Bilal Hafeez, Viresh Kanabar
Summary Momentum, growth, and quality have all outperformed the market in the last six months due to exposure to companies with strong earnings growth and profitability. These factors have also exhibited the least sensitivity to changes in bond yields recently, as the market gives more importance to higher cash flows than the discount rate. Market […]
Bilal Hafeez, Viresh Kanabar
Summary Private Equity (PE) exits in the US fell 26% last year, resulting in a collapse in distributions paid to investors. Despite this, SWFs, Endowments, and other LPs continue to suggest increasing allocations to PE in the coming years. PE managed to immunise their PortCos against higher rates, but PE returns have underperformed public market […]
Matthew Tibble
We evaluate the latest S&P 500 trends and market drivers by considering all the relevant factors and risks to answer the question: Is S&P 500 a good investment now?
Sam van de Schootbrugge
A new NBER working paper investigates the correlation between US macroeconomic data releases and foreign stock markets.
Richard Jones
Farmland is increasingly becoming a focus for market participants as alternative assets feature more prominently in investment portfolios.
Bilal Hafeez
We continue to advocate our ‘everything breaks’ portfolio. The core rationale is that we are entering a new regime of higher interest rates – something investors have not faced for a decade.
Bilal Hafeez
When markets go through regime changes, you need to throw out the conventional ways of investing. Take a common approach – business cycle investing.
Bilal Hafeez
Rarely can we point to one factor driving the performance of all markets. But since the global financial crisis in 2008, that factor is low interest rates.
Bilal Hafeez
June was a brutal month for markets. Thankfully, July came to the rescue. The S&P500 bounced 9.1% (the third-strongest July on record).
Bilal Hafeez
June was a brutal month for markets. Equities were down 9%, commodities fell 8%, corporate bonds fell between 3% and 7%, EM bonds dropped 5%...
Bilal Hafeez
The biggest question in markets today is whether the Fed will be willing to crush inflation even it means weaker equity markets.
Aneet Chachra, Steve Cain
Nearly everyone holds some cash in their portfolio, either to invest later, pay upcoming expenses, or provide a counterbalance to riskier investments.
Bilal Hafeez
Our core investment view remains the same. Markets are fragile, preservation of capital is paramount, and cash is king.
Ben Ford
Easter Sunday arrives this weekend, so we take a very light-hearted look at seasonal trading. For those lucky enough to escape work over the holidays, the Friday feeling will have come a day early this week...
John Tierney
We expand our ETF recommendations to include the major sectors of the S&P 500. Full disclosure – investing in 2022 (at least so far) has been primarily about growth versus value, not sectors.
Bilal Hafeez
Due to popular demand, we are producing a monthly update on our asset allocation views.
Matthew Tibble
The traditional 60:40 portfolio once served investors well. A 60% allocation to equities (for capital appreciation) combined with 40% to bonds...
Henry Occleston
Large real-money investors often target particular asset ratios (e.g., bonds/equities). When one asset greatly outperforms another it may...
Bilal Hafeez
The first rule of investing is to survive. That means not getting your investments wiped out.
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