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Mind the Gap
Economic fundamentals (the “real economy”) have been struggling to catch up with the buoyant behavior of financial markets and, eventually, these diverging patterns (gaps) will have to be reconciled....
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A Strong Employment Report…But Not Strong Enough to Change Fed Policy
Last month, I said the “weak” job report would not deter the Fed. Despite a strong monthly employment record for September, the Fed did not accelerate its pace of tightening. The data can be volatile,...
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How to Invest in the Age of Deflation (and High Volatility)
We are convinced that, after the long bull market run, we are now entering a new phase where volatility is going to remain a principal feature and where returns are going to remain suppressed for a...
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Lower Quality, Lower Duration — A Better Strategy for the Road Ahead?
I think the low yield spreads of today’s bond market – the difference in yield over Treasuries – together with interest rates expected to rise, favors a flexible, value-oriented, multi-sector approach...
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Greece is the Word
The three key take-away points from last Friday’s deal: 1. Greek politicians shouldn’t play poker: Whether the new government was faced with a lack of time or simply wasn’t experienced in bail-out...
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The 2015 Global Risk Map: Hedging Geopolitical Challenges
Central Banks are likely to continue to dominate the global economy as well as financial markets again in 2015. Asset prices will likely benefit from abundant liquidity. However, divergent monetary...
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Friendly Central Banks, Friendly Markets?
The Central Bank bonanza has continued to lift financial markets, especially risky assets, towards new highs. This has happened in a weak economic framework, for most of the areas, further exacerbating...
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