- Alternative Assets
- Global Macroeconomics
- Markets
- Miscellaneous
- Portfolio Management
- Quarterly Global Valuations
- Wealth Management
Markets
Firm
Type
Biotech
July 2026
Healthcare Investing: Finding Growth Beyond Pharmaceuticals
AllianceBernstein
Research
10 Pages
AllianceBernstein argues healthcare investors should look beyond large pharmaceutical stocks to capture the sector’s broader growth potential.
Biotech
July 2026
Immunology is being rewritten: why this matters for global equity investors
Schroders
Research
8 Pages
Schroders argues immunology’s $216 billion market is being reshaped by precision therapies, biologic-like pills, combination regimens, and early cell-therapy work.
Emerging Markets
July 2026
Emerging markets tech: bubble or structural growth cycle?
Schroders
Article
14 Pages
Schroders examines whether emerging-market tech is a bubble or a structural AI growth cycle.
Capital Market Assumptions
July 2026
An Expanded Toolkit for the Next Investing Regime
KKR
Research
18 Pages
KKR argues investors need an expanded toolkit for a regime where beta, bonds, and multiple expansion are less reliable.
AI
July 2026
An AI Job Apocalypse?
Goldman Sachs
Research
26 Pages
The authors examine whether rapid advances in AI could trigger widespread job losses or simply reshape the labor market over time.
Markets
July 2026
M&A Spotlight: H2 – fiscal fuel & value focus
Deutsche Bank
Research
29 Pages
Deutsche Bank examines why M&A activity could strengthen in H2 2026 as operational efficiency, stable markets, and fiscal spending reshape corporate strategy.
Markets
July 2026
Schroders Equity Lens
Schroders
Research
58 Pages
Schroders argues expensive equity markets remain supported by unusually strong earnings expectations.
AI
July 2026
AI Is Globalizing Many of the World’s Stock Markets. Here’s What That Means for Investors
Morningstar
Article
7 Pages
Morningstar Indexes examines how AI is making many national equity markets more global by shifting revenue exposure beyond home borders.
Energy
July 2026
What would a ceasefire mean for global energy markets?
Schroders
Research
17 Pages
Schroders argues that while a ceasefire between the US and Iran has eased immediate oil price concerns, investors are overlooking longer-term structural forces reshaping energy markets.
Markets
July 2026
After the Reset: Time to Focus on Fundamentals
Citadel
Research
23 Pages
Citadel Securities argues the equity market’s technical reset is largely complete, shifting attention from positioning back to fundamentals.
AI & Labor Markets
July 2026
AI-merican Exceptionalism
Citadel
Research
14 Pages
Frank Flight examines how AI could strengthen America's entrepreneurial advantage by lowering the minimum efficient scale required to build and grow businesses.
Commodities
July 2026
Securing the Oil and Gas Resources of the Future
BCG
Research
12 Pages
The authors examine why oil and gas reserve longevity is reemerging as a key valuation driver after years of investor focus on capital discipline.
CAPE Ratio
July 2026
The CAPE that Cried Wolf
Research
59 Pages
Dino Palazzo examines why the traditional CAPE ratio has overstated U.S. equity valuations since the early 1990s.
Emerging Markets
July 2026
Is EM a huge tech play?
Deutsche Bank
Research
8 Pages
Deutsche Bank argues emerging market equities have evolved into a much larger technology bet than many investors realize.
Markets
July 2026
Capital allocation without Big Tech
Deutsche Bank
Research
5 Pages
Deutsche Bank examines how the S&P 500’s capital allocation picture looks once Big Tech is separated from the rest of the index.
Behavioral Finance
July 2026
Once Bitten: Why Investors Won’t Buy Back a Stock That Burned Them
Essentia Analytics
Research
7 Pages
Essentia Analytics explores why investors often refuse to repurchase stocks they previously sold at a loss, even when fundamentals improve.
Frontier Markets
July 2026
Navigating Geopolitical Shifts: Finding Opportunities in Frontier Markets
HSBC Asset Management
Research
13 Pages
HSBC Asset Management examines why frontier markets have remained resilient despite escalating geopolitical tensions and argues that recent volatility has widened valuation discounts rather than weakened long-term fundamentals.
Market Outlooks
July 2026
Midyear Outlook
Carlyle
Research
12 Pages
Carlyle revisits five macro questions for 2026 across inflation, AI capex, Japan, credit leverage, and Europe.
Market Outlooks
July 2026
2026 Mid-Year Investment Perspectives
Blackstone
Research
25 Pages
Blackstone explains why AI infrastructure, resilient US growth, and private markets remain the defining investment themes of 2026.
Investing in America
July 2026
America at 250: A View from Capital Markets
MSCI
Research
10 Pages
MSCI Institute examines how the U.S. evolved from a startup economy into the world's dominant capital market over the past 250 years.
AI
July 2026
The AI Economy: A Roadmap
UBS
Research
63 Pages
UBS frames AI as a macroeconomic force that is reshaping investment, productivity, labor markets, and asset allocation.
Data Centers
July 2026
Must C: Overcoming Gridlock 2.0 — Solving Power Bottlenecks to Drive AI & Energy Security
Citi
Research
8 Pages
Citi Research examines how AI data centers, energy security, renewables, batteries, and EVs are creating new pressure on power grids.
Market Outlooks
July 2026
Equity Outlook: AI Enthusiasm Leaves Little Margin for Error
AllianceBernstein
Research
13 Pages
AllianceBernstein examines why enthusiasm surrounding AI has left equity markets priced for near-perfect execution.
Developed Markets
July 2026
Japan’s Strategic Awakening
Goldman Sachs
Research
9 Pages
Goldman Sachs Global Institute explores why Japan's economic revival appears more durable than previous cycles, driven by governance reform, policy normalization, and geopolitical realignment.
Markets
July 2026
Returns to “Do-Nothing” Portfolios
Research
27 Pages
This paper examines whether investors are better off simply holding an S&P 500 portfolio without trading, even after stocks leave the index.
Investing in America
July 2026
America at 250
Research
13 Pages
Peter Turchin uses America's 250-year history to test Structural Demographic Theory, arguing that long-run cycles in wages, inequality, political polarization, and instability better explain U.S. history than isolated events.
AI
July 2026
Why American data centers can’t plug in
Works in Progress
Research
19 Pages
Works in Progress explains why America’s AI buildout is constrained less by electricity supply than by the grid’s ability to connect new data centers and power plants.
Investing in America
July 2026
The United States at 250: A Nation of Investors
ICI
Research
6 Pages
The authors trace how the U.S. evolved into a nation of investors through retirement policy, mutual funds, and ETFs that expanded access to financial markets.
Annual Report
July 2026
Global Data Center Trends 2026
CBRE
Research
21 Pages
CBRE examines how AI-driven demand is reshaping the global data center market, with power shortages increasingly becoming the industry's biggest constraint.
Annual Report
July 2026
Strong Markets, Hard Strategic Choices
BCG
Research
11 Pages
BCG examines how leadership in shareholder value creation is shifting as AI, geopolitics, and higher interest rates reshape markets.
AI
July 2026
What US history tells us about AI capex
UBS
Research
4 Pages
Ulrike Hoffman-Burchardi looks back at three key lessons from America’s great historical capital cycles. She then applies them to the most important market question today: the trajectory of AI.
Markets
July 2026
M&A Midyear Outlook 2026: A Winner’s Paradox
Bain & Company
Article
9 Pages
Bain & Company explains why leading companies continue to pursue acquisitions despite an uncertain economic backdrop, while weaker competitors often delay deals.
Markets
July 2026
Mega Cap IPOs Are Here
HSBC Asset Management
Research
7 Pages
HSBC Asset Management examines whether the resurgence in mega-cap IPOs reflects stronger fundamentals than previous technology booms or another period of excessive optimism.
Market Outlooks
July 2026
Global Mid-Year Outlook 2026
Lazard
Research
19 Pages
Lazard Asset Management examines how shifting fiscal policy, geopolitics, and AI are reshaping the global investment landscape.
AI
July 2026
The State of the AI Economy
Exponential View
Research
66 Pages
Exponential View estimates the size of today's AI economy by measuring what customers are actually paying for AI rather than focusing on infrastructure spending alone.
Markets
July 2026
Charts to make you go WOW!!! 2026
Deutsche Bank
Research
69 Pages
Deutsche Bank Research Institute uses a chart-heavy tour of today’s most striking macro and market extremes, with AI, semiconductors, U.S. equity concentration, fiscal deficits, and Japan at the center.
Markets
July 2026
Guide to the Markets
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management examines the economic, market, and investment trends shaping today's environment, from AI-driven capital spending and equity concentration to demographics, fiscal deficits, and portfolio construction.
Fixed-Income
July 2026
Global Bond Diversification: Higher Yields and New Opportunities for Alpha
PIMCO
Research
8 Pages
PIMCO explains why higher starting yields and widening economic divergence may make global bonds more useful than domestic-only fixed income portfolios.
Market Outlooks
July 2026
OECD‑FAO Agricultural Outlook 2026‑2035
OECD
Research
2 Pages
The OECD‑FAO Agricultural Outlook 2026‑2035 assesses ten-year prospects for agricultural commodities and aquatic food markets at global, regional and national levels.
Markets
July 2026
Energy Transition Outlook: Security, Scale, and the Cost of Disorder
TCW
Research
6 Pages
TCW examines how energy security has replaced climate policy as the main force shaping the energy transition.
Markets
July 2026
1H 2026 Market Structure & Flows
Citadel
Research
24 Pages
Citadel Securities examines the technical forces likely to shape markets into the second half of 2026, arguing that retail participation, quarter-end positioning, and seasonal trends are becoming as influential as macro fundamentals.
International Markets
July 2026
‘FOMO Really Got Me’: Taiwanese Go Deep Into Debt to Amp 100% Stock Rally
Bloomberg
Article
3 Pages
Bloomberg examines how Taiwan’s AI-driven stock rally has turned into one of the world’s most leveraged retail trading booms.
Markets
July 2026
Waiter, there’s a P in my E
Acadian
Article
5 Pages
Acadian Asset Management argues that recent S&P 500 earnings growth may overstate the true strength of corporate profits because accounting rules now include unrealized gains on equity holdings.
AI
July 2026
The age of the solopreneur
Research
14 Pages
The authors examine how AI is reshaping entrepreneurship by making it easier for individuals to build and scale businesses without hiring employees.
Markets
June 2026
Distorted Equity Markets: A Generational Opportunity in Quality
Schroders
Research
6 Pages
Schroders examines how AI disruption fears have distorted global equity markets, creating a divide between AI winners, perceived safe havens, and de-rated quality-growth companies.
Investing in America
June 2026
US at 250 – Why has the US been so successful and can it continue?
Deutsche Bank
Research
15 Pages
Deutsche Bank Research Institute looks at why the US became the world’s dominant economic power and whether those advantages can last into its 250th year.
Energy
June 2026
World Oil Outlook 2050
OPEC
Research
3 Pages
OPEC examines how global oil demand could evolve through 2050, arguing that population growth and rising living standards will keep oil central to the energy mix for decades.
Markets
June 2026
Market GPS Investment Outlook Mid-Year 2026
Janus Henderson Investors
Research
12 Pages
Janus Henderson Investors examines why market leadership may be broadening beyond the Magnificent Seven as earnings growth expands across sectors and regions.
Markets
June 2026
2026 Global Outlook Q2 update
BlackRock
Research
28 Pages
BlackRock Investment Institute explores how AI is driving an economic transformation that extends well beyond the technology sector.
Markets
June 2026
Semiquincententacles
J.P. Morgan Asset Management
Research
44 Pages
J.P. Morgan Asset Management examines whether the increasingly popular “Sell America” thesis is supported by the evidence as the U.S. approaches its 250th anniversary.
Markets
June 2026
How “Tail Risk” Changes Over the Market Cycle
First Quadrant
Research
8 Pages
First Quadrant examines how tail risk changes across market cycles rather than remaining constant.
International Markets
June 2026
Brexit 10 Years On: what’s worked, what hasn’t, what’s next?
Deutsche Bank
Research
36 Pages
Deutsche Bank revisits the economic impact of Brexit a decade after the referendum, evaluating performance across growth, employment, inflation, trade, and financial markets.
Markets
June 2026
Why Most Stocks Aren’t Worth Owning
Morningstar
Research
8 Pages
Morningstar explores why the stock market’s long run success has historically depended on a surprisingly small group of winners.
Market Outlooks
June 2026
Global Market Outlook: A Tale of Tailwinds and Thicker Tails
PGIM
Research
16 Pages
PGIM explores how AI investment, geopolitics, inflation, and shifting rate dynamics are reshaping the global investment landscape.
Fixed-Income
June 2026
H2 2026 Credit Outlook: The AI Buildout – Boom or Bubble?
Man Group
Research
16 Pages
Man Group examines how the AI infrastructure buildout is reshaping credit markets, with a focus on whether today’s surge in financing resembles a durable opportunity or a familiar bubble.
Markets
June 2026
2026 Mid-Year Investment Outlook
J.P. Morgan Asset Management
Research
12 Pages
J.P. Morgan explores how artificial intelligence, global fragmentation, and persistent inflation pressures are reshaping the investment landscape.
Markets
June 2026
Opportunities and Expectations: The Present Value of Growth Opportunities in Valuation
Morgan Stanley
Research
16 Pages
Morgan Stanley Investment Management examines PVGO, a way to estimate how much of a stock’s price reflects future value creation versus current earnings power.
Market Outlooks
June 2026
Stock Market Outlook: 3 Themes For the Second Half of 2026
Capital Group
Article
1 Pages
Capital Group examines the forces driving equities into the second half of 2026, arguing that earnings growth remains the market’s primary support.
Markets
June 2026
Seth Klarman: “This Is a Bubble” | The Legendary Investor’s Brutal AI Warning
Video
Seth Klarman covers the AI bubble debate, value investing in a 40x multiple market, AI agnostic plays, commercial real estate, and why the risk free asset is starting to look risky.
Annual Report
June 2026
A Comprehensive Guide to ETFs (2nd edition) Module 2: Evaluating ETFs
CFA Institute
Research
63 Pages
This paper explains how investors can evaluate ETFs using an Efficiency, Tradability, and Fit framework rather than relying on fees alone.
AI
June 2026
The Impact of The AI Capex Boom on S&P 500 Return on Equity
Goldman Sachs
Research
28 Pages
Goldman Sachs examines how the AI capital spending boom is reshaping S&P 500 profitability and valuations through its impact on return on equity.
AI
June 2026
Artificial Intelligence and Global Security
Hoover Institution
Research
16 Pages
Niall Ferguson examines how artificial intelligence is reshaping global security through two largely unconstrained races: one among leading AI companies and another between the U.S. and China.
AI
June 2026
Who Should Own AI? An Open Letter
AllianceBernstein
Research
6 Pages
AI’s economic gains raise urgent questions about ownership, inequality and corporate power. For investors, equities remain attractive, but rising fragility and political backlash may increase market volatility.
AI
June 2026
Artificial Intelligence: Ten Investment Truths
Morgan Stanley
Research
11 Pages
Morgan Stanley presents ten perspectives on AI as a long term capital cycle with implications extending well beyond technology stocks.
Emerging Markets
June 2026
Emerging markets in a fragmented world: From geography to resilience – the 4Rs framework
Allianz
Research
13 Pages
Allianz Research argues that country resilience now matters more than the traditional emerging versus developed market distinction.
Market Outlooks
June 2026
Rupture and Resilience
PIMCO
Research
12 Pages
PIMCO examines how geopolitical fragmentation, fiscal pressures, and AI driven investment could reshape markets over the next five years.
