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Income Ideas
by Investius News, 4/18/16
Rejecting “pessimistic” outlooks on the economy, portfolio manager Christopher Kilpatrick of Western Asset shares income ideas for CEF investors.

Negative Rates May Be Positive for Gold
by John Browne of Euro Pacific Capital, 4/18/16
As 2015 came to a close, most investors believed that 2016 would be a year dominated by a series of Fed rate hikes. That conviction solidified in mid-October when comments from multiple Fed officials convinced many that prior hints that the Fed would stay at zero percent rates had been false alarms. The Fed delivered on its promise in mid-December by actually raising rates by 25 basis points. Based on this, gold declined by 10% from October 14 to the end of the year, nearly matching its six year low. Many on Wall Street thought the declines would continue into 2016. They were decidedly wrong.

Finding a New Balance with Alternatives
by Lowell Yura, Kristina Kalebich, Kristi Hanson, John Lennox of BMO Global Asset Management, 4/18/16
The paper makes the case for incorporating alternatives in traditional 60/40 portfolios. BMO GAM points to a shift in the 60/40 paradigm, explaining the expected strong bond returns are unlikely in our current low yield environment. To compensate, the firm urges investors to incorporate alternatives into their portfolios for optimum diversification.

A Tale of Two Markets: Dividend, Low Volatility and Quality Factors Earn Top Spots in Q1 2016
by Nick Kalivas of Invesco Blog, 4/18/16
The first quarter of 2016 has come to a close, and what a period it was. The past quarter’s returns were a clear testament to the power of factor investing, and provide further evidence that smart beta strategies can add value to a diversified portfolio.

Knowledge Leader Spotlight: Microchip Technology
by Eric Bush of GaveKal Capital, 4/15/16
One of the most innovative group of companies in the stock market are semiconductor companies. On average, semiconductor companies invest 16.9% of its sales on research and development as well as another 3.5% of its sales on firm specific resources. From an R&D perspective, semiconductors invests the third most if its sales on innovation behind just biotechnology and application software.

Should I Keep My Company Stock?
by Richard Weaver, Anne Bucciarelli of AllianceBernstein, 4/15/16
If you’re a corporate executive or other employee of a public company, a meaningful part of your compensation may come in the form of company stock or stock options. You may also have a chance to invest part of your cash compensation in company stock. What should you do?

The Soft and Frustrating Middle
by Liz Ann Sonders, Brad Sorensen and Jeffrey Kleintop of Charles Schwab, 4/15/16
Patience and discipline. Those are the two words to commit to memory in the face of the current environment. A sluggish expansion and a cautious corporate environment leads us to have a neutral view on equities, which means investors should stick with their longer-term objectives and remain committed to their plan. There are glimmers of hope domestically and globally with strong U.S. job growth and U.S. and global manufacturing looking better.

Spring Awakening
by Jerome Schneider of PIMCO, 4/14/16
In a volatile market environment, investors may look to cash alternatives in their effort to add stability to portfolios.

The Times Are a--Changin'
by Team of PIMCO, 4/14/16
Dovish comments and actions by central banks, including the Federal Reserve, helped sustain the market’s rally. Fundamentals still indicated tepid growth even as global risk appetite built further through the course of the month. March highlighted that shifts in political trends could feature prominently in the remainder of the year.

State of the States
by Anthony Valeri of LPL Financial, 4/14/16
With the deadline approaching, taxes are front and center in the minds of investors. No one likes paying taxes, but they are of utmost importance to the financial well-being of state and local governments. Higher tax revenue has been a key driver of improving (in most cases) state and local government credit quality metrics by firming the financial standing of municipal government debt issuers. However, growth in state and local government tax revenue may be poised to slow, lessening the positive impact behind municipal credit quality.

Negative Rates Are Dangerous to Your Wealth
by Chris Brightman of Research Affiliates, 4/14/16
Recently enacted NIRP in several major developed economies means not only lower current yields but also lower expected returns—and thus lower accumulated wealth—for investors investing in these markets.

Potential Earnings Improvements Remain a Critical Catalyst
by Robert Doll of Nuveen Asset Management, 4/14/16
Equity markets retreated last week amid multiple crosscurrents as the S&P 500 Index fell 1.2%. Currency and commodity markets were in focus. The soaring value of the yen complicated the Bank of Japan’s interest rate decisions, while oil prices rose sharply on expectations for improved global economic growth and a possibility of production cuts. Investors also focused on the regulatory environment, as the Treasury Department rolled out restrictive rules governing corporate inversions.

