Our 2020 Long-Term Capital Market Assumptions (LTCMAs) present our forecasts for economic growth, inflation and asset returns over the next 10 to 15 years.
North America, Europe, Middle East, Africa, Central America, South America, and Asia
Michael discusses this year’s Eye on the Market Energy paper. Topics include the unattainable objectives of the Green New Deal, an overview of the world’s de-carbonization challenges, Germany’s energy transition and Trump’s War on Science.
In this year’s Holiday Eye on the Market, Michael records a note to his spouse on her father, the 2020 US Presidential election, and what might be the widest ideological divide in 100 years.
Armageddonists and the portfolio cost of fear, 2010-2019
Pension Pulse Summer 2019
Pension Pulse Spring 2019
A close look at the Progressive Agenda, China’s deteriorating welcome mat in DC and US Tech IPOs.
Michael Cembalest analyzes the performance of over 6,700 domestic and international active equity managers, and discusses the challenges they face outperforming at a time of markets distorted by quantitative easing.