Weekly Investment Research

Lately I have been receiving a lot of questions regarding the yuan as a real competitor to the US dollar. There is a lot of hype on this topic, written primarily by those who don’t understand the full picture; but … Continue reading →

Steady credit while equity and commodity markets have wobbled recently, credit has remained remarkably steady. Given low spreads and underlying interest rates, credit valuations might seem expensive, especially relative to equities. But we highlight that market-implied default rates suggest investors … Continue reading →

What is “money”? If you go to the Bureau of Printing and Engraving at the U.S. Treasury, you won’t actually see the machines running in overdrive. In an era of electronic money, the Federal Reserve can increase the monetary base (also known … Continue reading →

Depending on their age, investment goals and income needs, investors probably should have an amount roughly equal to emerging-markets' global equity share, or 13%, in their stock portfolios, says George Hoguet, a senior portfolio manager and emerging-markets strategist at State … Continue reading →

Benjamin Graham, the late Columbia professor  and path-breaking value investor, gave some thought to market forecasts. He didn’t dismiss them entirely, but he didn’t place much store in them, either. In his classic, “The Intelligent Investor,” first published in 1949, he acknowledged: … Continue reading →