Alpha or Assets? — Factor Alpha vs. Smart Beta
by Patrick O'Shaughnessy of O'Shaughnessy Asset Management, 4/13/16
More and more investors are buying “factor”-based strategies, which invest using measures like valuation and low volatility. However, the most popular strategies are applying factors the wrong way. We believe that strategies should be built for alpha, not scale—but the asset management industry has gone in the opposite direction.

Hoisington Quarterly Review and Outlook – 1Q2016
by Van R. Hoisington and Lacy H. Hunt, Ph.D. of Hoisington Investment Management, 4/13/16
The prospects for the Treasury bond market remain bright for patient investors who operate with a multi-year investment horizon. As we have written many times, numerous factors can cause intermittent increases in yields, but the domestic and global economic environments remain too weak for yields to remain elevated.

Yen Trouble. Bond Rally.
by Christian Thwaites of Brouwer & Janachowski, 4/11/16
Last week started slow. But then stumbled. The stock market realized that i) earnings are not going to be great ii) that the Fed’s “low rates for longer” message means “low growth for longer” and iii) international markets wrestled with what zero bound means. U.S. stocks were flat, the Japanese market fell 6% and U.S. long Treasuries were up 1.5%.

Recession: Your Time is Gonna Come … But Not Yet
by Liz Ann Sonders of Charles Schwab, 4/11/16
Two events recently triggered renewed concerns about a U.S. economic recession. The first was the continued deterioration in Atlanta Fed’s GDPNow model—now down to only 0.1% for expected first quarter real gross domestic product (GDP) growth, after being as high as 2.7% in early February. The second was the pronouncement of a pending “very massive recession” by presidential candidate Donald Trump. Shortly after the latter I tweeted that there was little indication we were headed into a “very massive recession,” and boy did that elicit a very massive response from fellow tweeters. Many agreed that a severe recession was unlikely; but at least as many took the Trump side of the argument—with much “passion” I might add.

Another Macro Reason To Expect More Cyclical Underperformance
by Eric Bush of GaveKal Capital, 4/11/16
Yesterday, Bryce correctly pointed out the tight relationship between interest rates and stock market leadership that has persisted for the past decade. As interest rates fall, cyclical stocks have tended to underperform while counter-cyclical stocks have tended to outperform. We would like to add another macro data point that has had a very close correlation to stock market leadership over the past decade: changes in China’s Forex reserves.

Oil, the Dollar, Rates: Three Stars Align
by Brad Tank of Neuberger Berman, 4/11/16
Lower dollar, higher oil could improve prospects for 2016 earnings.

Mile-High Merger: Alaska Airlines Buys Virgin America, Expanding Market Reach
by Frank Holmes of U.S. Global Investors, 4/9/16
The $2.6 billion deal, awaiting shareholder approval in June, would create the fifth-largest U.S. airline by traffic and result in a much more competitive player, especially on the West Coast. (Alaska is based in Seattle, Virgin in San Francisco.) According to the Wall Street Journal, Alaska’s annual revenue could grow 27 percent because of the deal.

Should Central Banks Call in the Helicopters?
by Carl Tannenbaum of Northern Trust, 4/9/16
For the past eight years, major central banks used unconventional monetary policies to promote economic growth and lift inflation. But success is incomplete on these fronts, and there is an active debate about whether forward guidance, negative interest rates and quantitative easing (QE) remain potent. It may be time for “helicopter money.”

On Interest Rates and Stock Market Leadership
by Bryce Coward of GaveKal Capital, 4/8/16
One of the biggest questions equity investors are facing right now is whether to stay defensive or to turn up the cyclical heat on any pullback.

Market Overview Q116: Out with the Old
by David Robertson of Arete Asset Management, 4/8/16
Increasingly connected global financial markets and persistently interventionist central bank policies not only make the investment landscape more difficult to navigate, but demand fresh thinking about how to invest.

Driving in the Slow Lane, for Now
by Carl Tannenbaum, Asha Bangalore of Northern Trust, 4/8/16
After a turbulent start, the first quarter ended on a calmer note. There were moments when the U.S. economy appeared to defy expectations, and there were moments when the outlook was not rosy. On net, forward momentum remains in place.

A Tale of Two Halves
by Anthony Valeri of LPL Financial, 4/8/16
The first quarter of 2016 is in the record books and for most, including bond investors, it was a tale of two halves. During the first six weeks of the year, domestic economic concerns, worries over the state of China’s economy, and a near 30% decline in the price of oil sparked a strong Treasury rally that drove high-quality bond yields lower—not just in the U.S., but globally as well. Then the last six weeks of the quarter saw a shift for lower-rated bonds, thanks to improving economic data and market-friendly central bank actions. Through all the ups and downs, it was a strong quarter for bond performance; however, we don’t expect this strength to repeat over the remainder of the year.