Bubbles
June 2026
Over the (Very) Long Run, Stock Bubbles Are Rare
Yale University
Article
5 Pages
Yale Insights looks at whether rapid industry booms usually spill into broader market crashes.
AI & Labor Markets
June 2026
Predicting AI job exposure
Article
8 Pages
Benedict Evans argues that AI job exposure models may be less predictive than they look.
Industry Reports
June 2026
The 2026 Restaurant Industry Trends Report
DoorDash
Research
27 Pages
DoorDash published a report on how consumers discover, order, dine, and return across every channel.
Annual Report
June 2026
World Energy Investment 2026
International Energy Agency
Research
260 Pages
IEA examines how global energy investment is shifting as security, electrification, and regional resilience become bigger priorities.
Alternative Assets
June 2026
Private credit in 2025: A maturing industry navigates change
McKinsey & Company
Research
12 Pages
McKinsey examines how private credit is evolving into a more mature industry as fundraising moderates, competition increases, and investors broaden beyond traditional direct lending.
Emerging Markets
June 2026
Emerging Markets 2.0: The Tipping Point Is Here
Allspring
Research
5 Pages
Allspring Global Investments argues that emerging markets may be entering a new era after a decade of relative underperformance, supported by AI infrastructure, manufacturing strength, and attractive valuations.
Banking
June 2026
Time to Shift Gears?
BCG
Research
44 Pages
The authors examine how family offices are evolving from wealth preservation vehicles into increasingly institutional investors with broader ambitions, larger allocations to private markets, and growing influence across capital markets.
China
June 2026
Diversification is becoming harder to achieve
Principal Asset Management
Research
6 Pages
Principal Asset Management explains why traditional geographic diversification is becoming harder as AI, energy shocks, and supply chains increasingly connect global markets.
Markets
June 2026
The Whirlwind Is Upon Us
Acadian
Research
6 Pages
Acadian Asset Management examines how a handful of AI related stocks are driving unusually large portions of global equity returns.
Markets
June 2026
Schroders Equity Lens
Schroders
Research
67 Pages
Schroders reviews global equity markets through earnings, valuation, sector, and index concentration trends.
Global Macroeconomics
June 2026
The Divergence Conundrum
KKR
Research
89 Pages
KKR examines a global economy splitting between capital rich growth engines and capital starved sectors.
Market Outlooks
June 2026
Global Equity Mid Year Outlook 2026
Charles Schwab
Research
13 Pages
Charles Schwab International says global equities remain supported by stronger earnings and AI driven capital spending, but the rally is increasingly dependent on narrow leadership.
Market Outlooks
June 2026
2026 Mid-Year Outlook: U.S. Stocks and Economy
Charles Schwab
Research
22 Pages
Schwab Asset Management says the 2026 market backdrop looks unstable rather than merely uncertain.
Market Outlooks
June 2026
2026 Mid Year Outlook: Taxable Fixed Income
Charles Schwab
Research
16 Pages
Schwab Asset Management says bond investors should still care about income, but avoid reaching too far out on duration.
Annual Report
June 2026
How can biopharma keep its balance?
EY
Research
43 Pages
EY examines how biotechnology companies are balancing strong industry fundamentals against financing constraints, policy uncertainty, patent expirations, and increasing competition.
Market Outlooks
June 2026
The Ripple Effect
Man Group
Research
20 Pages
Man Group examines how war in the Middle East, rising government intervention, growing wealth inequality, and AI investment are reshaping the global economy.
Markets
June 2026
I Know What You Did Last Summer
Bridgewater
Research
35 Pages
Bridgeway argues that the small cap premium looks stronger when investors separate stocks that have remained small from those that only recently became small.
Annual Report
June 2026
Control the Controllable, Weather the Rest: Private Equity Midyear Report 2026
Bain & Company
Research
18 Pages
Bain & Company examines why private equity’s expected rebound has stalled again despite open debt markets, available dry powder, and resilient public equities.
Biotech
June 2026
Biotech Buyside Study
Stifel
Research
24 Pages
Stifel updates its biotech buyside study using Form ADV, 13F, 13G and 13D data to map who owns public biotech.
CAPE Ratio
June 2026
Aggregation Consistency and Return Predictability: Evidence from CAPE Ratios
Research
48 Pages
The authors argue that traditional CAPE has a hidden weighting problem because it uses earnings weights while market returns are value weighted.
Markets
June 2026
Global Roadshow Insights
Citadel
Research
18 Pages
Citadel Securities argues the equity rally is being supported by stronger earnings, robust AI capex, and persistent flow momentum, but the setup is increasingly unusual.
International Markets
June 2026
Japan Equities: The Tide Has Turned and It’s Still Rising
GMO
Research
6 Pages
GMO argues Japan’s equity opportunity is still intact after strong recent returns because corporate reform, earnings growth, and shareholder focus continue to compound.
Bear Markets
June 2026
Don’t Look Down: Reflections on Cross-Asset Drawdowns
Man Group
Research
17 Pages
Man Group studies drawdowns across equities, bonds, gold, trend, value, momentum, and quality.
Market Outlooks
June 2026
OECD Economic Outlook
OECD
Research
300 Pages
OECD frames the global outlook around Middle East conflict risks, energy disruption, inflation pressure and policy constraints.
Markets
June 2026
Mag 7 starting to underperform: Markets rotating toward quality and free cash flow
Apollo
Research
32 Pages
Apollo argues that the long-running case for growth stocks is weakening as the Magnificent Seven's earnings advantage narrows and their valuation premium continues to compress.
Fintech
June 2026
From Recovery to Resurgence
BCG
Research
40 Pages
Boston Consulting Group and FT Partners argue fintech has moved from reset to resurgence, but with higher expectations for profitability and scale.
AI & Labor Markets
June 2026
How to Guess If Your Job Will Exist in Five Years
The Atlantic
Research
5 Pages
The Atlantic argues that AI’s labor impact depends on whether a job is more like “coal” or “horse.”
Housing
June 2026
Land Appreciates. Homes Depreciate.
Research
7 Pages
Housing Notes frames homeownership as two assets bundled together: land that often drives appreciation and a structure that wears down without reinvestment.
AI & Labor Markets
June 2026
AI’s Labor Ambitions: Separating Myth From Reality
Apollo
Research
5 Pages
Apollo argues AI is unlikely to cause mass unemployment, but investors should not dismiss labor disruption either.
Annual Report
June 2026
The Great Reordering
BCG
Research
26 Pages
Boston Consulting Group examines how wealth management is being reordered by shifting booking centers, emerging market clients, family succession, and AI.
Active Management
June 2026
Active versus Passive Management of Bonds (and why passive bond management is an oxymoron)
Research
66 Pages
The authors challenge the usual active versus passive investing story by focusing on bond funds.
Market Reports
June 2026
Macro Insights Q2 2026
Fisher Investments
Research
29 Pages
Despite recent volatility and geopolitical events, Fisher Investments expects the bull market to continue in 2026.
AI & Labor Markets
June 2026
Why AI will transform, not replace, your job
Capital Group
Research
7 Pages
Capital Group argues AI is more likely to reshape work than eliminate it outright.
AI
June 2026
AI Disruption: Moats and Value Traps
Sparkline Capital
Research
12 Pages
Sparkline Capital examines whether beaten down software stocks are bargains or value traps as AI changes the competitive landscape.
Annual Report
May 2026
Global Banking Annual Review 2026
McKinsey & Company
Research
28 Pages
McKinsey examines how banks posted another strong year while facing faster threats to customer ownership.
AI
May 2026
Megatrends: AI vs the decade’s structural headwinds
Deutsche Bank
Research
30 Pages
Deutsche Bank Research Institute uses a new AI powered model to assess how six megatrends may shape economies and markets.
Investing in America
May 2026
Ramping up manufacturing in America?
McKinsey & Company
Research
61 Pages
McKinsey & Company examines what it would take for the United States to rebuild domestic manufacturing capacity.
Markets
May 2026
Flow Fragility
Citadel
Research
26 Pages
Citadel Securities remains medium term bullish on U.S. equities but turns more tactically cautious after the S&P 500 rallied about 17% from its March 30 low.
Automotive
May 2026
Q1 2026 Biopharma Market Update
Stifel
Research
130 Pages
Stifel reviews the biopharma market across geopolitics, macro conditions, capital markets, M&A, licensing, and industry trends.
CAPE Ratio
May 2026
Predicting Stock Market Returns Using the Shiller CAPE — An Improvement Towards Traditional Value Indicators?
Research
4 Pages
At today’s Shiller CAPE of 39 for the U.S. market, an analysis found no historical period since 1881 that was followed by attractive long-term real returns.
AI
May 2026
AI eats the world
Research
79 Pages
Benedict Evans frames AI as the next major platform shift in technology, but one whose adoption, product shape, and business model remain unsettled.
Industry Reports
May 2026
Eye of the Storm: Investing in Adaptation and Resilience
Allspring
Research
5 Pages
Allspring argues that U.S. utilities are becoming central to climate adaptation investing as physical risks move from long term externalities to immediate balance sheet issues.
China
May 2026
The Chinese Equity Bull Market Quandary
Gavekal
Research
17 Pages
Gavekal argues that China’s equity bull market remains intact but increasingly fragmented across sectors and styles.
Markets
May 2026
Bayes and Base Rates 2.0
Morgan Stanley
Research
10 Pages
Morgan Stanley revisits base rates for high growth companies, using OpenAI’s revenue forecasts as the central case study.
Markets
May 2026
Schroders Equity Lens
Schroders
Research
59 Pages
The May edition of the Schroders Equity Lens has 50 slides of charts covering global markets. It highlights Taiwan recently overtaking China as the largest market in the MSCI EM index.
Markets
May 2026
Public Market Updates
Coatue
Research
32 Pages
Coatue frames the current market as a tug of war between AI infrastructure sellers and hyperscaler buyers.
Financial History
May 2026
Finaeon Guide to Global Financial Markets 2026 Edition
Finaeon
Research
350 Pages
Bryan Taylor’s annual paper provides comprehensive coverage of the performance of financial markets in 27 countries and 3 global markets.
CAPE Ratio
May 2026
Navigating Lost Decades
CMT Association
Research
23 Pages
The authors examine lost decades as recurring market regimes rather than rare anomalies, challenging the comfort of simple buy and hold.
Global Macroeconomics
May 2026
The Long-Run Effects of Technological Disruption on Workers
Goldman Sachs
Research
16 Pages
Goldman Sachs studies four decades of worker level data to assess how technology driven job displacement affects employment, wages, wealth, and household formation.
Markets
May 2026
The Great 2026 Reset…
Deutsche Bank
Research
46 Pages
Deutsche Bank Research Institute examines how the 2026 oil shock, Iran conflict, inflation pressure, stronger earnings, and higher rates are resetting markets.
Markets
May 2026
Could you wait a quarter of a century?
Deutsche Bank
Article
3 Pages
Deutsche Bank Research uses Intel’s long recovery from its 2000 peak to frame the risks of technology stock enthusiasm.
Markets
May 2026
Morningstar Markets Observer Q2
Morningstar
Research
51 Pages
Morningstar reviews a volatile Q2 2026 market setup shaped by Iran related oil shocks, AI uncertainty, inflation pressure, and uneven asset class returns.
Annual Report
May 2026
2026 Investment Company Fact Book
ICI
Research
146 Pages
The 2026 Investment Company Fact Book reviews trends and activities in the investment company industry.
AI & Labor Markets
May 2026
AI Will Reshape More Jobs Than It Replaces
BCG
Research
22 Pages
BCG examines how AI may reshape work without turning every automatable task into job loss.
AI & Labor Markets
May 2026
P(doom), p(bling), and the fear of “technological unemployment”
BCG
Research
6 Pages
BCG Center for Macroeconomics examines whether AI should be viewed through extremes of extinction, abundance, or mass job loss.
AI & Labor Markets
May 2026
AI isn’t coming for your job. It’s coming for your mind
Baillie Gifford
Article
14 Pages
Baillie Gifford examines AI as a cognitive force that may reshape how people learn, judge, and build expertise.
International Markets
May 2026
Vanguard’s World Stock Market ETF: Is the Whole Better than the Sum of the Parts?
Elm Wealth
Research
4 Pages
Elm Wealth compares owning Vanguard’s all in one global equity ETF, VT, with recreating it through VTI and VXUS.
AI
May 2026
In the Garden of Good and Evil: Frontier AI Escalates Security Costs
J.P. Morgan Asset Management
Research
27 Pages
J.P. Morgan’s Investment Bank published a note on the cybersecurity vulnerability of operational technology such as aircraft autopilot systems, factory robots, power grid controls, and railway track shifting systems.
Fintech
May 2026
The Coming FinTech Liquidity Supercycle
FT Partners
Research
71 Pages
The authors examine why private FinTech may be entering a new liquidity cycle.
Annual Report
May 2026
An Imperative for Growth
BCG
Research
31 Pages
Boston Consulting Group examines why asset managers need to find new sources of growth as market appreciation becomes a less reliable engine.
Markets
May 2026
May Toolkit
Citadel
Research
18 Pages
Citadel Securities examines why the S&P 500’s 13% rally since March 31 has been powerful but narrow.
AI
May 2026
AI Impact on Technology M&A, Second Edition
Lazard
Research
65 Pages
Lazard examines how markets are navigating a structural reckoning over AI's impact on the software ecosystem, the emerging divergence between "AI Beneficiaries" and "Systems of Record" versus "Workflow Wrappers" facing existential risk, and an updated framework for the Agentic Era.
Markets
May 2026
A Brief History of Seven Stagflations
Man Group
Research
16 Pages
Man Group examines seven U.S. stagflation episodes to show why the term is often used too loosely.
Market Outlooks
May 2026
Agentic AI and the Future of Enterprise Software
Vista Equity Partners
Research
16 Pages
Vista Equity Partners examines how agentic AI could shift enterprise software from systems that help employees into systems that perform work.
Markets
May 2026
Korea: From “discount” to re-rating
Deutsche Bank
Research
14 Pages
Deutsche Bank examines whether Korea’s equity rally can move from a valuation discount toward a broader re rating.
Industry Reports
May 2026
The New Era in Tech Investing Starts Now
Bain & Company
Research
11 Pages
Bain & Company explains why software private equity needs a new playbook as growth slows and AI changes the economics of SaaS.
Alternative Assets
May 2026
The Credit Market Lens: Differing Signals in BDCs, and Orderly Defaults in High Yield
PIMCO
Research
7 Pages
PIMCO analyzes how equity and credit investors are reassessing BDC valuations differently, and why high yield defaults continue to play out primarily through distressed exchanges.
Global Macroeconomics
May 2026
Quantitative easing and housing inflation post-COVID
Brookings
Research
31 Pages
The Fed’s ownership of $2.7 trillion of agency MBS in 2022 was 32% of the entire $8.5 trillion MBS market. Brookings shows that whilst Fed MBS purchases between 2020 and 2022 successfully lowered mortgage rates, they simultaneously drove home prices higher by stimulating demand.
Markets
May 2026
What is the Market Thinking?
Gavekal
Research
7 Pages
Evergreen Gavekal explores why equities are rallying despite rising oil prices and geopolitical stress, suggesting markets may be looking past near term risks.
Markets
May 2026
M&A Spotlight: Megatrends supersede war fears
Deutsche Bank
Research
26 Pages
Deutsche Bank Research argues that structural megatrends are still driving M&A despite geopolitical uncertainty.
