The stock market celebrated as the Fed recalibrated.

Of all the delusions that have infected the minds of economists, central bankers, and the investing public in recent years, perhaps none is as short-sighted and pernicious as the idea that aggressively low interest rates are “good” for the economy and the financial markets.

Peter Zymali, vice president and senior portfolio manager on the Global Equity Team, is responsible for the implementation of several quantitative equity strategies specializing in Quality ESG, Tax Advantaged Equity, and Quality Dividend Focus. He currently co-manages the Northern U.S. Quality ESG Fund (NUESX). In this interview, he discusses the latest trends is ESG investing and what to expect from the next generation of products.

Conventional market wisdom two years ago didn’t look right for long, as gains in industries seen as politically favored faded while one sector expected to suffer quickly rebounded.

Here’s a recap of the second part of our podcast on multi-factor investing, examining the strategy’s potential pitfalls.

Volatility continues to be a key factor in the world oil market and the stocks of energy companies. We think the oil market still is at an early-recovery stage and the fundamentals of supply and demand remain solid.

The US government’s debt problem isn’t new. It has been steadily growing for nearly 40 years, and growing interest expense has secularly weighed down domestic economic growth. Why has this happened and how do we fix it?

Currently, some market watchers have begun to openly question whether the bull market in stocks has finally come to an end. They certainly have cause to worry. Valuations are frothy after a record run-up in the last few years.

Jillian DelSignore is head of ETF distribution for J.P. Morgan. In this interview, she discusses the overarching needs of financial advisors with respect to ETFs.

Here’s a recap of the first part of our podcast on multi-factor investing, answering frequently asked questions such as: What is a factor? What are some common factors? Why is multi-factor investing so popular today?

The 10th anniversary of the Great Financial Crisis is the subject of lots of articles and media coverage. As a result, I’ve been getting many questions about what caused that crisis and the lessons we can take away to prepare for the inevitable next one.

I’ve spent a great deal of time in past articles discussing the merits of portfolio optimization. In this article I will examine the merits and challenges of portfolio optimization in the context of one of the most challenging investment universes: managed futures.

Invesco research reveals a disconnect between market expectations and portfolio allocations in market-cap-weighted funds.

How risky is factor-based investing?

I can guarantee a few things about Howard Marks’ new book, Mastering the Market Cycle. You will enjoy the thoughtful writing in clear language, and you will learn one great, and I believe correct, idea about the operation of markets.

As I have pointed out previously, the U.S. is currently running a nearly $1 Trillion dollar deficit during an economic expansion. This is completely contrary to the Keynesian economic theory.

Celebrated value investor Benjamin Graham, who mentored a young Warren Buffett, liked to say that the market is a voting machine in the short term, a weighing machine in the long term. This week the market voted to reward stocks in the aftermath of the midterm elections, which gave Democrats control of the House and left the Senate in the hands of Republicans. This all but guarantees that gridlock will be the status quo in Washington, at least for the next two years.

The human brain hasn’t caught up with our pace of life. To get more people to do business with you, communicate in a way that accommodates the attention deficit that prevails.

Market risks come in three flavors: recession risk, economic shock risk, and risks within the market itself. So, what do these risks look like for November? Let’s take a closer look at the numbers.

Democrats took the House of Representative. Republicans held the Senate. What should investors expect from the US midterm election outcome? In the way of policy, not much. But the new political landscape may be good for markets.

Tuesday’s US midterm elections shifted US Congress to split control. Yet, Franklin Templeton Multi-Asset Solutions CIO Ed Perks says this expected alteration in the balance of power is unlikely to change his US economic outlook or lead to major changes in US policy. He also explains why he looks at multiple fundamental factors when assessing markets, rather than political outcomes alone.

We have a normal economic calendar. Tuesday’s election will take center stage. Markets have less than expected interest in the election. Partly this reflects confidence in a split outcome, with no major policy changes.

There was much to cheer in October’s jobs report, especially wage growth; but that tends to come at a “price” of tighter monetary conditions.

The case for active management in US REITs today.

Over the almost 25 years that I have been an investment advisor, I’ve learned that one of the greatest problems preventing investors from achieving their financial goals is that, when it comes to judging the performance of an investment strategy, they believe that three years is a long time, five years is a very long time and 10 years is an eternity.

Growth is determined by a perpetual tug-of-war between entrepreneurship and government redistribution. When President Obama was in office, we believed incredible technological innovation would allow for economic growth in spite of Obamacare, greater redistribution, higher taxes and increased regulatory burdens. We thought it would be a Plow Horse Economy, and that things would get better if we did not grow government so much.

After the meeting on September 26 the FOMC published its dot plot and the expected path for the federal funds rate through the end of 2020. If all goes according to this script the federal funds rate will be raised in December, three more times in 2019...

Do markets still have room to run? See what equity managers across the manager universe are thinking in our Q3 report.

In recent months, there has been heightened activity in Washington DC in the area of retirement policy, with plans and proposals that could meaningfully alter the landscape. Drew Carrington, head of Institutional Defined Contribution at Franklin Templeton Investments, and Michael Doshier, vice president, Retirement Marketing, discuss the latest legislative developments and ideas.

