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Yes. We believe the underperformance of Japanese small-cap stocks in recent years will reverse, boosted by attractive relative valuations, stronger balance sheets, and growing pressure from shareholders and regulators.
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Diversity is not just about gender or ethnicity—it is about having different perspectives, different points of reference, and different experiences. Homogeneous investment teams are more susceptible to groupthink, missing out on unknown opportunities, and being blind to some risks. Investors should consider diversity in the investment decision-making process, as we expect a diversity of thought and talent will lead to better investment outcomes than a process that ignores this important issue.
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Today, the US Bureau of Labor Statistics released its monthly inflation report for April, which highlighted that prices paid by urban consumers for a basket of goods and services increased by 4.2% relative to the same month last year.
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Yes, we expect it will. We anticipate global inflation expectations will remain stable or increase modestly amid rising economic growth, which would allow the equity market rotation into cyclicals to continue.
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Active equity managers tend to perform better when the average stock within a market capitalization–weighted index outperforms the index itself.
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In private investing, it appears that way, but a deeper look suggests there could be a method to the valuation madness.
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No, we do not believe that is generally the case. While the recent wild ride of a few companies’ share prices was novel in that it was coordinated by retail investors on the social media platform Reddit, the short coverings that contributed to the price spikes were all too familiar to long-time investors.
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Yes, because rising concentration reflects rising valuations for the largest stocks, which are likely to serve as a headwind to index returns. Further, the growing market share of these companies increases the potential for rising regulatory oversight.
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As Joe Biden is inaugurated as the 46th president of the United States, and his party holds a majority—albeit slim—in Congress, we believe his key policy initiatives will provide a supportive backdrop for risk assets in 2021.
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Mary Pang, Head of the Global Private Client Practice, discusses the unique considerations families face when investing for the long term, how wealth owners think about creating legacies with their assets, and the role private clients are playing in navigating and effecting change by investing for social impact.
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