• Weekly Research Briefing: Ready for Lift Off?

    April 22, 2019

    Lots of talk about the 2019 melt-up last week. Fingers pointed at the very accommodating Federal Reserve, rebound in 2019 U.S. economic data, bottoming in China, and risk-off positioning of investors. With the market near its highs and S&P 500 trading at 16 times next years earnings estimate of $180, I wouldn’t be the first to say that investors are scared right now. 

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  • Risk Budgeting Using Alternatives

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    The return of volatility has brought opportunity. Before eyeing that entry point into a riskier asset class, however, advisors face a conundrum: How can they add a riskier — albeit attractively valued — asset class without upsetting the portfolio’s long-term risk profile?

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  • How Can Investors Avoid Beta?

    The current market environment could give active managers a chance to shine, but absolute returns could throw shade on strong relative performance highlighting the need for strategies that can capture alpha while reducing beta exposure.

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  • What are Liquid Alternatives?

    Ten years after the financial crisis—followed by a record-long bull market—investment advice is at a critical turning point: from participation to preservation. This is where liquid alternatives can help. But first, what are liquid alternatives?

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  • Mind the Benchmark: The Pitfalls of Defaulting to S&P 500 Comparisons

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    In its 57-year history, the S&P 500 Index has become the center of the investment universe. In many cases, investors would be wise to resist its gravitational pull. The index has become the default mechanism for gauging market performance. Its ubiquity has also caused many investors and investment professionals to mistakenly apply the index as a mental benchmark for relative performance.

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