The Leveraged and Inverse Funds Channel

Can Investors Make Money in a US–China Trade War?

President Trump’s plans for tariffs on about $60 billion of Chinese imports have rattled equity markets. Investors should begin to study which types of industries, countries and companies could win or lose if an all-out trade war erupts.

The U.S. Household: Connecting the Dots

The state of the U.S. household is in one the best shapes it has been in throughout history; though depending on how you look at it, it may corroborate your skepticism or optimism. At a recent discussion, a key debt figure was triggering doubt about this optimism.

Killing Each Other

Bill Gross' March 2018 Investment Outlook: A monthly outlook on the global financial markets.

What the MSRB’s Markup Disclosure Rule Means for Muni Investors and Advisors

The Municipal Securities Rulemaking Board (MSRB)’s new “markup disclosure rule” is on track to go into effect in the U.S. in May 2018, as part of a broader move toward greater transparency in the municipal bond market.

The Surprising Solutions to Managing a Rising-Rate Environment

What should bond investors do when rates are rising and the credit cycle is ending? Perhaps not what you would expect. But getting this right can be critical for the health of your fixed-income allocation.

ExxonMobil? Think Again

GE retaught investors the great lesson that things that cannot go on forever don’t. Hopefully, ExxonMobil investors will heed that lesson.

PIMCO Income Update: Finding Value in Volatile Markets

We believe that balancing higher-yielding assets with higher-quality assets is the best way to achieve the strategy’s objectives across different market environments.

Rare Bond Market Conditions Set up Complacent Investors for Subpar Returns

This is only the third time in the past twenty years when the yield curve has been this flat while at the same time high-yield spreads have been this tight.

With Rollback, Dodd-Frank Is Now Officially a Dud

You can be forgiven, for missing what I believe is the most significant development of the past few days. On Wednesday, the Senate, in a bipartisan vote, quietly approved plans to roll back key banking rules in 2010’s Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).

ECRI Weekly Leading Index Update

This morning's release of the publicly available data from ECRI puts its Weekly Leading Index (WLI) at 149.7, up 0.4 from the previous week. Year-over-year the four-week moving average of the indicator is now at 3.14%, down from 3.36% last week. The WLI Growth indicator is now at 5.6, down from the previous week.

Emerging Markets: Keep an Eye on Reform

Economic reforms remain critical for emerging economies' attempts to successfully transition from low-wage industrial economies to high-skilled, consumption-based economies.

Could the Great Financial Crisis Happen Again?

Today marks the 10th anniversary of the failure of the Wall Street firm Bear Stearns, widely considered the opening act of the great financial crisis of 2008. Bear was done in, so the story goes, by a mix of ill-considered bets on mortgage securities and excessive borrowing.

Want to Survive a Rising-Rate Environment? Avoid These Mistakes.

It’s human nature to want to protect your portfolio when the market takes a sharp turn. But too often, bond investors make the wrong choices when interest rates rise and credit cycles end. This can have disastrous consequences for returns.

Growth and Value Investing: A Complementary Approach

Growth and value investing are often seen as competing styles, with one outperforming or underperforming the other during different periods of time and market cycles. While the approaches may differ, Stephen Dover, head of equities at Franklin Templeton Investments, and Norm Boersma, chief investment officer of Templeton Global Equity Group, say growth versus value doesn’t have to be an either-or proposition.

All Asset All Access, March 2018

In this issue, Research Affiliates discusses positioning for potentially volatile markets and the link between equity valuations and macroeconomic conditions.