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How to Invest in a Slowing China World
by Bryce Coward of GaveKal Capital, 11/16/15
The obvious question is then how one positions their portfolio in a world where China is on a structurally slowing growth trajectory. In an effort to not over-complicate things, let’s look at China from the 30,000 foot view. From this perspective we observe two things that will unfold over the next decade.

On My Radar: Poking At The Beehive
by Steve Blumenthal of CMG Capital Management Group, 11/16/15
“The European Central Bank is likely to continue negative rates, extend and enlarge QE, and acquire more balance sheet assets over time. ECB policy influences other nearby non-euro jurisdictions. Essentially, all short-term interest rates of higher-credit-grade and mid-grade countries in Europe are negative, and the policy of negative rates is spreading as the rates go even lower (more negative).” – David Kotok

On Why Emerging Market Funds Are Ill Equipped to Capitalize on a Rebalancing China
by Bryce Coward of GaveKal Capital, 11/12/15
We’ve hashed out the arguments for a persistently slowing China in this blog many times, so we won’t go there again today. Instead, we want to focus on a different aspect of the slowing China reality: the fact that most investment products that focus on emerging markets are overweight exactly the wrong economic sectors. In the scenario of a slowing and rebalancing China, the areas of the economy that are likely to benefit the most are different from the areas that gained from the infrastructure build out since 2000.

ETFs: Before You Buy, Read the Warning Label
by Peter Kraus of AllianceBernstein, 11/11/15
We don’t hate ETFs. In fact, we use them ourselves and are considering managing client assets in the active ETF space. When used properly, these instruments can be a useful component in a well-diversified portfolio. But ETFs aren’t perfect, and relying heavily on them without understanding their imperfections is risky.

Is the Selloff in High-Yield Bonds Warranted?
by Jon Adams, John Boritzke, Sandy Lincoln, Alan Schwartz, Lowell Yura of BMO Global Asset Management, 11/11/15
The commentary reviews the patterns in the high-yield market over the past few years, particularly how investors have fled the asset class in light of various expected crises, which turned out to be unwarranted. BMO GAM believes investors are once again overestimating default risks, evidenced currently by fears of a global growth scare spurring high yield outflows. Some may feel these outflows and default risks imply a recession is nigh, but the MAST team feels our economy is a long ways off from signaling such an event.

Managing Fixed Income in a Changing Interest Rate Environment
by Patty Quinn McAuley of Clark Capital Management Group, 11/10/15
Tired of the constant chatter about where interest rates are headed and what will happen when they finally rise? We’ve compiled the following five ideas for positioning your clients’ bond portfolios to capture opportunities and navigate risks in fixed income — regardless of where rates go.

Why Active Management Failed in 2014
by Robert Huebscher, 11/9/15
Active management failed miserably in 2014. Was it because managers were less skillful or because there were fewer opportunities to outperform? Michael Mauboussin’s research provides the answer.

On My Radar: Resolve To Keep Happy
by Steve Blumenthal of CMG Capital Management Group, 11/9/15
“U.S. interest rates are already zero. Japanese interest rates are zero also. European interest rates are negative. All of these central banks have printed trillions of dollars in their respective currencies under various QE programs. They are at the point where they simply cannot print trillions more without risking political backlash or the collapse of confidence in their currencies.” – James Rickards

On My Radar: Defending Diversification
by Steve Blumenthal of CMG Capital Management Group, 11/3/15
“Whatever the form of risk and risk measurement one uses, the important thing to know is that diversification reduces risk and can be used to reduce risks without reducing returns.” – Ray Dalio

6 Reasons To Be Bullish (or Not) On Stocks
by Lance Roberts of Streettalk Live, 11/3/15
In between inspecting my kids candy cache for "safety reasons," which is parent code for eating the Snickers bars, I read an interesting piece by Simon Constable via U.S. News.

Do The Russell Funds Add Value for Investors?
by Larry Swedroe, 11/2/15
My series evaluating the performance of the market’s most prominent actively managed mutual fund families continues with an in-depth analysis of the Russell family of funds.

The Weather Will Change for MLPs
by David Chiaro of Eagle Global Advisors, 10/29/15
The advantages and competitiveness of North American shale assets will only grow over time and we expect production to resume its increase at some point. We believe the recent sell off in MLPs is due to forced selling and a typical equity market cascade and overshoot, which has created a potentially attractive opportunity for investors to allocate to the asset class. Adapting Mark Twain to the MLP market, the reports of its demise are greatly exaggerated.

