Whitepapers

How quickly the world can change! 2020 serves as a reminder of the dramatic market swings that are possible over short calendar year periods. The year began with the markets collapsing as the scale of the global COVID-19 pandemic took shape. This was followed by massive global economic stimulus and eventual vaccine optimism, producing a sizeable market rally by year's end. We examine the underlying macroeconomics at play during the year and the likely implications for the markets going forward. Among them, we note that potential volatility due to continued global capital flows may have implications for investors. We close with a discussion...

Global Macro practitioners can be divided into two camps: discretionary and systematic. Discretionary practitioners develop a top-down macroeconomic view and engage in concentrated positions based on discretionary assessments of fundamental data such as GDP, exchange rates, inflation, debt levels, and supply-demand dynamics....

Investors have asked us this question given the lackluster, and frankly disappointing, performance of many of their Trend managers prior to 2019. Industry observers have opined on this as well, and they sometimes attribute disappointing performance to things like: too much capital in the strategy, lower levels of overall market volatility, the effects of quantitative easing, and myriad other reasons. We decided to conduct some research and draw our own conclusions. Here's what we found...