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Deceptive Calm: Investing Globally in Stable But Not Secure Markets
by Mihir Worah, Geraldine Sundstrom of PIMCO, 8/24/16
As the year progresses, markets are displaying a strange dichotomy. Thirty percent of sovereign debt globally now offers negative yields, suggesting investors are increasingly focused on certainty and capital preservation even as several major central banks seek to stimulate growth and risk-taking.

Alternative Context
by Roger Nusbaum of AdvisorShares, 8/24/16
Barron’s had an article about alternative strategies over the weekend that attempted to sort out whether the traditional mutual fund wrapper might be better than the ETF wrapper for this segment.

The Elusive Spark Needed for the Rally to Continue
by Russ Koesterich of BlackRock, 8/24/16
U.S. stocks have surprised many this year, but Russ discusses why future gains are dependent on a so-far missing spark: stronger economic growth.

The Virtues of Bond Laddering
by Larry Swedroe, 8/23/16
Bond ladders are frequently criticized in the financial media and even among some professional advisors (who are often able to use only bond mutual funds or ETFs). But there are many advantages of owning them.

The Bullish Case Is More Compelling Than the Bearish
by Robert Doll of Nuveen Asset Management, 8/23/16
Most financial market developments occurred outside of equity markets last week. The U.S. dollar came under pressure following a generally dovish tone from the July Federal Reserve policy meeting minutes.

Stressed? A Low Volatility Strategy May Help
by Gershon Distenfeld, Ivan Rudolph-Shabinsky of AllianceBernstein, 8/23/16
Investing means taking calculated risks, but nobody should have to lose sleep over it. If your portfolio is keeping you up nights, it may be time to consider a low-volatility strategy.

A Fictitious Letter to Benjamin Graham, ERPs, Dudley Do-Right, Obamacare, & GaveKal
by Jeffrey Saut of Raymond James, 8/23/16
Dear Ben, I recently read an article that suggested a lower earnings yield may explain why the stock market can continue to go up even though the economy and the S&P 500’s earnings remain sluggish. Moreover, how would you explain the Equity Risk Premium to an investor without a finance degree?

Looking Ahead to a Bullish Outlook (and What Will Define It)
by John Hussman of Hussman Funds, 8/22/16
The most favorable market return/risk profiles we identify are associated with a material retreat in valuations that is then joined by an early improvement in market action. I have no question that these conditions will emerge over the completion of the current market cycle.

Asia-Pacific: Investment Implications of Our 2016 Secular Outlook
by Eric Mogelof, Alan Isenberg of PIMCO, 8/22/16
PIMCO’s 2016 Secular Outlook highlights a world that, over the next three to five years, will be stable but not secure.

On My Radar: “In the Realm of Economics, No Government Can Play God.”
by Steve Blumenthal of CMG Capital Management Group, 8/22/16
I came across today’s intro quote during the week while sitting in my beach chair facing the Atlantic Ocean. The title seems apropos to the world we find ourselves living in today.

The Price of Safety
by Anthony Valeri of LPL Financial, 8/19/16
Slow global growth and low or negative interest rate policies from major central banks make for a difficult environment for income investors.

These Olympian Gold Royalty Companies Are Insanely Attractive
by Frank Holmes of U.S. Global Investors, 8/19/16
Some of our favorite names in this space include Franco-Nevada Mining, Silver Wheaton, Royal Gold and Sandstorm Gold, all of which have outperformed underlying gold for the 12-month period.

High Yields: Love ‘em if You Can Leave ‘em
by Patty Quinn McAuley of Clark Capital Management Group, 8/19/16
Investor demand for high yield debt has been strong in recent months. And even though spreads have come down and the opportunity for capital appreciation is lower, there simply aren’t many other options for investors looking for yield. Although things look good now, conditions in high yields can deteriorate rapidly. It’s important to be able to move to safer areas of fixed income when necessary.

August Market Outlook Update
by Jim McDonald of Northern Trust, 8/19/16
Risk assets advanced further during the last month, amid a relatively quiet fundamental backdrop. A strong July U.S. payroll report, following an even stronger June reading, helped quell concerns over the pace of recovery in the world’s largest economy.

