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Counting on Cash in Cloudy Equity Markets
by David Dalgas of AllianceBernstein,
Equity markets are digesting mixed signals in early 2015, from the divergence of monetary policies, shifting economic growth patterns and currency volatility. Instead of worrying about deciphering these trends, we think investors should focus on individual company cash flows in order to identify companies with strong long-term return potential.
Buybacks Are Not Just an Accounting Trick
by Joseph Paul of AllianceBernstein,
As if on cue, news of record buyback authorizations earlier this year unleashed a torrent of media coverage denouncing them as nothing more than an accounting sleight of hand. We think the reaction has been pretty extreme.
Finding an Oasis in a Bond Liquidity Drought
Let’s not mince words: Liquidity is draining out of global corporate bond markets, and we doubt it’s coming back. But that doesn’t mean investors have to take their chips and go home. In fact, with the right approach, less liquid markets can offer some attractive opportunities.
That’s So Overrated: How Credit Ratings Do Damage
by Jeff Skoglund of AllianceBernstein,
Credit rating agencies are a capital-markets fixture; the ratings they assign to the debt of corporations and governments are widely used by investors as a standard measure of credit risk. But agency credit ratings aren’t perfect—and shouldn’t be a substitute for investors doing their own analysis.
Small Korean Companies Punch Above Their Weight
South Korea’s cultural exports are spreading around the globe. While the country’s corporate landscape is dominated by huge conglomerates, we think small-cap companies stand to benefit most from the world’s growing fascination with all things Korean. It might be time for investors to take a closer look.
For Canadian Pension Funds, It’s Time to Go Global
by Erin Bigley of AllianceBernstein,
Pension funds in Canada have long relied on a simple fixed-income strategy: buy Canadian. And for a long time, this worked wonders. But times are changing, and our research suggests that swapping a Canada-only approach for a more globalized portfolio will provide better risk-adjusted returns in the future.
Deglobalization Redraws the Investment Map
Divergence between economies and financial markets has been a key macroeconomic trend over the last few years, and reflects in part the deglobalization of the worldwide supply chain. We expect the big winners to be countries and regions with large internal markets; the losers will be smaller countries which have yet to move up the export value chain.
In US Small-Caps, Quality Is on Sale
by James MacGregor of AllianceBernstein,
Investors who wanted safety and certainty last year mostly shunned smaller-cap US stocks. As a result, many high-quality names are now on sale. With US growth likely to accelerate in 2015, we think these domestically oriented smaller-cap companies may turn out to be a real bargain.
Beating the Emerging Benchmark Blues
by Morgan Harting of AllianceBernstein,
It’s been another tough start to the year for emerging-market equities, amid growing concern about political risk and economic growth. But we believe the seeds have been sown for a recovery that can best be captured through a selective investing approach to avoid the risks of a benchmark.
It’s Good to Be Better
by Richard Davies of AllianceBernstein,
What’s the real point of having a defined contribution (DC) plan in the first place? That’s the big question US plan sponsors needs to ask themselves. If the answer is helping employees achieve better retirement outcomes, then the DC plan can’t just be good: it’s got to be better.
Alpha Matters More in Muted Equity Markets
by Chris Marx of AllianceBernstein,
In a Wall Street Journal article last week, financial advisors described how exuberant investors had unrealistic expectations for stock market returns after a six-year rally. We think a more pragmatic approach should aim to beat a slower-paced market in an effort to capture compounding returns.
The 11-Year Itch: Waiting for the Fed to Act
by Jon Denfeld of AllianceBernstein,
It was 2004: the New England Patriots won their second Super Bowl, Facebook was launched and the US Federal Reserve raised interest rates for the first time in four years—the start of a two-year cycle of rate hikes. To markets, it seems like a distant memory.
Could the Search for Income Lead to Instability?
Years of quantitative easing has pushed yields on government bonds down to record lows, and income-starved investors are being pushed out the risk spectrum, forced to choose between more volatile assets to find income. Finding acceptable levels of income exposes portfolios to greater instability ahead—we believe a multi-asset approach can help.