China
May 2026
Thoughts From the Road | China
KKR
Research
18 Pages
KKR argues that China remains investable, but the opportunity set is changing as policymakers prioritize stability over stimulus.
Bubbles
April 2026
Name changes as a bubble symptom
Acadian
Research
5 Pages
Owen Lamont found 33 companies that have changed their names to be AI-related in the past three years. He explains what that means as a bubble indicator.
Markets
April 2026
Why are stocks at record highs with no Iran resolution?
J.P. Morgan Asset Management
Article
12 Pages
J.P. Morgan Private Bank argues that stocks are rebounding because investors are focusing more on earnings resilience than unresolved Iran conflict risk.
International Markets
April 2026
OPPORTUNITY NOW: Unlock a World of Potential Through International Investing
Morgan Stanley
Article
4 Pages
Morgan Stanley highlights how global markets are becoming less U.S.-centric, creating more opportunities for investors willing to look abroad.
AI
April 2026
Artificial Intelligence Index 2026 Annual Report
Stanford University
Research
423 Pages
Stanford HAI examines how AI is advancing faster than the systems built to evaluate, govern, and absorb it.
Market Outlooks
April 2026
2026 credit market outlook: This side of paradise
Carlyle
Research
10 Pages
Carlyle argues that Q1’s funding liquidity shock may signal a turn in the credit cycle, not a crisis. BDC discounts, software loan stress, and weaker fund flows could shift bargaining power back toward creditors.
Financial History
April 2026
The Miracle of Markets and the 100-Year Dataset That Changed the World
Dimensional
Research
10 Pages
Dimensional explains how 100 years of CRSP market data changed investing by replacing guesswork with evidence.
Annual Report
April 2026
Global Energy Review 2026
International Energy Agency
Research
48 Pages
International Energy Agency reviews global energy trends in 2025, showing a system increasingly driven by electricity demand and clean energy growth.
Emerging Markets
April 2026
What Matters More for Emerging Markets Investors: Economic Growth or EPS Growth?
Research
15 Pages
The authors test whether emerging markets investors should care more about GDP growth or corporate earnings growth.
Markets
April 2026
Competitive Advantage Period: The Neglected Value Driver
Morgan Stanley
Research
69 Pages
Morgan Stanley examines competitive advantage period, or CAP, as a neglected driver of equity value.
AI
April 2026
Misanthropic: on Mythos, bad human behaviors and systems vulnerabilities
J.P. Morgan Asset Management
Research
8 Pages
J.P. Morgan examines Anthropic’s new Mythos model and what its cyber capabilities imply for software, infrastructure, and security spending.
Markets
April 2026
What Q1’s emerging themes mean for 2026 and beyond
Deutsche Bank
Research
36 Pages
Deutsche Bank Research Institute maps the themes that drove markets in Q1 2026 and what they could mean for 2026 and beyond.
Investing in America
April 2026
Economist and Revolutionary: Adam Smith and 1776
AIER
Research
26 Pages
AIER revisits Adam Smith’s view of the American Revolution as both an economic and political break from mercantilism.
Markets
April 2026
Schroders Equity Lens
Schroders
Research
70 Pages
Schroders reviews the global equity backdrop through earnings, stagflation risk, and sector positioning.
AI & Labor Markets
April 2026
The AI Jobs Scare Meets 250 Years of Data
American Enterprise Institute
Article
7 Pages
Why do economists generally seem more cautious than many folks in Silicon Valley about the potential economic impacts of artificial intelligence?
Markets
April 2026
Flows and Fundamentals
Citadel
Research
20 Pages
Citadel Securities says markets have largely normalized after the April dislocation, with volatility down, positioning lighter, and flows rebuilding.
Markets
April 2026
The Short and Long | 2026 Q2 Macro Investment View
Citi
Research
33 Pages
Citi Wealth reviews how the Middle East conflict, energy disruption, and tighter policy expectations are reshaping the 2026 market outlook.
AI
April 2026
Charts of the Week: ‘Is Tech Cheap, Now?’
Andreessen Horowitz
Research
25 Pages
a16z highlights some charts of the week with a focus on technology valuations.
Market Outlooks
April 2026
Global Market Perspectives: Hope for the best, ready for the worst
Principal Asset Management
Research
24 Pages
Principal Asset Management maps a 2026 outlook shaped by energy shock, slower growth, and delayed central bank easing.
Markets
April 2026
Global Market Intelligence: April Update
Citadel
Research
23 Pages
Scott Rubner believes markets are stabilizing following a period of aggressive de-risking. Positioning has reset, sentiment remains depressed, and flows are turning more constructive.
China
April 2026
A Tale of Two Countries: The Real Estate Crises in 1990s Japan and Contemporary China
Research
51 Pages
The authors compare China’s property downturn with Japan’s 1990s collapse to show how housing busts can drag on growth even without a classic banking crisis.
Markets
April 2026
Small Cap Quality Strategy: 10 Takeaways from the Past Three Years
GMO
Research
5 Pages
GMO reviews what its Small Cap Quality strategy learned in its first three years of live performance.
Markets
April 2026
Guide to the Markets – U.S. | 1Q 2026
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management provides a visual tour of macro, market, and asset class trends across the United States to support portfolio conversations with clients.
Financial History
April 2026
Housing Prices, Wars, and Epidemics over Six Centuries
Research
47 Pages
Swiss Finance Institute examines six centuries of Stockholm housing data to test how wars, bubbles, and epidemics affect house prices over time.
Markets
April 2026
Equity Outlook: Middle East War, Energy Shock Test Fragile Markets
AllianceBernstein
Research
13 Pages
AllianceBernstein examines how the Iran war and energy shock are testing already fragile equity markets.
Industry Reports
April 2026
The Investment Case for Listed Railroads
Vontobel
Research
4 Pages
Vontobel makes the case that North American listed railroads combine hard to replicate infrastructure with pricing power and limited competition.
AI
April 2026
2026 Market Update
Redpoint
Research
69 Pages
Redpoint Ventures lays out a 2026 software and AI market view built around the idea that pilots now need to convert into real platforms.
Markets
April 2026
Investing in 2026: AI, the Middle East, and Income
BlackRock
Research
9 Pages
BlackRock argues 2026 is being shaped by AI, Middle East risk, and a stronger case for income over broad beta.
Alternative Assets
April 2026
State of the Venture Capital Industry
TrueBridge
Research
19 Pages
TrueBridge Capital argues 2025 marked a real step toward normalization in venture, but with capital flowing far more selectively than before.
Alternative Assets
April 2026
Purdue Agricultural Economics Report
Purdue University
Research
82 Pages
Purdue’s annual outlook surveys the 2026 U.S. and Indiana farm economy, from crop margins and credit to farmland and regional conditions.
Housing
April 2026
US Housing Outlook: Higher mortgage rates not helpful
Apollo
Research
127 Pages
Apollo Global Management examines how high mortgage rates are dragging on U.S. housing demand even as supply adjusts more gradually.
Developed Markets
April 2026
Thoughts From the Road: Japan
KKR
Research
16 Pages
KKR’s Henry McVey shares thoughts from his recent Japan and says the key takeaway is that Japan remains one of the more underappreciated opportunities for active ownership, particularly as higher nominal GDP and structural reform begin to reshape return profiles.
Industry Reports
April 2026
The Balance Sheet Behind the AI Revolution
Apollo
Research
4 Pages
Apollo argues the AI story is no longer just about models and software upside, but about who can finance the physical buildout behind it.
Financial History
April 2026
Reconstructing a Century of U.S. Corporate Bonds: Credit Risk in Historical Perspective
Research
65 Pages
The authors construct a new historical corporate bond database spanning 128 years, from 1895 to 2022, allowing them to estimate a corporate bond counterpart to the equity risk premium.
Energy
April 2026
Energy demand and supply and the Strait of Hormuz
Apollo
Research
58 Pages
Apollo Global Management examines how a Strait of Hormuz disruption could ripple through oil, gas, shipping, and inflation.
Market Outlooks
April 2026
Outlook for public and private markets
Apollo
Research
48 Pages
Apollo’s latest outlook for public and private markets.
ESG
March 2026
The Big Book of Sustainable Investing
Robeco
Research
139 Pages
The 2026 update of the SI Big Book reflects a market environment that has shifted dramatically since the last edition.
Commodities
March 2026
What’s the best way to think about oil & gas shocks by country during the Iran war?
J.P. Morgan Asset Management
Article
3 Pages
Michael Cembalest says when we think about the oil & gas shock affecting different countries, we focus on total oil consumption (irrespective of domestic oil production since oil is a global market) and imported gas (since domestic production is typically shielded from price shocks).
Energy
March 2026
Look Forward: Energy Futures
S&P Global
Research
79 Pages
S&P Global argues energy policy has moved from transition first to security first.
Emerging Markets
March 2026
Emerging Markets: The Map Is Not the Terrain
Orbis Investments
Research
18 Pages
Orbis argues the old emerging markets playbook no longer fits current realities.
Energy
March 2026
Shattered Assumptions And The Energy Quandary
Gavekal
Research
14 Pages
Gavekal argues the energy crisis is exposing how outdated many portfolio and policy assumptions have become.
Market Outlooks
March 2026
Layered Uncertainty: Conflict, Credit Stress, and AI
PIMCO
Research
11 Pages
PIMCO’s latest Cyclical Outlook explores why dispersion is rising and how investors may build resilience through quality, liquidity, and diversification.
Markets
March 2026
The HALO effect: Heavy Assets, Low Obsolescence in the AI era
Goldman Sachs
Research
19 Pages
After more than a decade of under‑investment (particularly in Europe), Goldman Sachs Research analysts believe that higher real yields, geopolitical fragmentation, and supply chain rewiring have shifted equity leadership back toward tangible productive assets.
AI
March 2026
Investing in an AI transformation
J.P. Morgan Asset Management
Research
17 Pages
J.P. Morgan Asset Management published a chartbook on investing in an AI transformation.
Fiscal Policy
March 2026
Revamping Britain’s balance sheet for growth and prosperity
McKinsey & Company
Research
10 Pages
Although inflation remains above the Bank of England’s target level, the United Kingdom’s recent correction provides an opportunity to consider how best to rebuild the country’s “balance sheet”—its assets and liabilities across corporations, households, and governments.
Markets
March 2026
Sink or Swim?
GMO
Research
6 Pages
AI-related equities have been a major driver of global market sentiment, and the capex ramp by Hyperscalers is increasingly central to the narrative. GMO evaluates how past episodes of unusually high aggregate corporate investment have mapped to returns and how that may impact portfolio risk exposure.
Energy
March 2026
Pandora’s Bog: the global energy shock of 2026
J.P. Morgan Asset Management
Research
13 Pages
Michael Cembalest summarizes our evolving analysis of the aftershocks of the invasion of Iran for investors. He covers the latest developments in commodity markets, the magnitude of the oil shock vs history, the impact of such shocks on equity markets, and more.
Markets
March 2026
One Hundred Years in the U.S. Stock Markets
Research
25 Pages
Bessembinder updated his long term stock market study to now cover a full 100 years, 1926 to 2025. He finds the degree to which wealth creation is concentrated in a few firms has increased sharply in recent years.
Industry Reports
March 2026
The telco reinvention: How AI can fuel value creation
McKinsey & Company
Research
79 Pages
McKinsey details how AI is reshaping connectivity, and how operators can successfully reinvent, compete, and share in the rewards of the AI economy.
Africa
March 2026
Beyond Payments: Unlocking Africa’s Second FinTech Wave
BCG
Research
8 Pages
BCG covers Africa’s fintech market, which has emerged as the fastest-growing market globally. By 2030, revenues are projected to expand roughly 13x to approximately $65 billion.
Annual Report
March 2026
2026 Target-Date Fund Landscape
Morningstar
Research
33 Pages
Morningstar’s annual report on target-date funds analyzes flows, fees, asset composition, market dominance, strategy performance, and more.
International Markets
March 2026
International Large-Cap Value
MFS
Research
7 Pages
MFS looks at the state of international allocations and why it may present a way to increase performance and provide diversification.
Concentration
March 2026
Stock Market Concentration Has Surpassed Its 1930s Peak. Should Investors Worry?
Morningstar
Research
8 Pages
Morningstar's Dan Lefkovitz looks at the top-heavy nature of today’s US stock market and how it compares to the past 100 years.
Markets
March 2026
Hope Springs Eternal
Verdad
Research
6 Pages
Verdad says after more than a decade of drought, the value premium has sprung back into positive territory, and the best years may be yet to come.
Markets
March 2026
Schroders Equity Lens
Schroders
Research
66 Pages
The March edition of the Schroders Equity Lens is out, focusing on investing when geopolitical and stagflation risks are high.
Developed Markets
March 2026
The long-term performance of Swiss equities and bonds (1900–2025)
Pictet
Research
12 Pages
Pictet Wealth Management analyzes the long-term performance of Swiss equities and bonds back to 1900.
Dividends
March 2026
How Income Investors Can Avoid Dividend Traps in 2026
Morningstar
Research
7 Pages
With the Morningstar US Market Index‘s dividend yield below 1.2% (and ex-US at 2.6%), Morningstar looks at how to avoid dividend traps.
Dividends
March 2026
The Impact of Early Option Exercise on Ex-Dividend Stock Returns
Research
47 Pages
The authors revisit the well-documented stock return anomaly around ex-days and establish a novel link to early exercise of equity options.
Fixed-Income
March 2026
When the Upside is Thin, Upgrade the Carry
GMO
Research
6 Pages
With investment grade spreads near historic tights, upside is limited and downside risk is rising. GMO explains why a shift toward high quality structured credit can improve carry, raise the spread break-even versus U.S. IG, and help limit mark-to-market downside when spreads widen.
Energy
March 2026
The Illusion of the Carbon Premium
Robeco
Research
36 Pages
Using only carbon emissions data available to investors at the time of portfolio formation, the authors find no positive relation between firms' absolute carbon emissions and stock returns.
Markets
March 2026
Emerging markets’ strength is coming from within
Robeco
Research
8 Pages
The architecture of the global economy is changing with emerging markets (EM) becoming central to global growth, innovation and wealth creation.
Annual Report
March 2026
2026 M&A Trends
McKinsey & Company
Research
166 Pages
After dealmaking slowed momentarily in early 2025, global M&A activity had a strong finish to the year. Deal value finished the year up 43% to $4.7 trillion, from $3.3 trillion a year earlier—20% higher than the ten-year average of $3.9 trillion.
Alternative Assets
March 2026
Investing beyond boundaries: Space and deep sea
Stepstone
Research
19 Pages
Exploration of space and the deep sea—and investment in their potential—has historically been constrained by the high cost and complexity involved.
Commodities
March 2026
A crude awakening
Carlyle
Research
8 Pages
Jeff Currie and James Gutman examine how a disruption in the Strait of Hormuz could affect global energy security, commodity markets, and capital allocation during an incomplete energy transition.
AI
March 2026
Anatomy of an “almost bubble” and why global equities now offer “something for everyone”
Schroders
Research
8 Pages
Schroders says global equities look more like an almost bubble than a classic blow off top, with AI optimism lifting valuations but not reaching the extreme euphoria seen in past manias.
Markets
March 2026
A Macroeconomic Perspective on Stock Market Valuation Ratios
Federal Reserve Bank
Research
29 Pages
Traditional valuation metrics for the U.S. stock market based on a comparison of the aggregate market value of U.S. corporations to measures of dividends, earnings, output, and the replacement cost of measured capital have been above historical norms for the past 25–30 years.