Not Your Father's Dividend Stocks
by Edward Perkin of Eaton Vance, 4/8/16
Dividend investing ain’t what it used to be. What’s the best approach in today’s market?

2016 Commercial Real Estate Outlook
by Peter Nielsen of Saturna Capital, 4/7/16
Encouraging fundamentals and positive developments in broadly-used sector classifications and US tax structure bode well for Real Estate in 2016.

Harnessing Value in Dislocated Credit
by Sai Devabhaktuni of PIMCO, 4/7/16
Market volatility, diminishing liquidity and credit imbalances combine to create mispricings and attractive opportunities in leveraged finance.

Stocks Climbed In March Amid Subtle Signs of Budding Inflation
by Joe Becker, Adam Schenck, Jeff Greco of Milliman FRM, 4/7/16
Global equity markets sprang into action in March, notching a monthly return ranking among the top 10 in the last 10 years. The price of oil finished the month higher as the US dollar continued its descent.

90% Psychological, 10% Logical
by Sam Stewart of Wasatch Global Investors, 4/6/16
So here we are with very modest global economic growth, seemingly excessive gains in stocks over the past several years, potentially flawed monetary policies around the world, and mediocre readings on the sentiment indicators I follow. Although this may sound like a prescription for flat—or possibly even falling—stock prices going forward, I continue to be the “nervous bull” that I’ve been for quite a few years.

A Recipe for Lower Volatility in High Yield
by Gershon Distenfeld, Ivan Rudolph-Shabinsky of AllianceBernstein, 4/5/16
“He who doesn’t risk never gets to drink champagne.” As investors, we can all relate to this Russian proverb. But in choppy markets, big risks can be hard to stomach. A low-volatility strategy can help.

Actively Managing the Evolution in the Insurance Industry
by Robert Young of PIMCO, 4/5/16
How are insurance companies adapting to low returns, industry consolidation and new regulations?

India’s Central Bank cuts key policy rate by 25bps
by Ritesh Jain, Raghupathi Acharya of Tata Asset Management, 4/5/16
India’s central bank, The Reserve Bank of India (RBI) lowered its repurchase rate by 25 basis points to 6.5% from 6.75% on expected grounds. The RBI also narrowed the policy corridor (repo and reverse repo spread) to 50bps from 100bps. In addition, the central bank also announced changes to the liquidity framework while maintaining its forecast for Gross Value Added (GVA) growth and retail inflation unchanged at 7.6% & 5% respectively for FY2016-17.

Greater Gradualism for the Greater Good
by Kristina Hooper of Allianz Global Investors, 4/5/16
The case for financial repression remains self-evident based on Fed Chair Yellen’s dovish comments last week, says US Investment Strategist Kristina Hooper. In this environment, investors need to be vigilant about the potential for higher inflation.

A Value Fund with a Long-Term Success Record
by Robert Huebscher, 4/5/16
Tim Hartch has been a co-manager of the BBH Global Core Select fund (BBGRX) since inception and has also co-managed the BBH Core Select fund (BBTEX) since October 2005. I spoke with Tim about his management philosophy and how he has been able to outperform his benchmark over a long time period.

Gold Had Its Best Quarter in a Generation. So Where Are the Investors?
by Frank Holmes of U.S. Global Investors, 4/2/16
he last time gold had a quarter this strong, Ronald Reagan was a year into his second term as president, the Soviet Union was taking its final gasp and the U.S. was still reeling from the Challenger explosion. Year-to-date, the yellow metal has risen 16.5 percent, its best three-month performance since 1986, mostly on fears of negative interest rates and other global central bank policies.

Unconventional Monetary Policy on Stilts
by Nouriel Roubini of Project Syndicate, 4/2/16
With most advanced economies experiencing anemic recoveries from the 2008 financial crisis, their central banks have been forced to move from conventional monetary policy – reducing policy rates via open-market purchases of short-term government bonds – to a range of unconventional policies. And now they are poised to do so again.

Driving in Neutral
by Team of Neuberger Berman, 4/1/16
So far, 2016 has been characterized by stomach churning swerves in market direction with little actual change in levels.

Fixed Income Outlook Second Quarter 2016
by Team of Neuberger Berman, 4/1/16
High yield, particularly short-duration issues and higher-rated credits, remains in favor given current prevailing yields and the outlook for credit quality.

Bold, Confident and WRONG: Why You Should Ignore Expert Forecasts
by Adam Butler of ReSolve Asset Management, 4/1/16
If you read the paper, watch the news, and listen to investment experts you are doing it all wrong. There are no market wizards; the emperors have no clothes; most people are ‘swimming naked’. The following paragraphs offer abundant and incontrovertible evidence condemning expert judgment for the great sham it really is. We also offer some practical ways to cope with the terrifying reality that no one is in control.