Cutting Through the Currency Fog
With the euro sliding deeper against the dollar this week, equity investors have been getting nervous. But why is everyone so surprised when known currency fluctuations derail earnings? In our view, a sharper focus on company exposures can help create a “natural” currency hedge in global equity portfolios.
China’s Reforms: Will They Work?
by Hayden Briscoe of AllianceBernstein,
The internationalization of China’s currency is proceeding hand in hand with the liberalization of the country’s capital markets. If China can surmount its short-term challenges, the impact of these reforms on global economies and markets should be profound.
States Feel Impact of Oil Price Collapse
Crude oil prices have fallen sharply since last summer, a bright spot for American consumers. Major oil-producing states aren’t as happy, because the loss in tax revenue is impacting budgets and economies. Some states will face real hardship; others will emerge relatively unscathed.
Power Surge for Women as Emerging Consumers
What’s the connection between electricity and women? Electricity is an agent of empowerment, able to transform societies and economies in emerging markets. It paves the way to buying home appliances like electric cookers, refrigerators and washing machines, freeing up women from hours of daily housework. In our view, more access to power in developing countries will be a catalyst for more women to join the workforce, leading to huge changes in consumer spending patterns.
Reconnecting with Energy Stocks
by Sharon Fay of AllianceBernstein,
Plunging oil prices since mid-2014 have led many equity investors to shun energy stocks. We think that’s a mistake. By studying the aftermath of previous oil shocks, we believe investors can gain insight to prepare for a possible rebound.
Euro-Area Growth: Reasons to be Cheerful
by Darren Williams of AllianceBernstein,
There are good reasons to be concerned about the medium-term outlook for euro-area growth. But that doesn’t mean the business cycle is dead. We think the conditions for a cyclical rebound in regional growth are currently better than they’ve been at any time since the global financial crisis.
Alternate Current: The Power of Diverse Return Sources
After a long period of calm, global markets now face tumbling oil prices, geopolitical risks and monetary policy changes. Investors looking for new ways to diversify in this uncertain environment should take a long look at investments that don’t take their cues from stock or bond market movements.
Don’t Count High Yield Out in 2015
Fears about higher US interest rates, rising defaults and a multi-month decline in the price of oil have injected a dose of high anxiety into the high-yield market. But we still think investors will be better off this year if they stand their ground and stay invested.
After the Perfect Storm in US Smaller-Cap Stocks
by Bruce Aronow of AllianceBernstein,
Last year was a tough one for US small- and mid-cap stocks, but there’s reason to think 2015 may be different. For investors who trimmed their smaller-cap allocation last year, we think it may be time to consider taking it back to its long-term target.
China’s Millennials: Have Money, Will Travel
by Sammy Suzuki of AllianceBernstein,
China’s millennials are better educated and more affluent than their elders. They also have a serious case of travel fever. Their favored destinations, and shopping habits abroad, could have far-reaching implications for a wide range of global companies.
Detroit Reorganizes. The Muni Market Takes Notes.
Stockton. San Bernardino, California. Jefferson County, Alabama. Over the past few years, municipal bankruptcies (Chapter 9) have captured headlines. Detroit’s case, the largest municipal bankruptcy in history, was recently settled. What have we learned? Here are four key take-aways for muni market investors.
High-Yield ETFs: Don’t Get Fenced In
Few high-yield investors have weathered the recent plunge in energy prices without experiencing at least a few bumps and bruises. But those who relied on broad market exchange-traded funds (ETFs) to gain market exposure are nursing the most serious wounds. Coincidence? We don’t think so.
Worried About US Stocks?
by Joseph G. Paul of AllianceBernstein,
After a jittery January, investors in US equities are gritting their teeth. But even if equities lose some steam after last year’s rally, we think company fundamentals and the interest-rate environment should support a resilient market in 2015.
Obama?s Proposed Tax Hikes: Just an Opening Bid
Over the holiday weekend and in last night?s State of the Union address, President Obama unveiled several ideas he believes will strengthen the country?s workforce, education and infrastructure. He plans to pay for these proposals through corporate tax reform and higher income taxes on people in the top tax bracket.