Annual Report
March 2026
Tech Trends Report 2026
Contrary
Research
352 Pages
The annual Contrary Tech Trends Report isolates the most important currents within technology and the way social behavior forms around them.
Africa
March 2026
Venture Capital in Africa Report
AVCA
Research
44 Pages
This seventh edition of AVCA’s Venture Capital in Africa report captures a market that is no longer in free fall, but not yet in full recovery.
Annual Report
March 2026
Country Risk Atlas 2026: Under the surface
Allianz
Research
179 Pages
The 2026 edition of the Country Risk Atlas assesses the economic outlook, risks and opportunities across 83 countries, representing approximately 94% of global GDP.
Markets
March 2026
Exploring the real wealth creation in U.K. stocks
Springer Nature Link
Research
16 Pages
This study uses the approach of Bessembinder to examine the real wealth creation of U.K. individual stocks between January 1975 and December 2024.
Annual Report
March 2026
Global Investment Returns Yearbook 2026
UBS
Research
24 Pages
The UBS Global Investment Returns Yearbook offers a comprehensive record of long-term performance across stocks, bonds, bills, currencies, and other asset classes, tracing developments back to 1900.
Annual Report
March 2026
2025 Public Pension Funding Study
Milliman
Research
17 Pages
The Milliman Public Pension Funding Study annually explores the funded status of the 100 largest U.S. public pension plans.
Dividends
March 2026
Data Update 8 for 2026: Time for Harvesting – Dividends and Buybacks
Research
9 Pages
Professor Damodaran looks at the decision by businesses on how much cash to return to their owners, and in what form (dividends or buybacks), and how that decision played out globally in 2025.
Markets
March 2026
How Rising Hyperscaler Reinvestment Impacts the 6 Ps Driving Power Growth/Constraints
Goldman Sachs
Research
27 Pages
Goldman Sachs Research raises their data center power demand outlook and now expects 220% growth by 2030 vs. 2023 levels (vs +175% previously).
Markets
March 2026
Innovation, Jobs and Inflation: Lessons from 250 Years of Disruption
Deutsche Bank
Research
38 Pages
Jim Reid puts the oil move in historical context, explains what history tells us about the impact of AI, and gives an update on market performance in 2026.
Alternative Assets
March 2026
The Red Thread: Alternative alpha
UBS
Research
14 Pages
UBS argues alternatives are becoming central as 60/40 portfolios struggle in a supply driven world.
Capital Market Assumptions
March 2026
Capital Market Assumptions: An Expanded Toolkit for the Next Investing Regime
KKR
Research
12 Pages
KKR published their assumptions for expected returns, yields, and volatility, correlations, and manager dispersion across both public and private markets.
Markets
March 2026
The Concentration Game
D.E. Shaw & Co.
Research
11 Pages
D.E. Shaw considers the impact of increased concentration on benchmark-relative equity portfolios, both in terms of overall risk and the potential to generate alpha.
Global Macroeconomics
March 2026
The Macroeconomic Spillovers From AI Electricity Demand
Goldman Sachs
Research
20 Pages
Goldman Sachs assesses the outlook for electricity prices and explore their spillover effects to consumers and non-AI businesses.
Markets
March 2026
Everything Everywhere All at Once: Conglomerates and the Disappearing Diversification Discount
Research Affiliates
Research
11 Pages
Our new research revisits the conventional expectations of equity markets: historically, conglomerates trade at a discount.
Annual Report
March 2026
2026 Global Family Office Report
J.P. Morgan Asset Management
Research
47 Pages
J.P. Morgan’s report shares a comprehensive look at today’s family office landscape. It features 333 offices from 30 countries and an average net worth of $1.65 billion.
Markets
March 2026
Fighting Words
J.P. Morgan Asset Management
Research
2 Pages
Michael Cembalest’s 16th Annual Energy Paper looks at energy arguments, battles and debates this year.
Emerging Markets
March 2026
Thoughts From the Road
KKR
Research
21 Pages
KKR's Henry McVey wrote about his recent trip to India, which he continues to see as one of the more compelling long-term destinations for global capital, particularly in a world where services, not goods, are driving the next phase of global growth.
Markets
March 2026
The Risks to Energy Prices From Iran
Goldman Sachs
Research
18 Pages
Goldman Sachs’ shares their base energy price forecasts remain unchanged after recent events in the Middle East.
AI
March 2026
The AI Bubble: Hidden Risks and Opportunities
Man Group
Research
13 Pages
Man Group seeks to clarify the mechanics of the AI cycle at year-end 2025: the recursive demand loops, off‑balance‑sheet leverage, distorted demand signals, and the most likely paths of unwinding.
Alternative Assets
February 2026
The Big Book of Venture Capital
Research
272 Pages
Rohit Yadav’s 'Big Book of Venture Capital: 2025 Annual Edition' is a year-end deep dive into venture capital and startup dynamics, combining structured analysis, hard data, and forward-looking perspectives to help make sense of where the market stands today.
AI
February 2026
AI Adopters: Beneficiaries of the Boom
Sparkline Capital
Research
10 Pages
Kai Wu believe we are now approaching the “adoption phase” of the boom, a period during which early adopters of AI will begin to separate from their laggard peers on the back of tangible AI-driven gains.
Annual Report
February 2026
The State of Video Gaming in 2026
Research
164 Pages
Matthew Ball’s annual report covers the state of the gaming industry, why gaming is losing the attention war, and the five areas of revenue growth for 2026.
Alternative Assets
February 2026
The Fund Benchmarks Report 2025
AngelList
Research
33 Pages
With data current as of January 1, 2026, AngelList provides a comprehensive performance data for 2024, which shows stronger TVPI than recent vintages.
Markets
February 2026
Why Investors Shouldn’t Ignore Global Small-Cap Stocks
Morningstar
Article
7 Pages
Morningstar explains why global small caps have been frustrating for a decade yet still worth attention today.
Biotech
February 2026
Biopharma Market Update
Stifel
Research
64 Pages
Tim Opler’s latest biopharma market update covers industry sentiment, M&A activity, capital markets & more.
AI
February 2026
Signal over noise #13: Know your AI exposure: “AI is tech, tech is not AI”
UBS
Research
7 Pages
While AI is tech, not all tech is AI, and tech-heavy indices fall short of capturing the full spectrum of AI beneficiaries.
Markets
February 2026
Bayes and Base Rates
Counterpoint Global
Research
12 Pages
Michael Mauboussin analyzes firms’ growth forecasts tied to their investment in AI.
Markets
February 2026
Market Internals
Citadel
Research
22 Pages
Scott Rubner shares an update on the market after 31 trading sessions into the year.
AI
February 2026
Venture capital investments in artificial intelligence through 2025
OECD
Research
16 Pages
The OECD looks at recent global venture capital investment in AI firms, which made up 61% of all VC investment in 2025 (doubling its 2022 share).
Alternative Assets
February 2026
State of the U.S. Wine Industry 2026
Silicon Valley Bank
Research
49 Pages
Silicon Valley Bank's published their 26th annual report on the State of the U.S. Wine Industry, which it says is stabilizing after revenue declined by 2% in 2025.
Alternative Assets
February 2026
Copper in the Age of AI: Challenges of Electrification
S&P Global
Research
116 Pages
S&P Global's comprehensive study identifies a transformative trajectory for copper demand, projecting a surge from 28 million metric tons in 2025 to 42 million metric tons by 2040 – a 50% increase that underscores the metal's pivotal role in multiple technological and economic domains.
Fixed-Income
February 2026
CTRL + ALT + CREDIT: Q4 2025 Market Review & 2026 Outlook
KKR
Research
22 Pages
While we are in a more mature stage of the cycle with public equity valuations broadly feeling rich and anticipated credit losses continuing to normalize, KKR believes this environment calls for selectivity rather than retreat.
Markets
February 2026
Decoding Markets: So obvious it hurts
Schroders
Research
14 Pages
Schroders examines the recurring gap between perceived economic “miracles” and actual investor returns.
Annual Report
February 2026
State of Private Markets 2025 in review
Carta
Research
34 Pages
By nearly every measure, 2025 was a strong year for startup fundraising, capping a multi-year recovery from the market reset of 2022 with capital, valuations, and deal terms all trending in founders' favor.
Markets
February 2026
Such Great Heights: Lessons from 59 Peaks
Man Group
Research
12 Pages
Henry Neville looks at the history of stock market peaks and finds three things make a drawdown more likely: a lack of volatility, inflation that is too high or too low, and expensive valuations.
Markets
February 2026
Valuing AI: Extreme Bubble, New Golden Era, or Both?
GMO
Research
15 Pages
GMO explores whether today’s enthusiasm for artificial intelligence represents a genuine “new golden era” or simply a classic market bubble with elevated valuations detached from fundamentals.
Markets
February 2026
Stocks for the Long Run Revisited: Dividends and “The Return Nobody Got”
CFA Institute
Research
38 Pages
Long-run stock returns look extraordinary, yet few investors became rich. This brief explains why dividend reinvestment assumptions overstate historical equity returns, reframing the equity risk premium as “the return nobody got.”
China
February 2026
John Arnold on China
Research
8 Pages
John Arnold shared some thoughts from his first trip to China to learn about energy and robotics.
Automotive
February 2026
Automotive Industry Insights Winter 2026
Kroll
Research
19 Pages
2025 has been another year of muted growth for the automotive industry as global vehicle sales volumes are only expected to grow 1.5% to 90 million units by the end of the year. M&A activity in the automotive sector continued its decline in 2025.
Alternative Assets
February 2026
State of Startups 2025
Carta
Research
145 Pages
Carta’s State of Startups 2025 finds the tech ecosystem operating at two distinct speeds, with capital concentrating in AI and highly legible founders while many others struggle for attention and resources.
Market Outlooks
February 2026
2026 U.S. Real Estate Market Outlook
CBRE
Research
38 Pages
CBRE forecasts commercial real estate investment activity to increase by 16% in 2026 to $562 billion, nearly matching the pre-pandemic (2019) annual average.
Annual Report
February 2026
Activate Technology & Media Outlook 2026
Activate Consulting
Research
250 Pages
Activate’s annual deck on the state of media and entertainment.
Annual Report
February 2026
Global Developments To Watch Over The Next Five Years
Research
13 Pages
Vikram Mansharamani published his annual list of 20 global developments to watch over the next five years.
Global Macroeconomics
February 2026
The Macro Implications of the AI Capex Boom
Bridgewater
Research
12 Pages
Bridgewater explains why the current surge in AI-related capital expenditure is a much bigger macroeconomic force than consensus expects.
Alternative Assets
January 2026
Alternative Investments: Outlook 2026
J.P. Morgan Asset Management
Research
76 Pages
J.P. Morgan Asset Management frames 2026 as a period where public and private markets increasingly overlap, reshaping how investors think about access, liquidity, and portfolio construction.
Alternative Assets
January 2026
State of Markets
Andreessen Horowitz
Research
57 Pages
a16z’s report looks at trends across public and private markets, with a focus on on venture markets and tech stocks.
Fixed-Income
January 2026
2026 Credit Outlook: Growing Divergence Amid AI’s Big Build-Out
AllianceBernstein
Research
11 Pages
AllianceBernstein expects a more uneven credit landscape in 2026, with dispersion rising as AI infrastructure spending reshapes winners and losers.
Annual Report
January 2026
Land Report 100: Explore the 2026 Top 100 U.S. Landowners
The Land Report
Research
18 Pages
The Land Report 100 shares the top 100 private landowners in the US. Topping the list in 2026 is Stan Kroenke, who controls an estimated 2,700,000 acres nationwide.
Markets
January 2026
Life in the Fast Lane
Citadel
Research
10 Pages
Citadel makes the case that markets may be underpricing relative US growth strength versus Europe, especially in rates.
Alternative Assets
January 2026
State of Venture, Global 2025 recap
CB Insights
Research
284 Pages
CBB published their annual state of venture recap with global data and analysis on dealmaking, funding, and exits by private market venture companies.
Annual Report
January 2026
Global M&A Report 2026
Bain & Company
Research
91 Pages
Bain’s annual M&A report shares deal value rose in 2025 to deliver the second-highest year on record in a broad-based rebound that spanned all industries.
Annual Report
January 2026
2026 Global Data Center Outlook
JLL
Research
9 Pages
JLL’s 2026 Global Data Center Outlook touches on how to navigate AI demand, power constraints and global opportunities in 2026.
Market Outlooks
January 2026
The Short and Long 2026 Q1 Macro Investment View
Citi
Research
36 Pages
Kate Moore presents a discipline first playbook for early 2026, emphasizing process over prediction and dynamic portfolios over year end targets.
Annual Report
January 2026
Luminate Releases 2025 Year-End Music Report
Luminate
Research
Luminate’s 2025 Year-End Music Report says 2025 in music was defined by a paradox: While global On-Demand Audio (ODA) streaming continued to climb, reaching a +10.3% growth rate in the first half of the year, the domestic U.S. market began to show unmistakable signs of a mature market slowdown.
Currency
January 2026
2026 Global FX Outlook: Different Dollar Downside
Goldman Sachs
Research
46 Pages
Goldman Sachs outlines why the US dollar may drift lower in 2026 as global growth and returns become more balanced.
Market Outlooks
January 2026
Five Questions for 2026
Carlyle
Research
20 Pages
The Carlyle Group’s Cyclical Outlook lays out a 2026 framework built around questions rather than point forecasts, aiming to keep investors flexible as narratives shift.
Market Outlooks
January 2026
Compounding Opportunity
PIMCO
Research
11 Pages
PIMCO suggests 2026 is less about chasing risk assets and more about rebuilding portfolios around higher quality fixed income and true global diversification.
Annual Report
January 2026
12 Outlooks for the Future/2026+
Research
13 Pages
Scott Belsky shared 12 things he expects to see in the coming yearish.
Fixed-Income
January 2026
Sovereign Bonds since Waterloo
Research
128 Pages
NBER studies foreign currency sovereign bonds as a long run asset class using a newly assembled price history stretching from 1815 to 2016.
Concentration
January 2026
The extreme weight of AI in the S&P 500: Measures of concentration for market cap, returns, earnings, and capex
Apollo
Research
39 Pages
Apollo updated their chart book documenting the extreme AI concentration within the S&P 500’s market cap, returns, earnings and capex.
Markets
January 2026
Who Is On the Other Side?
Counterpoint Global
Research
97 Pages
Michael Mauboussin lays out a practical framework for why markets are only efficiently inefficient and where mispricings come from. It connects efficiency to information costs, investor behavior, and real world limits on arbitrage.
Annual Report
January 2026
Decarbonization: Parameters, Dollars and Sense, Electrons Photons Molecules
Nat Bullard
Research
200 Pages
Nat Bullard’s annual presentation covers all that matters in our energy, industry, technology, and transport systems, and equally about how those systems engage with each other, and interact in our atmosphere.
Markets
January 2026
Guide to the Markets
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management provides a visual tour of macro, market, and asset class trends across the United States to support portfolio conversations with clients.
Markets
January 2026
Frontier markets
Meketa
Research
14 Pages
Meketa Investment Group breaks down what frontier markets actually are, how the investable universe has changed, and why the story is not simply high growth equals high returns.
Markets
January 2026
Quality Opportunities in Healthcare
GMO
Research
4 Pages
GMO describes healthcare as a sector where recent underperformance may be setting up a more interesting forward opportunity. Innovation remains the core engine, with growth tied to oncology, GLP 1 therapies, and vaccines, while demographics support demand.
Markets
January 2026
Schroders Equity Lens January 2026: your go-to guide to global equity markets
Schroders
Research
7 Pages
Schroders Equity Lens for January is your go-to chartbook to global equity markets.