LIBOR: Checkered Past, Pressured Present
by Carl Tannenbaum of Northern Trust, 8/19/16
The London Interbank Offering Rate sounds like something the financial gentry might discuss in a back room at the Oxford and Cambridge Club.

Risk Parity Isn't the Problem - It's the Solution
by Adam Butler of ReSolve Asset Management, 8/18/16
Bank of America Merrill Lynch recently released a research note suggesting that Risk Parity investment strategies currently represent a substantial source of systematic risk in global markets. The note was picked up breathlessly by several media outlets and posted under sensationalist headlines employing eye-catching terms like “spectre,” and “mayhem.”

Not All U.S. Dividend-Payers Are Priced Too High
by Dr. Brian Jacobsen, CFA, CFP of Wells Fargo Asset Management, 8/18/16
The search for yield hasn’t pushed all U.S. dividend-paying stocks to overly lofty valuations. Dr. Brian Jacobsen explains why.

When Will Value Investing Come Back Around?
by Ben Fischer of Allianz Global Investors, 8/18/16
Higher US interest rates, a weakening US dollar, a recovery in the high-yield bond markets and strengthening commodity markets are all signs that a shift from growth to value investing may already be occurring, writes Ben Fischer, portfolio manager with NFJ, an Allianz Global Investors company.

Thornburg Strategic Income Fund Second Quarter 2016 Commentary
by Team of Thornburg Investment Management, 8/18/16
With the recent passing of the U.K.'s "Brexit" referendum to leave the European Union, markets and investors were reminded that seemingly unlikely events can, do, and certainly will continue to occur.

Could Negative Interest Rates Lead to the End of Cash?
by Julian Wellesley of Loomis, Sayles & Co., 8/18/16
Historically, central Banks raise interest rates on bank deposits when they want to cool inflation and cut interest rates when they want to stimulate the economy. Since banks pass these changes on to their customers, higher interest rates can make borrowing more expensive and saving money more attractive.

Augmented Reality: From Pokémon Go to Negative Interest Rates
by TCH Fixed Income Team of BMO Global Asset Management, 8/17/16
Augmented reality as a concept has been popularized in recent weeks by the smash debut of Pokémon Go. With the seeming illogic of negative interest rates persisting, the term is also a rather apt descriptor for the global interest rate environment in 2016.

Valuations: It's All Relative
by Zachary Karabell of Envestnet, 8/17/16
As stocks climb to new highs, investors question whether today’s equity valuations are realistic. Rather than measuring valuation against a historical P/E benchmark, we suggest examining equity valuations relative to the current prices and yields of other assets given today’s low-inflation environment.

The Worst Months of the Year!?
by Roger Nusbaum of AdvisorShares, 8/17/16
In late July Bespoke Investment Group posted a table of average returns for the Dow Jones Industrial Average for each of the 12 months of the year*. Over the last 20 years, August has been down 45% of the time an average of 1.30% and September has been down 50% of the time with an average decline of 0.70%.

Gold Is At Extreme Correlations Against Stocks, Bonds and Oil
by Eric Bush of GaveKal Capital, 8/17/16
Gold has been exhibiting some extreme correlations over the past three months. And by extreme, we mean the most negatively correlated it has been to stocks, bonds and oil prices in decades (or ever in some cases). Let’s take a look at some charts.

With Decisive Policy, Bank of England Stacks Odds in Its Favour
by Mike Amey of PIMCO, 8/17/16
Look for very easy UK monetary policy to be with us for the cyclical horizon.

The Cost of Currency: Finding Potential Opportunity in Risk
by Van Luu of Russell Investments, 8/16/16
Russell Investments’ Head of Currency and Fixed Income Strategy examines recent changes to the British pound, due to the Brexit, the Japanese Yen and other currencies and how investors might find opportunity in currency with the right strategy.

