The Specialty Investments Channel

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.

Getting More From Your Equity Allocation

How can equity investors address the triple threat of a low return environment, scarcity of alpha and the tendency to chase performance?

Jack Bogle on the Limits of the Fiduciary Rule and the Future of the Advisory Industry

Speaking two weeks after his 88th birthday, Jack Bogle called the fiduciary rule “silly” and said that financial advisors’ fees are heading lower. Indeed, he said, advisors are destined to charge hourly or retainer fees, like lawyers and accountants.

Can Smart Beta think (twice)?

Recent introductions of multi-factor Smart Beta products demonstrate causality among its components and an ability to replicate past future pricing. Unclear is the extent to which Smart Beta adequately discerns the directional value of securities at points of inflection to consistently outperform allocated Beta, Index-plus or Alpha portfolio strategies.

Don’t Wait for Rough Markets to Take a Look at Alternatives

Volatility is remarkably low today, but it’s not likely to stay that way. Alternatives have the potential to provide diversification and reduce risk when markets get stormy again. But what’s the best way to design an alternatives allocation?

Sustainable Income

Advisor Rand Spero of Street Smart Financial in Lexington, Mass., shares his views on the need for sustainable income, particularly among older investors.

Will the Fed Change Course?

The Fed story may well command attention. I classify it as an important story, but not an urgent one. I have some strongly-held viewpoints:

  1. The exact timing of rate hikes is not important for long-term investors. The Fed has been following a policy of rate increases in line with economic data. While many do not believe this, the data are supportive. Tim Duy on recent strength.
  2. That said, the rate increases have second- and third-order effects. The perception of the pace of hikes impacts exchange rates. The weaker dollar affects major corporate earnings – in both directions. This makes the Fed news worth watching.
  3. Current data are stronger than widely thought, but much depends upon how one views the Q1 softness—meaningful or aberrant. Recent Fed speeches suggest a moderation in the rate-hike path.
  4. Rates will be increased more slowly, but the balance sheet will be reduced.

DOL Throws New Lifeline to Lifetime-Income Solutions

The defined contribution (DC) community has been buzzing about lifetime-income products lately. It’s a topic that’s been dormant for several years, but there are good reasons for renewed interest.

Don’t Wait for Rough Markets to Build an Alternatives Allocation

Volatility is remarkably low today, but it’s not likely to stay that way. Alternatives have the potential to provide diversification and reduce risk when markets get stormy again. But what’s the best way to design an alternatives allocation?

Earn $100 by Participating in an APViewpoint Focus Group

An ETF sponsor is looking for 30 advisors to participate in an online focus group to be hosted on APViewpoint. The purpose of this focus group is to gather advisors’ observations on the ETF marketplace. Click for more info.

Why Factor Tilts Are Not Smart "Smart Beta"

Our analysis of three first-generation smart beta strategies shows factor-replicated portfolios are ineffective substitutes for their smart beta counterparts, exhibiting poorer performance, high turnover, and low capacity.

An Unexpected Change In Gold’s Seasonal Trade Pattern

As you can see in the chart below, based on data provided by Moore Research Center, the five-year pattern, represented by the orange line, is diverging from the longer-term trends. Note that the index on the left measures the greatest tendency for the asset to make a seasonal high (100) or low (0) at a given time.

A Mother’s Day gift for baby boomer moms

Mother’s Day is a good day to celebrate the moms in your life—and prepare for retirement. Anne explains.

When Toiling in Obscurity Leads to Greatness

Despite our negative outlook, markets have the final say. It’s important for us to make a partial retreat from our bearish position, temporarily at least. It’s much easier to be objective when we don’t have a lot at stake.

A Platform to Democratize Alternative Investments

Eileen Duff is managing partner and head of distribution for iCapital Network, where she is responsible for sales, relationship management and investor relations supporting the RIA, broker-dealer, private banking and family office communities. In this interview, she discusses how iCapital democratizes the access to high-quality alternative investments for financial advisors.