Alternative Thinking

Was That Intentional? Ways to Improve Your Active Risk

September 28, 2020 - Portfolio Solutions Group

Investors try to outperform their strategic asset allocation benchmarks by taking active risks. Some of these are intentional, but others are low-conviction or even unintentional, which can be a large part of a portfolio’s total active risk. When it comes to beating a strategic asset allocation benchmark, reducing these unintentional active risks may among the clearest sources of “low hanging fruit”.

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Macroeconomics

Global Micro

October 16, 2020

What do investors want in an equity index? This week we look at what a couple of countries in Asia tell about what’s been driving relative returns.

Macroeconomics

Inflation Q&A

October 2, 2020

This week we answer all of the questions you asked about inflation and some you didn’t ask.

Portfolio Risk and Performance

Was That Intentional? Ways to Improve Your Active Risk

September 28, 2020 - Portfolio Solutions Group

Investors try to outperform their strategic asset allocation benchmarks by taking active risks. Some of these are intentional, but others are low-conviction or even unintentional, which can be a large part of a portfolio’s total active risk. When it comes to beating a strategic asset allocation benchmark, reducing these unintentional active risks may among the clearest sources of “low hanging fruit”.

Macroeconomics

Dollar Signs

September 18, 2020

Stocks are up, but the U.S. dollar is down against many other currencies. Does it feel like the dollar does all of the work but gets none of the credit? This week we look at the unbalanced relationship between U.S. equity markets and the dollar.

Macroeconomics

Testing FAIT

September 4, 2020

Abe may not have invented flexible average inflation targeting, but Abenomics laid the groundwork for current monetary and fiscal policy around the world. In the wake of Abe’s resignation, we look at its lessons for investors and policymakers.

Tax Aware

Integration of Income and Estate Tax Planning

September 1, 2020 - Nathan Sosner Joseph Liberman Steven Liu

Preservation and transfer of wealth to future generations is one of the central financial goals for most high-net-worth families. We show that a family that invests with income and estate tax efficiency in mind can achieve substantially higher wealth levels than a family oblivious to taxes.

Macroeconomics

Mining the Gold Data

August 21, 2020

Everyone seems to love gold these days. We look at gold’s performance in different economic environments and how the past may not be a perfect guide to how gold will perform in the future.

Macroeconomics

That's When It Became Personal

August 7, 2020

Is the Fed like Mike? Not really, but they both have trademark reaction functions. Does this mean that rates will be soaring like Air Jordan or stuck in the paint?

Macroeconomics

The Plot Thickens...

July 24, 2020

Markets don’t always make sense. This week, we try to fill in some of the plot holes using economic forecasts.

Macroeconomics

No Country For Old Measures

July 10, 2020

What will the Fed do if the economy doesn’t recover? How will it affect markets? Let’s toss a coin and find out.