The US Fixed Income Market
by Heather Rupp of AdvisorShares, 8/16/16
The U.S. fixed income market is massive at around $40 trillion. The largest subcategory is U.S. Treasury debt. Mortgages represent the second largest single subcategory of the bond market; this helps to explain why problems in the mortgage market nearly took down the entire financial system in 2008.

A Top Performing Global Income Fund
by Robert Huebscher, 8/16/16
Henderson’s Dividend & Income Builder Fund has outperformed its Morningstar peer-group benchmark by over 400 basis points since its inception four years ago. Last week, I spoke with two of its co-managers.

Uncertainty!
by Dimitri Balatsos of Decision Economics, Inc., 8/16/16
Remain calm and allow the world to shape itself - The I Ching

On My Radar: The Best Looking Dude at the Dance
by Steve Blumenthal of CMG Capital Management Group, 8/16/16
Let’s take a look today at just how attractive U.S. interest rates are relative to most of the world.  To wit, the title of today’s piece, “The Best Looking Dude at the Dance.”

The Markets May Look Asleep…
by Blaine Rollins of 361 Capital, 8/16/16
Volumes show it. Sentiment reflects it. Major index trading ranges are very narrow. But don't let the headlines lull you into drowsiness because while this leopard sleeps, its next meal is being planned.

A Constructive Case for Emerging Markets
by Michael Gomez, Lupin Rahman, Francesc Balcells, Pramol Dhawan, Luke Spajic of PIMCO, 8/15/16
Improving fundamentals in emerging markets warrant a more optimistic investment approach.

Market Outlook
by Chris Engelman of Cedar Hill Associates, 8/15/16
Global equities faced a fickle market backdrop during the second quarter. While improving economic fundamentals strengthened market sentiment through most of the quarter, investor anxiety re-emerged following Britain’s June 23rd decision to exit the European Union (EU).

The Decade of Zero and its Chaotic Unwinding
by John Hussman of Hussman Funds, 8/15/16
Put simply, most apparent “opportunities” to obtain investment returns above zero in conventional assets over the coming decade are based on a misunderstanding of valuations, total returns, and historical yield relationships. At current valuations, virtually everything is priced for a decade of zero.

Go Gold!
by Frank Holmes of U.S. Global Investors, 8/13/16
Today marks one week since the start of the Rio de Janeiro Olympics, and it’s been nothing short of amazing. Michael Phelps, whose name should forevermore be synonymous with the Olympics, won his 22nd overall gold medal. He also was awarded his 13th individual gold, effectively breaking a record last set in 152 B.C. by runner Leonidas of Rhodes.

The case for sticking with high yield
by Russ Koesterich of BlackRock, 8/12/16
The last few months we have seen a strong rally in high yield bonds. Is it time to sell? Russ discusses why the asset class still has a place in most portfolios.

Summer Reading: Bernanke’s Profile in Courage
by Courage Carl R. Tannenbaum and Asha Bangalore of Northern Trust, 8/12/16
At a lunch last month, a group of economists were attempting to understand the roots of the popular discontent that has marked this year’s U.S. presidential campaign. One of our number speculated that it began with the bank bailouts in 2008, which appeared to cushion Wall Street while Main Street slipped into a deep recession.

Stocks Are Breaking the Glass Ceiling: 6 Reasons to Be Bullish
by Martin Pring of Pring Turner Capital Group, 8/12/16
At the beginning of 2000, I unsuccessfully submitted a bearish stock market article, A Turn of the Tide, to a well-known US financial publisher. At the time, in the middle of a market mania, my contrarian warning was unwelcome. Ironically, it was later carried by a Polish financial magazine—not exactly the wide distribution channel I was hoping for! This incident is being brought up now because the S&P Composite, when adjusted for inflation, has made no real progress in the intervening 16-years. That said, it now looks as though bullish forces are conspiring to take prices through the 16 year inflation adjusted glass ceiling to significantly higher levels. Guiding the way higher is our composite stock market indicator the stock “Speedometer”

They walk the line...
by Blaine Rollins of 361 Capital, 8/11/16
The press continues to write stories of the billionaires bearish on the financial markets. I have no idea if a bond or a stock market crash is close at hand but every time one of them appears in the press or pens a bearish note, I get a few emails asking if now is the time to sell everything. I try to consistently respond with comments noting how the billionaire has valid points, but that it is typically wise to keep a diversified investment portfolio and avoid trying to 'all or nothing' time the markets based on what they have seen or read.

