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Results 151–162 of 162 found.

Characteristics of Capital Preservation: A Look at the US Energy Sector
by Steven Vannelli of Knowledge Leaders Capital, 3/22/17

In a market experiencing the largest pullback since the election, investors are rightly looking for places to hide. At present, according to our work, the US energy sector is the only truly oversold sector.

Hot Air Balloon Economy
by Steven Vannelli of GaveKal Capital, 3/8/17

The interplay between debt and income can be a difficult thing to understand. Here is a useful analogy. Imagine a hot air balloon lying on the ground preparing for take-off.

A Massive Liquidity Illusion
by Steven Vannelli of GaveKal Capital, 3/7/17

Since the election we’ve heard the rally in stocks characterized as a “Trump Trade” or a “reflation” trade. We think there is a really important element missing from this analysis that could change very quickly over the next several weeks.

Quarterly Strategy Update: A Rotation to Cyclical Leadership?
by Steven Vannelli of GaveKal Capital, 10/25/16

This quarter we discuss our work navigating a global equity rotation from defensive-driven leadership to cyclical-driven leadership.

Quarterly Strategy Update: The End of Ricardian Growth?
by Steven Vannelli of GaveKal Capital, 4/28/16
This quarter, we explore the hypothesis that the modern era of Ricardian growth has ended. We further explore what this means for asset allocation and which types of stocks in particular should do well in this Ricardian hangover.

Smart Beta 2.0: A Disruptive Innovation
by Steven Vannelli of GaveKal Capital, 10/12/15
At the beginning of every major disruptive innovation, fear, uncertainty and doubt reign supreme. Consumers are fearful of the unknown, uncertain of the benefits and doubt the durability of the innovation. But, in the end, fear, uncertainty and doubt give way to confidence, understanding and acceptance. The fund management industry is on the cusp of a major disruptive innovation.

Five Reasons Now is the Time to Hold Equities
by Steven Vannelli of GaveKal Capital, 9/1/15
After the recent correction, many investors are asking how to respond in their portfolios. I’m recommending clients hold on to equity exposure, even consider increasing it. Below, I run through my case.

Growth Or Value Leadership Depends on Fed Policy
by Steven Vannelli of GaveKal Capital, 6/22/15
The last few years have been good for growth stocks, but I think there is another observation underneath the surface as well. Growth and value leadership has pivoted on Fed policy the last five years.

Competitive Dynamics in the US Fund Management Industry
by Steven Vannelli of GaveKal Capital, 6/12/15
ETF Trends reported the other day that total ETF assets under management are expected to double by 2020, translating into roughly $740 billion per year of flows into ETFs (link to story here). If we look at just equity related ETFs, the growth dynamic is easy to see.

The Knowledge Effect: Excess Returns of Highly Innovative Companies
by Steven Vannelli, Eric Bush of GaveKal Capital, 6/11/15
What drives stock returns? Answering this question has been a goal of investors ever since Harry Markowitz introduced his Modern Portfolio Theory in the 1950s. Later, William Sharpe’s Capital Asset Pricing Model illustrated that the market itself is the first and foremost element in explaining a stock’s performance. However, empirical research over the past several decades has identified many other effects beyond simply the market that exhibit a strong explanatory power of stock returns.

Stock Picks in the European Technology Sector
by Steven Vannelli of GaveKal Capital, 6/11/15
For the last five years the European technology sector has been locked in a trading range relative to the MSCI All Country World Index (USD). Recently, however, European technology stocks have been performing quite well. On an equal weighted basis, they have been the second best performing group in Europe year-to-date.

June is Out… But 2015 Lift-off Still On
by Steven Vannelli of GaveKal Capital, 6/8/15
Looking at Fed Funds futures contracts, it would appear that the fixed income market has ruled out a June rate hike but is coming back to the idea of a 2015 lift-off. Currently June fed funds future are spot on the current effective fed funds rate of 13bps. In the chart below, we plot the current effective fed funds rate, the rate implied by the June 2015 fed funds futures contract and the 10 year US Treasury Bond. Since the June contract rate and the current rate are the same, it suggests the markets have completely moved past a June rate increase.
Results 151–162 of 162 found.