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
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
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
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
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
In this report, we briefly highlight five key post-GFC developments and discuss how investors might adapt their portfolios to these changes.
September 2018
No, investors should consider staying the course. Though developments and headlines associated with the United Kingdom’s Article 50 negotiations with the European Union have been and likely will remain fitful, they reflect more the political nature of the process and less the underlying fundamentals of the economy and its listed equities.
August 2018
Yes, but investors should be selective in allocating to credit markets at this point in the cycle, and understand that the overvaluation of many credit assets could make attractive returns hard to come by.
August 2018
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