Because of the risk of data mining, an important criterion for considering an investment strategy (such as a factor) is to not only see that a factor adds explanatory power to the cross section of returns while delivering a premium, but that the premium is persistent across time and economic regimes and is pervasive around the globe. By examining the performance of factors outside of the U.S., we create out-of-sample tests.

We have a huge economic calendar. While employment data will get most of the attention, there are also important reports on ISM manufacturing, personal income, PCE prices, consumer confidence and auto sales. Earnings season continues with another big week of reports. In normal times these topics would provide plenty to think about.

Gold performed precisely as we would expect it to. The price of the yellow metal jumped above its 100-day moving average, a bullish sign that could mean further moves to the upside if market volatility persists. Today gold was trading at a three-month high of $1,246 an ounce.

Global growth has not only plateaued in 2018, it has also become more uneven across regions this year. We’re seeing increasing economic divergence and differentiation between and within asset classes, both of which are typical of an aging expansion.

When the February market correction ended, I had the lingering feeling that not enough damage had been done to investor complacency to provide for a sustained move higher. In spite of that, the major indexes continued to plow ahead.

Alternatives allocations are becoming more mainstream in wealth management portfolios, though implementation varies greatly among financial advisors.

The biggest failure in investment management—the gap between the returns realized by the investor and the returns earned by the strategy or fund the investor owns—typically remains in the shadows with the glare of the spotlights focused on alpha. Smart beta is no exception. We propose two ways to reframe the client performance review that we believe will result in better long-term outcomes.

Brian Smedley is Senior Managing Director and Head of Macroeconomic and Investment Research at Guggenheim Partners. In this interview, he discusses his outlook for the economy and the capital markets, and how the economy is likely to run into a recession in the first half of 2020.

At Schwab IMPACT, stop by the Guggenheim booth (620), to meet Brian Smedley, and see him present Forecasting the Next Recession on Tuesday 10/30, at 11:15 AM ET, Showcase Stage C.

Anthony Eames is a vice president of Eaton Vance Management and director of responsible investment strategy. In this interview, he discusses the emerging trends in ESG/SRI products and how advisors can better serve their clients with responsible investing solutions.

Stop by to see us at booth 300 in the exhibit hall, where you’ll have a chance to talk with our product representatives.

Most people tend to see what’s right in front of them, especially when it comes to housing affordability. Consider that most of the media organizations in the U.S. reside in the expensive coastal cities. These cities are suffering a decline in home values and contributing to a discussion on what higher home prices and higher interest rates could do to the number of new homes built nationwide.

Jeremy DeGroot, CFA, is a principal and the chief investment officer of Litman Gregory, a boutique wealth management firm based in the San Francisco Bay Area. In this interview, he discusses the Litman Gregory Masters High Income Alternatives Fund, which seeks to generate a high level of current income from diverse sources, consistent with the goal of capital preservation over time. It was launched on September 28, 2018.

Stop by booth #610 at Schwab IMPACT® to learn more about the Litman Gregory Masters High Income Alternatives Fund (MAHIX).

Both endeavors are driven by statistical analysis. Explore three different ways that managers can build their ‘teams.’

By managing liquidity risk, we help ensure that portfolios are well-positioned both to withstand stress scenarios and to potentially take advantage of market dislocations.

Throughout history, individuals have been drawn into the more speculative stages of the financial market under the assumption that “this time is different.” Of course, as we now know with the benefit of hindsight, 1929, 1972, 1999, 2007, and most likely 2019, were not different – they were just the peak of speculative investing frenzies.

Di Zhou and Jim Gassman are co-managers of the Thornburg Better World International Fund (TBWIX), a global ESG fund. Since its inception on 9/30/15, through 9/30/18, the fund has earned an annualized rate of return of 10.96%, outperforming its benchmark, the MSCI ACWI Ex-US USD index, by 117 basis points. As of 9/30/18, the fund has been rated five stars by Morningstar.

Stop by to see us at booth #388 (near the Bear & Bull Pub) in the exhibit hall, where you’ll have a chance to talk with our product representatives and pick up our latest features in the Wall Street Transcript and Value Investor Insight.

In PIMCO’s recent Cyclical Outlook, our colleagues Joachim Fels and Andrew Balls outlined a “growing but slowing” backdrop, with the global economy in the final stages of an economic cycle. This late-cycle phase poses significant challenges to asset allocators.

The digital revolution took its time getting to fixed income, but today it’s transforming the investing landscape. Already, major advances in technology are helping early adopters gain unique insights and act faster in markets where speed and alpha are increasingly and inextricably linked.

Investors who view market opportunities exclusively through the lens of recent strong economic performance risk misreading a pivotal event. The tide of liquidity is turning and will bring asset prices down with it.

How do you compete with the electronic bombardment facing your clients and prospects and get your email to stand out?

Market risks come in three flavors: recession risk, economic shock risk, and risks within the market itself. So, what do these risks look like for October? Let’s take a closer look at the numbers.

We have a normal economic calendar with a focus on housing data. Earnings season will be in full swing. The background for this news will, of course, be the stock market volatility and decline of the past week.