Year Ahead: 2019-Part II: Fundamentals Ultimately Rule

We think it’s better to position our portfolios based on 2019 fundamentals than structuring them by looking backward at December 2018’s volatility.

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Year Ahead: 2019-Part I: High Anxiety?

Public policy can be corporate-friendly or corporate-unfriendly.  But what if it's corporate-uncertain?  Then investors are faced with volatility.  Part I of our Year Ahead investigates the current corporate-uncertain environment. 

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Debt, Deficits, and Decay

The US government's debt problem isn't new.  It has been steadily growing for nearly 40 years, and growing interest expense has secularly weighed down domestic economic growth.  Why has this happened and how do we fix it?

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The realities of diversification

Most investors purchase insurance for their homes, vehicles and health, but rarely expand the practice to their investment portfolios. At RBA, we diversify our portfolios using negatively correlated asset classes, but just like insurance, it comes with a premium.

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Looking for risk in all the wrong places

Investors seem overly concerned about equity market volatility, but ignore the growing risks in fixed-income and seem oblivious to the bonds’ already multi-year underperformance. One might say they are looking for risk in all the wrong places.

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Charts for the beach - 2018

Don’t leave home without your summer essentials: sunglasses, sunscreen, towel and RBA’s Charts for the beach.

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Overheating Ahead

Investors appear to remain oblivious to how high inflation already is in the US relative to inflation rates around the world. With Washington DC policy overtly pro-inflation, investors need to be positioned for the overheating ahead.

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Ignore the Tweet, Invest for the Meat

Investing based on short term-market gyrations and noise from the 24/7 business news cycle rarely drives alpha. At RBA, we’d rather invest dispassionately based on market fundamentals and focus on longer time horizons.  Remember to ignore the Tweet and invest for the meat.  

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