Portfolio Insights

Where Do High Stock Returns Come From?

Through the first quarter of 2018, the post – WWII annualized, real (inflation-adjusted) compounded total return on the S&P 500 has been 7.57%. This is an extraordinarily high real rate of return, handily beating bonds, commodities,…
Read more

Does ESG Investing Reduce your Expected Returns?

Many investors today are increasingly looking at more than just risk and return in their portfolios – they are also hoping to make a positive “impact” with their investment dollars. This has led to an explosion…
Read more

Here’s a Little T.I.P. for You

Everything, they say, has its price. Well perhaps not family, love or friendship but certainly most things do! And it turns out that even money itself has a price – and we refer to that price…
Read more

Welcome Back Volatility, Our Old Friend

Well that was exciting! Until this month’s ~10% “correction” in world equity markets, volatility had fallen so far below historical averages that stock market movements had almost begun to resemble the relative tranquility of fixed income…
Read more

Do Bonds Make Sense in a Rising Rate Environment*?

You may have noticed that interest rates around the world have generally moved higher over the last few months. Predictably, this has encouraged certain investment “gurus” to issue increasingly vocal warnings to fixed income investors to…
Read more