Annual Report
January 2026
2025 letter
Research
53 Pages
Dan Wang, who previously covered tech for Gavekal Dragonomics is the author of Breakneck: China's Quest to Engineer the Future, wrote his 2025 annual letter.
Market Outlooks
January 2026
US Resilience Resilient
Goldman Sachs
Research
144 Pages
Goldman Sachs’ Wealth Management Investment Strategy Group (ISG) outlines why their views of US Preeminence and Staying Invested remain intact.
Markets
January 2026
Biotech Investing
Verdad
Research
29 Pages
Dan Rasmussen and the Verdad team cover the strangeness of the biotech sector, the recent tribulations that have led to massive underperformance of the broader market, the important role played by specialist biotech funds, the factors that drive performance, how to manage risk, and, ultimately, a strategy for how to invest quantitatively in the biotech sector.
Market Outlooks
January 2026
2026 Credit Outlook: From Scarcity to Selection—The Return of a Buyer’s Market
Apollo
Research
20 Pages
While economic growth in the US remains sufficient to support most corporate and consumer fundamentals, the balance of power in credit is changing.
Markets
January 2026
Investment Outlook
Loomis Sayles
Research
17 Pages
Loomis, Sayles and Company outlines a 2026 base case of healthy growth with moderating inflation, where earnings do more of the heavy lifting than valuation.
Annual Report
January 2026
Finding a New Longevity for Luxury
Bain & Company
Research
36 Pages
Bain and Company explains why luxury is shifting from a post boom normalization into a more selective growth era.
Markets
January 2026
Exploiting Myopia: The Returns to Long Term Investing
Research
56 Pages
The authors argue investment managers face short horizon incentives that can create predictable mispricing in stocks requiring patience.
Market Outlooks
January 2026
Alternatives 2026 Outlook
Wilshire
Research
22 Pages
Wilshire’s outlook focuses on four global megatrends will have an outsized impact on the alternatives investment landscape: artificial intelligence, geopolitics, macroeconomic uncertainty, and energy transition.
Annual Report
January 2026
How Platforms Are Colliding and Why This Will Spark the Next Era of Growth
BCG
Research
26 Pages
BCG published their annual video game report.
Market Outlooks
January 2026
2026 Q1 Outlook
Citadel
Research
24 Pages
Scott Rubner argues early 2026 market behavior will hinge on retail flows, rotation, profits, policy, and positioning.
Markets
January 2026
US Utilities: 2025 Q4
Morningstar
Research
24 Pages
Morningstar explains why utilities finished 2025 as a market leader and why the setup could stay supportive in 2026.
Global Macroeconomics
January 2026
Financialization: How Deficits Inflate Profits and Equity Valuations
Research Affiliates
Research
10 Pages
Research Affiliates argues persistent fiscal deficits can flow almost one for one into corporate profits, then get capitalized into equity prices through passive, price insensitive demand.
Market Outlooks
January 2026
Smothering Heights
J.P. Morgan Asset Management
Research
53 Pages
Michael Cembalest’s outlook focuses on four medium term risks: US power generation constraints, China scaling the moat on its own, Taiwan and a “metaverse moment” for hyperscaler profits after $1.3 trillion of capex and R&D.
Annual Report
January 2026
Biopharma Trends 2026
BCG
Research
12 Pages
BCG’s report on biopharma trends notes that biopharma’s average total shareholder return was 0% from 2021 to 2025, compared with 16% for the S&P 500. Over this five-year period, only 6 of the top 20 companies outperformed the S&P 500.
Market Outlooks
January 2026
UK Outlook 2026—Catching Down
Goldman Sachs
Research
11 Pages
Goldman Sachs explains why the UK may muddle through 2026 with steady growth even as unemployment drifts higher.
Market Outlooks
January 2026
2026 Japan Economic Outlook: Steady Fundamentals, Policy Risks Ahead
Goldman Sachs
Research
26 Pages
Goldman Sachs lays out why Japan can keep growing in 2026, powered more by households and capex than exports.
Market Outlooks
January 2026
Asia Views: 2026 Outlook – Coping with the China Shock
Goldman Sachs
Research
14 Pages
Goldman Sachs explains why Asia’s 2026 outlook hinges on whether domestic demand can pick up as China’s export machine stays strong.
Markets
January 2026
The Case for Optimism
Stifel
Research
99 Pages
Tim Opler reviews the fundamentals of the biotech sector and why he believes that the upside in the sector is just getting started.
Markets
January 2026
Small Caps: Unprofitables Lead, Active Managers Lag, But Can it Last?
Marquette Associates
Research
6 Pages
Marquette Associates explains why small cap leadership can look exciting while quietly raising portfolio risk.
Annual Report
January 2026
Global Wealth Report 2025: Crafted wealth intelligence
UBS
Research
51 Pages
UBS maps how global household wealth has evolved and where it is headed next, highlighting rising Everyday Millionaires, shifting regional leadership and an expected wealth transfer of about $83 trillion that will reshape who controls assets and how portfolios are built.
Annual Report
January 2026
Principal Discussions: Conversations with the World’s Wealthiest Families
J.P. Morgan Asset Management
Research
80 Pages
J.P. Morgan’s report offers an inside-look into the lives and mindsets of the world’s most influential families.
Markets
January 2026
Christmas read, Why corporates have to do something big in 2026
Deutsche Bank
Research
15 Pages
Deutsche Bank argues 2026 is when investors stop rewarding “safety” and start demanding visible growth.
Market Outlooks
January 2026
Equity Outlook 2026: Mapping a New Spectrum of Return Drivers
AllianceBernstein
Research
14 Pages
Are the tides turning against the S&P 500, which has outperformed non-US markets in 11 of the last 15 years?
Alternative Assets
January 2026
Energy Predictions 2025
Research
11 Pages
Casey Handmer, founder of Terraform Industries, shared some energy predictions.
China
January 2026
US Exceptionalism Versus Chinese Uninvestibility (Part I)
Gavekal
Research
16 Pages
Louis-Vincent Gave contrasts United States equity strength with the idea that China has become uninvestible as policy choices diverged, arguing that China has deliberately redirected savings into domestic supply chains and resilience, accepting weaker market returns as the price.
AI
January 2026
2025 LLM Year in Review
Research
11 Pages
Andrej Karpathy reviews how 2025 reshaped large language models, focusing on training, evaluation and how people work with these systems.
Markets
January 2026
Women’s Health Volume I: The History of Female WellBeing
Stifel
Research
236 Pages
In Volume I, Tim Opler reviews the history of women’s health research and discusses areas where progress has been most significant.
Annual Report
December 2025
How America Saves 2025
Vanguard
Research
112 Pages
Vanguard analyzes how participants actually save and invest inside defined contribution retirement plans across a large record keeping base.
Annual Report
December 2025
Evergreen Fund Landscape
Morningstar
Research
5 Pages
Morningstar’s Q4 2025 US Evergreen Fund Landscape Preview shows the U.S. evergreen fund market has grown rapidly—approaching roughly $500 billion in assets—as “semi-liquid” private market vehicles (interval funds, tender offer funds, unlisted REITs/BDCs) expand access beyond traditional institutional investors.
Housing
December 2025
The State of Housing (Un)Affordability in the US
Goldman Sachs
Research
16 Pages
Goldman Sachs analyzes how years of underbuilding and higher borrowing costs have eroded housing affordability in the United States.
Financial History
December 2025
Global Housing Returns, Discount Rates, and the Emergence of the Safe Asset, 1465 2024
Research
77 Pages
Boston College reconstructs centuries of housing returns and discount rates to understand how real estate and sovereign bonds evolved as core assets.
Market Outlooks
December 2025
2026 Outlook: Ride the Power Race and Supply Waves
Goldman Sachs
Research
18 Pages
The US-China AI and geopolitical power race and global energy supply waves drive Goldman Sachs’ analysts' key convictions.
Market Outlooks
December 2025
10 Crypto Predictions for 2026
Bitwise
Research
28 Pages
Bitwise shares 10 predictions for 2026.
Market Outlooks
December 2025
2026 REIT Outlook Optimizing Returns Through a Global Lens
Nareit
Research
11 Pages
Nareit outlines how global REITs can help investors optimize returns by moving beyond domestic home bias into diversified listed real estate markets.
Market Outlooks
December 2025
2025 Global IPO market key highlights and 2026 outlook
EY
Research
25 Pages
EY analyzes how the 2025 IPO market stabilized after years of disruption and what that means for 2026. They highlight 1,293 IPOs raising about 172 billion dollars globally as proceeds recovered while deal volumes stayed roughly flat.
Market Outlooks
December 2025
2026 Outlook: Tech Tonic — a broadening bull market
Goldman Sachs
Research
19 Pages
Goldman Sachs Global Investment Research presents an equity outlook for 2026 that keeps the bull market intact while tempering expectations.
Market Outlooks
December 2025
Markets Outlook 2026: Some Like It Hot
Goldman Sachs
Research
16 Pages
Goldman Sachs Global Investment Research sets out a 2026 markets outlook where sturdy global growth, falling inflation and measured rate cuts extend the cycle.
Market Outlooks
December 2025
Macro Outlook 2026: Sturdy Growth, Stagnant Jobs, Stable Prices
Goldman Sachs
Research
24 Pages
Goldman Sachs sets out a 2026 macro outlook featuring stronger than consensus global growth with subdued job creation and moderating inflation.
Market Outlooks
December 2025
2026 Crypto Market Outlook
Coinbase
Research
70 Pages
Coinbase Institutional outlines how crypto is maturing into a core part of global market infrastructure in its 2026 outlook.
AI
December 2025
How Much Does AI Rhyme with shAle?
Carlyle
Research
9 Pages
Carlyle compares the current artificial intelligence compute boom with the shale energy investment cycle to ask how much history rhymes.
Annual Report
December 2025
The Asset Owner 100
Thinking Ahead Institute
Research
16 Pages
The study reveals the world’s 100 largest asset owners are now responsible for US$ 29.3 trillion as of the end of 2024; experiencing an increase in assets of 11.3% compared to the previous year.
Market Outlooks
December 2025
Outlook 2026 Edition: Long-term perspective on markets and economies
Capital Group
Research
20 Pages
Capital Group sets out a 2026 outlook built around resilience, policy support and a gradual shift toward a more balanced market landscape.
Market Outlooks
December 2025
East Capital Outlook 2026: Why invest in emerging and frontier markets in 2026?
East Capital
Research
7 Pages
East Capital explains why emerging and frontier markets look attractive heading into 2026.
Market Outlooks
December 2025
Global M&A Outlook: Think Big, Build Bigger
Goldman Sachs
Research
18 Pages
Goldman Sachs says the 2026 global M&A landscape will be defined by strategic repositioning and building for scale.
Market Outlooks
December 2025
2026 Outlook: The Year Ahead in 14 Sparks
Apollo
Research
23 Pages
Torsten Slok believes high inflation, higher-for-longer interest rates and uneven growth create a complex backdrop, akin to the 1970s.
Dividends
December 2025
Why dividend growth investing has staying power
T. Rowe Price
Research
6 Pages
T. Rowe Price explains why sticking with a dividend growth strategy can provide useful diversification while creating an opportunity to compound returns over the long term.
AI
December 2025
Google’s Gemini 3 Means AI’s “Resource Grab” Phase Is On
Bridgewater
Research
9 Pages
Bridgewater Associates uses Google Gemini 3 as evidence that artificial intelligence has entered a resource grab phase driven by compute, chips and power.
Market Outlooks
December 2025
High Grading Outlook for 2026
KKR
Research
87 Pages
KKR emphasizes that 2026 is time to own less beta bets than in the past and favor more alpha in the form of portfolio resiliency, including the ability to make one’s own luck through structuring, governance, and active ownership.
Market Outlooks
December 2025
2026 Housing Market Outlook
Compass Intelligence
Research
67 Pages
Mike Simonsen believes 2026 will be a step towards ‘normal’ for the housing market.
Fixed-Income
December 2025
Bond Market Focus: Yield Curves and Mean Reverting Rate Expectations
AQR
Research
14 Pages
Antti Ilmanen explores how yield curve shape reflects mean reverting interest rate expectations more than shifting term premia.
Market Outlooks
December 2025
2026 Investment Outlook
Brookfield
Research
34 Pages
Brookfield’s outlook states that the long-term opportunities for private capital lie in the megatrends they call the Three Ds: digitalization, deglobalization and decarbonization.
Fixed-Income
December 2025
Bond Market Focus Understanding Treasury Yields with Survey Data
AQR
Research
9 Pages
Antti Ilmanen uses survey data to break the United States 10 year Treasury yield into inflation expectations, real rate expectations, and bond risk premia.
Market Outlooks
December 2025
2026: Boring is Beautiful
Richard Bernstein Advisors
Research
12 Pages
RBA believes 2025 may be remembered as one of the most speculative market environments in years, with liquidity driving areas far beyond fundamentals.
Market Reports
December 2025
Guide to the Markets: EMEA | 4Q 2025
J.P. Morgan Asset Management
Research
94 Pages
J.P. Morgan Asset Management updated their Guide to the Markets EMEA through November 30, 2025.
Market Outlooks
December 2025
2026 Outlook: International Stocks and Economy
Charles Schwab
Research
16 Pages
Michelle Gibley says international stocks could be poised for another strong year in 2026 due to accelerating global growth, attractive valuations and the potential for dollar weakness.
Market Outlooks
December 2025
2026 Outlook: U.S. Stocks and Economy
Charles Schwab
Research
26 Pages
Liz Ann Sonders believes the macro environment will continue to be unstable given policy crosscurrents and a wobbly labor market, but stocks can likely churn higher given a firmer earnings backdrop.
Market Outlooks
December 2025
Investment Outlook 2026: Fuel in the engine
J.P. Morgan Asset Management
Research
27 Pages
J.P. Morgan shares four calls to action for investors: 1. navigate tech concentration carefully, 2. diversify selectively across global equities, 3. don’t be fearful of private markets, and 4. protect against derailment.
Market Outlooks
December 2025
2026 Outlook: Finding Value Amid the Hype
Cambridge Associates
Research
38 Pages
Cambridge Associates explores where genuine value still exists in a market narrative dominated by artificial intelligence enthusiasm and tariff driven macro uncertainty.
Market Outlooks
December 2025
Hedge Fund Outlook 2026
With Intelligence
Research
14 Pages
With Intelligence reviews how hedge funds enter 2026 after a period of renewed inflows and strategy evolution.
Market Outlooks
December 2025
AI exuberance: Economic upside, stock market downside
Vanguard
Research
28 Pages
Vanguard’s capital markets projections show that the strongest risk-return profiles across public investments over the coming five to 10 years.
Market Outlooks
December 2025
2026 US Private Equity Outlook
PitchBook
Research
18 Pages
PitchBook analyzes how United States private equity enters 2026 with aging portfolios, more selective exits and growing manager concentration.
Market Outlooks
December 2025
2026 US Venture Capital Outlook
PitchBook
Research
21 Pages
PitchBook’s venture team maps a cautious but improving United States venture landscape for 2026.
Market Reports
December 2025
2026 Key Themes
MFS
Research
10 Pages
MFS Investment Management outlines key macro and market themes likely to drive portfolios in 2026.
Market Outlooks
December 2025
KPMG Economics: Here comes the sun: Bring the sunscreen Annual economic outlook
KPMG
Research
8 Pages
KPMG US sets out a 2026 United States outlook where growth stabilizes after a long stretch of shocks and policy drama.
