This month marks the two year anniversary since the launch of the Climate Change strategy, and in that time we have learned a lot about how investors think about incorporating its benefits into their overall portfolios. The paper ...

The inclusion of five Gulf Cooperation Council (GCC) countries as of January 2019 into the benchmark EMBIG index represents one of the largest onetime index adjustments in recent memory. By the time the GCC countries are fully pha...

Modern Monetary Theory (MMT) seems to provoke a visceral reaction amongst the ‘mind guards’ of standard economics. Taking the opposite side of the debate, James Montier notes that in his experience, MMT provides a much more accura...

Economists often seem to obsess about productivity. The stagnation of growth and incomes is often blamed on poor productivity growth. Some think that this decline is proof that innovation is over, and that we are trapped in a worl...

2018 was a lousy year for almost all assets, with no major asset class around the world able to keep pace with U.S. Treasury Bills. The poor returns have a silver lining, however, in that today a number of asset classes are priced...

Valuation metrics for external emerging debt reveal an asset class that is much more attractive than it has been in recent years, due in large part to a significant sell-off in sovereign credit spreads in the fourth quarter of 201...

A new model suggests that from early 2017 through much of 2018, the U.S. stock market was a bubble. Driven by negative changes in sentiment, the bubble started to deflate in the fourth quarter of 2018, in spite of strong fundament...

Even when markets appear expensive – as many do today – it is possible to invest responsibly in equities if you have a strong stock selection process. Active stock picking, declared dead over and over during the formative years of...