The Markets

    Apr 21, 2017

The Many Shades of Active Share


The correlation of stock returns has declined to multi-year lows. This should be good news for active managers trying to differentiate themselves from passive indexes.

    Apr 20, 2017

Uptick in Inflation Presents Opportunities


Recent inflation data was lower than expected. Now, some of this reflected cell phone plans and a...

    Apr 17, 2017

Signs of a Shift in Momentum?


The first quarter of 2017 was remarkable for its noticeable absence of drawdowns. The S&P 500 traded for 109 days without a downside move of more than a percent beginning in...

    Apr 12, 2017

Disentangling Cycles from Time


Deep into the expansion phase of an economic cycle, the classic pattern involves Fed tightening, yield-curve flattening, rising rates, and tightening credit spreads.

    Apr 7, 2017

Hitting Municipal Curveballs and Late-Breaking Allocation News


Ask any major league baseball player, and they’ll tell you there is both...

    Apr 6, 2017

S&P Rises Despite Health Care Setbacks


The S&P 500 rose 5.5% in the first quarter and managed to finish less than 2% from its all-time high, despite setbacks in health care legislation. There was a notable absence...

    Mar 30, 2017

5-Step Framework for Blending Active and Passive


Today, we’d like to go over a five-step framework for blending active management with high-conviction...

    Mar 23, 2017

Policy: Here, There, Everywhere


The Fed raised rates as expected last week, and their latest dot-plot suggests two more tightening moves this year, and gradual tightening in 2018-2019. This seems reasonable...