Connecting to China?s New Equity Plays
Despite a slow start following its launch in November, the Shanghai-Hong Kong Stock Connect share trading scheme has significantly increased foreign access to China equities and created new investment opportunities. Two subsectors are particularly noteworthy for global investors.
Clock Will Be Ticking for Greece?s New Government
Greece is holding early parliamentary elections on January 25. A victory for the anti-austerity Syriza party would probably trigger tense negotiations with the country?s official lenders and fresh volatility in Greek government bond markets. But the expected launch of ECB QE should mitigate contagion to the rest of the periphery.
For US Economy, 2015 May Be a Very Good Year
The US economy shifted into a higher gear in 2014 as growth over the last three quarters averaged 4.5%. With consumer, business and even government spending set to rise, the outlook for 2015 is even brighter?and that should be enough to convince the Federal Reserve to start lifting interest rates.
Rethinking Europe?s Deflation Dilemma
by Darren Williams of AllianceBernstein,
December?s negative inflation print has led to a cacophony of headlines proclaiming that the euro area has finally succumbed to deflation. We think concerns about modest declines in consumer prices are overdone. But the structural weakness of nominal growth remains a major concern.
This Deal Wont Last: Give to Charity Now!
Philanthropic US taxpayers should greet the Tax Increase Prevention Act of 2014 with holiday cheer. The law extends several expired tax provisions for 2014 onlyincluding qualified charitable IRA distributions. But other giving strategies may make some taxpayers merrier come tax time.
European QE Draws Attention to Irish Bonds
Europes bond markets are starting to focus on the potential impact of ECB sovereign-bond purchases. While we expect QE to prompt a further narrowing of peripheral European sovereign-bond spreads, its important to stay focused on country fundamentals when selecting exposure.
Are Bonds Really Less Risky than Equities?
by Patrick Rudden of AllianceBernstein,
Its practically an investing axiom that government bonds are much less volatile than equities. But that depends on how you look at it. In fact, our research suggests that income streams from stocks are actually much less volatile than those of government bonds.
European Small-Caps: Focus on Companies, Not Countries
Growth in the euro area has slowed sharply, but thats not true for all companies in the region. We think worries about Europes recovery may offer investors the chance to buy quality, small-cap stocks for less than they would pay for similar-caliber companies elsewhere.
Pick and Mix: Fresh Ideas for Diversifying Bond Exposure
by John Taylor of AllianceBernstein,
Policy backdrops and growth trajectories around the world are showing increasing signs of divergence. Yet many bond investors continue to congregate in a few selected pockets of the fixed income universe. In our view, its a perfect time to reconsider diversification tactics.
Oil Price Wont Stay Low Forever
If US$80 oil is sustained for a year or more, we think the impact on investment will be significant and the seeds of a future spike in oil prices will have been sown. In our view, its only a matter of time before the market begins to recognize thisand starts to push up oil prices again.
In Energy Revolution, Bond Investors Must Keep Their Heads
A surge in capital expenditures and leverage in the energy industry could end badly for some companies and their creditors. While select opportunities exist, we think bond investors should think carefully before they blindly bankroll todays North American energy revolution.
The Right Fit: Global Bonds and DC Plans
by Alison Martier of AllianceBernstein,
At a time when US defined contribution plans are seeking to control risk and enhance returns, hedged global bonds can improve outcomes for participants and sponsors. But how do plans incorporate global bonds in core menus and target-date funds?
Tinkering with the Core Bond Recipe
by Alison Martier of AllianceBernstein,
This is the time of year when, in almost every American household, the tinkerer in the family eyes the recipe box. Certain venerable traditions will make it to the Thanksgiving table intact. A cousin or an in-law is sure to bring an entirely new dish. And some traditional plates could use some freshening up. Thats the case with core fixed income.
Does Stock Picking Still Work in Emerging Markets?
by Sammy Suzuki of AllianceBernstein,
Many things have changed in emerging markets (EMs) over the last two decades. Markets are more efficient than they used to be. But we believe that developing countries still provide fertile ground for finding stocks poised to outperform.
Results 1,601–1,650
of 1,861 found.
