Alternative Investing

You Can't Always Trend When You Want

We present a framework for understanding the drivers of trend-following returns and show that recent performance challenges are primarily due to muted moves across global markets rather than a change in trend following’s ability to translate market trends into profits.

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Macroeconomics

At Any Rate

This week we look at negative rates from a different perspective. Rather than evaluate their effectiveness as a policy tool or their economic impact, we try to answer one question: why would anyone buy a negative yielding bond?

ESG Investing

Responsible Asset Selection: ESG in Portfolio Decisions

We discuss how Environmental, Social, and Governance (ESG) considerations may be incorporated in a portfolio and how they may affect risk and return outcomes.

Macroeconomics

Credit Checkup

Corporate bonds have rallied this year, but what that means for the economy is not so simple. We look at different interpretations of the credit rally and how it relates to moves in the equity markets. It’s nice to give credit where credit is due.

Arbitrage

Meet the Expert: Todd Pulvino on Diversified Arbitrage

Todd Pulvino, Principal of CNH Partners, an affiliate of AQR, explains what Diversified Arbitrage strategies are and how they tend do perform during different economic cycles.

Tax Aware

Meet the Expert: Nathan Sosner on Tax-Aware Investing

AQR Principal Nathan Sosner explains the basics of tax-aware strategies and why taxable investors should consider them.

Portfolio Risk and Performance

Chasing Your Own Tail (Risk), Revisited

As investors turn to addressing the risk of a severely declining market, we summarize five approaches to building a more resilient portfolio.

Macroeconomics

Non-Essential Oil

Do market prices follow grand economic theories, or is it the other way around? This week we look at how long-term views on oil have been almost as volatile as futures in that commodity.

Macroeconomics

Cut It Out

What is the greatest trick the Fed ever pulled? Convincing the world it doesn’t matter to markets for the next few months. This week we look at how the Fed tried to take some of the attention away from monetary policy at the last meeting.

Macro Wrap-Up

Don’t Stop Be-Leaving

Brexit has gone on for so long that most people have moved beyond Brexit fatigue, and we've reached Brexit fatigue fatigue. Does that mean it's interesting again? We think so because it's moving markets and is the topic of the Wrap-Up this week.

Macroeconomics

Bridging the Earnings GAAP

This week we return from the North to look at the gap between GAAP and NIPA earnings, in particular why earnings growth on national accounts has been so slow. We try methodically to nip the controversy in the bud, but the answer may be more elusive than you might expect. We find that, while the significance of the divergence may have been exaggerated, it is still sobering for investors.