The Fed is walking a tightrope between instability and inflation. Can it successfully tame inflation without causing severe market dislocations?
Is the failure of the value factor over the last decade due to the inability of book value to incorporate so-called “intangible assets,” such as the intellectual property that has propelled companies like Amazon, Alphabet and Apple? New research provides the answer.
Laurence Kotlikoff is a world-class economist who can convince you to pay off your mortgage and make you snort out your nose laughing at the same time; Money Magic is his compendium of life hacks aimed at leaving the reader wealthier and happier.
The Department of Energy's Energy Information Administration (EIA) monthly data on volume sales is several weeks old when it released. The latest numbers, through mid-November, are now available.
When reviewing the current state of the global economy and investment markets, we recommend focusing on market signals and weeding out market noise.
Stocks are priced for perfection. Bonds trade at historically low yields despite 7% inflation. What could go wrong?
Impact investing seeks to achieve social good, but new research shows that it has had a negligible effect on the cost of capital for so-called “brown” companies.
Few inventions have touched so many lives as the container.
The year ended on a highly upbeat tone for investors as equities rose to new heights against a backdrop of inflation and a prolonged pandemic
One of cryptocurrencies' biggest selling points is that they allow people to break away from traditional banking systems. Now banks are hoping to convince you otherwise.
The surge in U.S. retirements during the Covid-19 pandemic was led by older White women without a college education, according to research by the St. Louis Federal Reserve.
Monetary policy has driven U.S. stock prices to excessive valuations, according to Jeffrey Gundlach. But they remain cheap relative to bonds.
The global macro environment is ripe for EM assets outperformance as a combination of stronger growth in China, the end of exceptionalism in the US and less uncertainty on US interest rates, lead to a strong backdrop for EM assets.
A 2020 study concluded that 65% of emails are ignored – and I wouldn’t doubt it’s far from the truth (Ozdoruk, 2020). Try these five techniques if you’re getting crickets after you push “send.”
Uncertainty has become an ongoing theme in markets, economies, and communities everywhere, and in this environment, PIMCO investment professionals gathered – virtually, once again – for our recent Cyclical Forum.
“Jobs day” last Friday was a bit of a dud.
Long before supply chain issues and soaring consumer prices made the headlines, I warned readers that massive monetary expansion made persistent inflation inevitable.
New research shows that some funds that use a factor-based construction process may have over- or under-exposure to industries, sectors, countries and other attributes relative to a market-cap-weighted index.
“Investors should be prepared for the ground to shift repeatedly in 2022,” says Raymond James Chief Economist Dr. Scott Brown.
With both the pandemic and inflation proving longer lasting than many had anticipated, what does that mean for central bank policy in the months ahead?
Every year has plenty of lessons when looking backward in December.
As soon as an asset owner allocates capital to more than one manager, an interaction effect exists which will have an impact on the investor’s overall portfolio outcome.
In this issue of Sinology, Andy Rothman explains why China’s 2022 investment environment will be defined by two competing weather patterns.
We spent a small fortune in 2020 and 2021 on training for our advisors. We need them to get better at business building and finding new sales opportunities.
One of the fundamentals of basketball is that a player who has picked up his dribble can evade trouble by pivoting away from a defender.
Millennials are growing up. After spending years splashing out on everything from skydiving excursions to Instagrammable vacations in Peru, 30-somethings with decent-paying jobs are making lasting purchases, buying cars, houses and everything inside them.
A new study, which I co-authored, proves that a withdrawal strategy utilizing a reverse mortgage reduces market risk and increases portfolio growth.
Here is how I nudge clients (sometimes not so gently) to where they should be on their portfolio.
New research confirms that investing with an environmental, social and governance (ESG) mandate does not lead to higher risk-adjusted returns. But investors will reduce exposure to climate-related risks and get the “psychic” benefit of making a positive impact for society.
The 2021 Mercedes-Benz S-Class comes with enough infotainment to entertain the most tech-obsessed passengers.
The reason that few predicted Soviet collapse was that the Soviet Union outwardly appeared to be a mighty military power with an extensive security apparatus. Few observers understood just how little legitimacy the system possessed; that it was eaten away on the inside by the rot of corruption, by the loss of faith in ideology, by the dismal standards of living, and, lastly, by elite in-fighting.
In general, the more optimistic we are on the prospects of an investment, the more of it we’ll want to own. However, at extreme levels of bullishness, the normal relationship can be turned on its head and it can make sense to own less of an asset the more we like it.
Despite the strong year for stocks in 2021, markets have confidently priced in some negative trends gathering more momentum in 2022 which may help markets, should trends reverse.
As the Federal Reserve debates its monetary tightening timeline, the labor market is an important factor to watch in the year ahead, according to our Franklin Templeton Investment Solutions team. Read their thoughts on the labor market’s implications for both monetary policy and risk assets.
We need to do year-end planning but in past years it hasn’t gone well.
CIO Robert Horrocks, PhD, sees fascinating and surprising investment opportunities arising in the emerging markets and China next year. Fed actions to manage inflation and the ongoing challenges of the pandemic will be important factors but the performance of markets may ultimately depend on the success of well-managed companies in key sectors.
Media attention has focused on the long-standing “4% rule” and how economic and demographic realities have reduced that guideline. This article discusses related considerations and provides opportunities for retirees dealing with the new normal.
To obtain the best long-term risk-adjusted performance, investors should combine multiple trend-following factor strategies into a single portfolio.
New research shows that companies that engender high employee satisfaction are rewarded with higher stock prices and investor returns.
It has been my tradition to informally rate the investment-related books I read in the past year. I have also included some novels and books of general interest. Here is my list of winners and losers.
The dollar is on the rise, and with it comes underappreciated consequences.
Some of the market’s recent pressures are showing signs of easing.
PIMCO’s Global Advisory Board discusses the longer-term outlook for macro trends and major economies.
The world’s central bankers have had to manage competing priorities during the COVID-19 era. Now that COVID-related threats to global economic growth look to be receding, the risks from higher inflation are becoming more prominent in their thinking.
A renominated Powell is a different Powell. The Federal Reserve didn't raise interest rates today, a policy move we think is overdue, but it made major changes that set the stage for multiple rate hikes in 2022 and beyond.
2021 has been a year of notable economic growth after unexpected change caused by the COVID-19 pandemic. In our Economic and Market Outlook for 2022, we lay out some of the “known unknowns” we believe could significantly affect the investing landscape...
As we closed out 2021, the world looked both different from a year ago and very much the same. Another wave of the virus was underway, with a new variant that may be even worse than the one before.
Given your background and training, you may believe data is superior to instinct when you’re confronted with challenging decisions.Recent studies question this assumption.
Celebrated venture capitalist John Doerr’s new book, “Speed and Scale,” offers a solution to the threats posed by climate change. But it is so mired in the swamp of the terms of the discussion that its proposed solutions will go unnoticed and have little impact.
Investor sentiment is one key to shorter-term market swings; with euphoria preceding September’s and late-November’s pullbacks; but better conditions in place … for now.
