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CA Answers August 2017
Is the US Dollar Dead?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. We are not ready to pronounce the strong dollar cycle dead, but do admit the US dollar is in critical condition. Investors should remain partially unhedged or prepared to ride out a period of currency volatility.…
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CA Answers June 2017
Will the US Withdrawal from the Paris Climate Accord Boost the Prospects for Investments in Energy?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. No. Market forces and technological innovation have been far more impactful on the energy sector than environmental regulations. Investors should maintain exposure to private energy and publicly listed energy equities, rather than view this event as…
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CA Answers June 2017
Playing the Long Game—Should the US Treasury Issue Ultra-Long Bonds?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. Yes. Issuance of ultra-long Treasury bonds (greater than 30 years to maturity, including potentially 40-, 50-, and 100-year maturities) would benefit multiple constituents. Ultra-long Treasuries would extend the investable Treasury curve for pension plans and life…
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CA Answers May 2017
In an Environment of Declining Demographics and Slow Productivity Growth, What Investments Look Attractive?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. Investments with the potential to earn returns competitive with equities—without a dependence on economic growth—are especially valuable diversifiers for portfolios. Such investments are varied, sometimes niche, and require skilled implementation. Many require some illiquidity, but may…
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CA Answers April 2017
Do the Results of the First Round of the French Presidential Election Sound the All Clear for European Risk Assets?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. Although the election results provide a powerful “risk-on” catalyst in the short term, the underlying long-term problems facing France and the Eurozone are unlikely to go away under a Macron presidency, so the old adage “sell…
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CA Answers April 2017
Should Investors Buy Downside Protection to Hedge Against an Equity Market Drop?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. We don’t think so. Investors with diversified portfolios already have some cushion if equities sell off given holdings like fixed income, hedge funds, and other diversifying assets. Further, trying to time the market by buying derivatives…
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