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Multi-Asset Class Poised To Outperform

Over the past few years, multi-asset class investing has not been kind to many large and well-known foundations and endowments.  Many of these previously solid managers have delivered the combination of poor returns, coupled with high fees, and abnormally high volatility.  Sentiment has become increasingly negative for a management style that delivered the best risk-adjusted … Continue reading Multi-Asset Class Poised To Outperform

Navigating Energy Volatility

When the first half of 2017 closed, energy equities had registered their weakest relative first half performance versus the S&P 500 on record.  In June, energy as a percentage of the S&P 500 hit the lowest level since 2001. An examination of some of the key drivers of the recent roller coaster moves in energy, … Continue reading Navigating Energy Volatility

Why Should I Care About the Yield Curve?

A headline in the June 25th edition of the Financial Times read “Investor Nervousness Rises as Yield Curve Flattens”. If you are a regular reader of the Wall Street Journal, Barron’s or other business periodicals, you have probably noticed a wave of articles with similar headlines of late. This sudden fixation with the yield curve … Continue reading Why Should I Care About the Yield Curve?

Summertime and Retirement Income Planning

“Summertime and the livin’ is easy”1, which makes it an ideal time for financial reflection and second-half of the year retirement income planning. Most successful endeavors start (and continue) with a plan, and summer time can give us some unhurried days to check that the goals we are pursuing still have meaning, and if so, … Continue reading Summertime and Retirement Income Planning

Fixed Income: A Credit Conundrum

In the middle of June, the Federal Reserve increased short-term interest rates for the third time in 6 months, with the benchmark Fed Funds rate increasing to a target range of 1%-1.25%. Although expected, credit markets didn’t react the way the Fed had anticipated. There appears to be a growing conundrum amidst Fed Governors as … Continue reading Fixed Income: A Credit Conundrum

How To Save For College Expenses

It’s not always easy to plan for large expenses. Paying for college expenses is certainly one of them. Unfortunately, college tuition and fees have risen quicker than the average rate of inflation. Between 2006-2007 and 2016-2017 (over a 10 year period) a public 4 year college’s in-state tuition and fees increased on average by about … Continue reading How To Save For College Expenses

What’s a Dollar Worth?

Over the past few years, the U.S. dollar has marched higher driven by several factors including a recovering U.S. economy, expectations for tighter monetary policy, and sluggish growth prospects outside of the U.S. These were among the reasons we initially added our long U.S. dollar position, in addition to our belief that having exposure to … Continue reading What’s a Dollar Worth?

Wealth Effect

The first quarter started off with a bang…a new president with new policies and a raise in the interest rates with promises of more to come.  On top of that we had the continuation of the “Trump rally” which has pulled the stock market up 14% since the election.  Driving the market was talk of … Continue reading Wealth Effect

The Premium Bond Conundrum

The investment landscape is full of confusing jargon, but one area that seems to baffle investors more than others is fixed income. In today’s interest rate environment, clients repeatedly ask questions relating to bond pricing. Specifically, clients ask why they pay a premium for bonds, and how this impacts the return on their investment. In … Continue reading The Premium Bond Conundrum

There Are Actually Equities Outside The U.S.

Throughout history, investors have discovered numerous ways to accidentally increase risk and reduce returns in portfolios. When people think about the acts that lead to long‐term poor performance, the two most common are panicking in or out of a market, or buying very aggressive cult‐like investments that later implode. However, a third, and many times … Continue reading There Are Actually Equities Outside The U.S.