Chief Investment Quarterly

Late Cycle Syndrome

The concern that the economy is nearing the end of its expansion phase has important implications for investors. We take a look at the data on “late cycle” indicators to see what they really tell us.

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Asset Allocation

Not Expecting to Hit Your Expected Return? Cash Is the Culprit

Today’s lower return targets for pension plans are actually harder to reach. Here’s why.

Asset Allocation

Buffett's One Choice Buffet

We challenge an assertion in Warren Buffett's latest annual letter and emphasize the need for diversification for pensions and endowments.

Asset Allocation

You Can’t Hedge, but You Can Diversify

Investors may benefit from adding diversifiers to their portfolios, but diversifiers aren’t hedges. Hedges serve a different purpose…unless they’re from Texas.

Retirement

Who Knew Annuities Could Be So Exciting?!

The debate over annuities in Defined Contribution (DC) plans is so boring that it’s a bipartisan issue. But, their impact on retiree consumption is actually pretty exciting.

Global Macro

Fed Policy Plays Catch-Up

Markets surged ahead in the first quarter largely in reaction to central bank policy that was more dovish than expected. However, markets may not fully appreciate the Fed’s ability to generate inflation.