Along with risk assets across the board, the high yield market is currently undergoing a dislocation the magnitude of which occurs only once every decade. Uniquely for high yield credit, returns can be scenario-tested based on dis...

While it is, of course, a cliché to say that markets are driven by fear and greed, like many clichés this one contains a strong element of truth. The bad news for us humans is that within our brains, emotion appears to have primac...

We believe that COVID-19 need not materially change the fair value of equity markets. We continue to follow our long-term, patient, valuation-sensitive process, and stand ready to act as liquidity providers to capitalize on market...

The conventional 60/40 portfolio of today is not going to generate the kind of returns that investors say they need. Investors must seek to embrace the terrifying concept of being different. As the ghosts of many great investors p...

J.P. Morgan, benchmark provider for the GBI-EM series of local debt benchmarks, has begun the long-awaited phased inclusion of Chinese local government bonds into the GBI-EMGD benchmark. This is a very significant development for ...

While the passive balanced portfolio (60% stock/40% bond) has outperformed more diversified allocations over the last decade, we believe investors should temper their expectations for a repeat. Two key problems lie ahead for such ...

The Bloomberg Barclays U.S. Aggregate index, aka the “Agg,” is taking an aggressive stance on risk. While it seems counterintuitive to claim that a passive instrument is taking an aggressive stance on anything, that is the nature ...

In today’s society people are choosing to have fewer children, and delaying having children at all into later, less fertile years. These two factors have driven fertility rates below replacement level in most of the world, but a c...