Asset Allocation

Don’t Hate the Asset; Hate the Constraint

What role do bonds play in a portfolio today? We explain why it all depends on investors’ ability to own them in a capital efficient way.

Macroeconomics

It’s Not a Bound; It’s an Opinion

In the second paper of our “Bonds Today” series, we review the popular belief that bond yields are too close to zero to fall much further and then explain why we disagree.