Macroeconomic volatility is a useful tool for contrarian investors who are seeking fair value in an equity market characterized by continually rising valuations.
When robots and automation have taken over not only the agriculture and manufacturing jobs but even the high-level service jobs, who will drive consumption? Will the economy stagnate? These are the questions posed by Martin Ford in his challenging, important and well-researched book, Rise of the Robots: Technology and the Threat of a Jobless Future.
This article takes a hard-nosed look at the pummeling being taken by active management and argues that improving can no longer be approached passively. It must become a core competency for every active manager.
Since the 2008 financial crisis, the conventional wisdom has been that a long, difficult recovery for eurozone economies will eventually lead to strong growth. But this narrative is losing credibility, as various trends suggest that Europe is trapped in a semi-permanent low-growth equilibrium.
After lagging the market for years, US financial stocks surged after Donald Trump’s surprising win in the US presidential election. Investors can still profit from investing in banks; in our view, many of the best opportunities now lie in the micro-cap banks the rally left behind.
Danielle DiMartino Booth, a former Dallas Federal Reserve official, released a new book this week entitled Fed Up. The book, a first-person account of the inner-workings of the Fed, provides readers with unique insight into the operations, leadership and mentality of the world’s most powerful financial institution.
The “barbell” portfolio has long been considered an investment strategy. Since his fame after the 2010 publication of the book The Black Swan, Nassim Nicholas Taleb has often been associated with the strategy. Recent research illustrates the critical connection between the barbell, core-satellite portfolios and safety-first financial planning – and how advisors can improve on using standard deviation as a measure of risk.
“There are decades where nothing happens; and there are weeks when decades happen.” —Vladimir Lenin The reflation move since November has been aggressive but appears more right than wrong.
We see little probability of high core inflation rates in the eurozone, but instead a gradual increase toward the ECB target of just below 2% over the next few years.
A look at what normalized price-to-earnings ratios are telling us about valuations overseas.