European Small Caps: A Too-Often-Ignored Opportunity

I once asked a bond manager if he had ever held a bond that went into default. Without missing a beat, he replied, “That’s entirely the wrong question. What you should ask me is whether I’ve ever sold a bond at less than 50 cents on the dollar.”

He was absolutely right. I had asked about technical default, and he reminded me that the risk event I sought to identify (i.e., price collapse) takes place when the market perceives the “chance” of default. The lesson was clear: You need to know your subject, but more importantly, you need to ask the right questions.

Outlook for 2019 | The Measure of All Things

Last year, our annual outlook publication, Confronting the Unknown, focused on risk: how we define it, how we measure it, and what we saw as the major risks facing investors in 2018. The discussion, unfortunately, was timely given the market volatility we experienced last year. Two of the five risks we highlighted—the risks of rising interest rates and heightened global trade tensions—were top of mind for investors throughout the year.

Outlook for 2019 | The Measure of All Things

Last year, our annual outlook publication, Confronting the Unknown, focused on risk: how we define it, how we measure it, and what we saw as the major risks facing investors in 2018. The discussion, unfortunately, was timely given the market volatility we experienced last year. Two of the five risks we highlighted—the risks of rising interest rates and heightened global trade tensions—were top of mind for investors throughout the year.

Outlook for 2019 | The Measure of All Things

Last year, our annual outlook publication, Confronting the Unknown, focused on risk: how we define it, how we measure it, and what we saw as the major risks facing investors in 2018. The discussion, unfortunately, was timely given the market volatility we experienced last year. Two of the five risks we highlighted—the risks of rising interest rates and heightened global trade tensions—were top of mind for investors throughout the year.

Investment Perspectives | Diversification

Last month’s sudden stock market “correction” serves as a vivid reminder that prices can move down at least as easily as they move up. While some investors were mystified by the severity of the pullback in the absence of meaningful incremental news, others argued that the pullback was long overdue, given the extended rally in what now has become the longest-running bull market in modern history.

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