The Upside Potential in Buying Some Puerto Rico’s Bonds Now
by Robert Kane of BondView, 10/29/15
Puerto Rico’s municipal bonds have crashed just like Greek bonds did three years ago. Puerto Rico issues hundreds of different types of bonds. They shouldn’t be viewed as a homogeneous h?oard??. They have varying degrees of credit quality and risks. Some are insured. Many have become mispriced because of the company they keep and are trading at a steep discount to face value.

4Q 2015 Outlook: Key Issues Have Not Changed Much This Year
by Michael Avery, Cynthia Prince-Fox, Chace Brundige of Ivy Investment Management Company, 10/28/15
As the final quarter of 2015 begins, we are reminded of several topics of focus from the start of the year: concerns that global central bankers are stuck with their current monetary policies because the global economy now depends on them; market acceptance that higher U.S. interest rates are inevitable, even if they rise only slightly; and favorable prospects for U.S. consumers, who benefit from a stronger labor market and lower energy prices. If the topics sound familiar now, it is because little has changed in these areas while global risks have increased for several reasons.

On Mutual Fund Liquidity, SEC Headed in Right Direction
by Ashish Shah of AllianceBernstein, 10/28/15
Investors trust open-ended mutual funds because they promise easy entry and exit. We think proposed new liquidity rules should help fund managers deliver on that promise.

Time to Buy Value Stocks?
by Alan Hartley of Black Cypress Capital Management, 10/28/15
The third quarter is now on the books and it was an ugly one for stocks. The S&P 500 fell 6.4% while the Russell 1000 Value, arguably one of the best indices to benchmark “value” stock performance, was down 8.4%.

On My Radar: I’m Rooting For Ray
by Steve Blumenthal of CMG Capital Management Group, 10/28/15
There is a great deal of research around investor behavior. For example, our brains notice when a group provides an answer that is different from ours, the disparity is unpleasant. For many, aligning with the group is more rewarding for the brain than being independent and correct.

A Bond-Free Portfolio: Why Cash Should Replace Bonds to Reduce Risk and Improve Returns
by Kendall Anderson of Anderson Griggs, 10/23/15
In a recent interview, Howard Marks, the great investor and co-chairman of Oaktree Capital, quoted the original Dr. Doom, Henry Kaufman, who once said “There are two kinds of people who lose money: those who know nothing and those who know everything.” Those of us who are selling investment services, whether portfolio management or investment products, have a tremendous ability to locate or create research that rationalizes our approach to building and maintaining a portfolio.

The US Bond Market: A Welcome "Nonstory" During August's Turmoil
by Payson Swaffield of Eaton Vance, 10/22/15
Overall, the bond market functioned relatively well in the risk-off month of August – it did its job in reflecting relative value among sectors.

Five Bad Reasons For The Fed To Raise Rates Now And One Good Reason Not To
by Paul Kasriel of The Econtrarian, 10/21/15
A couple of days before the September 16-17 FOMC meeting, I happened to be listening to the NPR program, “On Point”, the subject of which was the appropriateness of a Fed policy interest rate increase at that time. Of the guests on the show, the principal advocate of Fed “lift-off” was a William Cohan, who had written an August 28 New York Times op-ed entitled “Show Some Spine, Federal Reserve”.

On My Radar: Lucy, Charlie Brown and the Fed
by Steve Blumenthal of CMG Capital Management Group, 10/21/15
All over the world, all eyes are zeroed in on the Fed. No pun intended.

Will Gold Finish 2015 with a Gain?
by Frank Holmes of U.S. Global Investors, 10/20/15
After its stellar performance last week, gold might do something it hasn’t done since 2012—that is, end the year in positive territory. You can see past returns for yourself in our perennially popular Periodic Table of Commodities Return.

Third Avenue Management Defends Its Pursuit of Alpha
by Larry Swedroe, 10/19/15
Bloomberg TV recently invited me onto their new show, Bloomberg GO, for a short debate on active versus passive investing with David Barse, the CEO of Third Avenue Management. Barse stated his funds had been able to beat their index benchmark. Let’s go to our trusty videotape to see if Third Avenue has, in fact, been delivering alpha.

