Insights: Fresh off the monitors

 

Go behind the scenes of our investment strategies, market research, & important topics that come up in conversation throughout the week.

Blog Nathaniel Hoskin Blog Nathaniel Hoskin

How institutional investors are navigating 2023

At the start of this week, Tim and I attended one of the most prolific hedge fund conferences in the nation. We got to hear from billionaires like Paul Singer, C-Suite & Directors from Goldman, Citi, and JP, and the Chief Investment Officers of Apollo Management, Bridgewater, and other massive funds. Here’s what they said about 2023 and how they are navigating.

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Blog Nathaniel Hoskin Blog Nathaniel Hoskin

Changes to 401(k)s & Other Employer-Sponsored Plans

The 2023 omnibus spending bill, formally called the 2023 Consolidated Appropriations Act, included a significant number of changes for employer-sponsored retirement plans. These changes are referred to in the CAA as “Secure 2.0”, here are the highlights.

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Research Brandon Bertnick Research Brandon Bertnick

Bond Indicators for 2023

Understanding the changes in bond prices and their relationship to other economic indicators can help us make two vital decisions when allocating a fixed-income portfolio. First is credit quality, which can be gauged by changes in the investment grade option-adjusted spread (IG OAS) or the high yield option-adjusted spread (HY OAS). The second decision is duration, which adjusts the interest rate risk within the portfolio. Duration decisions can be informed by movements of the 10-year Treasury yield, Bank Prime Loan Rate, and the 10-Year Breakeven Inflation Expectation. Based on our backtests and qualitative research from other sources, we have identified nine indicators that can educate how one might allocate a fixed-income portfolio in any given market environment.

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Research Bennett Fees Research Bennett Fees

Timely Macroeconomic Indicators for 2023

Amidst the consensus that an economic downturn is soon arriving, this paper puts forth six indicators to predict when the next recession will start, understand when it is occurring as well as confirm when it has ended. By focusing on indicators with a shorter leading interval, an estimate for when a recession properly starts should be forecasted two to three quarters in advance, an understanding of when the recession has started within one quarter, and confirmation of when it has ended within three to four quarters.

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