The following pieces reflect thoughts and perspectives that we found to be insightful.
With negative real rates on government debt, fat tails in volatility and liquidity and positive correlations between risky and risk-free assets, investors need to re-think portfolio construction. The recent experience of markets has taught us a few lessons. The first is to use a barbell strategy. ...
Read ArticleThe first three months of 2020 presented difficulties that were unlike any other, and though we were relieved to have navigated the volatility as we did, it gave us little comfort knowing the tremendous and indiscriminate toll COVID-19 had taken, and will continue to take, on people the world over....
Read ArticleIn our March report, we outlined the breadth and depth of the early-2020 financial-market collapse and detailed the unprecedented scope of U.S. monetary and fiscal policy response. In our April report, we examined performance and prospects for gold equities. In this report, we present our perspectiv...
Read Article