Market Outlooks
December 2025
United States Outlook 2026
Cushman & Wakefield
Research
43 Pages
Cushman & Wakefield presents a 2026 United States outlook that links tariffs, immigration limits and AI driven investment to the macro path and commercial real estate.
Market Outlooks
December 2025
Divergent Paths
Man Group
Research
16 Pages
Man Group believes 2026 is likely to be an environment of high uncertainty, with significant geopolitical risks and economies weighed down by tariffs and other policies. This is likely to result in slowing global growth: with several key economies at risk of entering recession.
Markets
December 2025
Would the real AI bubble please stand up? A brief guide to boom or bust
Deutsche Bank
Research
24 Pages
Deutsche Bank explains why they think that reports of a bubble are exaggerated (for now), as well as what could go wrong.
Market Outlooks
December 2025
Charting the Year Ahead: Investment Ideas for 2026
PIMCO
Research
7 Pages
PIMCO lays out investment ideas for 2026 across equities, fixed income, real assets and credit.
Market Outlooks
December 2025
Dancing in the dark: Markets move to the beat of uncertainty
Natixis
Research
20 Pages
Natixis’ highlights inflation, fiscal strain, and shifting policies set the stage for a late-cycle test — and a potential 2026 correction.
Market Outlooks
December 2025
2026 Credit Outlook: Divergence Meets Opportunity
Man Group
Research
27 Pages
Man Group’s credit outlook covers every angle of the credit markets, highlighting where both the real pressure points and opportunities are in the year ahead.
Market Outlooks
December 2025
2026 Private Markets Outlook A New Continuum
BlackRock
Research
27 Pages
BlackRock presents a 2026 private markets outlook built around a new continuum between public and private assets.
Market Outlooks
December 2025
2026 Outlook: Treasury Bonds and Fixed Income
Charles Schwab
Research
11 Pages
Charles Schwab’s expects 2026 to be another good year of returns for bond investors, but the range of potential outcomes is wide.
Market Outlooks
December 2025
2026 Global Market Outlook: Minds, machines, and market shifts
T. Rowe Price
Research
21 Pages
T. Rowe Price says 2026 will require investors to balance exposure to enduring AI leaders with emerging opportunities in cyclical and international markets, all while remaining vigilant to persistent macro risks.
Market Outlooks
December 2025
The Shifting Investment Landscape
BNP Paribas Asset Management
Research
42 Pages
The authors outline how the shifting investment landscape in 2026 is shaped by resilient growth, changing policy and structural forces.
Market Outlooks
December 2025
Think Future 2026: Your guide to the global investment landscape
HSBC Asset Management
Research
22 Pages
HSBC Private Bank and Premier Wealth presents Think Future 2026 as a guide to the global investment landscape. The outlook stays constructive on risk assets, arguing that artificial intelligence, resilient earnings and capital spending can extend the bull market.
Market Outlooks
December 2025
Redfin’s 2026 Predictions: Welcome to The Great Housing Reset
Redfin
Research
23 Pages
Redfin outlines a 2026 housing outlook built around what it calls the Great Housing Reset.
Alternative Assets
December 2025
State of Crypto 2025: The year crypto went mainstream
Andreessen Horowitz
Research
54 Pages
a16z crypto surveys how stablecoins, institutional participation and real world use cases have pushed crypto into a more mature phase.
Market Outlooks
December 2025
World Energy Outlook 2025
International Energy Agency
Research
44 Pages
International Energy Agency outlines how the global energy system is shifting while energy security and climate goals collide.
Market Outlooks
December 2025
Realtor.com 2026 Housing Forecast
Realtor.com
Research
22 Pages
Realtor.com Economic Research outlines its 2026 housing forecast, describing a steadier market that is still far from booming.
Market Outlooks
December 2025
Global Insolvency Outlook 2026-27: Don’t look down!
Allianz
Research
32 Pages
Allianz Research analyzes the global insolvency outlook for 2026 and 2027 as tariffs, AI and credit conditions reshape risks.
Market Outlooks
December 2025
2026 Global Outlook: Pushing limits
BlackRock
Research
18 Pages
BlackRock says a challenge for investors in 2026 will be reconciling whether AI will generate revenues of the same order of magnitude as the huge capital spending plans.
Market Outlooks
December 2025
Global Economic Outlook Q1 2026: AI Tailwinds Boost Otherwise Weak Growth
S&P Global
Research
17 Pages
The S&P Global Ratings forecasts that global growth in 2026 will remain sluggish overall, but a surge in AI-related investment — especially in data centers, chips, and digital infrastructure — will provide a significant boost that helps offset weakness elsewhere.
Annual Report
December 2025
Insights from the 2025 Schwab RIA Benchmarking Study
Charles Schwab
Research
54 Pages
The RIA Benchmarking Study provides information on topics such as asset and revenue growth, sources of new clients, products and pricing, staffing, compensation, marketing, technology, and financial performance.
Market Reports
December 2025
The Future of Oil to 2050
Morningstar
Research
40 Pages
US oil production demand is expected to be resilient throughout the mid-century, despite the energy transition to electrification.
Annual Report
December 2025
Charles Schwab ETFs and Beyond Study
Charles Schwab
Research
49 Pages
Charles Schwab presents its 2025 ETFs and Beyond Study on how individual investors use ETFs across their portfolios.
Annual Report
December 2025
State of European Tech 2025
Atomico
Research
282 Pages
Atomico uses its State of European Tech 2025 to map a maturing yet constrained European tech ecosystem.
Alternative Assets
December 2025
Gold Outlook 2026 : Push ahead or pull back
World Gold Council
Research
12 Pages
After Gold's remarkable 2025, achieving over 50 all-time highs and returning over 60%, the World Gold Council predicts 2026 be shaped by ongoing geoeconomic uncertainty.
Markets
December 2025
Tech Dilution Through Q3: Discipline Cracks at Big Tech
Platform Aeronaut
Article
10 Pages
Thomas Reiner reviews how share based dilution has evolved across tech through Q3 2025, with discipline slipping at Big Tech.
Markets
December 2025
Equity Market Commentary: November 2025
Morgan Stanley
Article
6 Pages
Andrew Slimmon discusses a late cycle equity bull market that has entered its fourth year. Slimmon argues that investor behavior now reflects euphoria, with speculative stories leading even as fundamentals stay solid.
Markets
December 2025
Does Share Repurchase Legalization Really Harm Corporate Investments?
Research
56 Pages
Using staggered legalizations across countries, the authors test whether permitting open-market buybacks reduces corporate investment and real activity.
Markets
December 2025
Spotting Unseen Risks in Portfolios
MFS
Research
5 Pages
MFS looks at how hidden risks can build inside portfolios when traditional risk measures give a false sense of safety.
Markets
December 2025
Is Now a Turning Point for Small Caps?
Polen Capital
Research
4 Pages
Polen Capital examines whether small cap stocks are set up for a new period of leadership in the coming years.
AI
December 2025
The Benefits of Bubbles
Stratechery
Article
11 Pages
Ben Thompson argues that speculative bubbles around new technologies can still create lasting real world benefits. He contrasts destructive mean reversion bubbles with productive inflection bubbles that finance infrastructure and experimentation.
AI
December 2025
AI eats the world
Research
90 Pages
Benedict Evans uses his November 2025 deck to examine how generative AI is reshaping technology, capital flows, and competition.
Market Outlooks
December 2025
Global Market Perspectives Against all odds
Principal Asset Management
Research
23 Pages
Principal Asset Management reviews how global growth has held up surprisingly well despite trade shocks, tariff noise, and political uncertainty.
Market Outlooks
December 2025
Macro Pulse Outlook for 2026: charting the year ahead
New York Life Investments
Research
91 Pages
New York Life Investments’ 2026 outlook says a supportive global policy backdrop should keep financial conditions loose, encouraging both risk-taking and corporate investment – even as market tensions test investors’ conviction.
Market Reports
December 2025
Global Thematic Fund Landscape 2025
Morningstar
Research
63 Pages
The Global Thematic Funds Landscape report provides in-depth insights into evolving investment themes—from supply chain dynamics to the rise of actively managed funds.
Market Outlooks
November 2025
Outlook 2026 Report: Promise and Pressure
J.P. Morgan Asset Management
Research
70 Pages
J.P. Morgan Private Bank frames its 2026 Outlook around three forces AI fragmentation and inflation reshaping the investment landscape.
Market Outlooks
November 2025
Seeking Catalysts Amid Complexity: Investment Outlook 2026
Goldman Sachs
Research
57 Pages
Goldman Sachs Asset Management maps out its Investment Outlook 2026, focusing on catalysts that may unlock returns amid global complexity.
Market Outlooks
November 2025
2026 Year Ahead Investment Outlook: AI Lift and Economic Drift
J.P. Morgan Asset Management
Research
16 Pages
J.P. Morgan Asset Management sets out its 2026 Year Ahead Investment Outlook around an AI Lift and Economic Drift theme.
Markets
November 2025
Playing a Bigger Game
MFS
Research
16 Pages
MFS explores how the investment industry can play a bigger game by reconnecting purpose, time horizons, and risk.
Market Outlooks
November 2025
2026 Investment Outlook: The synchronized shift
Robeco
Research
27 Pages
Robeco’s 2026 Investment Outlook argues that global growth could enjoy a rare synchronized late cycle upswing next year.
Market Outlooks
November 2025
Year Ahead 2026: Escape velocity?
UBS
Research
68 Pages
UBS Chief Investment Office frames its 2026 Year Ahead outlook around whether the global economy can reach escape velocity.
Market Outlooks
November 2025
2026 Global Outlook Report
Morningstar
Research
42 Pages
From the rise of AI-driven capital spending to opportunities emerging in undervalued regions like South Africa and Asia, Morningstar’s outlook examines how today’s forces will influence long-term portfolio construction and asset allocation.
Argentina
November 2025
Argentina, 1500-2023: An Institutional Story
AIER
Research
21 Pages
American Institute for Economic Research traces Argentina's institutional journey from colonial roots to today's turbulent reform moment.
Markets
November 2025
Aging: Looking Forward
Stifel
Research
333 Pages
In Part II, Tim Opler reviews the status of aging biology and discusses areas where future progress is most likely.
Markets
November 2025
Need for speed – the Draghi report one year on
Deutsche Bank
Research
16 Pages
Deutsche Bank reviews European Union competitiveness one year after the Draghi roadmap. The authors assess how much real policy movement has occurred across defense investment, single market reforms, innovation, and savings and investment initiatives.
Markets
November 2025
Building Long-Term Returns: Our 10-Year Forecasts
Goldman Sachs
Research
31 Pages
Peter Oppenheimer projects global equities can deliver about 7.7% annual returns over the next decade, driven mainly by earnings growth and dividends.
Markets
November 2025
The Gig Economy: Another Perspective on the Labor Market
Goldman Sachs
Research
16 Pages
Goldman Sachs takes a fresh look at the gig economy as a lens into a cooling United States labor market.
Markets
November 2025
Capital Allocation
Morgan Stanley
Research
88 Pages
Michael Mauboussin updates his 2022 study of how public companies in the U.S. spend money.
Markets
November 2025
Focus on fundamentals to bounce back
EY
Research
34 Pages
EY analyzes the 2025 biotech landscape, finding revenues stabilizing while financing and M&A remain subdued.
Markets
November 2025
Finding Large Opportunity in Midcaps
MFS
Research
6 Pages
MFS argues midcaps sit in a compelling “sweet spot,” with broader sector diversification and less analyst coverage creating fertile ground for stock selection.
Markets
November 2025
Biopharma Market Update
Stifel
Research
101 Pages
Stifel reviews a broad rebound across biotech and pharma, noting that investor optimism and strategic deal-making have returned.
Markets
November 2025
The winter of our discontent: generative AI disrupts the entertainment industry content moat
J.P. Morgan Asset Management
Research
11 Pages
While the prior decade was defined by disruption in content distribution, Michael Cembalest believes the next decade will be defined by disruption in content creation, augmented by generative AI.
Energy
November 2025
The Energy Trade-Off
Gavekal
Research
6 Pages
Louis-Vincent Gave examines the trade offs between securing affordable, reliable energy and accelerating decarbonization.
Alternative Assets
November 2025
Is Private Equity the New Small Cap? Understanding the Overlap—and the Divide
NEPC
Research
5 Pages
William Forde examines the overlap between private equity and U.S. small-cap equities, discussing shrinking public market opportunities, diverging valuations, and how active management can capture value across both segments.
Alternative Assets
November 2025
Eastern Frontier: Unlocking Diversification in China
Man Group
Research
13 Pages
Man Group says improving access to more of China's uncorrelated markets offers diversification opportunities to global investors as market dispersion increases.
Markets
November 2025
The End of the Affair
Man Group
Research
23 Pages
Henry Neville believes the top four risks today are AI capital expenditure, fiscal sustainability, private markets and policy volatility.
Markets
November 2025
Reframing Financial Markets as Complex Systems
CFA Institute
Research
64 Pages
This CFAI report reframes financial markets as complex adaptive systems, exploring how agent-based modeling and network theory can improve both portfolio management and risk management.
Markets
November 2025
Dumb money triumphant
Acadian
Article
6 Pages
Owen Lamont examines the recent stretch where retail-heavy portfolios outpaced the broad market while most-shorted stocks rallied.
Markets
November 2025
Superstar CEOs and Super Acquisitions
Research
39 Pages
The authors investigate how winning a “best Chief Executive Officer (CEO) award” affects their propensity to undertake mergers and acquisitions (M&As).
AI
November 2025
Beyond the Bubble: Why We Think AI Infrastructure Will Compound Long after the Hype
KKR
Research
20 Pages
KKR argues the AI buildout—especially data centers, power, and connectivity—has bubble-like pockets but durable, compounding fundamentals.
Markets
November 2025
Beyond the Beta: Actively Seeking Small-Cap Alpha
Goldman Sachs
Research
20 Pages
Goldman Sachs says small-cap markets are set for a promising cycle, driven by expected rate cuts, attractive valuations—in the US and especially internationally—rising earnings, and increased dealmaking.
Markets
November 2025
Biopharma Market Update
Stifel
Research
69 Pages
Tim Opler gives an update on biotech in China (starting on page 34), noting that activity is off the charts and the U.S. venture presence increasingly visible.
AI
November 2025
Why we are not in a bubble… yet
Goldman Sachs
Research
29 Pages
Peter Oppenheimer explains why he believes the markets show froth but aren’t quite yet in bubble territory.
Market Reports
November 2025
Public Markets Update
Coatue
Research
59 Pages
Coatue shared an update on public markets, focusing mostly on the technology sector and AI.
Markets
November 2025
2026 Long-Term Capital Market Assumptions
J.P. Morgan Asset Management
Research
38 Pages
J.P. Morgan Asset Management’s 2026 Long-Term Capital Market Assumptions provides return and risk expectations for more than 200 assets and strategies in 20 base currencies.
AI
November 2025
Surviving the AI Capex Boom
Sparkline Capital
Research
14 Pages
Kai Wu finds historical capital expenditure booms have typically resulted in overinvestment, excess competition, and poor stock returns.
Market Reports
November 2025
Long-Term Asset Return Study – The Ultimate Guide to Long-Term Investing
Deutsche Bank
Research
52 Pages
Jim Reid published the 20th anniversary edition of Deutsche Bank’s flagship Long-Term Study, which examines how asset classes (mainly global stocks and bonds) have performed across a wide range of macroeconomic, policy, and valuation environments, drawing on data all the way from the 18th century to today.
Markets
October 2025
Breast Cancer: History and Outlook
Stifel
Research
229 Pages
Tim Opler provides an intellectual progress report on breast cancer from the past to the present, analyzes today’s translational science, and discusses a dozen promising organizations developing new approaches.
