How to Potentially Enhance Equity Performance in a Climate of Uncertainty

As challenging as the investment landscape has been, we expect it to be even more so going forward. Global growth is slow, and the returns we have seen in recent years have been pulled forward by quantitative easing and the low interest-rate environment. Over the next ten years, returns are likely to be lower across […]
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2017: A Challenging Year Ahead for Portfolio Allocation Decisions

Surprising many investors and pundits alike, the S&P 500 posted a solid return for 2016, finishing the year up close to 10%. If investors never looked at their statements, one might be naïve to how much markets zigged and zagged throughout the year. Can we expect more of the same in 2017?   To view […]
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Can ESG Investors Do Well While Doing Good?

Investors can play a pivotal role in addressing global issues with solutions government organizations can’t achieve on their own. ESG investing—meaning investments guided by environmental, social and corporate governance criteria, also known as impact investing—is one avenue for those efforts. Not only is ESG investing a way to do the right thing, it can help […]
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THE ORACLE

In May of this year, our former CEO and Chief Investment Strategist, Jack Rivkin, posted a prophetic blog post entitled, “Beginning the Look Back at What We Expected for 2016 (and Beyond).” As many of you know, Jack will never finish his 2016 review. He passed away from pancreatic cancer this past Election Day, Tuesday, […]
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The Political Bull Market and Your Portfolio

In the eight years since the financial crisis, we have been in what I call a political bull market—a time when the thinking, decisions, and activities of political actors have had a disproportionate impact on the performance of companies around the globe. By “political actors,” I mean elected officials, other policy makers and NGOs as […]
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Q3 2016 Market Update and Outlook: A Golden Summer

At the end of Q2 2016, uncertainty was on the rise, the geopolitical environment was fragile and financial markets appeared highly susceptible to exogenous shocks. Global stock indices wobbled, safe haven trades such as long Japanese yen and long US treasuries gained steam, all while gold rallied in tandem with investor uncertainty. We expected much […]
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The Times They Are A-Changin’

As we approach the end of summer, here’s my perspective on economic issues worth watching. Employment The big new noise is the July employment report. Job growth surged, according to the Department of Labor. The US economy added 255,000 positions, according to the Department of Labor, far more than the 180,000 increase that economists had […]
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Macro, Markets, and Malarkey

Stocks and Bonds It feels like forever ago, but back in February, the S&P 500 hit its lowest level since 2014 as global growth fears spooked investors, leading to liquidations and deleveraging—most notably for sovereign wealth funds. Fast forward to now…as of the end of July 2016, the S&P 500 closed at 2,173.60—up 7.5% from […]
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REITs vs. Your Home

Many people don’t have an investment allocation to real estate investment trusts (“REITs”) because they believe they already have “enough” exposure to “real estate” through ownership of their home. REITs and your home are very different asset classes with very different characteristics. REITs invest primarily in commercial real estate, which is any non-residential property used […]
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The Wave of Private Capital Behind Public REITs

Flush with record levels of cash, many private capital real estate managers are buying up publicly traded real estate investment trusts (“REITs”) to take advantage of the gap between public REITs and private real estate valuations.  Historically, commercial real estate in the private market has usually transacted at, or near, fair value (or else the […]
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