Bottom-up is back as the markets take big macro data in stride.

Are investors overly wary in the currently ragged environment for risk assets?

A dovish Fed and weaker dollar could create space for both wages and profits to rise.

A range-bound U.S. dollar could contribute to a renewed focus on company and sector fundamentals.

April was far from the cruelest month for investors. Most will have felt sentiment improve behind equities, high-yield bonds, emerging markets and commodities. But did they also notice how well European assets performed?

While the trading environment for high-yield bonds has changed markedly, has that changed transaction volumes or dealing costs? We think not.

Unpredictable politics could weigh on market sentiment.

Are Republican presidents better for markets, or are Democrats?

Neither rising rates nor rising defaults would spell the end of opportunistic, diversified fixed income. There is one piece of conventional wisdom you may have heard in recent years. It says that opportunistic fixed income investors have been forced into high yield and emerging market debt because conventional bond yields have been so low, and that “chasing yield” like this always ends badly.

Can 2016 earnings justify today’s valuations? Traditionally, equity people are supposed to be more optimistic than bond people, but I am prepared to buck the stereotype just a little as we enter day four of the Q1 earnings season.

Lower dollar, higher oil could improve prospects for 2016 earnings.

The old adage says that “time in the market” is more important than “timing the market.” Anyone who needed a reminder of that truth got it in spades during the first quarter of 2016. Who would have thought, on the dark morning of February 12 with the S&P 500 Index down more than 10%, that U.S. equities would finish the quarter up 0.8%?

So far, 2016 has been characterized by stomach churning swerves in market direction with little actual change in levels.

High yield, particularly short-duration issues and higher-rated credits, remains in favor given current prevailing yields and the outlook for credit quality.

Despite challenges, we maintained a slightly overweight view on lower volatility and directional hedge funds; meanwhile certain areas within private debt appear attractive.

Global equities—particularly those in developed markets outside the U.S.—may provide more opportunities over the coming 12 months.

The markets had a great run until last August—years of rising prices across nearly every asset class. Unfortunately, long-term investing doesn’t stay that easy.

A dedicated sector classification gives real estate securities the recognition they deserve.

Geopolitical events have been occupying the attention of investors, but without much effect on markets.

A spiral into deeper negative rates is off the table for now.

While equity volatility at the start of the year prompted handwringing among many investors, one of the most vexing issues in the current environment is in the fixed income market.

New rules about how you can claim Social Security benefits will take effect on April 30 as a result of the Bipartisan Budget Act of 2015. The changes are intended to close perceived loopholes in the system that gave rise to popular strategies for maximizing benefits that potentially were worth thousands of dollars in additional income each year. Importantly for some soon-to-be retirees, taking advantage of one commonly used option—the file-and-suspend strategy—requires action soon.

In the old days, they said that when March comes in like a lamb it goes out like a lion. The proverb is rooted in the reality that, in the northern hemisphere at least, this month’s weather tends to be changeable and unpredictable—volatile, as we might say in the investing industry. At this time of year, winter and spring contend with one another like bears and bulls in financial markets. When it comes to the seasons, however, we may suffer the odd gale, but we know the days will lengthen, the air will warm. The markets are not so easy to forecast.

Tomorrow is “Super Tuesday” here in the U.S. Last week, all the talk in Europe was about “Brexit.” These newspaper buzzwords rarely figure in investors’ strategy meetings. But a new specter is haunting markets: the specter of political risk.

We believe U.S. banks are well-capitalized, well-managed and good value.

At our most recent (fourth-quarter) Asset Allocation Committee meeting, perhaps the single most important issue we considered was whether the then-fresh decline of risk assets indicated a needed bull market correction, or something far more serious. Our analysis suggested short-term weakness, but for a while, the noise around China’s devaluation, Federal Reserve policy and concern about emerging markets and commodity prices had many investors very worried.

The brutal selloff in the energy sector has produced a good deal of collateral damage, even among businesses that seemingly have little to do with the price of crude oil.

When we work with clients to design a customized portfolio, we need to understand their most fundamental goals.

Today’s financial world disputes many of the most basic assumptions of yesteryear’s investing “truths.” Globalization, the rise of a “winner take all” digital economy and markets led by policymakers have redrawn the investing map in profound ways.

Approaches that are commonly employed in shorting a single corporate bond

The Committee upgraded our view on U.S. large cap equities following the recent correction, and maintained a slightly overweight view on European equities. Our view on MLPs has also improved following a challenging year.

Master Limited Partnerships (MLPs) have seen sharp declines this year, underperforming not only broad equity markets but also other income-producing assets such as utility stocks and real estate investment trusts.

A quiet revolution is happening in hedge funds. Investors continue to allocate to the asset class, but the way they are allocating is changing, while its investor base is growing broader and becoming more inclusive.

When it comes to the duration of the business cycle, 50 is the new 40. Much the way that better diet, health care and exercise have helped double life expectancy over the past century, central banks have prolonged the current expansion using new elixirs such as zero interest rates and quantitative easing. At 72 months, the business cycle has well surpassed the 58.4-month average of the modern era and is now more than twice the length of the pre-WWII average.

