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2021: The Year of Rebalancing

April 14, 2021 John Holt, CFA

In just 12 short months, $8.3T flooded into the US Economy and the country is spending much more than current tax revenues allow. The bill will come due, and it will begin to come due soon. 2022 now appears to be the most likely start for tighter policies. […more]

Looking Backward and Forward – Q1 2021 Review

April 9, 2021 Jun Wang, CFA

We stressed in our 20Q4 newsletter that over longer time horizons, since the mid-90s, Large and Growth factors have not consistently generated alpha. This observation was quickly proven true YTD, as Large and Growth significantly lagged Small and Value. While those traditionally defined style factors are helpful in explaining short-term performance, we believe in the long term, it is valuation that delivers alpha. […more]

Does Inflation Actually Benefit Value Stocks?

March 29, 2021 Derek Bergen, CFA

With massive stimulus and deficit spending, rising inflation concerns have become a concern for investors. It is often assumed that higher levels of inflation bode well for the relative performance of value stocks. We explore the relationship between inflation and value stocks and why this link may not be as strong as investors might think.

Navigating allocation decisions in the face of rising inflation requires more careful stock selection than the current set of passive investment vehicles or factor-based alternatives are equipped to deliver. […more]

The Roaring 2020’s

December 11, 2020 John Holt, CFA

The 1999 Tech Bubble was an extraordinary period. “Fundamentals don’t matter” “It’s a tech company, not a manufacturer” “Past a certain point of profitability, there’s zero chance the call options tank back to worthless” However, […more]

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