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Should Investors Fret About Declining Earnings Estimates?

Investors shouldn't sweat the recent downgrades to global earnings forecasts. Although analysts have cut their expectations substantially since September, they still expect most regions to grow in the mid-single digits in 2019.

February 2019

Cryptoassets: Venture into the Unknown

The dramatic declines that swept across the crypto space raised questions about the future of these assets and the blockchain technology that underpins them. Yet, in looking across the investment landscape, we see an industry that is developing, not faltering. In this paper, we review recent developments in the industry, highlight our views of the various investment strategies, and discuss a few considerations for investors exploring the space.

February 2019

VantagePoint: First Quarter 2019

In this edition of VantagePoint, we compare and contrast the late 1990s and today; our intent is to help investors navigate this recent downturn and the next recession-related bear market (which may already be in progress), and to position their portfolios for long-term success.

January 2019

What Should Investors Expect in 2019?

Investors should expect more volatility in 2019, as many of the trends and political dynamics that have rattled confidence over the last few months seem unlikely to dissipate in the months ahead.

January 2019

Outlook 2019: More Risk for Less Return?

Although we are more cautious heading into 2019 than we were 12 months ago, we still think a roughly neutral allocation to risk assets is the right approach.

December 2018

Are US Quality Stocks Still Defensive?

Yes, if you control for tech overweights. Quality has historically been quite defensive relative to the broad market. Today, it is sensible to question quality’s defensive characteristics, as the factor is concentrated in tech stocks and has become quite expensive.

October 2018

VantagePoint: Fourth Quarter 2018

Because the US economy has entered the late stage of the economic cycle, investors should consider the prospect of a bear market recession, even though one does not seem imminent. We have been evaluating the appeal of different asset classes through a late-cycle lens. In this edition of VantagePoint, we evaluate several potentially defensive equity strategies to see whether they are attractive today.

October 2018

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