book, The Nobel Factor: The Prize in Economics, Social Democracy, and the Market Turn, authors Avner Offer and Gabriel Söderberg make a good, if somewhat haphazard, case that it has.