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Goals change over time, both in their definition and their priority. Financial markets also change over time, requiring investors to periodically revise their family goal matrix and re-examine their choice of ideal portfolios to fund family goals. Like all long-lasting marriages, flexibility is required to keep the investment portfolio in close com...

While global investors have been curbing their home country biases, most remain too heavily invested in their local markets. The authors believe the lowest risk strategy to realize the global equity risk premium is through a market capitalization weighted approach, which eliminates the risk of overweighting a poor performing region.

With interest rates at historic lows, investment strategies that worked in the past may be inadequate for the future. Although the prospects for traditional investments might seem impaired if rates reverse course, other sources of return may be available if one also considers managers versed in long/short investing across multiple asset classes.

Emerging markets have been left behind during the bull run of 2013 as confidence in them has waned during a period of rising interest rates. Understanding the investment opportunity, however, requires a deep dive into the substantial structural differences between emerging markets and developed markets.

Traditional investment managers, looking for a way to boost returns and beat industry benchmarks, have begun to notice that many of the evaluation factors that socially responsible investment managers use also provide valuable insight into the overall financial health and performance of companies.

The process to execute and close deals continues to challenge investors flush with cash. The trend in deal volume over the last several quarters brings this to light. Nevertheless, the M&A community continues to churn with activity as buyers and sellers try to create mutually beneficial outcomes. Whether you are a buyer or seller, the featured ...

In prior rising rate environments, various parts of the municipal yield curve reacted differently based on economic conditions and the pace and scale of Fed activity. An analysis of historical changes in monetary policy shows that in the past three rising rate environments, a hypothetical investor who stayed the course through the tightening ...

Unlike corporations, municipalities are perpetual entities that cannot be liquidated through bankruptcy. Thus, Chapter 9 of the Bankruptcy Code is dedicated to the unique circumstances of municipalities. This report explains the key components of Chapter 9, identifies entities eligible to file, reviews state actions to deter future filings by local...

Rising rates can spook bond investors, since rates and bond values are inversely related. As a result, investors sometimes sell following a sharp price decline, hoping to reinvest as the market recovers, effectively “selling low.”

We believe recent volatility in high yield bonds is largely the result of fund flows – not fundamentals or widespread credit concerns. It is an example of inefficiency in the high yield market, as technicals are important for the short-term but fundamentals matter in the end.

With bonds providing so little yield in today's market, should life insurance be viewed as an investment? Whether or not you view insurance as an "asset class," permanent life insurance is definitely an asset, and it can help investors achieve their long-term financial goals. Thoughtful coordination of insurance and invest...

With broad equity markets performing exceptionally well over the last five years, there has been much debate over the benefits of active versus passive investment strategies. As strong proponents of fundamental investing, we have long believed that well-executed, actively managed strategies outperform passive index-based approaches over full market...

This article addresses the nature and causes of low volatility, what developments might upset market equilibrium, what history tells us about this phenomenon, and how investors might prepare for periods of greater fluctuation in asset values.

For the five years ending in 2013, U.S. public equity markets returned between 16% and 23% annually. In one of the strongest ever periods for equity markets, investors' portfolios benefitted from core equity investments while allocations to anything else became a drag on performance and an opportunity cost for portfolios. Alternativ...

The paper discusses how many advisors and high net worth clients view life insurance as an expense as opposed to a dynamic asset that requires constant monitoring, analysis and periodic decision-making to give it the best opportunity to perform as it was intended. Included are some case examples of real life situations and once read can provi...