The past eight years were friendly to investors. Stock and bond prices soared, and volatility collapsed. For much of the period, the dispersion
The Balanced Portfolio Has Had Its Time
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Economics
Why Stocks Can Shrug Off Bonds
This year, equity markets have broadly advanced, despite significant gyrations in bond yields. That seems odd to some: How can stocks ignore
Europe’s Central Bank Is the World’s Most Important
Over the next two weeks, investors will focus on monetary policy ahead of the European Central Bank meeting on June 8, which will be followed
Stocks Aren’t as Pricey as This Ratio Suggests
In the 1962 thriller “Cape Fear,” an ex-convict, Max Cady, stalks the prosecutor who put him behind bars, seeking revenge. The
Will politics trump economics?
President Donald Trump has inherited an economy that is in much better shape than his predecessor did eight years ago. Nonetheless the new
Can Global Capitalism Be Saved?
The politics of economic anxiety has now driven the electorates of the UK and the US into the hands of populists, and more countries’
Remember the debt passive funds owe active managers
In the current low-return environment savers can be forgiven for asking, why should an ever-larger fraction of their meagre gains be paid
The Fed’s Risky New Mandate
As the US Federal Reserve inches closer to achieving its targets for the domestic economy, it faces growing pressure to normalize monetary
The Fed’s Gamble on Surplus Labor
In recent weeks, the US Federal Reserve has adopted a more gradual approach to policy normalization, causing commodity and emerging markets
The Politics of Financial Volatility
The world’s political and economic leaders have ranged far and wide in search of reasons for the recent spike in global financial volatility.
Cheap oil forever? Not so fast.
Oil prices have been a source of great concern for capital markets, yet should we be worried?
After all, the imbalances between supply
Mastering the Fourth Industrial Revolution
Investors worldwide are fretting about global demand conditions, fearing, for example, a potential hard landing in China and the repercussions
How the Fed Just Reduced Inequality
Income and wealth disparities have grown dramatically since the global financial crisis erupted in 2008. But normalization of US monetary
Active managers—reports of their demise are greatly exaggerated
Reports of the demise of active investment management are widespread, with passively managed products surging in popularity. But while many
Is it time to introduce a global currency?
Today’s world is more economically and financially integrated than at any time since the latter half of the nineteenth century. But policymaking
Is It Time for Global Money?
Today’s world is more economically and financially integrated than at any time since the latter half of the nineteenth century. But policymaking
Markets need more than rate cuts, QE and talk
In the latest twist, markets have been rallying on hopes that central banks will ease. That’s odd. After all, it was only last month
Can The Remnimbi Take On The World?
The Chinese have a saying: “Take a second look; it costs you nothing.” This advice is apt in the context of China’s current stock-market
Does stock market turmoil signal the beginning of the next crisis?
In his Pulitzer-Prize-winning book, Lords of Finance, economist Liaquat Ahamed tells how four central bankers, driven by staunch adherence
Today’s Dark Lords of Finance
The unprecedented period of coordinated loose monetary policy since the beginning of the financial crisis in 2008 could have large unintended
Slow Growth For US Interest Rates
The US Federal Reserve’s new policy statement will be widely discussed, as investors seek guidance on when and how quickly interest rates
Investors Have European Rates Story Wrong, Says GAM’s Friedman
The European Central Bank will slow its bond buying program sooner than investors expect as economic data in the region improves, according
What will life be like once central banker “Batman” leaves Gotham?
The rebalancing of global current accounts has been hailed as a major positive development since the financial crisis. But it is in the years
All three arrows of Abenomics need an overhaul
Japanese Prime Minister Shinzo Abe must rethink his Abenomics program in its entirety.
So far, only Abenomics’ third and final arrow,