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Podcast

Taking Stock of Stock Myths

There is risk in every investment. This episode delves into three specific kinds of equity risks that tend to weigh on investors: home bias, market timing and inflation.

Podcast

Interest Rate Limbo

We investigate why investors might want bonds in their portfolios, even in a low-yield environment.

Journal Article

When Do Bond Markets Reward Investors for Interest Rate Risk?

Fixed-income portfolio managers pay considerable attention to risk/return tradeoffs.

Journal Article

Parallels Between the Cross-Sectional Predictability of Stock and Country Returns

Firm characteristics such as book-to-market ratio, market equity and one-year past return help explain the cross-section of average returns on U.S.

Journal Article

How Much Should DC Savers Worry About Expected Returns?

DC savings analyses typically anchor on long-term stock and bond returns when estimating retirement income.

Journal Article

The Canadian Dollar as a Reserve Currency

A clear reflection of Canada’s relative economic resilience during the global financial crisis of 2007‒2009 is the growth in the share of foreign exchange reserves that other countries hold in Canadian-dollar securities, particularly those issued by the Government of Canada.

Macro Wrap-Up

Pricing Can Do a Number on You

Short-rate pricing has been confusing. We've gotten a lot of questions about why markets have been so aggressive in pricing rate cuts when the economy is doing well, and there haven't been any clear signals that the Fed will ease policy. We look at how investors may misinterpret short-rate pricing and provide some history to put it in context. Unlike last week's, this piece is written entirely in Modern English.

Macro Wrap-Up

Warning: High Trade Voltage

The trade war has continued to be on the top of investors’ minds. This week we look at tariffs as an economic shock. It may very well be the most electrifying wrap-up sent by a quant firm this week on the topic of trade.

Macro Wrap-Up

What to Expect When You’re Brexiting

In many ways, Brexit is like canceling your cable tv service. The main difference is that Brexit is much easier. This week we look at why markets fear a no-deal outcome. It has little to do with the long-term effects of leaving the EU and more to do with the short-term challenges that abrupt changes in regulation create. The EU isn’t offering any promotional packages to keep the UK in.

Macro Wrap-Up

China’s Current Account Endgame

As trade talks grind on, much of the market talk about China has been about short-term measures such as rate cuts and fiscal stimulus. Beneath this, some more important economic changes are occurring: China has gone from being one of the largest current account surplus countries in the world to being close to deficit. Find out why this is happening in this week’s Wrap Up.