Previous Posts

 

Aug 2020 | OCIO Considerations

Investment outsourcing has been increasing rapidly over the past decade, as plan sponsors seek a solution to better manage risk and enhance their investment approach. Investment outsourcing is the method by which plan sponsors (or other large asset owners) shift portfolio management activities to a third party that assumes fiduciary responsibility and operates with either partial or full discretion.

Jul 2020 | Q2 Takeaways

The second quarter of 2020 was dominated by the COVID-19 pandemic and its impact on world health and the global economy. Supported by unprecedented monetary and fiscal policy responses, global stock markets rebounded sharply from dramatic first quarter drawdowns. Nonetheless, equity markets remain volatile due to ongoing pandemic concerns, governmental policies and still significant economic uncertainties. Sovereign yields, and Treasury interest rates in particular, are expected to remain at or near record lows.

Apr 2020 | Q1 Takeaways

The first quarter of 2020 was dominated by the COVID-19 virus and its impact on world health and the global economy. There has been extreme volatility across equity and fixed income markets. By the end of March, dramatic actions by the Fed and other central banks, combined with massive fiscal stimulus plans, resulted in some improvements in liquidity and stock prices with a corresponding tightening in credit spreads.

Mar 2020 | Three Signs of Chasing Performance

Despite the pervasiveness of the “Past performance is no guarantee of future results” disclaimer and the decades of research that support it, investors often behave as though past performance does predict the future. Here we provide three behaviors that suggest when you may be guilty of chasing past performance in making investment decisions.

Jan 2020 | Q4 Takeaways

Global stock markets hit a series of new highs, despite repeated pessimistic headlines. The markets for both investment-grade and high-yield bonds exceeded expectations. Economic and fundamental expectations improved, and were supported by monetary policy.

Oct 2019 | Q3 Takeaways

Despite bouts of volatility along the way, the broad US stock market eked out a small gain during the quarter, extending the longest bull market on record.

Sep 2019 | Stock Market Volatility

After a very strong first quarter and the Fed signaling potential rate cuts, capital markets continued to rise, albeit at a slower pace.

Jul 2019 | Q2 Takeaways

After a very strong first quarter and the Fed signaling potential rate cuts, capital markets continued to rise, albeit at a slower pace.

Jun 2019 | Treasury Yield Curve

After rising for the first two months of 2019, interest rates on 10-year Treasuries are 45 basis points lower than they were at the start of the year, and 60 basis points lower than they were a year ago.

May 2019 | Rolling Returns

Despite modest returns in recent months, trailing average returns of a balanced portfolio (60% ACWI, 40%  US Aggregate) have been increasing as the Financial Crisis fell out of the 10-Year calculation window.

Apr 2019 | Q1 Takeaways

After a very rocky fourth quarter with the Fed putting future rate hikes on hold and fears of a global slowdown subsiding, capital markets recovered in the first quarter of 2019.

 

Mar 2019 | EAFE and Currency

Our chart of the month shows that foreign currency exposure hurt from 1994 to 2000, helped from 2001 to 2007, and has hurt since 2010.

 

Jan 2019 | Q4 Takeaways

Expectations of slower growth, tighter monetary policy and heightened political risks resulted in high volatility and stock market declines.

 

Dec 2018 | Volatility

A chart of the month, we look at the the VIX Index and stock market volatility.

 

Nov 2018 | FAANG Stocks

Companies like Alphabet (Google) and Facebook are now in the new consumer services sector instead of the technology sector. After providing a disproportionate share of the market’s gains in first half of the year, the FAANG stocks reversed course, and contributed to the market decline.

 

Oct 2018 | Press Release

Jennifer Newell, CFA, CAIA assumes the role of President, and Simon Lim, CFA, CAIA assumes the role of Chief Financial Officer.

 

Oct 2018 | Surviving the Next Market Crash Part 2

Stock market volatility returned with a vengeance in 2018. This two-part series looks at creating a long-term game plan that will help you stay disciplined during volatile periods.

 

Sep 2018 | Surviving the Next Market Crash Part 1

Stock market volatility returned with a vengeance in 2018. This two-part series looks at creating a long-term game plan that will help you stay disciplined during volatile periods.

 

Sep 2018 | Anticipating a Recession

Because recession periods are classified after the fact, it is not surprising that economists’ forecasts peak deep into the recession periods (where lines intersect shaded areas). However, their forecasts generally rose in advance of the recessions. 

 

Aug 2018 | Global Equity Markets by Region

Due to outperformance of the stock market and the appreciation of the dollar, the US is now more than 50% of the global equity market (as represented by the MSCI ACWI Index).

 

Jul 2018 | 14 Things to Expect from your Investment Consultant

What should you expect from your plan’s investment consultant? Simple performance reports and perhaps the occasional search?!? Here are 14 services all plans should expect (but don’t all receive).

Alan Biller and Associates is an investment adviser registered with the U.S. Securities and Exchange Commission

© 2020 by Alan Biller and Associates