Finding Value Globally Across Asset Classes
Jae S. Yoon is the chief investment officer and a portfolio manager at New York Life Investment Management, where he oversees approximately $293 billion in assets. In this interview, he discusses valuations across global asset classes and where he sees the greatest opportunities.
Charitable Planning Opportunity: Donate Private Equity Fund Interests
Private equity funds often incur significant value over time, and may face taxable distribution. For philanthropically minded clients, illiquid assets such as these that have appreciated in value can be among the most tax-advantaged items to contribute to charity.
ESG in Action: Evaluating European Utilities
Why understanding Environmental, Social and Governance (ESG) factors is critical for credit analysis of European utilities.
3 Factors that Are Changing the Oil Trade
For the last five years, crude oil has been behaving a little differently than it has in the past. At least that’s the takeaway from the chart below, based on the Moore Research Center’s analysis of oil’s seasonal trading patterns.
Conversions of Private Foundations to Donor-Advised Funds
For many years, donors have utilized private grant making foundations for charitable giving. Organized as either trusts or corporations, such entities have served as a means for making substantial tax deductible contributions while spreading out the actual contributions to charities over many years.
The Price Clients Pay for SRI/ESG Investing
Socially responsible investing (SRI) has captured nearly a quarter of U.S.-based assets. New evidence from one of the world’s largest sovereign wealth funds shows that those investors are sacrificing significant performance. Indeed, they are giving up more than 1% a year – effectively doubling the typical 1% AUM advisory fee.
Reflections on Trade: Part II
In this multi-part report, we offer reflections on trade to provide insight into how to use macroeconomics to judge the veracity of certain claims. In Part I, we laid out the basic macroeconomics of trade. In Part II, we discuss the impact of exchange rates and examine the two models of economic development, the Japan Model and American Model.
The Keys to American Growth
After years of relying on monetary policy to stabilize the U.S. economy, policymakers have redoubled their commitment to stronger pro-growth fiscal policies. As post-election Washington sets its sights on growth-oriented reforms, policymakers should remember that economic growth in any nation is determined by the four basic factors of production—land, labor, capital, and entrepreneurship.
GMO Quarterly Letter
In a new quarterly letter to GMO's institutional clients, head of asset allocation Ben Inker addresses "perhaps the most common question I get from clients: What keeps you up at night?" ("Up At Night").
How Trump’s Tax Plan Helps Income Investors
As we wait for details on the new tax plan proposed by President Trump and the impact it will have on investors, let’s review some current news for income-oriented investors.
Tyler Cowen and the Fallacy of American Laziness
Have we all gone lazy? Are Americans no longer the restless go-getters they once were? Has our culture changed in ways that impede economic progress instead of naturally promoting it? In his new book, The Complacent Class, Tyler Cowen, one of the most eclectic and inventive authors on economic issues, says yes to all of these questions.
Let’s Talk About Tax, Baby
If Trump gets his way—and let’s be clear, it’s going to be an uphill fight—U.S. corporate taxes will decline from being the highest among fellow Organization for Economic Cooperation and Development (OECD) economies to just a few degrees north of Ireland’s highly favorable 12.5 percent.
The Message of the Bond Market
At the beginning of the year, most market strategists were in agreement that interest rates were going to rise in 2017. The reasons varied: some saw inflation climbing, pushing yields higher; others worried about bigger budget deficits; a few blamed the Federal Reserve, which was thought to be planning to raise short-term interest rates two or three times and shrink its balance sheet. Whatever the reason, interest rates were expected to head higher, so seeing the 10-year U.S. Treasury yield here at 2.3% is a surprise.
Fiscal Policy and the Muni Market: Five Areas to Watch
We examine the potential effects of Trump’s tax and infrastructure proposals on the muni market.
Amid Global Uncertainty, Pay Attention to this Manufacturing Index
Fresh purchasing manager’s index (PMI) readings for the month of March were also released, showing continued manufacturing sector expansion in the world’s largest economies, including the U.S., China and the eurozone. All of Zurich was under construction, it seemed, with cranes filling the skyline in every direction. And when I flew back into San Antonio, sections of the international airport were also under heavy construction. This all reflects strong local and national economic growth in Switzerland and the U.S.