The United States is just at the beginning of a housing boom that could last for the next five years.
The yield curve is a powerful indicator. More powerful than many others as May West reminds us. As the greatest reopening momentum now appears behind us, today, our All-Weather portfolio looks more all-weather than it did earlier in the year.
June’s Consumer Price Index (CPI) again surprised to the upside, adding fuel to headline-writers’ panic about inflation spikes and market speculation that the Federal Reserve (Fed) will need to act soon to rein in prices.
Be forewarned – we are going to empty the quote bin this quarter.
The Value vs. Growth reversal, which started in earnest in the late Fall of 2020, generated exciting returns for many of our portfolios through May.
Known globally for its charm bracelets, Pandora is the world’s largest jewelry brand.
Headquartered in London, UK, Associated British Foods is a diversified food ingredients and retail group and owner of the global brands Twinings, Ovaltine and Mazola.
The GMO Asset Allocation Team has released its latest 7-Year Asset Class Forecasts through May 2021 (click to view online or see chart below).
With inflation spiking as the world adjusts to the post-Covid regime, investors are naturally interested in how their portfolios might perform in an inflationary world.
In our last issue we suggested that the "Inflation Genie" was out of the bottle.
A brief monthly update on what's happening in the municipal bond market.
Examining the Fed’s announcement to sell its SMCCF holdings.
Liz Ann Sonders shares her perspective on the U.S. stock market and economy in this monthly Market Snapshot video.
In a new Insights piece, GMO’s Asset Allocation Team addresses a common response to bearishness in the current markets.
PIMCO’s annual ESG Summit – hosted virtually this year – aimed to help participants keep pace with the rapidly evolving landscape of environmental, social and governance issues within the world of investing, with a particular focus on the transition to net-zero emissions.
Expectations for COP26, the importance of issuer engagement, and growth in sustainability-linked bonds were among the many topics covered.
During the pandemic, Brussels, Belgium-based materials manufacturer Solvay provided hydrogen peroxide, hand sanitizer, face shields and financial assistance to families in distress.
Based in Stockholm, Sweden, Dometic makes accessories for mobile living, including in RVs, boats, campers and outdoor life.
Strong earnings growth, low default volumes, upward rating migration, and tighter spreads in the recovery phase of the credit cycle.
And just like that, Elon Musk has turned on Bitcoin.
Supply chain disruptions may be a near-term challenge, but base effects will slow inflation next year.
We believe Asia is the core of growth and innovation within emerging markets, and companies domiciled in Asia comprise over 75% of the benchmark universe.
In 2017, Bitcoin entered mainstream conversation even though it had been around since 2009.
The reflation trade continued in earnest during the first quarter of 2021. Commodities were up another 13.3% from January to March, following a 14.7% move in the fourth quarter of 2020.
Despite a strong March 2021 jobs report, full employment remains far away.
LVMH Moët Hennessy Louis Vuitton is a leading global luxury brands group.
Pronounced “D-N-A,” this Knowledge Leader was founded in 1999 by three Tokyo entrepreneurs seeking to establish an online auction site.
The stock market as measured by the S&P 500 is at an all-time high.
Headquartered in Melbourne, Australia, BHP is the world’s No. 1 mining company.
Growth stocks are a different breed, and they cannot be valued in the same way you value average businesses.
Even as credit spreads have narrowed, further value remains.
Global risk assets rose in the wake of positive developments on the two main fronts that have dominated headlines over the past 12 months – pandemic and stimulus.
Covered call strategies can help investors manage short-term volatility and may provide better long-term outcomes while seeking to provide attractive monthly income to investors.
Belgian holding company Groupe Bruxelles Lambert invests in European industry leaders with two key strategies in place.
The region’s health care sector is setting a brisk pace for growth and innovation. Our team discusses the opportunity set.
Australian metals miner South32 is a 2015 BHP Billiton spinoff named to reflect the southern latitude where most of its assets are located.
Sweden’s Investor AB was founded in 1916 by the Wallenberg family with the aim of making long-term investments in high-quality global companies, a business philosophy it has maintained through booms, depressions, recessions, and global trends.
Retired participants may leave assets untouched well into retirement due to deep-seated fears that they may outlive their money.
AngloAmerican was founded in 1917 by Ernest Oppenheimer, who moved from Germany to Johannesburg, South Africa, and secured financial backing from J.P. Morgan to start a gold mining business.
Our positive 2021 economic outlook, combined with better-than-expected company fundamentals, supports strong credit performance and spreads.
The GMO Asset Allocation Team has released its latest 7-Year Asset Class Forecasts through January 2021.
A solution for the challenge of moving wirehouse clients with active securities-based loans.
As COVID-19 vaccines roll out and resrictions lift, a US economic rebound could lead to tighter Federal Reserve policy and higher yields. Municipal bond investors may worry about how rising yields could hurt their portfolios.
I don’t say this often, but Fed Chairman Jerome Powell is wrong. Regular readers of our investor letters and other publications will recall that we regularly cite Chairman Powell as doing the best he can with the levers he has while arguing correctly for others to do their part.
Relative value currently favors floating-rate loans over high-yield bonds.
The 4th quarter of 2020 began with tremendous anxiety and divisiveness around the Presidential election. Investment markets reflected that anxiety.
We thought this graph might be of interest to you. It highlights the historic changes of leadership between growth and value stocks held in the MSCI World Index.
The Mortgage and Structured Finance Sector Team discusses key themes in the securitized market in 2021.
The Loomis Sayles Municipal Sector Team discusses key themes that may impact the municipal market in 2021.