How long can it last?

11.11.14

Rich Bernstein Financial Times interview: “How long can it  last?”

John Authers of the Financial Times quizzes Rich Bernstein on whether the long bull run for the S&P 500 can continue much longer.

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Special Report - Volatility Update

10.16.14

Special Report - Volatility Update

Broad financial market volatility has resurfaced and investors, as is typical, are running away.

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Stocks vs. Bonds High Yield Munis

9.15.14

Stocks vs. bonds high yield munis

We have argued for several years that the US stock market could be in the biggest bull market of our careers. We don’t think there are many fixed-income asset classes that are attractive relative to stocks. However, high yield munis are very equity-sensitive and offer attractive yields relative to the stock market.

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Is Smart Beta Smart Enough

10.14.14

Is 'smart beta' smart enough?

Investors have become fascinated with so-called “smart beta” strategies. These strategies can be interesting, but they are hardly a panacea that will solve all investors’ problems.

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Toward the sounds of chaos

8.11.14

Toward the sounds of chaos

Stock market volatility is always a scary thing. Investors nearing retirement fear their nest eggs will evaporate. Younger investors saving for a home or a child’s college education fear their families’ futures might be in doubt. However, history suggests that allowing volatility to overrule a good investment plan tends to lead to poor performance. It’s not volatility itself that generally leads to poor longer-term performance, but rather it appears to be investors’ emotional reactions to volatility that ultimately lead to poor performance.

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