Third Quarter 2015 Economic & Capital Market Summary
by Gregory Hahn of Winthrop Capital Management, 10/17/15
On the one hand, the domestic economic story is playing out pretty much as we had thought. Economic growth is muddling along in the 2% area. The unemployment rate is low, but job growth is still limited to service sector jobs which pay lower wages. Inflation is barely rising as commodity prices continue to plunge and wage growth has been flat. The Federal Reserve is poised to raise interest rates, but has deferred making the first increase in over nine years under pressure from global economies who fear that an increase in short term interest rates will impair the fragile global growth.

Will Gold Finish 2015 with a Gain?
by Frank Holmes of U.S. Global Investors, 10/17/15
After its stellar performance this week, gold might do something it hasn’t done since 2012—that is, end the year in positive territory. You can see past returns for yourself in our perennially popular Periodic Table of Commodities Return.

Zero Yields & The Debt Ceiling
by Anthony Valeri of LPL Financial, 10/16/15
The Treasury issued new three-month Treasury bills (T-bills) at 0% yield at auction last week and is on pace to do so again on October 13, 2015. Zero percent T-bill yields, or even lower, are not new, but 0% prevailing at an auction is unusual and made media headlines.

Whence Volatility?
by Edward Perkin of Eaton Vance, 10/16/15
We believe that a confluence of factors – not just concerns about China and Fed policy – has led to the sudden, sustained jump in volatility in recent weeks.

Hoisington Quarterly Review and Outlook – 3Q2015
by Van Hoisington, Lacy Hunt of Hoisington Investment Management, 10/16/15
Future business activity will reflect two economic realities: 1) the over-indebted state of the U.S. economy and the world; and 2) the inability of the Federal Reserve to initiate policies to promote growth in this environment.

Under the Credit Microscope: Methods of Shorting Corporate Bonds
by Neuberger Berman Long Short Credit Team of Neuberger Berman, 10/15/15
Approaches that are commonly employed in shorting a single corporate bond

Three Ways to Help Reduce Capital Gains on Investments
by Frank Pape of Russell Investments, 10/14/15
Frank Pape provides simple ways to be more tax aware with help understanding capital gains and how they may impact investments.

Bob Zenouzi Discusses Delaware’s Dividend Income Fund
by Robert Huebscher, 10/12/15
In this interview, Bob Zenouzi, manager of the Delaware Dividend Income Fund (DDIAX), discusses how he strives to provide investors with a yield that is competitive with fixed income, while achieving a premium yield to equities with better downside protection.

Describing Liquid Alts Common Requirements under the Investment Company Act of 1940
by Michael Breitenbach of Larkin Point Investment Advisors LLC, 10/12/15
Liquid alternative mutual funds have become a popular investment category, but they are not easily described by a single label. “Liquid alts” tend to exhibit risk, return, and regulatory characteristics unique to particular strategies.

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.

How these 12 TPP Nations Could Forever Change Global Growth
by Frank Holmes of U.S. Global Investors, 10/10/15
The current members include Canada, the United States, Mexico, Peru, Chile, Japan, Vietnam, Malaysia, Brunei, Singapore, Australia and New Zealand.After nearly seven years of negotiations, the TPP promises to deliver unprecedented free and fair global trade among the 12 participant nations.

On My Radar: Defaults Will Breach the Historical High Next Year – The Fed is the “Wild Card”
by Steve Blumenthal of CMG Capital Management Group, 10/7/15
“The Fed is the “wild card” that has the power to determine how quickly the current credit cycle ends.” – Ed Altman

The Looming Risk in the Bond Market
by Robert Huebscher, 10/5/15
Lack of bond-market liquidity has been the focus of recent reporting in the financial media. But one of the first to warn about that danger was Michael Aronstein, who said last week that the risks are clearer than ever. Mutual fund investors face the greatest peril.

Does Wells Fargo Add Value for Investors?
by Larry Swedroe, 10/5/15
Assets in actively managed mutual funds have been a consistent source of revenue growth for Wall Street banks. But would investors have been better off in passively managed funds? I’ll answer that question for Wells Fargo and then for the group consisting of the four largest banks.

Recent Volatility Signals a Market in Transition
by Chuck Royce, Francis Gannon of The Royce Funds, 10/1/15
CEO Chuck Royce and Co-CIO Francis Gannon talk about why they believe the decline for equities in 3Q15 is part of the market transitioning back to more historically typical performance patterns, why a rate hike could be positive for small-caps and stocks as a whole, how history reveals the importance of discipline, the necessity of diversification within the small-cap asset class, and more.

