The US housing market has been on a tear in recent years, supported by low interest rates, favorable supply/demand dynamics, and a recent boost from the pandemic-related demand for more space. Investors interested in gaining exposure to the asset class are seeing their choices expand. This publication provides an update on some of the macro […]
April 2022
No. Adoption of policies like the Rooney Rule—a requirement to interview at least one woman or person of color candidate for leadership positions by many companies and institutions—has not substantially improved diversity among leadership ranks. Given this reality, we doubt such policies would encourage greater diversity among investment managers. These policies are not created to […]
March 2022
We don’t think so, as the markets are pricing in more severe conditions than we believe are warranted. The MSCI China Index, which tracks Chinese stocks listed in both Hong Kong and the United States, has sold off sharply thus far in March and is down roughly 25% year-to-date, and over 50% from its February […]
March 2022
As we peer through the fog of war, prospects for a decline in US dollar dominance, durably higher inflation, and persistent heightened geopolitical risk appear on the horizon. However, it can take a long time before ripples either fade out or become waves. And their future path is influenced by their interaction with each other […]
March 2022
Thoughtfully, if at all. Russia’s invasion of Ukraine sent shockwaves across the world, creating a tragic humanitarian and geopolitical crisis, and introducing new uncertainty to the global economy and financial markets. The lynchpin to understanding how assets may perform in the coming days and weeks is, of course, knowing the duration of the war and […]
March 2022
No. Global equities tend to sell off following major geopolitical events, but such declines have historically been mild and short-lived, far below the 20% drawdown threshold that is typically considered a bear market. We view this historical tendency as a useful, but imperfect, benchmark in thinking about the impact of the current Russia-Ukraine crisis on […]
February 2022
No. The inflation attributed to green initiatives (known as “greenflation”) is part of the current inflation narrative, but we doubt concerns related to it will derail the global energy transition. Net zero pledges and related policy frameworks have been rolled out in nearly 200 countries, underpinning a transition already underway due to climate change and […]
February 2022
This year may prove to be pivotal in the transition from fossil fuels to renewables. Policy makers, businesses, and investors are accelerating commitments to bring greenhouse gas (GHG) emissions to net zero by 2050. The aim is consistent with the 2015 Paris Agreement to “limit global warming to well below 2°C, preferably to 1.5°C, compared […]
February 2022