Green Book March 2013
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Featured Articles
Everyone Gets A Trophy
It’s not just kids’ sports where the achievement bar has been lowered.
Implications Of The End Of Negative Real Yield
The 10-year real yield turned positive at the end of 2012 and has stayed there. We expect higher interest rates, a stronger dollar, and lower gold prices in the next twelve months.
Of Special Interest: Valuing The Stock Market - Do Interest Rates Matter?
Models based on so-called relative valuations have a poor track record in practice, having misled investors at several historic inflection points. Interest rates have virtually no impact on stock market valuations, but they may have transitory effects on stocks in the short term.
Specialized Finance Purchased In Select Industries
Group’s technical and value profile drive Attractive rating, and its diverse mix of companies are poised to benefit from the current macro environment.
Stock Picking Opportunities From Emerging Market ETFs
Changes in a major EM ETF’s benchmark and another big player’s new EM ETF introduction could provide stock pickers opportunities in select Emerging Markets.
Table of Contents
Stock Market
Of Special Interest
Macro Monitor
Equity Strategies
Everyone Gets A Trophy
It’s not just kids’ sports where the achievement bar has been lowered.
Implications Of The End Of Negative Real Yield
The 10-year real yield turned positive at the end of 2012 and has stayed there. We expect higher interest rates, a stronger dollar, and lower gold prices in the next twelve months.
Of Special Interest: Valuing The Stock Market - Do Interest Rates Matter?
Models based on so-called relative valuations have a poor track record in practice, having misled investors at several historic inflection points. Interest rates have virtually no impact on stock market valuations, but they may have transitory effects on stocks in the short term.
Specialized Finance Purchased In Select Industries
Group’s technical and value profile drive Attractive rating, and its diverse mix of companies are poised to benefit from the current macro environment.
Stock Picking Opportunities From Emerging Market ETFs
Changes in a major EM ETF’s benchmark and another big player’s new EM ETF introduction could provide stock pickers opportunities in select Emerging Markets.