Real and Alternative Assets Outlook Second Quarter 2016
by Team of Neuberger Berman, 4/1/16
Despite challenges, we maintained a slightly overweight view on lower volatility and directional hedge funds; meanwhile certain areas within private debt appear attractive.

How I found Gold in White Water Rapids
by Greg Silberman of Atlanta Capital Group, 4/1/16
The question of Gold as an investment intrigues me! Nobody it seems is ambivalent to the shiny yellow metal. Either you Hate it! In which case you may be in the camp of a barbarous relic. Or you Love it? In which case you may be a crackpot doomsayer preparing for War against the government. Is there not a middle road when it comes to Gold? Would a smart investor not recognize that in all things investing there is a season? And isn’t it possible that Golds season may just have arrived?

Equity Outlook Second Quarter 2016
by Team of Neuberger Berman, 4/1/16
Global equities—particularly those in developed markets outside the U.S.—may provide more opportunities over the coming 12 months.

Wrestling with Negative Interest Rates
by Byron Wien of Blackstone, 4/1/16
I have long thought that negative interest rates didn’t make sense, but monetarists argue that they are just low interest rates carried further. The theory is that if consumers and corporations have to pay a price to store their cash at banks, they will go out and spend and invest, but it is not clear that is what happens when deposit rates fall below zero. What is clear is that the outcomes vary by the size and importance of the central bank involved. In any case, the effects seem to be more temporary than long-lasting. Perhaps more worthy of examination are the reasons behind the negative rates and what these conditions mean for the long-term economic performance of countries and regions and returns in their financial markets.

The Teleology of Smart Beta
by Craig Lazzara of S&P Dow Jones Indices, 3/31/16
In this blog post, Craig Lazzara discusses the growth of assets tracking factor indices and how it goes hand-in-hand with the evaluating and promoting Smart Beta funds.

Are Valuations Relevant to Low Volatility Investors?
by Nick Kalivas of Invesco Blog, 3/31/16
It’s an age-old adage: buy low and sell high. This mantra is typically seen as a recipe for success in stock market investing, particularly among value investors. In order to determine whether or not a stock is cheap, many value investors use fundamental ratios, such as price-earnings, price-to-book and price-to-sales. Low multiples are taken as an opportunity to buy, while high multiples are seen as an opportunity to sell. Following this line of reasoning, value investors typically shy away from stocks that appear expensive based on valuation ratios, and are drawn to stocks that appear cheap.

3 Things: Fed Levitation, Employment, Savings Rate
by Lance Roberts of Real Investment Advice, 3/31/16
What is going on at the Federal Reserve? On Tuesday, Janet Yellen comes out and announces that despite inflation being on the rise and employment below 5%, she is not going to raise the Fed Funds rate 4-times this year, nor even two times this year, but rather most likely none. Of course, this “one and done” scenario is what I suggested back in December following the first rate hike given the ongoing deterioration in the underlying economic backdrop.

Emerging Markets Update: Is Now the Time for Emerging Markets?
by Roger Edgley, Ajay Krishnan, Andrey Kutuzov, Scott Thomas, Matthew Dreith of Wasatch Global Investors, 3/31/16
Why emerging-market stocks have generally performed poorly over the last five years—and why selectively chosen emerging-market businesses are now attractive in our view. We outline catalysts that could lead to sustainable advances in certain EM stocks and discuss the “new reality” that the opportunity set for truly great emerging-market investments has narrowed. This opportunity set includes high-quality growth companies in Internet technologies, health care, business-process innovation, and products and services for the expanding middle-class consumer segments in emerging markets.

Five Reasons Emerging Markets Assets Have Rebounded
by Ashok Bhatia of Wells Fargo Asset Management, 3/31/16
Emerging markets debt and currencies had a rough 2015. Wells Fargo’s Ashok Bhatia examines the reasons behind the 2016 rally and assesses whether the rebound is here to stay.

High Yield Market Technicals
by Heather Rupp of AdvisorShares, 3/31/16
As we start to see the high yield market gain some footing, it is important to note the improved market technicals, mainly fund flows and primary market issuance. For the week ending March 16th, we saw high yield retail funds take in another $1.7 bil, making it the fifth consecutive week of inflows.

Arnott on All Asset March 2016
by Robert Arnott of PIMCO, 3/31/16
Rob Arnott, head of Research Affiliates, shares his firm’s market insights and allocation strategies for PIMCO All Asset strategies.
Results 8,701–8,750 of 11,871 found.