The Markets

    Apr 21, 2017

The Many Shades of Active Share

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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

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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?

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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

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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

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

    Apr 6, 2017

S&P Rises Despite Health Care Setbacks

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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

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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

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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...