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Insights

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 […]

April 2017

VantagePoint: Second Quarter 2017

This quarter’s edition discusses the reflationary environment, positioning in global equities, prospects for sovereign bonds (both nominal and inflation-linked), and USD strength. We also profile two strategies that can diversify portfolios without dependence on economic growth: life settlements and pharmaceutical royalties.

April 2017

Does US Corporate Tax Reform Endanger Private Debt Strategies?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. No. If the interest expense deduction is eliminated, debt issuance may drop slightly, but the demand for senior and mezzanine debt will be little changed, and the risk/reward proposition is still attractive for investors. Under the […]

March 2017

What’s Next for the US Dollar?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. We still expect a rising US dollar over the coming year or so; however, the currency is entering the final phase of the strong-dollar cycle and investors should be aware that valuations and historical cycles suggest […]

March 2017

Is the United States Set for a Spike in Inflation?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. We doubt it. But, price levels are likely to rise gradually in the months ahead, as the rebound in energy commodities continues to impact measurements. Recent inflation data releases have raised concerns about a potential spike, […]

March 2017

Are “Reflation Trades” Reversing or Just Pausing?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. Some of the reflation trades that received a boost from the US election (such as the stronger US dollar and higher US bond yields) look to be merely taking a breather as investors square positions; however, […]

February 2017

Mission-Related Investing: Current Practices and Views of Non-Profit Investors

Investor approaches to mission-related investing (MRI) are as varied as the social and environmental outcomes they seek to achieve. This survey report explores trends in the structure and implementation of MRI programs, investor motivations and perceived challenges, and expectations for future growth in MRI investment activity, based on responses from 159 non-profit clients, 50 of which are actively making mission-related investments.

February 2017