Commentary

Not Wailing, but Shrugging

Bottom-up is back as the markets take big macro data in stride.
Commentary

Neutral Corner

Are investors overly wary in the currently ragged environment for risk assets?
Commentary

The Market Plays a (Fed) Waiting Game

A dovish Fed and weaker dollar could create space for both wages and profits to rise.
Commentary

A Dollar That Stays Within the Lines

A range-bound U.S. dollar could contribute to a renewed focus on company and sector fundamentals.
Commentary

The Europe Behind the Headlines

April was far from the cruelest month for investors. Most will have felt sentiment improve behind equities, high-yield bonds, emerging markets and commodities. But did they also notice how well European assets performed?
Commentary

High Yield Liquidity: High and Dry?

While the trading environment for high-yield bonds has changed markedly, has that changed transaction volumes or dealing costs? We think not.
Commentary

Politics May ‘Trump’ Fundamentals This Year

Unpredictable politics could weigh on market sentiment.
Commentary

Do Presidential Politics Impact Markets?

Are Republican presidents better for markets, or are Democrats?
Commentary

Diversification Pays While Low Inflation Stays

Neither rising rates nor rising defaults would spell the end of opportunistic, diversified fixed income. There is one piece of conventional wisdom you may have heard in recent years. It says that opportunistic fixed income investors have been forced into high yield and emerging market debt because conventional bond yields have been so low, and that “chasing yield” like this always ends badly.
Commentary

The Market Pendulum

Can 2016 earnings justify today’s valuations? Traditionally, equity people are supposed to be more optimistic than bond people, but I am prepared to buck the stereotype just a little as we enter day four of the Q1 earnings season.
Commentary

Oil, the Dollar, Rates: Three Stars Align

Lower dollar, higher oil could improve prospects for 2016 earnings.
Commentary

Markets to Investors: It’s ‘Time In,’ Not ‘Timing’

The old adage says that “time in the market” is more important than “timing the market.” Anyone who needed a reminder of that truth got it in spades during the first quarter of 2016. Who would have thought, on the dark morning of February 12 with the S&P 500 Index down more than 10%, that U.S. equities would finish the quarter up 0.8%?
Commentary

Driving in Neutral

So far, 2016 has been characterized by stomach churning swerves in market direction with little actual change in levels.
Commentary

Real and Alternative Assets Outlook Second Quarter 2016

Despite challenges, we maintained a slightly overweight view on lower volatility and directional hedge funds; meanwhile certain areas within private debt appear attractive.
Commentary

Fixed Income Outlook Second Quarter 2016

High yield, particularly short-duration issues and higher-rated credits, remains in favor given current prevailing yields and the outlook for credit quality.