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In the news
Recent examples of Strategy thought leadership
2011 has been extraordinary in a number of respects, including the influence of politics on financial markets. In “Twelve in 2012: What Politics Can Mean for Markets in the Year Ahead,” Rebecca Patterson, Chief Markets Strategist, describes several reasons why politics could play an even bigger role in the markets in the year ahead.
More and more firms are seeking to de-risk their pension plans, but strategies such as tax arbitrage are not feasible in a low yield, low liquidity environment. By blending broadly diversified return-producing and liability-matching assets, however, sponsors can "right risk" their plans, providing for growth while moderating unrewarded interest rate risk.
In this "low for long" rate environment, generating high and stable income remains a challenge for investors who need to maintain portfolio yields. However, certain market dynamics are creating opportunities to pick up compelling yields across a range of asset classes, each with varying levels of risk-based capital intensity.
It is well known that equity valuations today, broadly, look attractive, including via a price-earnings ratio lens. But is that reason to buy? In this paper, we took a closer look at investing with P/E ratios. While these ratios do offer investors some useful, actionable, and potentially profitable signals, they only work for certain types of investors – those willing to rebalance frequently and shift allocations meaningfully from year to year.
This paper underscores the value of a disciplined long-term strategy and the necessity of maintaining and protecting that strategy against sudden volatility.