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Asset Allocation Strategies

Mar 07 2023

Times Are Still Tough For “Timing”

  • Mar 7, 2023

YTD, passive strategies are again ahead of most attempts at timing, though we still believe that asset allocation success over the next several years will require much more use of the latter.

Feb 07 2023

Emerging Markets: Watching Closely

  • Feb 7, 2023

Foreign stocks have been leaders off last fall’s lows, but not by a big enough margin to flip our Emerging Market Allocation Model to a bullish stance. The model factored into our general avoidance of EM equities the last several years; now January’s action has us on alert that the outlook may soon shift.

Jan 04 2023

2022 Asset Allocation Review

  • Jan 4, 2023

We’ve heard for eons that “Low bond yields justify high equity valuations.” Value-conscious investors might have described this conundrum another way: “Low future returns in one asset class justify low future returns in another.” (Mysteriously, only the first rendition became a CNBC catch-phrase.)

Dec 07 2022

“The Streak” Is In Jeopardy…

  • Dec 7, 2022

With less than a month to go, our hypothetical All Asset, No Authority (AANA) Portfolio seems likely to beat the S&P 500 on an annual basis for the first time since 2011. However, it’s doubtful that many real-world, institutional multi-asset portfolios were as heavily exposed as AANA to the best-performing assets—commodities and gold.

Nov 05 2022

Bonds: Not A Four-Letter Word

  • Nov 5, 2022

The bond market bubble has popped, and forward-looking Treasury returns are no longer a disaster. We aren’t suggesting one pile into them with yields near 4% and inflation around 8%, but we think they have suffered a much more substantial de-rating than large-cap stocks.

Oct 07 2022

Cash, not Charles, is Finally King

  • Oct 7, 2022

Diversification has acquitted itself poorly in precisely the type of rough patch its proponents have been hoping for. So have some popular market-timing strategies, unless one has applied them across multiple asset classes.