Practical analysis for investment professionals

Drivers of Value


Galbraith: Visible Hand Is the Biggest Risk for Investors, Equities Are the Best Opportunity

“I’m a stock investor and express my views in individual securities, but I think some things have changed,” Steven Galbraith, managing partner at the hedge fund Herring Creek Capital, said at the 15th Annual Equity Research and Valuation Conference conference in Philadelphia. “You can no longer just look at the micro,” Galbraith said. “The visible hand and policy blunders are the primary risks for investors today.”

Global Market Sentiment Survey: The Needle Is Moving!

Good investments arise when one identifies a disconnect between the expectations of the market and the underlying reality. Yet, getting two investors to agree on specific opportunities or risks is sometimes a Herculean feat.

Individually, investors employ a wide range… READ MORE ›

Talking Macro, Fixed Income, and the Strategic Alpha Bond Fund with Loomis Sayles’ Matt Eagan

Loomis Sayles is undeniably one of the pre-eminent names in the world of bond funds. While the big name at Loomis Sayles is the lead manager Dan Fuss, CFA, co-manager Matt Eagan, CFA, plays a crucial role in managing the Loomis Sayles Bond Fund and other funds.

Alternative Investing: The Little Blog of Start-Up Hedge Funds

Ted Seides, CFA, shares 10 lessons he has learned from investing in small and start-up hedge funds.

Will Argentina Default? It Hangs On a Judge in New York City

To understand why a judge in New York has to force Argentina to pay its sovereign obligations, we need to go back to 2002, when Argentina defaulted on its debt.

Is New York City Real Estate in Recovery? (Podcast)

The New York real estate market has seen improvements which, in many ways, reflect the global market.

Fixed-Income Strategy: What’s Jeffrey Gundlach Doing?

Few bond fund managers attract as much attention as DoubleLine Capital’s Jeffrey Gundlach. I am always anxious to see portfolio changes made in this fund, and I recently had the opportunity to take a close look at the fund holdings, which can give some valuable insight into how fixed income investors might consider positioning their portfolios.

Dilemmas in Responsible Investment: Lessons from the Lonmin Strike

While all investors are concerned with the risk and return of investing, some are also concerned with social and environmental impact of their investments. Céline Louche discusses the dilemmas these investors face.

M&A Trends: Are Business Owners Able to Sell? (Podcast)

Andrew Greenberg discusses whether a trend of small business owners selling their firms will emerge in advance of the election.

Mortgage REITs: Does Doubling the Leverage Make Them a Good Investment?

Having recently passed the four-year anniversary of the Lehman Brothers collapse, it’s tempting to believe that our economy and capital markets have learned from their mistakes. Nevertheless, every now and then Wall Street reminds us that it has “fallen off the wagon,” and reverted back to scary old ways of the bad old days. One of those old tricks is to add unnecessary leverage to assets that may not be safe to begin with.



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