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Related Content
Pausing for Breath on ‘Peak Growth’
Rates of change in economic data may be hitting their peaks, but that need not preclude more long-term upside for risky assets.
A Crack in China’s Debt Foundations
Bonds issued by China’s biggest distressed debt asset manager just lost 40% of their value—how concerned should we be?
NB Votes: Increasing the Impact of our Proxies
For the new proxy season, we have expanded our advance voting disclosure initiative across issues and geographies.
What Is the Toll on This Road?
The U.S. is crying out for infrastructure upgrades, but an overshoot on taxes could put its companies at a disadvantage.
Japan Could Win a Medal in the Recovery Race
A strong manufacturing base and changing attitudes toward shareholder value could mean the world’s capital heads to Japan, even if the world’s sports fans cannot.
Rising Stars and the Treasuries Sell-Off
Higher yields have so far left the credit market largely unscathed, but they have changed the balance of opportunity.
Is The Fed’s Word Its Bond?
The central bank is standing by its new policy commitment, and we believe that is supportive of equity markets.
Remember Value Investing?
After being ignored for 13 years, value sectors such as financials, materials, energy and industrials are back—and we believe economic acceleration and rising rates set the stage for a multiyear recovery.
Recoveries Are Rarely Straight Lines
We believe more volatility is likely, and think investors should diversify against it but also use it to lean into the new cycle.
Early-Cycle Conditions Still Support Credit
Why the run-up in rates has troubled equity markets more than credit, and why we think that is poised to continue.
How Much Is Too Much?
There is growing concern that the coming stimulus might be more than the economy needs.
Doves Ascending
Rethinking portfolios now that ex-central bankers Janet Yellen and Mario Draghi have their hands on the purse strings.
Toward a Steeper U.S. Yield Curve
A potentially substantial growth and inflation recovery from the second half of this year could put pressure under long-dated yields, and eventually the Fed.
What Happens When the Game Stops?
Valuations are stretched, but speculative option trading may not necessarily be a sign of widespread, unsustainable froth.
Don’t Mistake Growth for Quality
As investors adjust for a potential style rotation, we urge them not to abandon their portfolios’ “quality compounders” and “transition winners.”
Rates Markets Are Normalizing
It is far too early for taper talk, in our view, but the bias of risk is still toward higher rates to come.
Few Things Are Riskier Than Consensus
Investors should be concerned that market participants have begun 2021 with their views and positioning arguably more closely aligned than they have been for years.
Outlook 2021
The heads of our investment platforms welcome the New Year with their views for 2021.
A Year of Stark Contrasts
Navigating markets in this year of vulnerable resilience and defensive exuberance has required some humility.
Building Blocks for Successful Real Estate Investing
Why we think the coronavirus crisis has demonstrated the benefits of real estate company investing.
Generating Interest
Must investors settle for sub-zero real returns on their cash allocations?
A Heartfelt Thanksgiving
We emerge from the holiday hopeful for a Season of Goodwill in markets, but ready for any last surprises that 2020 might have in store.
Markets on a Tightrope
Violent equity market rotations present a strong case for balance in portfolios, but an unusually complex knot of factors makes it challenging to achieve.
Stay Flexible in Credit
We still think credit is attractive for 2021, but the flexibility and selectivity that helped investors this year will be even more important—think 2020, with the volume turned up.
Corporate Hybrids Come of Age
We believe the nearly €200 billion corporate hybrid market just got its first true test—and passed with flying colors.
Special Edition: The U.S. Votes: Our First Response
The U.S. has voted in the midst of arguably the most challenging environment for generations. Here’s our first take on the likely result and what it could mean for investors.
The Priority Pyramid
Tuesday's election matters—but it is the top of a pyramid whose base is, in our view, supportive of fixed income and credit whatever the outcome.
Moving the Needle
The U.S. election will be big news in November, but news on coronavirus vaccines will probably “move the needle” more for markets.
Degrees of Risk
Recognition as a PRI Leader on climate reporting will help us raise awareness of the importance of “Climate Value-at-Risk.”
Comfort and Distress
The extreme bifurcation between winners and losers in the post-pandemic world could set up two very different potential value opportunities in high yield.
Where Was the Debate?
Republican and Democratic policy differences could be meaningful for investors, but we learned little from last Tuesday’s shouting match.
Suganomics
Japan’s new prime minister could boost fiscal and growth strategies to secure his position ahead of the next general election, with a focus on digitalization and deregulation.
Inflated Expectations
We think the Fed may need to reinforce its policy revolution with additional stimulus announcements this week.
Heading for a Fall?
The fall season often trips up the markets, and 2020 promises more than its fair share of hazards.
The Fed Keeps Adapting
A shift in policy highlights central bank commitment as the economy seeks to regain its footing.
Quarantined From Market Risk?
We look at whether “uncorrelated strategies” lived up to their label through the COVID-19 crisis.
Killer BBBs, Where Is Thy Sting?
While some credit investors have been running scared, we’ve chosen to stick around and harvest the honey.
The Circus Is Coming to Town
Quiet markets in the run-up to the U.S. election belie the high political stakes.
Chernobyl and My COVID-19 Summer
The acclaimed drama reminds us of the possibility of the highly improbable, and the importance of clear assessment of difficult facts in a crisis.
Climbing the Great Wall of China
Why is China’s vast bond market so underappreciated by foreign investors, and is it worth getting to know it better?
Head Above the Waves
A resurgence of COVID-19 cases is a reminder that this crisis is likely far from over.
Engaging Japan’s Hidden Gems
How a more personal investment approach could help uncover Japan’s small- and mid-cap “hidden gems.”
Building the Liquidity Bridge
Unprecedented liquidity from both central banks and the capital markets is helping non-investment grade borrowers survive the COVID-19 crisis, and substantially lowering estimated default rates.
A Strong Recovery Is Not Necessarily a Full One
A run of positive economic data surprises, while welcome, should not distract us from the long struggle ahead.
The Growing Risk in ‘Risk-Free’ Assets
With the short end of yield curves pinned at zero and the long end depressed, government bonds may not be the portfolio hedges they used to be.
5G Dis-Connectivity
Geopolitical and trade tensions may fragment the 5G supply chain, but while that could make the theme more complex to navigate, it is unlikely to diminish its importance.
The Economy Is Society
As investors and fiduciaries, we have a responsibility to acknowledge the unsustainability of gross inequality.
A Moment of Solidarity for Europe
There is still much work to do, but the Franco-German-led EU Recovery Fund is potentially a very big deal for Europe.
Not Out of the Woods
The discipline of scenario planning helps us focus on what has been achieved, rather than what we hope will be achieved.
The Stock Market Is Not the Economy
COVID-19 has damaged a lot of things, including the link between the S&P 500 and the U.S. economy.Top