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Alternative Thinking
2019 Capital Market Assumptions for Major Asset Classes
February 4, 2019
We update our estimates of medium-term (5- to 10-year) expected returns for major asset classes, including private equity and private real estate.
Alternative Thinking
Active and Passive Investing — The Long-Run Evidence
May 21, 2018
More careful thinking is needed to separate facts from fiction in the hotly contested debate between active and passive investing.
Alternative Thinking
Capital Market Assumptions for Major Asset Classes
February 2, 2018
We update our medium-term expected returns for major asset classes and explore the historical accuracy of yield-based return estimates.
Alternative Thinking
Systematic vs. Discretionary
3Q 2017
Systematic and fundamental investing approaches are not opposites. Both pursue the same objective and can be fundamentally-oriented. They can use similar inputs, but in different ways, to try to improve investment performance. Neither is necessarily better than the other.
Alternative Thinking
Relaxed-Constraint Portfolios
2Q 2016
Active equity investors may increase expected portfolio returns by relaxing the long-only constraint. The investment community has largely turned away from strategies that short bad stocks, but we find that they may want to take a renewed look.
Alternative Thinking
2016 Capital Market Assumptions for Major Asset Classes
1Q 2016
We update our multi-year expected return assumptions for major stock and bond markets, and investigate expected returns for credits and commodities.
Alternative Thinking
Good Strategies for Tough Times
3Q 2015
Following recent losses across global equities and concern about downside risk, we take a look at the performance of different investments during the worst quarters in recent decades for stock and bond markets.
Alternative Thinking
Strategic Portfolio Construction
2Q 2015
When it comes to portfolio construction, many investors seek guidance on “putting it all together.” We discuss our systematic approach and examine how investor-specific beliefs and constraints can inform and interact with formal optimization methods.
Bibliography
Style Bibliography
May 13, 2015
We have compiled a list of books, journal articles and working papers that were helpful in developing our research around style investing.
Alternative Thinking
2015 Capital Market Assumptions for Major Asset Classes
1Q 2015
We update our expected returns and review our framework for constructing estimates of long-term expected returns for major asset classes, among other things.