A Bear, A Brexit, and A Welcome Start to 2016
by Chris Clark, Francis Gannon, and Chuck Royce of The Royce Funds, 8/11/16
The market's pronounced shift toward companies with attractive to reasonable valuations, solid balance sheets, and strong profitability in the first half of 2016 helped many active managers, ourselves included.

Has Anything Changed?
by Anthony Valeri of LPL Financial, 8/11/16
A strong July employment report caused Treasury yields to spike higher, but the broader message from the bond market has not changed. Improvement in economic data will need to exhibit greater consistency to exert meaningful upside pressure to bond yields.

High Yield Municipals Find a Sweet Spot
by David Hammer, Sean McCarthy of PIMCO, 8/10/16
PIMCO believes the macro environment remains supportive of the municipal asset class. We see a U.S. economy that continues to expand, which is generally good for municipal credit fundamentals. Municipal defaults generally remain low. Historically, high yield municipal default rates have been significantly lower than high yield taxable counterparts. Moving forward, credit selection remains key. We continue to see value in MSA (Master Settlement Agreement) tobacco bonds; we believe risks to most Puerto Rico governmental bonds remain skewed to the downside, but we continue to assess the opportunities in the Territory.

Loans: The Floating Rate
by Heather Rupp of AdvisorShares, 8/10/16
We see investing in the loan market as predominantly a way to expand our investment universe. Again, high yield debt issuers have the option to issue bonds, loans, or both. We see cases where companies take out bonds with loans or vice versa, take out loans with bonds, so by having the option to include both, investors are able to access companies with attractive metrics and yield no matter the security, and in cases where a company issues both bonds and loans, loans are secured and rank higher the company’s capital structure so can allow for the ability to invest in a lower levered piece of the capital structure.

Avoiding the Traffic Jam in High-Dividend Stocks
by James T. Tierney, Jr., Dan Roarty, Frank Caruso of AllianceBernstein, 8/9/16
Many investors are seeking safety in higher-yielding dividend stocks. But what if they all change their minds at once? We think there are better ways to invest in equities without getting stuck in a traffic jam.

What a most unusual election season could mean for markets
by Richard Turnill of BlackRock, 8/9/16
Chief Investment Strategist Richard Turnill examines how an unusual U.S. presidential election season may sway the market.

A Top Performing Global Long-Short Fund
by Robert Huebscher, 8/9/16
The Calamos Phineus Long/Short Fund (CPLSX) seeks strong risk-adjusted and absolute returns across the global equity universe. It has outperformed its S&P 500 benchmark by over 300 basis points annually over the last decade. I spoke with Michael Grant, its manager.

Providing Better Retirement Statements for Clients
by Joe Tomlinson, 8/9/16
Statements from investment companies and 401(k) plan sponsors don’t provide the information needed for retirement planning. Whether made available quarterly, monthly or on-demand, those reports are incomplete and sometimes misleading. Advisors can help overcome the shortcomings; clients need more frequent reporting that goes beyond asset-value statements and shows what their income in retirement will be.

5 Questions Market Bulls Must Answer
by Lance Roberts of Real Investment Advice, 8/8/16
Lance Roberts questions the central points that support higher asset prices and the rise of a continued bull rally for the stock market.

On My Radar: Taking the “E” Train South
by Steve Blumenthal of CMG Capital Management Group, 8/8/16
Let’s take a look at the most recent market valuations and what they are telling us about forward returns over the next ten years.

Equity Prices Grind Higher in Spite of Earnings Trending Lower
by Joe Becker, Adam Schenck, Jeff Greco of Milliman FRM, 8/8/16
The S&P 1500 rose by 3.7% in July on the heels of a June that saw a drop in corporate earnings for the fifth consecutive quarter.
Results 8,401–8,450 of 11,871 found.