Liquid Alternatives: Considerations for Portfolio Implementation
by Justin Blesy, Ashish Tiwari of PIMCO, 9/30/15
Since the financial crisis, investors have poured nearly half a trillion dollars into liquid alternative strategies – typically mutual funds and ETFs that deploy non-traditional strategies once reserved for large institutional investors.i These vehicles offer the potential for diversification, downside risk mitigation and attractive risk-adjusted returns with the transparency and daily liquidity many investors desire. Liquid alternatives have been a democratizing force for investors, and we believe today’s market environment arguably has only made them more attractive.

Forget “Active vs. Passive”: It’s All About Factors
by Adam Butler, Michael Philbrick, Rodrigo Gordillo of ReSolve Asset Management, 9/30/15
We just love a good debate, and there seems to be quite a heated debate at the moment about the relative utility of passive versus active investing. Perhaps this debate is as timeless as investment management itself, but a flurry of recent studies may have finally armed passive advocates with enough ammunition to settle the argument once and for all.

Active Versus Passive – Understanding the Debate – Part 3
by Charles Batchelor of Cleary Gull, 9/30/15
Last season, the Green Bay Packers started the season 1-2. Some fans panicked, to put it mildly. Conspiracy theories surfaced for why Green Bay’s quarterback Aaron Rodgers didn’t seem to be playing well and most people formed an opinion on who was to blame. It was at this point, following the team’s second loss, Rodgers found himself being peppered with questions from reporters attempting to figure out what was “wrong” with him and/or the team. Rodgers’ response was, “R…E…L…A…X.”

On My Radar: It’s Déjà vu All Over Again
by Steve Blumenthal of CMG Capital Management Group, 9/29/15
What scares me, or what worries me, is what the next downturn in the economy looks like, with asset prices where they are and a lesser ability of central banks to ease monetary policy.” – Ray Dalio with Bloomberg’s Tom Keene

The Hidden Cost of Zero Interest Rate Policies
by Laurence B. Siegel and Thomas S. Coleman, 9/28/15
Zero interest rates are a massive transfer of wealth from investors and savers to governments and other borrowers around the world. We’ll show how big the scale of the transfer is.

Equities May Remain Trendless Until More Clarity Emerges
by Robert Doll of Nuveen Asset Management, 9/28/15
Sentiment was negative for most of last week, as investors focused on continued uncertainty over Federal Reserve policy, slowing growth in China and emerging markets and ongoing weakness in commodities. Stock prices bounced on Friday following comments from Fed Chair Janet Yellen that a rate increase was looking more likely in 2015. Nevertheless, equities finished in negative territory, with the S&P 500 Index falling 1.4%. The health care, materials and industrials sectors came under pressure, while utilities, consumer staples and financials finished higher.

Goals-Based Asset Allocation in an Era of Financial Repression
by Thomas Shively of Eaton Vance, 9/25/15
Goals-based asset allocation seeks to align our total portfolio, including financial and nonfinancial assets, with our personal goals and our human way of thinking about risk.

Mutually Inclusive
by Fred Ingham, Ian Haas, of Neuberger Berman, 9/25/15
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.

It’s Not Easy
by Howard Marks of Oaktree Capital Management, 9/24/15
In 2011, as I was putting the finishing touches on my book The Most Important Thing, I was fortunate to have one of my occasional lunches with Charlie Munger. As it ended and I got up to go, he said something about investing that I keep going back to: “It’s not supposed to be easy. Anyone who finds it easy is stupid.”

On My Radar: “Dammit Janet”
by Steve Blumenthal of CMG Capital Management Group, 9/22/15
Whatever you can do, or dream you can… begin it; boldness has genius, power and magic in it.” – Johann Wolfgang von Goethe

Equity Funds: What You Should Know about Flows
by Milton Ezrati of Lord Abbett, 9/22/15
Current trends support the notion that U.S. stock valuations are far from overstretched. Prices up, prices down—the trends in mutual fund flows seem to continue unaltered. Money flows out of domestic U.S. equities and into foreign equities, hybrid funds, and bonds, regardless of how low yields fall or how well or poorly the stock market does.

The China Syndrome: Lessons from the A-Shares Bubble
by Jason Hsu of Research Affiliates, 9/18/15
The rapid rise and sharp decline of the A-shares market represents a massive redistribution of wealth, especially painful to uninformed investors who bought hot stocks near the peak. What should the Chinese government do now?
Results 2,401–2,450 of 3,303 found.