Depending on how one defines the group, Value stocks have underperformed Growth stocks for a decade or longer. This potential for long periods of underperformance is one of the primary reasons that we “tilt” our portfolios toward Value, while also incorporating multiple factors into the stock selection process. Value’s underperformance, nonetheless, does not dampen our […]
The third quarter was tense in manners similar to the thrilling, but otherwise inconsequential subplots forced into the hurtling-toward-a-super-bad-outcome narrative of a typical disaster movie. This year’s trade scrap is just one round of many past and likely future struggles that the U.S. will experience as it seeks to come to terms with an ever-surging […]
Seems like each day brings a new call that a recession is right around the corner. Or, if not right around the corner, somewhere in the nearer-term future. If not so soon, then likely at some point over the next few years. Or perhaps later. Of course, one of those statements must be true. As […]
Normally we’re not big fans of the phrase, as it’s often used reflexively rather than with specific intent. On the contrary, we reference relativity often and with specific intent. For example, we regularly remind readers that expectations for greater relative return should be accompanied by expectations for greater risk. This month, we offer perspective on […]
Wasn’t so long ago that we were applauding more generous yields among our fixed income exposures for the greater income over the longer term that they may provide. This despite the nearer term drag from the impact that rising rates had on bond prices, the movement of the latter being inverse to that of the […]
Yet another quarter has gone by during which, were it not for the actions—or, rather more appropriately, expectations of forthcoming actions—by the Federal Reserve, equity markets otherwise might have turned in a rather more sober tally. With earnings growth waning against a backdrop of elevated valuations, perhaps too much hope rests on a nearer-term future […]
