Infrastructure is seen as an attractive proposition, not only because of its (in some sectors) double-digit returns in a low-yield environment but also because it offers diversification opportunities coupled with reliable earnings and consistent cash flows. Infrastructure can also be used for liability matching and inflation hedging (given that inflation tends to be built into the revenue stream of projects).
Dan Fuss, CFA, vice chair of Loomis Sayles, has always encouraged analysts and portfolio managers to think broadly about their approach to investment analysis. He provided a global analytical framework through his four Ps — peace (or lack thereof), people, politics, prosperity, and adding perhaps a fifth P for policy and the evolving role of central banks — at the 2015 CFA Institute Fixed-Income Management Conference.
Crises create challenges and spark debates that give us mirrors for introspection. Among the many important issues that arose from the 2008 financial crisis is the ever growing focus on short-termism in financial markets.
Increased capital flows to a space with low transparency and distinctly limited opportunities can be the classic setup for a bubble. In venture capital, this is magnified by the boom-or-bust nature of the companies themselves.
Following the announcement of Princeton economist Angus Deaton's Nobel Prize, we asked CFA Institute Financial NewsBrief readers which recipient of the Sveriges Riksbank Prize in Economic Sciences and CFA Institute conference attendee had made the most positive impact on the investment industry.
All the recent market scares have been driven by the same implied menace. Whether it’s another round of anxiety about Greece, another head fake by the US Federal Reserve on raising rates, or fears about China’s economy, investors appear to be nervous about a major correction, downturn, or crash. But what if the real danger were of a very different sort?
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