Forward Thinking: Resetting Expectations in the Current Market Environment
June 2011
While the economic crisis of 2008 and its aftermath remain a painful memory, the global financial market rally over the last two years has helped to alleviate part of the sting. The magnitude of the market's ascent and its resiliency in the face of weak economic conditions in developed countries, the ongoing European sovereign debt crisis, and geopolitical unrest has surprised financial pundits and investors alike. Heightened volatility and risk aversion are beginning to resurface, however, and we believe investors should adjust their performance expectations accordingly.
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The Case for Tail Risk Management
July 2010
How can investors make portfolios more secure in the face of events such as the fall of Lehman Brothers in September of 2008? We believe the answer lies in reevaluating existing asset class exposures and considering all the relevant definitions of risk. We introduce the concept of Tail Risk Management, an investment strategy that is designed with a goal of realizing significant profits in stressed market environments, thereby offsetting market value losses from risk assets.
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Extending Bond Duration in Today’s Environment: Is Now the Time?
February 2010
Liability Drive Investing (LDI) is one of the highest priorities on many corporate plan sponsors’ to-do-lists. Although the process of determining the appropriate long bond allocation and optimal portfolio structure is complex, we evaluate the most common question asked by plan sponsors in reference to LDI: Is today the right time to extend the duration in my fixed income portfolio?
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Rebalancing Revisited: Is it Time to Trade?
March 2009
Rebalancing Revisited: Is it Time to Trade? Rebalancing continues to be an important topic on the minds of many investors. We address the questions investors might ask when considering if they should rebalance now.
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Liability Driven Investing: Liabilities are the Ultimate Benchmark
August 2007
Volatility in the funded status of many pension plans, changes in accounting and funding rules, and development of the derivatives markets have shifted focus from total return investing to liablity driven investing. We examine the key issues associated with liability driven investing.
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