2.28.11

The Importance of Beta Management

2008's bear market has led investors to increasingly focus on absolute returns rather than relative returns. However, investors continue to judge manager performance based on relative performance despite the change in their performance goals. That seems inconsistent and self-defeating to us.

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1.31.12

2011: The U.S. Year

The market generally proves the consensus wrong, and 2011 certainly adhered to that historical precedent because the consensus "must owns" at the beginning of 2011 generally underperformed during the year. What is somewhat startling to us, however, is that conviction has yet to be shaken. The consensus continues to favor commodities, emerging markets, and "any-bond-but-treasuries".

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12.17.10

USA Today - 15th Annual Investment Roundtable

Experts agree: get over your fear and get back into stocks. Originally published in USA Today on December 17, 2010.

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12.14.10

Barron's - New Gig, Old Approach

Interview with Richard Bernstein about his new firm, and the newly launched Eaton Vance fund. Originally published in Barron's on December 6, 2010.

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11.17.10

Four Things you probably don't know

We continue to believe that we are in the earlier phases of a much more normal bull market than most investors realize. By our reckoning, stock markets have four phases:

 

1. Denial: The bull market can’t happen. Shouldn’t be happening. Won’t continue.

2. Acceptance: Fear of missing out leads investors to increasingly participate.

3. Brainwashing: New investment world. The bull market is never going to end.

4. Bear market: The end of investing as we know it.

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12.7.10

Eleven Themes for 2011

Here are our eleven investment themes for 2011. Each of these is either specifically or generally embedded in our investment strategies.

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9.30.10

Investing with an eye on the future

Pretend for a moment that it’s 2001, and that you are reading this report in the midst of the deflation of the technology bubble. It is likely that the most important investment question on your mind is, “When will technology stocks rebound?” You are also probably quite content to continue your strategy of buying and holding US stocks because you have read so much about how those stocks will outperform for the “long run”.

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9.16.10

Non-US groups reaped fruits of Bush tax cuts

Continuation of the Bush tax cuts has been the subject of much discussion in US political and economic circles. Those on the right object to most forms of increasing government revenue, while the left wants to narrow disparities of income and wealth.

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