After months of eerie quiet in Washington, DC, fiscal conflicts have taken center stage, most prominently with the October 1 "shutdown" of U.S. government services. Markets are nervously watching if Congress can move past current wrangling to create a workable budget while navigating both the debt ceiling and shutdown-related fallout. In this issue of Strategic Spotlight, we consider how the budget debates could play out and the implications for investors.

A striking feature of this years global stock market rally is that international markets have significantly trailed U.S. stocks. Nevertheless, Neuberger Bermans Asset Allocation Committee (AAC) recently made the contrarian call of upgrading its view for international developed markets, particularly Europe. In this Strategic Spotlight, we provide an update on the European economy and lay out some reasons for optimism despite the dour growth outlook.

The mantra "sell in May and go away" has taken on a new twist this year. Equity markets saw mixed returns last month but bonds took a beating, with losses materializing in nearly every fixed income segment. The reason? Interest rates rose significantlyand rather unexpectedlyover the course of the month. What implications would rising rates have for the market? We consider whats ahead.

Earlier this year Andrew A. Johnson, Neuberger Berman?s Chief Investment Officer for Investment Grade Fixed Income, led a series of discussions with institutional clients about the state of the fixed income market and key ideas in approaching opportunistic fixed income investing in the current environment. Here, Mr. Johnson has adapted, and elaborated on, the concepts described at those meetings.

Bank of England leaves monetary policy unchanged. S&P 500 and DJIA post gains of 1.3% and 1.1%, respectively. U.S. inflation and housing data and euro area GDP headline this weeks economic releases.

Understanding where we are in the an important aspect of investing, as the behavior of asset classes may vary throughout that cycle. Recent data indicate that the U.S. remains in its fourth year of expansion, but payroll and retail numbers have disappointed. Outside the U.S., Europe continues to be mired in recession while Chinas growth rebound recently has appeared to sputter. In this edition of Strategic Spotlight, we review what these developments mean for the global business cycle and how to position portfolios accordingly.

Last year, despite the noise surrounding the U.S. elections and the ongoing European debt crisis, the main drivers of asset prices arguably were the large-scale bond-buying programs put in place by global central banks to alleviate systemic pressures. In 2013, we anticipate fewer aggressive central bank actions as the pace of global growth gradually picks up. We believe the largest influential factors to our outlook are premature fiscal tightening in the U.S. and a potential resurgence of eurozone problems.

The fiscal cliff bill, formally titled "American Taxpayer Relief Act of 2012" ("Act"), was signed into law by the President on January 3. The Act extends certain tax relief provisions enacted in 2001 and 2003, and contains numerous other tax provisions.

Earlier this year, we offered a forward-looking view of 10 macro themes that we anticipated for 2012. These ideas were meant not to be "surprises" but rather guideposts within the context of a longer-term strategic allocation. At year-end, we are pleased to note that seven of our 10 themes fully materialized. We provide a brief look below.

As we approach the New Year and contemplate the opportunities the investment landscape may offer in 2013, it helps to look back at the performance trends of 2012. Overall, the year-to-date period has seen impressive results from various risk assets, which is in line with the projections of our Asset Allocation Committee. However, ongoing concerns about volatility and Europe hampered the markets at times. Here, we provide a performance scorecard and consider potential developments in the year ahead.

As we approach the New Year and contemplate the opportunities the investment landscape may offer in 2013, it helps to look back at the performance trends of 2012. Overall, the year-to-date period has seen impressive results from various risk assets, which is in line with the projections of our Asset Allocation Committee. However, ongoing concerns about volatility and Europe hampered the markets at times. Here, we provide a performance scorecard and consider potential developments in the year ahead.

As in the case of Treasury bonds, yields for U.S. corporate credits have fallen to historic lows as prices have risen. The yield on the Barclays Aggregate U.S. Investment Grade Bond Index was recently at 2.8%far below levels achieved during the heady days of 2007. Obviously, this reflects overall interest rates, but is it also a sign that corporate issues may be overvalued? We explore the issues and consider how investors should position their portfolios for the current environment.

As year-end approaches, the U.S. is inching closer to a potentially defining moment in its post-debt crisis economic recovery. A series of expiring tax cuts, spending reductions and new taxes equating to over $600 billion (or 4% of GDP), popularly known as the "fiscal cliff," are slated to take effect in early 2013.

Congress remains split following Tuesday's vote (Democrat Senate, Republican House. DJIA and S&P 500 decline 2.0% and 2.3%, respectively, last week. European Central Bank and Bank of England maintain current monetary policy stances.

As the eastern seaboard continues to recover from the aftermath of Hurricane Sandy, estimates for the economic cost of the storm continue to climb and currently stand in the range of $30 to $50 billion. In the near-term, economic activity in the region is likely to be negatively impacted by the storm; however, the rebuilding of infrastructure, housing and businesses should boost growth in areas most impacted by Hurricane Sandy over the longer term.

On September 13, the Federal Reserve announced a third round of quantitative easing, dubbed QE3, in the hope of providing an additional boost to the slow U.S. economic recovery. Although this latest policy action reinforces the notion that the U.S. is prepared to support its economy for as long as needed, some economists question whether the stimulus can really make a difference. In this issue of Strategic Spotlight, we consider the recent effects of loose monetary policy and whether the Fed has "reached its limit."