Practical analysis for investment professionals

Fixed Income


Equity Risk Premium Forum: The Stock/Bond Correlation Switch-Up

"Has the hedge property overtaken the investment property of fixed-income assets?"

ESG Criteria: Global Asset Managers Expand Their Embrace

ESG factors are even more important to global asset managers today than they were a year ago, according to the latest Index Industry Association (IIA) survey.

Fundamental Value Revisited? Three Investing Tips for “Absolutely Crazy” Conditions

What do we do in an environment where fundamentals begin to take a backseat to public policy?

Book Review: Convertible Securities

Tracy V. Maitland, F. Barry Nelson, CFA, and Daniel G. Partlow's book "presents quantitatively sophisticated valuation methods and trading strategies, invoking terms of art that will be new even to many seasoned practitioners."

The Fed Isn’t Bluffing: The Real Threat of an Upside-Down Depression

Paul Volcker restored the Fed's credibility through suffering. The Fed's leadership knows that it must pursue a similar course today.

Book Review: Asset Allocation

William Kinlaw, Mark Kritzman, and David Turkington offer advice on a wide range of asset allocation topics, backing up their recommendations with solid quantitative analysis.

Why Invest in Stocks?

Equities are not necessarily more risky than such "safe" assets as US Treasuries. 

Geopolitical Shock: Regime Change in Inflation and Monetary Policy

As cracks develop along geopolitical fault lines, new barriers could emerge to disrupt global trade.

Time-Varying Risk Premia: Cochrane’s “Discount Rates”

"Discount rates vary a lot more than we thought. Most of the puzzles and anomalies that we face amount to discount-rate variation we do not understand."

Modern Variants of Capitalism, Part 2: Financial Capitalism

In financial capitalism, wealth is transaction-based rather than operational.