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.
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.
Should you reduce allocations to U.S. equities given the conventional wisdom that prices are “rich” and “due for a correction”? Jeremy Siegel says no; investors should expect 5% real returns from stocks over the long term. But Robert Shiller thinks that number should be much lower.
Robert DiMella is an executive managing director and co-head of MacKay Municipal Managers team, overseeing approximately $20 billion in municipal bond assets. In this interview, he discusses the opportunities for muni bond investors and the outlook for the coming year.
Keith Sloane serves as head of third-party distribution and Steve Fry is director of analyst relations at USAA Investments. I spoke with them about their strategy for serving advisors and the 60 million families with connections to the U.S. military, which has been USAA’s traditional focus.
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.
Fixed-income closed-end funds (CEFs) should perform poorly when the yield curve flattens, according to Jeffrey Gundlach, because those funds borrow short and lend long. But DoubleLine’s CEFs have more than withstood the flattening of the yield curve over the last six years.
It took nearly 66 years for Jack Bogle’s embrace of the index fund to become the dominant trend in the mutual fund industry. In the wake of that dominance, the rest of the industry faces a painful decline, according to Bogle. His thesis can be applied to a key group of fiduciary advisors – those that are part of a “roll-up” entity – whose business models are flawed in the same way as those doomed fund companies.
The popularity of smart-beta products has raised concerns that certain factors have been “overgrazed” – that their expected return has been driven down due to popularity-driven demand. A new research paper purports to refute this concern. But its logic is flawed and practitioners should be highly skeptical of its conclusions.
Headline CPI rose from 2.5% to 2.74% last month, fueling speculation about higher interest rates. But inflation readings will be lower in the next few months, according to Jeffrey Gundlach.