International Markets
October 2025
Through a Wider Lens: The Growth Opportunity Beyond US Markets
Jennison Associates
Research
8 Pages
Jennison Associates argues that investors are overlooking compelling growth franchises outside the United States as benchmarks skew toward cyclicals.
Market Reports
October 2025
Schroders Equity Lens
Schroders
Research
58 Pages
Schroders surveys global equities through a data rich dashboard covering performance, valuations, earnings, styles, and market structure.
Markets
October 2025
A “Fairly Highly Valued” Market: A Fed Chair Opines on Stocks, but should we listen?
Research
10 Pages
Given Jerome Powell’s recent comment that US equities are “fairly highly valued,” Professor Aswath Damodaran examines whether markets are overpriced, and if so, whether action is warranted.
Europe
October 2025
Quantitative Precision: Seeking to Unlock High Alpha Potential in European Equities
Goldman Sachs
Research
20 Pages
Goldman Sachs Asset Management outlines a systematic approach to harvesting stock selection alpha in Europe using multi signal models and strict portfolio construction. Emphasis falls on exploiting wide dispersion in quality and valuation, neutralizing unintended bets, and integrating liquidity and risk controls to make signals investable at scale.
AI
October 2025
Artificial intelligence
UBS
Research
13 Pages
Ulrike Hoffmann-Burchardi, UBS CIO & Global Head of Equities, shares an update on her 10 AI views.
Markets
October 2025
2026 Long-Term Capital Market Assumptions
J.P. Morgan Asset Management
Research
92 Pages
J.P. Morgan Asset Management lays out its 2026 Long-Term Capital Market Assumptions, framing a 10–15 year outlook shaped by economic nationalism, fiscal policy shifts, and accelerating AI adoption.
Alternative Assets
October 2025
Outlook for Private Markets
Apollo
Research
69 Pages
Apollo published an outlook for Japan and an outlook for private markets.
Market Outlooks
October 2025
Tariffs, Technology, and Transition
PIMCO
Research
12 Pages
PIMCO outlines a global economic and market outlook shaped by tariffs, rapid AI-driven capital investment, and political challenges to monetary institutions.
International Markets
October 2025
Outlook for Japan
Apollo
Research
43 Pages
Apollo published an outlook for Japan and an outlook for private markets.
Market Reports
October 2025
Guide to the Markets U.S. | 4Q 2025
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan’s Guide to the Markets is updated through September 30, 2025.
Markets
September 2025
The Blob: Capital, China, Chips, Chicago and Chilliwack
J.P. Morgan Asset Management
Research
11 Pages
J.P. Morgan’s Michael Cembalest examines the convergence of AI, industrial policy, and fiscal stress across markets and governments.
Markets
September 2025
Biopharma Market Update
Stifel
Research
77 Pages
Stifel shared an update on the biopharma market.
Markets
September 2025
MAGA →MEGA
Deutsche Bank
Research
20 Pages
Deutsche Bank examines whether 15 years of U.S. equity dominance are giving way to renewed strength in European markets.
Markets
September 2025
Human Progress, Medicine and AI
Stifel
Research
101 Pages
Tim Opler's special report covers the adoption of innovation, why medical innovations are so slow to be adopted, and how this may change in the future.
Global Macroeconomics
September 2025
Through the Looking Glass
Carlyle
Research
23 Pages
Carlyle examines how the global economy is entering a “post-normal” phase characterized by higher equilibrium interest rates, shifting capital flows, and uneven productivity gains from AI.
Global Macroeconomics
September 2025
Thoughts From the Road: Southeast Asia
KKR
Research
9 Pages
KKR reflects on recent meetings in Southeast Asia, highlighting strong 2025 equity performance, capital inflows, and demographic tailwinds.
Markets
September 2025
Narrowing the gap: U.S. exceptionalism and developed markets
J.P. Morgan Asset Management
Research
51 Pages
J.P. Morgan’s Strategic Investment Advisory Group examines the fading gap between U.S. outperformance and other developed markets.
Alternative Assets
August 2025
Guide to Alternatives
J.P. Morgan Asset Management
Research
81 Pages
J.P. Morgan published their latest Guide to Alternatives.
Markets
August 2025
Biopharma Market Update
Stifel
Research
73 Pages
Tim Opler covers the evolving cardiovascular drug field, which is accelerating due to the high unmet need.
Markets
August 2025
A Historic Dislocation: Opportunity at the Long End of the Municipal Curve
Morgan Stanley
Research
8 Pages
Morgan Stanley highlights the rare steepness in the municipal yield curve, with long-dated bonds underperforming short maturities by nearly 800 bps.
Global Macroeconomics
August 2025
The New Joule Order
Carlyle
Research
27 Pages
Jeff Currie posits that energy security, rather than climate concerns, is now the primary driver of the global energy transition.
Wealth Management
August 2025
Guide to Retirement
J.P. Morgan Asset Management
Research
56 Pages
J.P. Morgan Asset Management provides a comprehensive framework for retirement planning that emphasizes longer life expectancies, disciplined investing, and strategic income management.
Markets
August 2025
Sick as a Dog
J.P. Morgan Asset Management
Research
31 Pages
J.P. Morgan examines why U.S. healthcare stocks trade at their lowest relative valuations in over three decades.
Markets
August 2025
How will European companies ever catch their US peers?
Deutsche Bank
Research
13 Pages
Deutsche Bank examines why European corporates lag their U.S. peers in profitability and market depth, focusing on declining efficiency as the critical gap.
Markets
August 2025
Cash Holdings
Morgan Stanley
Research
36 Pages
Morgan Stanley investigates why corporate cash holdings have steadily risen over the past 50 years, dispelling the idea that they simply reflect poor governance.
Markets
August 2025
US Auto Dealer Industry Report
Morningstar
Research
48 Pages
Morningstar covers the $1 trillion-plus auto dealership industry, touching on automobile industry trends, individual stocks’ economic moats, future outlooks, ESG considerations, and more.
Markets
August 2025
Global Defense Sector Landscape
Morningstar
Research
83 Pages
Morningstar outlines how geopolitical tensions and NATO budget targets are driving a new defense supercycle, reshaping procurement, investment, and industry structure.
Markets
August 2025
Myths and Lessons from a Century of American Automaking
Economic Innovation Group
Research
22 Pages
The author revisits the history of American automaking to challenge protectionist myths often used to justify tariffs and trade barriers.
Global Macroeconomics
August 2025
Canaries in the Coal Mine? Six Facts about the Recent Employment Effects of Artificial Intelligence
Stanford University
Research
57 Pages
Stanford researchers use payroll data from ADP to analyze how generative AI adoption is reshaping employment across occupations.
Markets
August 2025
Japan’s Dividend & Buyback Surge
Verdad
Research
5 Pages
Verdad Capital reviews Japan’s record surge in dividends and buybacks, driven by Tokyo Stock Exchange reforms aimed at improving capital efficiency.
Markets
August 2025
Thoughts from the Road: Asia
KKR
Research
15 Pages
KKR reflects on recent trips to China and Japan, assessing growth headwinds, trade policy shifts, and investment opportunities across Asia.
Markets
August 2025
Developed ex-US equities
Meketa
Research
13 Pages
Meketa analyzes the structure, performance, and diversification role of developed markets outside the U.S., finding that while correlations with U.S. equities have risen, these markets still offer unique sector and currency exposures.
Markets
August 2025
The Red Thread: Europe Edition
UBS
Research
38 Pages
UBS identifies a strategic inflection point for Europe, as fiscal stimulus and shifting policy dynamics lift growth expectations relative to the U.S.
Markets
July 2025
Indian Summer?
Man Group
Research
19 Pages
Man Group assesses India’s long-term potential, balancing its rapid demographic expansion, capex boom, and digitization progress against rich valuations and geopolitical risks.
Markets
July 2025
The Structural Solar Surge
Goldman Sachs
Research
15 Pages
Goldman Sachs analyzes the unprecedented global boom in solar power, which has become the fastest-growing electricity source in history.
Markets
July 2025
The Wisdom of Buying Absurdly Expensive Stocks (Or Not!)
Man Group
Research
11 Pages
Man Group examines how over one‑fifth of the MSCI World index now trades at EV/sales multiples above 10x—levels last seen during the dot‑com bubble—raising questions over whether these elevated valuations, driven by AI exuberance, can justify future returns amid normalized interest rates.
Markets
July 2025
Obesity Drug Market Update
Stifel
Research
253 Pages
Tim Opler gives an overview of the global obesity epidemic and the GLP-1 market.
Market Reports
July 2025
Global Wealth Report 2025
UBS
Research
51 Pages
UBS presents the 16th edition of its Global Wealth Report, revealing that global personal wealth rose 4.6% in 2024, driven by strong U.S. dollar and financial-market performance.
Fixed-Income
July 2025
Fixed Income Outlook
BlackRock
Research
16 Pages
BlackRock emphasizes that today’s fixed-income landscape offers a generational opportunity, with historically high yields—particularly at the front end of the curve—making income more attractive than duration amid macro uncertainty.
Markets
July 2025
Multi-Asset Market Outlook
Robeco
Research
13 Pages
Robeco’s theme of the month is the rise in share buybacks, which they believe are set to become even more popular. They highlight the positive momentum for rising share buybacks in Japan and Europe.
Markets
July 2025
Market Know-How 3Q 2025
Goldman Sachs
Research
16 Pages
GSAM outlines a cautious yet proactive investment stance amid heightened geopolitical uncertainty, fiscal policy shifts, and tariff risks.
Markets
July 2025
Recovery, Optimism & Complacency
MUFG
Research
52 Pages
MUFG cautions that market optimism may overlook structural vulnerabilities created by the entanglement of monetary and fiscal policy.
Markets
July 2025
Rethinking Risk Management and the Myth of “Missing the Best Days”
Research
15 Pages
ViewRight Advisors challenges the notion that investors must stay fully invested to avoid “missing the best days.”
Markets
July 2025
Brazil: Rewiring the Economy
Morgan Stanley
Research
6 Pages
Morgan Stanley explores Brazil’s shift from a “lost decade” to renewed growth driven by structural reforms.
Markets
July 2025
Why Are Emerging Markets Investors Removing Their China Exposure?
Marquette Associates
Research
7 Pages
Marquette Associates analyzes the rapid growth of EM ex-China strategies, noting how geopolitical tensions, regulatory risks, and China’s economic weakness have driven investors to diversify away.
Market Outlooks
July 2025
Mid Year Outlook: Make Your Own Luck
KKR
Research
68 Pages
KKR frames the shifting 2025 market—marked by geopolitical shocks, sticky inflation, and a U.S. credit downgrade—as part of a broader "Regime Change."
Markets
June 2025
2025 Mid Year Investment Outlook
HSBC Asset Management
Research
28 Pages
HSBC states the macro environment has structurally changed, which leads them to believe investors should embrace greater geographic and strategic diversification.
Markets
June 2025
Unpacking the $15 Trillion Opportunity in Leisure Travel
BCG
Research
21 Pages
BCG covers the future of global leisure travel and forecasts it will triple in value, reaching $15 trillion by 2040.
Portfolio Management
June 2025
The International Rebalance
Morgan Stanley
Research
7 Pages
Morgan Stanley highlights the entrenched home‑country bias among U.S. investors, with nearly 15 years of U.S. equity dominance masking broader opportunities abroad.
Global Macroeconomics
June 2025
The US Dollar and Why International Stocks are Outperforming YTD
Johnson Financial Group
Research
7 Pages
Johnson Financial Group explains that the US dollar’s sharp depreciation in 2025 has significantly boosted the relative performance of foreign equities for US investors, as currency effects can outweigh underlying stock movement.
Markets
June 2025
What Will 2025 Be Remembered For?
Gavekal
Research
11 Pages
Assuming that the US is folding its security umbrella and withdrawing from patrolling the world’s ocean, Louis-Vincent Gave looks at possible winners and losers. He notes most of the winners in that scenario are trading at average or below average valuations.
Markets
June 2025
Welcome to the Age of Diminished Expectations
Natixis
Research
18 Pages
Natixis Investment Managers’ 2025 global survey of 7,050 individual investors shows individual investors have high expectations for future returns.
Markets
June 2025
Oncology Market Update
Stifel
Research
82 Pages
Tim Opler covers the trends, deals, valuations, and players in the oncology market.
Market Reports
June 2025
How America Saves 2025
Vanguard
Research
112 Pages
Vanguard’s 24th annual How America Saves report analyzes retirement behaviors among nearly 5 million DC plan participants in 2024, revealing record-high plan participation and smart design execution.
Markets
June 2025
The Fragmentation Era
PIMCO
Research
12 Pages
Pimco explains how investors can look to fortify portfolios by diversifying across global markets and capitalizing on attractive, high quality yields.
Markets
June 2025
Sunrise on Venus
Orbis Investments
Research
12 Pages
Orbis Investments examines the prolonged outperformance of U.S. equities over the past 15 years and highlights emerging opportunities in international (ex-U.S.) markets.
Markets
June 2025
Bend, Not Break: Investing in Real Estate Amid Economic Uncertainty
PIMCO
Research
11 Pages
PIMCO offers a measured outlook for commercial real estate amid persistent macroeconomic uncertainty—sticky inflation, tight credit, and geopolitical tension—highlighting pockets of regional resilience like Europe, Japan, and Australia.
Markets
June 2025
Africa Unleashed: Powering Prosperity Through Energy Access
BCG
Research
23 Pages
BCG walks through the regulatory, financial, technical, and social facets of the challenge to connect 300 million people, mostly in rural areas, to the electrical grid by 2030.
Markets
May 2025
Biopharma Market Update
Stifel
Research
106 Pages
Tim Opler gives an update on biotech in China (starting on page 47), highlighting the rapid change.
Markets
May 2025
Emerging Markets 2.0: The Tipping Point Is Here
Allspring
Research
6 Pages
Allspring explains why they believe that there is currently an opportunity for investors to diversify into emerging markets given the first signs of an exceptional decade beginning to appear.
Alternative Assets
May 2025
Global Private Markets Report 2025: Private equity emerging from the fog
McKinsey & Company
Research
27 Pages
McKinsey provides an in-depth analysis of the private markets landscape in 2024.
Markets
May 2025
Credit market outlook
Apollo
Research
188 Pages
Apollo’s 2025 outlook highlights the resilience of global credit markets following a strong 2024, with spreads at or near multi-year tights.
Markets
May 2025
The Mag 7 becomes the Mid 7
Richard Bernstein Advisors
Research
7 Pages
RBA says the Magnificent 7 is now an expensive group of stocks that is no longer unique, while other market segments, like International Quality, now offer superior growth prospects, higher dividend yields, and cheaper valuations.
Markets
May 2025
Schroders Equity Lens
Schroders
Research
54 Pages
Schroders’ May 2025 Equity Lens report highlights a strong rebound in global equities, particularly in Europe, which outperformed the U.S. by 22% year-to-date—the third-best start in over 50 years.
Portfolio Management
May 2025
Go Small or Go Home
AQR
Research
9 Pages
AQR explores why small caps, especially in the international and emerging regions, present a compelling investment opportunity driven by the potential for higher expected market returns, attractive earnings growth, strong diversification benefits, and rich alpha opportunities.
Markets
May 2025
Road to Renewal: Investing in a New Era for Europe
Goldman Sachs
Research
19 Pages
Goldman Sachs Asset Management outlines how Europe's expansive fiscal and defense initiatives are reshaping its investment landscape.
