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Jul
2020
By Poorvi Parekh, CFA
The global economic contraction triggered by the COVID-19 virus has occurred at a greater speed, scale, and breadth than any other recession since World War II. In the 1970s, we had the recession driven by supply-driven oil-price shocks caused by production cuts. In the early 2000s, we had monetary tightening in respon…

Apr
2020
By Poorvi Parekh, CFA
First quarter investment results were defined by markets’ reactions to the global virus-fighting lockdowns and closures of the developed world, resulting in a decline in the U.S. equity markets (Russell 3000 Index) of -20.9%, the non-U.S. equity markets (MSCI ACWI-ex U.S. Index) of -23.4%, U.S. high yield bond markets …

Jan
2020
By Poorvi Parekh, CFA
As most of our clients have long investment horizons, we focus more on longer-term returns. Previously, a 10- year horizon seemed to be a reasonable period for a full market cycle, but as we stand at the cusp of the 2020s, we look back at a rather unusual decade. We reminisce positively at the strong performance of …