Is Cash Still Trash?
Not in the United States. As short rates have increased and the yield curve has flattened, US T-bills offer more appeal than they have in some time (and short-dated Treasuries even more so).
May 2018
Insights
Venture Capital and Impact Investing: Blurring Boundaries Mean New Opportunities
Impact investing – allocations that aim for social and/or environmental change or to solve a problem in the world – has historically stood apart from “traditional,” financial-return driven investing. But increasingly in several asset classes, including venture capital, an exciting convergence of variables is blurring the boundaries, perhaps turning this old distinction on its head. […]
May 2018
VantagePoint: Second Quarter 2018
Advice in Brief The global economy and capital markets are constantly evolving. From the industrial revolution in the 1700s, to information technology in the last 45 years, waves of innovation have had profound implications for society, the global economy, and investors. At the same time, debt cycles, demographics, and productivity trends all have a slow-moving, […]
April 2018
Thoughts on the “Retail Apocalypse”
Retail is changing and some companies face challenges, but this theme has probably been overhyped, and implications for investors are limited. The retailing industry is experiencing significant change and traditional business models have been disrupted. The growth of e-commerce has dovetailed with ongoing store closures by some high profile retailers, leading to press reports about […]
April 2018
Should Investors Reposition their Portfolios in Response to Recent Tariffs and the Rising Threat of Trade Wars?
Not necessarily. Although we believe the announced tariffs are a negative for the global economy, recent market moves have probably more than baked in the pain they will cause.
April 2018
Liability-Hedging Handbook: A Guide to Best Practices for US Pension Plans
For many pension plans, investment strategy is often structured with a liability-hedging portfolio and a growth portfolio, with the weight and composition of each determined by a strategic asset allocation or a de-risking glidepath. Within this overall structure, the construction and calibration of the liability-hedging portfolio is integral to effective pension asset management. This report […]
April 2018
Is it Time to Sell Energy MLPs?
We don’t think so. Investors with allocations to energy MLPs (master limited partnerships) may want to maintain existing allocations, despite their recent poor performance and the proposed regulatory changes impacting interstate pipelines.
March 2018
Are Inflationary Pressures in the United States Building?
Yes. Inflationary pressures in the United States appear to be building, as positively trending wages, expansionary fiscal policies, and protectionist trade barriers feed into a humming economy.
March 2018