Uncertainty around the trading relationship between the U.S. and China will linger next year and beyond.
The food fight between the President and the Fed Chair could result in too much easing, and the expansion of valuations beyond sustainable levels. The other food fight: leveraged loan issuers vs buyers. Issuers are winning this fight hands down due.
Accessing new sources of uncorrelated alpha
Given current and projected productivity and labor supply dynamics, productivity is unlikely to provide a significant lift to future growth.
Improving credit fundamentals, light tax-exempt supply and robust demand have driven the strong performance of municipal bonds in 2019.
A close look at the Progressive Agenda, China’s deteriorating welcome mat in DC and US Tech IPOs
EM should continue to provide a substantial economic growth alpha relative to developed markets due to better demographics and a productivity catch-up.