Beyond Bulls & Bears

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European QE: Has It Been Worth the Effort?

Now, we feel the time is right for a further shot in the arm. In our view, it’s not a question of whether the ECB will extend QE, it’s a question of when: Will the announcement come in October or December?

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Perspectives

Hasenstab Sees Once-in-a-Multi-Decade Opportunities

There are a handful of countries that are being caught up in the current market turmoil that we think are the diamonds in the rough—multi-decade opportunities, once-in-the-history of some of these countries—opportunities.

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I Know What You Missed This Summer

Volatility doesn’t necessarily mean bad news for active investors; on the contrary, we believe it opens up doors for those brave enough to take positions on in a longer term view.

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Rising Rates and the Case for Leveraged Loans

For certain investors—in particular pension funds and insurance companies that tend to follow a more cautious investment strategy—the extended period of record or near-record low US interest rates has been a thorn in the side.

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Global Economic Perspective: August

We believe sound headline job creation figures point to rate increases by a [US] Fed that would like to begin to ‘normalize’ monetary policy when possible. The US economy is no longer in the emergency room, as it was in December 2008.

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Searching for Natural Hedges Against Interest-Rate Risk

We have found that historically over time, interest-rate moves don’t often play as large of a role in a broadly diversified fixed income portfolio as one might think.

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European Drama Hasn’t Derailed US Growth

We believe headwinds to growth have been easing and what the current leg of the US expansion has perhaps lacked in intensity may very well be made up for by a transition to a more durable or lengthy expansion.

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Global Economic Perspective: July

All in all, recent data would seem to confirm the Fed’s view that first-quarter 2015 weakness was 'transitory' and that the US economy regained its footing in the second quarter, perhaps setting the stage for a more robust second half of the year.

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Eurozone Looks to Heal Its Greek Crisis Rifts

Bringing eurozone countries closer together will be the focus of the region’s leaders for the next couple of years. So, if we have another crisis in the region, hopefully this drawn-out, painful scenario isn’t repeated.

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China: Searching for a New Equilibrium

Overall, based on our detailed analysis, we believe China will remain on course … while the economy shifts toward consumption, services and higher value-added manufacturing. This could have important implications for the global economy.

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Eurozone Contagion Fears Flare as Greek Crisis Enters Crucial Phase

We should not forget the long-term focus of our investments. The overall fundamentals in Europe haven’t changed, and remain positive in our eyes.

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In the Know: Fed Policy and Fixed Income

As fixed income investors, we have to build more tools and use different types of tools when managing our portfolios, allowing ourselves to remain more liquid in some of our short-term investments in order to keep what we believe to be a prudent level of risk given the changes in liquidity in the marketplace.