Insights

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...

Can you be a responsible investor and still live up to your duties as a fiduciary? Recent regulatory developments from the U.S. Department of Labor (DOL) would lead one to believe investors have to make a choice and if that choice involves non-pecuniary vehicles then such investments would be prohibited. The recent guidance gives financial risk and returns primacy over any other factors, such as ESG investing, and went so far as to recommend barring ESG considerations from investment decisions by pension funds. I believe the DOL has this wrong. Responsible investing strategies don’t need to come at a cost. We...

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....