Contributor: Anthony S. Gould, CFA, CAIA
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Trend is Generally Your Friend
A Trend Strategy apparently runs completely counter to market efficiency, yet seems to have a rather uncanny ability to not just hold up during prolonged equity drawdowns, but on occasion, positively thrive.
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Alpha in Fixed Income — No Extra Credit Needed
Fixed income markets globally are worth approximately $120T, with millions of securities to pick from. Additionally, there are a multitude of derivative instruments and structured products. These markets offer many times more opportunities for outperformance compared to equities – by comparison MSCI-World has less than 2,000 tickers. Plus, active fixed income managers take a myriad…
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Diversification: How Diversifying is it Really?
To paraphrase Tolstoy,[1] market ascents resemble one another, but each swoon is unique in its own way. Above-trend inflation, record Fed tightening and the invasion of Ukraine all conspired to deliver the worst year for financial assets in more than a generation in 2022 (see Figure 1). Can we learn anything from a year as…