|
|
Advisor Perspectives
Insights into the world of high- and ultra-high net worth investing
October 7, 2008- Vol 2, Issue 41
|
|
|
|
|
|
|
|
Harvard, Yale, and other top endowments have
generated impressive returns over the last couple of decades. A new
study examines the secrets to their success - it is more than just asset
allocation - and explains why their performance will be hard to duplicate
in the years ahead.
American Century Investments' fixed income team provides a comprehensive analysis of the economy, including
their forecast for consumer spending and the trajectory of the housing
market. They discuss how they are adjusting their portfolios in
response to market conditions. We welcome their sponsored content.
The impact of the credit crisis in emerging markets is very different from
developed economies. We speak with Mark Madden, who has 25 years of
experience managing emerging market portfolios, about the investing themes that are likely to succeed in
emerging markets.
Nassim Nicholas Taleb, author
of The Black Swan: The Impact of the
Highly Improbable, was the keynote speaker at this year's FPA
conference in Boston. As you might expect, he says the black swan phenomenon was at the heart of risk
management errors that led to the credit crisis.
Ron Surz provides his award-winning commentary
on global market performance for the third quarter. It's
not an upbeat picture, but Ron shows the few segments of the market that
did well, and discusses how overly aggressive target date glide paths impacted portfolios for those
nearing retirement.
Lastly, we highlight some recent Advisor Market Commentaries.
If you are experiencing problems opening or navigating through our
newsletters, we can send you a text-only version. Please send an
email to feedback@advisorperspectives.com requesting the
"text-only" version.
If you have received this newsletter in error, or you do not wish to
receive future newsletters, please use the "Safe Unsubscribe"
button at the bottom of this email.
|
|
|
|
|
Why It's Hard to Copy Harvard and Yale
|
|
A new study documents the impressive performance of top endowments.
It also shows that such performance cannot be explained by just asset
allocation or the use of alternative investments. Other factors
contribute to the performance of top endowments, which advisors and
investors will find much more difficult to emulate.
Read the article
|
|
The
Credit Crisis and Repricing of Risk, One Year Later
|
|
A year after 2007's stormy "Summer of Subprime" and the damaging
credit crisis waves it spawned, the investment community has been tossed
and turned again by new credit and financial storms. The American Century
Investments Fixed Income team discusses what they saw then, how they
positioned their fixed-income portfolios over the last year and what they
see coming next.
Read the article
|
|
The
Global Credit Crisis and Emerging Markets
|
|
The credit crisis, an impending recession, and fears of escalating
inflation are crippling growth prospects in developed economies. Rather
than settling for meager returns in these markets, investors should be
aware that over the next several years emerging market equities will likely
outperform their developed market counterparts, says Mark Madden, lead
portfolio manager of Ninth Wave Capital, a Boston-based global emerging
markets fund.
Read the article
|
|
Nassim
Nicholas Taleb: How to Live in a World of Black Swans
|
|
In his keynote speech at this year's FPA conference, Taleb discusses the
role of "black swans" in the current credit crisis. He
offers his own investment advice, which is to use barbell portfolios that
distinguish between risky and risk-free components, and to be on the
lookout for positive black swans.
Read the article
|
|
A
Decrepit Decade Just Keeps Getting Worse
|
|
Industry consultant Ron Surz dissects global market performance for the
third quarter, beginning with the fact that the current decade is likely to
be the worst performing decade - ever. Ron examines performance by
market cap, style, sector, and region, along with examining hedge fund and
target date returns.
Read the Article
|
|
Highlights
from Advisor Market Commentaries
|
|
We highlight recent submissions to Advisor Market
Commentaries:
Phillipa Dunne & Doug Henwood of the Liscio Report were kind enough to
allow us to republish one of their recent articles, which shows how other
governments have dealt with their own credit crises.
Read the Commentary
John Mauldin provides data illustrating the damage that has been done to
the credit system, and defends his thesis that the economy is headed for
deflation, not inflation.
Read the Commentary
|
|
Advertise
in Advisor Perspectives
|
|
Our newsletter goes to over 65,000 RIAs, wealth managers, and financial
advisors. See how you can deliver your message to our sophisticated
audience.
Read more
|
|
Advisor
Perspectives
Box 380
Lexington, MA 02420
(781) 376-0050
|
|
|
|
|
|
