Practical analysis for investment professionals

liquidity


Rising Illiquidity in Bond Markets: What Does It Mean for ETFs?

Post-financial crisis, the volume of outstanding bonds has grown. At the same time, however, consolidation among banks and broker/dealers has cut the number of market makers, and new regulations have reduced the capital these companies can commit to fixed-income inventories.

Over-Rated: Do Fund Asset Classifications Tell the Whole Liquidity Story?

Investors and advisers need to broaden and deepen their levels of analysis to get a better handle on liquidity risks. They may be drawn to the apparent certainty of putting funds into a small number of boxes, buckets, or categories, but this may prove to be a false comfort.

Best of 2015: Stories for Investors

Jason Voss, CFA, shares his choices for the best stories for investors in 2015. These range from central bank influence on the economy, changes afoot in China, the preeminence of demographics in explaining future economic states, the current state of finance, and even news in quantum physics!

Top Five Articles from November: (Un)Passive Management, the TPP, and Inflation

Leading posts from November include the latest installment in the Dumb Alpha series by Joachim Klement, CFA; a Trans-Pacific Partnership (TPP) reading list compiled by Larry Cao, CFA; and an analysis by Jason Voss, CFA, of the potential for a flash crash caused by the confluence of quantitative easing (QE), currency market structure, and other factors.

The Effects of FX!

Ronald G. Layard-Liesching outlined a startling and complex thesis at the recent 2015 CFA Institute Fixed-Income Management Conference in Boston.

What Is the Relevant Time Period for Your Investment Portfolio?

In our job as professional investors for others as well as personal stewards for ourselves and our families, we try to do something today that will have a future beneficial result. This is easier said than done. To accomplish our goals we need to answer two basic questions: What Are We Doing? Which Future?

Weekend Reads for Global Investors: To QE, or Not to QE?

In another perfectly normal week, the Fed decided to end its QE program and BOJ to expand their version of QE. Who is right and who is wrong? And why? We combed through the web to find some answers for you.

Weekend Reads for Investors: Burn Notice

The current bull market has been led of late by an increasingly small band of stocks, principally from the technology sector, and such narrow market breadth should be cause for concern for all but the most intrepid of investors.

Six Probable Investment Mistakes

The job of good analysts is not merely to be detailed reporters but to be looking for future changes or, more likely, mistakes from which to benefit.

Nobel Laureate Robert Engle on VaR, Systemic Risk, and Liquidity

Nobel laureate Robert Engle discusses the development of the ARCH model, the global financial crisis, systemic risk, and forecasting liquidity with ARCH models.



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