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Third Quarter 2017 Research Call Replay

Oct 19, 2017 / Investment Commentary, Portfolio Updates

This is a replay of our third quarter 2017 Litman Gregory research team webcast, held October 19, 2017. Topics covered (among others): the global economy, stock valuations, alternative strategies, and our latest manager due diligence. The presentation slides are available at the bottom of the page under Resources.

 

Audio of the full call:
 
Third Quarter Recap and Market Overview with Peter Sousa, Director of Portfolio Strategies:
 
What is your outlook for China (and other emerging-market countries more broadly), the United States, and the eurozone?
 
Are the Federal Reserve's announced plans to reduce their balance sheet over time in line with your thinking, and do they imply increasing pressure on growth over the next five quarters?
 
The U.S. economy posted 3% growth this quarter. Do you expect U.S. equity valuations to expand, contract, or maintain current levels? What scenario in your opinion would result in equity valuations expanding from here?
 
Why not use an indexed managed futures product, as opposed to three single active managers, if your long-term goal is the capture of the "beta" of the asset class?
 
Regarding the North Korea situation, what market reaction would we expect if we shoot down a missile? If they shoot down a jet?
 
What is the intermediate- to long-term view on Europe's economy, particularly Western Europe, given the aging population and vast increase in mass migration into those countries over the past few years?
 
Do you have an update on the due diligence you've been conducting on Guggenheim Investments since the internal turmoil at the company seems to have picked up substantially? Are there any other managers on your watchlist and how close are you to completing your work on them. 
 
All else being equal, with expensive assets getting richer, do portfolios have a greater likelihood of violating their 12-month downside loss thresholds, or does the impact from the eventual fall from higher prices depend on correlations among the major asset classes when it happens? Do you continue to put new client money to work in this environment?
 
Are there market factors driving the outperformance of diversified arbitrage versus event-driven year to date, or is it just a short-term difference in manager performance?

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