A Price to Pay

A Price to Pay

You’re driving down the highway with a speed limit of 60 MPH. You’ve set cruise control to 67, the sweet spot where you probably won’t get pulled over, and if you did, the penalty may just be a slap on the wrist.     There’s no traffic, and you’ve zoned out listening...
A Price to Pay

2021 Consensus Market Themes

You Have to Know Where You’ve Been to Know Where You’re Going   The profile of the global equity market through the current recession has, so far, been more extreme than most cycles. The market fell into a recession much faster than average (the fastest since...
A Price to Pay

The Math of Holding Too Many Bonds

We thought AQR did a great job describing the history of hedges and the high cost of carry. Their conclusion is that hedges have proven too costly to be worth using. But what about the cost of owning bonds? Isn’t that where we are now? Surely a retiree portfolio is...