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In-depth investment research and commentary from Litman Gregory and our Research Alliance

Feb 28, 2017 Research Alliance Elusive in 2016, Alpha Could Return and Reward Patient Investors

MFS: While elusive in 2016, investors will need alpha in the future, as we’re likely to experience rising volatility, more uncertainty and lower returns.

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Feb 28, 2017 Research Alliance A Tour of Creative Destruction in the United States

Gavekal Capital: In the year 1900 New York City was home to one horse for every five people. Horses played a key role in society from transportation to manufacturing to employment.

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Feb 27, 2017 Research Alliance The Reflation Trade Is Full of Hot Air

MFS: It is not clear that the Trump administration will be able to deliver reflationary policies and an increase in economic momentum commensurate with current market pricing.

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Feb 27, 2017 Research Alliance Did 2016 “Steal” 2017 Returns?

Morgan Stanley Investment Management: Although some pundits have ascribed the recent market rally to the Trump victory, what really changed was the upcoming earnings inflection—even before the election. Historically, the fourth quarter is seasonally strong for equities, and 2016 was no different.

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Feb 23, 2017 Research Alliance The EDGE—Case Study: CRISPR

Morgan Stanley Investment Management: Clustered regularly interspaced short palindromic repeats (CRISPR) is a new tool for genetic research that allows scientists to locate specific segments of DNA and then replace or delete those segments. It enables scientists to alter organisms for either therapeutic or research purposes, both before and after they have developed. For investors, it has the potential to birth new industries and disrupt existing medical treatments.

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Feb 23, 2017 Research Alliance Playing Defense in High-Yield

MainStay Investments: Income is still hard to come by, and that challenge is now compounded by the very real threat to principal, experienced in a rising rate environment. Suddenly, volatility matters.

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Feb 22, 2017 Research Alliance Municipals: Location, Location, Location

MainStay Investments: It turns out that location applies to more than just real estate. Location matters for municipal bond portfolios, too, according to David Dowden, Portfolio Manager at MacKay Municipal Managers (subadvisor of several MainStay Funds).

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Feb 22, 2017 What's So Good (and Bad) About a Strong Dollar

There is no shortage of headlines discussing the U.S. dollar’s rise. Whether the results are broadly positive or negative depends on the reasons for strength and how high the dollar rises.

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Feb 15, 2017 Research Alliance Largest Monthly Gain in U.S. Core-CPI Since March 2006

Gavekal Capital: CPI excluding food and energy (core-CPI) increased by 31 bps in January for the largest one month increase since March 2006.

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Feb 15, 2017 Research Alliance Convertibles: Sharp Handling of the Trump, Dow 20,000 Turns

MainStay Investments: We recently caught up with Portfolio Manager, Edward Silverstein, of the MacKay Shields’ Convertible Bond Team, who advises a 2016 Lipper Fund Award winner, MainStay Convertible Fund.

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