|
|
Advisor Perspectives
Insights into the world of high- and ultra-high net worth investing
October 7, 2008- Vol 2, Issue 41
|
|
|
|
|
|
|
|
In this unprecedented financial climate, rife with uncertainty and fear,
enormous pressures mount on advisors and their clients. We offer 10 tips for managing the difficult client
relationship during today's complex times.
Healthcare has historically
been one of the most politically sensitive sectors in the U.S. equity market. With the 2008 presidential election
fast approaching, Janus reviews some of the dynamics facing U.S. healthcare companies and discusses the potential implications of the changing political
landscape on the sector.
The Yale Endowment is arguably
the most successful investment institution with a 17.2% annualized return
from 1986 - 2006. Should wealthy
taxable investors replicate their endowment investment approach?
Atlanta-based Edge Capital Partners says the answer is no, and we provide
their analysis.
Our interview with fund manager Michael Aronstein reveals an upbeat analysis, arguing that housing prices have reached bottom in
the most troubled markets and the markets are primed for a recovery - and
this was before yesterday's record surge.
Joseph Feeney, CEO and CIO of Robeco Investment Management, provides historical data for recessions, and
argues that timing now strongly favors a value-based
investing strategy.
Our quarterly study of changes
in asset allocation in the $50 billion Advisor Perspectives
Universe shows advisors made very few
adjustments to asset class allocations during the third
quarter. Evidence of a flight-to-quality
was evident at the asset sub-class level. This study was
originally reported in our press release last week, and we publish a letter to the Editor in response to the
study.
Lastly, we highlight some recent Advisor Market Commentaries.
If you are experiencing problems opening or navigating through our
newsletters, we can send you a text-only version. Please send an
email to feedback@advisorperspectives.com requesting the "text-only"
version.
If you have received this newsletter in error, or you do not wish to
receive future newsletters, please use the "Safe Unsubscribe"
button at the bottom of this email.
|
|
|
|
|
10 Tips: Crisis Management and Client
Relationships
|
|
We provide a checklist of 10 steps advisors should take to safeguard and
build client relationships under stressful market conditions.
Read the article
|
|
Healthcare
Politics: The U.S. Election and Its Potential Impact on the Healthcare
Sector
|
|
Political decisions have a significant earnings impact on companies
throughout the healthcare sector, regardless of the industry in which they
operate or even the country of origin. There has historically been an
increase in near term volatility within the overall healthcare sector in
the U.S.
in all electoral cycles, but especially during presidential election years.
Janus' recent Research Brief looks at important trends affecting the
healthcare industry, and how the increased volatility may
provide for attractive investment opportunities.
Read the article
|
|
The
Endowment Investment Approach: Should Wealthy Taxable Investors Replicate
the Strategy?
|
|
Duplicating the results of successful endowments, such as Yale and Harvard,
becomes exceedingly difficult when tax considerations are
incorporated. Edge Capital Partners provides the analysis behind this
conclusion, looking at all asset classes, including liquid securities and
alternative investments.
Read the article
|
|
Michael
Aronstein: Optimism for Housing and the Economy
|
|
Michael Aronstein, manager of the Marketfield Fund and a 31-year veteran of
the capital markets, says that housing has reached bottom in the most
troubled markets, and the Fed is taking the right steps to stimulate a
recovery. He is critical of the European Central Bankers, and
forecasts a shift of manufacturing back into the US.
Read the article
|
|
The
Case for Value Investing
|
|
We are now at the midpoint of a recession, and value strategies dominate
because low valuations insulate investors against the increasing likelihood
of earnings disappointments. One could say it is hard to get hurt falling
out of a basement window.
Read the Article
|
|
Changes
in Asset Allocation in the Third Quarter of 2008
|
|
During one of the most turbulent quarters in recent market history,
advisors serving high- and ultra-high net worth investors maintained stable
asset allocations. Despite the crippling credit crisis, an impending
recession, and growing fears of inflation, advisors kept equity allocations
relatively constant, did not significantly increase cash positions, and
increased US
exposure relative to non-US exposure.
Read the Article
This article was originally published in a press release last week, and one
reader responds in a letter to the Editor.
Read the Letter
|
|
Highlights
from Advisor Market Commentaries
|
|
We highlight recent submissions to Advisor Market
Commentaries:
Nouriel Roubini says "the world is at a severe risk of global system
financial meltdown and a severe global recession." (This was
written on October 10 - last Friday).
Read the Commentary
John Mauldin looks at problems in construction lending, Iceland's actions to guarantee bank deposits, and how
problems in letters of credit threaten to strangle global commerce.
Read the Commentary
|
|
Advertise
in Advisor Perspectives
|
|
Our newsletter goes to over 65,000 RIAs, wealth managers, and financial
advisors. See how you can deliver your message to our sophisticated
audience.
Read more
|
|
Advisor
Perspectives
Box 380
Lexington, MA 02420
(781) 376-0050
|
|
|
|
|
|
