While US and European equities have strongly advanced this year, Japan has been a notable laggard. Despite more attractive valuations, asset owners seem to have given up on Japanese equities, frustrated by... Read More
After months of eerily low volatility and higher valuations in risk assets, markets got hit with a double whammy last week of untoward political developments in the US and Brazil. Here, I’ll cover what... Read More
Even for the most skilled equity portfolio managers, high correlations and low dispersion can be an unhealthy mix. If returns for individual securities move in the same direction (high correlation) and at a... Read More
Emmanuel Macron has been elected the next president of France, eliminating a major tail risk and inserting some near-term certainty into the markets. Following Macron’s advancement in the first-round... Read More
The first quarter did not exactly deliver a continuation of the post-election rally. Equities beat bonds, but leadership within equities rotated back to defensive sectors. The US led other developed markets,... Read More
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