February 11th, 2019 | by Gregg S. Fisher, CFA, "Invest with Reason"
A return of volatility to equity markets has brought the topic of market timing into relief again. Using more than 90 years of market data, we compared a market-timing approach to a long-term portfolio allocation strategy with periodic rebalancing. Market timers need to be very accurate in selling prior to market peaks and reinvesting shortly […]View Article
December 19th, 2018 | by Gregg S. Fisher, CFA, "Invest with Reason"
Great progress is being made in beating cancer, and we’re now offering to interested clients a pool of biotech and pharmaceutical investments focused on cancer research. In that context, we felt it was appropriate to introduce a panel discussion with leading cancer experts on cutting-edge treatments. There is much heartening news, but challenges remain—including financial hurdles: […]View Article
September 21st, 2018 | by Gregg S. Fisher, CFA, "Invest with Reason"
• Foreign stocks have trailed badly behind US stocks so far in 2018, leading some investors to question whether they should maintain foreign exposure in their portfolios. • US and foreign stocks move in somewhat different cycles, which are difficult to predict. • Over most extended investment time horizons, a global portfolio outperforms a US-only […]View Article
August 10th, 2018 | by Gregg S. Fisher, CFA, "Invest with Reason"
Markets (equities and fixed income) have been more volatile in 2018 in the wake of rising interest rates, higher inflation, and geopolitical risk. The US stock market, underpinned by a strong economy and robust earnings growth, has outperformed foreign markets, but US equity valuations are elevated by historical standards. Most bond investments have lost money […]View Article
July 26th, 2018 | by Gregg S. Fisher, CFA, "Invest with Reason"
This year has been marked by losses in most bonds and a dramatic flattening of the interest-rate yield curve. Investors should focus on the defensive and risk-management roles of bonds in a diversified portfolio. We prefer short-term, high-quality bonds for their relatively high risk-adjusted returns and hedging quality in times of crisis. The first half […]View Article