Featured Insights


Chart of the Week

STOCK VALUATION: THE UPSIDE OF THE DOWNDRAFT

Source: Bloomberg, October 12, 2018. *Forward P/E values are based on Bloomberg Estimates Earnings Per Share. Past performance is no guarantee of future results. Indexes are unmanaged, and not available for direct investment. Index returns do not include fees or sales charges. This information is provided for illustrative purposes only and does not reflect the performance of an actual investment.

Market Snapshot

Today's challenge: Markets vs. economics

Last week's markets left investors looking to economics for clues; Italy faced up to the EU; China's trade surplus ballooned


Featured Insights

Investment Insights
Sep 27
Investment Insights

Chart of the Moment

Tightening: Changing the Path

September 27, 2018

A small but potentially key part of the Fed's balance sheet strategy

Investment Insights
Sep 17
Investment Insights

Around the Curve

The Deal on the Dollar: Divergence

September 17, 2018

The story behind the forces driving the dollar to its current levels -- and what could happen next.

Investment Insights
Sep 05
Investment Insights

Around the Curve

Emerging Markets: The Never Ending Story

September 05, 2018

In a market where contagion fears can run wild, it is important to revisit the thesis that not all emerging markets are lemons.

Investment Insights
Aug 28
Investment Insights

Around the Curve

U.K. Pre-Brexit: Solid. Three Scenarios

August 28, 2018

“Brexitville” has been busy lately. Before discussing the state of play, here's a look at the U.K. economy, which continues to display remarkable resilience despite the uncertainty.

Investment Insights
Aug 27
Investment Insights

Around the Curve

Developed, Emerging Yields: Different Apples

August 27, 2018

Explaining current valuations, thematic factors, our point of view, and some of the risks. Part 1 of 2

Investment Insights
Aug 24
Investment Insights

Around the Curve: What's on the Market's Mind

Not Just One Thing

August 24, 2018

We outline what signals the Fed, and to a lesser extent, the White House, would need to listen to in order to deviate from their current policy objectives.

Investment Insights
Aug 14
Investment Insights

Around the Curve

Getting to the Truth on Trade

August 14, 2018

Despite protectionist political rhetoric, we should expect freer and fairer trade in the coming years, even as some short-term pain accompanies trade negotiations.

Investment Insights
Aug 08
Investment Insights

The opening salvo

Waging War on the Fed

August 08, 2018

It was inevitable that President Donald Trump would comment on U.S. monetary policy.

Investment Insights
Aug 02
Investment Insights

Around the Curve

Credit Markets: A Look at the Bigger Picture

August 02, 2018

To understand risk, it is important to look at the below-investment grade market in its entirety – including both bonds and loans.

Investment Insights
Jul 16
Investment Insights

U.S. – China Trade: The Challenge

July 16, 2018

Rather than intently watching both countries volley retaliatory measures, we think it’s more valuable to look at local-currency valuations and trends in China’s interest rates.

Investment Insights
Jul 16
Investment Insights

Around the Curve

Brazil Pensions: No Longer Tomorrow's Problem

July 16, 2018

We remain concerned about the pension issue – especially because it happens to be a presidential election year with no clear front-runner, which introduces an extra element of uncertainty.

Market Outlook
May 22
Market Outlook

Around the Curve

Emerging Markets: Crisis or Opportunity?

May 22, 2018

It’s easy to get caught up in the bearishness regarding emerging markets right now. So is this a time to get out of emerging markets? Or is this an opportunity for those who are underinvested?

Investment Insights
May 14
Investment Insights

Why It Pays To Clip Coupons

May 14, 2018

A rising rate environment means the majority of fixed income investors’ return in 2018 is likely to come from carry or yield and not from price appreciation. Brandywine Global's Brian Kloss sees careful selection of higher yielding securities as the key for returns and protecting valuations.

Investment Insights
May 07
Investment Insights

Normalizing in an Abnormal World

May 07, 2018

Volatility has returned to the stock market—pretty much on cue based on past cycles of normalization. What about the rest of the economic environment?

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