Alternative Assets
May 2025
Will lower oil help the economy?
BCG
Research
16 Pages
BCG’s Macroeconomics & Energy groups answer the following questions.
Energy
May 2025
Energy Transition: Utilities and Electricity Grids
Deutsche Bank
Research
22 Pages
Deutsche Bank provides an overview of electricity and grid development, a summary of investment trends in grid expansion, capital expenditure requirements and regulatory developments, and the investment case for Utilities.
Markets
May 2025
Drawdowns and Recoveries
Morgan Stanley
Research
24 Pages
Michael Mauboussin examines the drawdown and recovery patterns of over 6,500 U.S. stocks from 1985 to 2024.
Markets
May 2025
Widening the Lens: Revisiting the Case for Non-U.S. Stocks
Janus Henderson Investors
Research
6 Pages
While US stocks have outperformed over the past decade, Janus Henderson believes the valuation gap creates room for upside and an opportunity to diversify equity holdings.
Markets
April 2025
Guide to Global Stock Markets 2025 Edition
Finaeon
Research
339 Pages
The "Finaeon Guide to Global Stock Markets 2025 Edition" offers an extensive analysis of financial market performance across 22 countries and 3 global markets.
Markets
April 2025
Why own bonds?
Wells Fargo
Research
16 Pages
Wells Fargo Investment Institute outlines five key reasons why bonds remain a vital component of diversified portfolios, even amid elevated interest rates and recent market volatility.
Markets
April 2025
Global Asset Management Report: From Recovery to Reinvention
BCG
Research
26 Pages
Boston Consulting Group outlines how the global asset management industry must transition from recovery into reinvention by innovating across product development, distribution, scale, and cost structure.
Portfolio Management
April 2025
Small Caps, Big Opportunities: Investing Beyond Large-Cap Stocks
Research Affiliates
Research
13 Pages
Research Affiliates says the current valuation gap favoring small-cap stocks signals the potential to unlock value and outperform.
Markets
April 2025
Our 2025 Annual Consumer Trend Report
Forerunner
Research
98 Pages
Forerunner VC shares a comprehensive update on the state of the consumer, covering health and wellness, security, and Generative AI, and where they see investment opportunities around each of them.
Alternative Assets
April 2025
Market Overview 2025: What, Me Worry?
Hamilton Lane
Research
120 Pages
Hamilton Lane gives an update on private markets and future expectations for returns, liquidity, M&A, fundraising, and more.
Markets
April 2025
Bear Market Anatomy – the path and shape of the bear market
Goldman Sachs
Research
19 Pages
Goldman Sachs puts the current bear market into historical context and explains why the case for diversification remains strong given the trends of less globalization, higher budget deficits, higher cost of capital and constraints on corporate profit margins.
Annual Report
April 2025
VC Fund Performance FY 2024
Carta
Research
28 Pages
Carta's analysis of over 2,000 U.S. venture funds from 2017 to 2024 reveals a shifting landscape in venture capital.
Portfolio Management
April 2025
Choosing to Lose: Country Misallocation in Discretionary EM Investing
Acadian
Research
9 Pages
Acadian studies the country positioning of emerging market equity managers, finding it didn’t help returns and was infected by return chasing.
Markets
April 2025
A Hundred Visions and Revisions
Man Group
Research
6 Pages
Henry Neville of Man Group explores the critical role of earnings expectations in equity market performance, emphasizing that earnings forecasts are frequently revised downward, often without significantly impacting market sentiment.
Markets
April 2025
Diversification vs. the Sirens’ Song
Richard Bernstein Advisors
Research
9 Pages
Richard Bernstein warns that investors are increasingly drawn to the allure of high-return, "riskless" assets, likening this to the mythical Sirens' song.
Markets
April 2025
Investing alongside change
BlackRock
Research
11 Pages
Rick Rieder’s latest market commentary highlights the challenges facing the U.S. economy amid elevated policy uncertainty, rising interest rates, and shifting global capital flows.
Markets
March 2025
Aging: A Brief History
Stifel
Research
311 Pages
In Part I, Tim Opler traces the development of our understanding of aging, highlighting milestones, influential publications, and the intellectual progress that has shaped the field.
Markets
March 2025
Argentina, 1500-2023: An Institutional Story
AIER
Research
21 Pages
This report analyzes Argentina’s long-term economic trajectory through the lens of institutional change, emphasizing shifts in governance, legal frameworks, and economic freedoms influenced the nation’s rise and decline.
Markets
March 2025
Global Investment Returns Yearbook 2025 (GIRY)
UBS
Research
22 Pages
UBS updated their annual GIRY, which highlights the evolution of global markets over the past 125 years.
Markets
March 2025
Vertigo: Preparing for Equity Drawdowns
Man Group
Research
19 Pages
Man Group's analysis of U.S. equity drawdowns from 1926 to 2025 reveals that while drawdowns are inevitable, their characteristics—such as duration, depth, and intensity—vary significantly.
Markets
March 2025
The AI Boom vs. the Dot-Com Bubble: Have We Seen This Movie Before?
Research Affiliates
Research
22 Pages
Rob Arnott looks at the parallels between the AI narrative driving the current market and the dot-com bubble of a quarter century ago.
Markets
March 2025
Heliocentrism
J.P. Morgan Asset Management
Research
55 Pages
J.P. Morgan’s “Eye on the Market” commentary titled Heliocentrism explores the growing dominance of AI and the “Magnificent Seven” tech stocks within U.S. equity markets.
Markets
March 2025
US Equity Views
Goldman Sachs
Research
19 Pages
With the “Maleficent 7” pushing the S&P 500 index to the brink of correction, Goldman Sachs updates their S&P 500 EPS and valuation forecasts for 2025.
Wealth Management
March 2025
Investment Company Fact Book
ICI
Research
154 Pages
The 2025 Investment Company Institute Fact Book provides a comprehensive snapshot of the global asset management industry.
Markets
March 2025
When the Market Outgrows the Index
TCW
Research
3 Pages
TCW’s report examines the limitations of the Bloomberg U.S. Aggregate Bond Index (the "Agg") in representing the full spectrum of fixed income opportunities.
Alternative Assets
March 2025
Is the Green Energy Transition Dead?
Bridgewater
Research
18 Pages
Bridgewater Associates argues that the global energy shift is not a true "transition" but rather an "energy addition," where renewables are expanding alongside—not replacing—fossil fuels.
Markets
February 2025
Long-Term Investing in Emerging Markets
MSCI
Research
10 Pages
MSCI seeks to identify the drivers of total shareholder returns in emerging-market equities, finding higher profitability, disciplined capital return (including share buybacks), stable earnings and meaningful dividend payouts were common traits by ‘compounders’.
Markets
February 2025
Current Constituents CAPE
Research Affiliates
Research
8 Pages
Research Affiliates introduces Current Constituents CAPE, which modifies the CAPE Ratio by using the current index constituents and offers potentially improved predictive power, particularly over the medium term.
Markets
February 2025
Decomposing Equity Returns: Earnings Growth vs. Multiple Expansion
Robeco
Research
6 Pages
David Blitz analyzes the underperformance of various equity markets and styles by decomposing returns into earnings growth and multiple expansion.
Markets
February 2025
Investor Perspectives: Intangible Assets
CFA Institute
Research
144 Pages
CFAI provides an analysis of the rise of intangible assets relative to the market capitalization of firms today.
Markets
February 2025
The Humanoid 100: Mapping the Humanoid Robot Value Chain
Morgan Stanley
Research
86 Pages
Morgan Stanley's report identifies 100 publicly traded companies poised to benefit from the rise of humanoid robotics.
Wealth Management
February 2025
Billionaire Ambitions Report 2024
UBS
Research
60 Pages
UBS looks at the trends in billionaire wealth over the past 10 years.
Markets
February 2025
Turning Tides in Emerging Markets
GQG Partners
Research
12 Pages
GQG makes the case for emerging markets, specifically India, Indonesia and Brazil.
Global Macroeconomics
February 2025
AI, demographics, and the U.S. economy
Vanguard
Research
33 Pages
Vanguard examines the push and pull between artificial intelligence and demographic-driven deficits, exploring their impact on U.S. economic growth in the decade ahead.
Markets
January 2025
On Bubble Watch
Oaktree
Research
10 Pages
Howard Marks revisits the concept of market bubbles, emphasizing that they are primarily driven by investor psychology—such as overconfidence and FOMO—rather than valuation metrics alone.
Markets
January 2025
Concentration & Correction – what to do next
Goldman Sachs
Research
16 Pages
Goldman Sachs analyzes the recent equity market correction and says the correction is not indicative of a sustained bear market, given the supportive macroeconomic conditions.
Markets
January 2025
Biopharmaceutical Outlook for 2025
Stifel
Research
124 Pages
Stifel explains why biotech underperformed in 2024, what they predict for 2025, and what the current status is for biopharma capital markets activity.
Markets
January 2025
Keep On Truckin’
Goldman Sachs
118 Pages
Goldman’s Investment Strategy Group analyzes the widening gap between the U.S. and the rest of the world across a number of economic and financial metrics, the implications of the divergent paths of global economies, and the outlook for global markets.
Markets
January 2025
Bargain, Value Trap or Something in Between?
GMO
Research
20 Pages
GMO’s Q4 letter covers a number of topics, including why they believe U.S. large cap value stocks are attractive today, why they are cautious on China, and why they are tilting towards quality in U.S. small cap stocks.
Markets
January 2025
Eye on the Market: 2025 Outlook
J.P. Morgan Asset Management
Research
49 Pages
J.P. Morgan’s 2025 outlook assesses the potential consequences of a Trump administration policy mix—referred to as “The Alchemists”—which combines deregulation, tax cuts, tariffs, and agency restructuring.
Markets
January 2025
The State of Video Gaming in 2025
Research
224 Pages
Matthew Ball’s annual presentation on the state of video gaming covers the end of the 2011–2021 growth wave, the mobile marketplace, AR/VR projections, console/PC market growth & more.
Markets
January 2025
Another Sputnik Moment
Gavekal
Research
5 Pages
In a more recent note, Louis-Vincent Gave suggests China’s recent launch of Deepseek challenges prevailing beliefs underpinning the bull market in U.S. growth stocks.
Markets
January 2025
Building Narratives Around Obvious Outliers
Gavekal
Research
11 Pages
Louis-Vincent Gave examines both market and economic outliers and attempts to tie them together in somewhat coherent narratives.
Industry Reports
January 2025
Outlook for Private Markets 2025
Apollo
Research
78 Pages
Apollo’s private market outlook covers private equity, private credit, real estate, venture capital and more. There are four pages with commentary and the rest is comprised of charts.
Markets
January 2025
Narrow markets are the exception, not the rule
Richard Bernstein Advisors
Research
9 Pages
RBA highlights the increasing concentration risk in equity markets, noting 2023/24 was the narrowest market since 1998/99.
Industry Reports
January 2025
Decarbonization: 2021, The Complex, Reagents
Nat Bullard
Research
200 Pages
Nathaniel Bullard's 2025 decarbonization presentation offers a comprehensive analysis of global climate and energy trends, emphasizing the interplay between technology, capital markets, and policy.
Markets
December 2024
Long-run Asset Returns
Research
38 Pages
Elroy Dimson, Antti Ilmanen, David Chambers, and Paul Rintamaki look back over two centuries to analyze the
Markets
December 2024
2025 Long-Term Capital Market Assumptions
J.P. Morgan Asset Management
Research
76 Pages
J.P. Morgan shares why higher growth, higher rates and strong capital investment provide a healthier foundation for asset markets, including a 6.4% return for a USD global 60/40 stock-bond portfolio.
Markets
December 2024
New Insights on “Stocks for the Long Run”
CFA Institute
Research
Since publishing “Stocks for the Long Run,” Jeremy Siegel has argued that equities make the best long-term investment.
Markets
December 2024
UK Equities: New York Calling
Goldman Sachs
Research
19 pages Pages
Goldman Sachs highlights the growing trend of UK companies considering U.S. listings due to persistent valuation discounts and limited domestic equity support.
Markets
December 2024
10 for 10: Themes for the Next Decade
Man Group
Research
9 Pages
Man Group presents ten secular investment themes expected to shape markets over the coming decade, grounded in geopolitical shifts, structural economic changes, and technological disruption.
Markets
November 2024
Our Active Purpose: Lessons Learned From 100 Years of Investing
MFS
Research
8 Pages
MFS reflects on the firm's century-long investment journey, emphasizing the enduring value of long-term, fundamentals-driven active management.
Markets
November 2024
Pricing of Corporate Bonds: Evidence From a Century-Long Cross-Section
Research
48 Pages
This study presents a comprehensive corporate bond return database covering 128 years of U.S. financial history, offering insights into pricing patterns and risk factors that were previously obscured by shorter data samples.
Markets
November 2024
The Asset Owner 100
Thinking Ahead Institute
Research
69 Pages
Explore the global asset management landscape through an analysis of the world’s 100 largest asset owners, uncovering their scale, influence, and the key themes reshaping the investment world today.
Global Macroeconomics
October 2024
Prejudice And China
Gavekal
Research
10 Pages
Louis-Vincent Gave highlights how Western leaders missed China’s leap in industrial growth due to travel restrictions, media bias, and cultural prejudice.
Markets
October 2024
Updating our long-term return forecast for US equities to incorporate the current high level of market concentration
Goldman Sachs
Research
37 Pages
Goldman Sachs predicts that the S&P 500 will deliver an annualized nominal return of 3% over the next decade, placing it in the 7th percentile historically, with high market concentration significantly contributing to the lower forecast.
Markets
October 2024
Diversify to Amplify
Goldman Sachs
Research
19 Pages
Peter Oppenheimer’s team says economic growth alongside lower policy rates creates a more favorable environment for equities, though high valuations and rising long-term rates may limit index-level gains, making alpha generation and diversification key drivers of future returns.
Markets
October 2024
What Does a Once-in-a-Generation Investment Opportunity Look Like?
Richard Bernstein Advisors
Research
8 Pages
RBA explains why they see a '“once-in-a-generation opportunity” in international, small caps, value stocks and inflation beneficiaries.
Markets
October 2024
Emerging Markets: The Biggest, Fastest Growing, and Arguably Least Understood Pool of Credit in the World
PIMCO
Research
11 Pages
Pimco published an overview of emerging market debt, which has surpassed U.S. corporate debt to become the world’s largest credit pool.
Markets
October 2024
Partisan Investing
Sparkline Capital
Research
13 Pages
Kai Wu explores how partisan political contributions by corporations and executives impact shareholder returns, showing that nonpartisan companies outperform their partisan counterparts with lower risk.
China
October 2024
Uncovering the rich tapestry of emerging markets
M&G Investments
Research
40 Pages
The third edition of M&G Investments’ Ampersand magazine delves into the diverse and dynamic nature of emerging markets, emphasizing the […]
Markets
October 2024
Measuring the Moat
Morgan Stanley
Research
104 Pages
Michael Mauboussin provides a comprehensive framework for evaluating a company's competitive advantage and its ability to sustain value creation over time.
Markets
October 2024
Bear Market Guidebook
UBS
Research
22 Pages
UBS' guide for how to manage risk and harness opportunity in a market downturn answers three questions to help investors.
Markets
October 2024
How we cover equities
UBS
Research
11 pages Pages
UBS’ Ulrike Hoffmann-Burchardi shares her framework for equity analysis, integrating macroeconomic conditions, micro-level fundamentals, and structural transformations to enhance investment decision-making. She explains why these three perspectives—macro, micro, and transformational—serve as the pillars of her global equity framework.
Markets
September 2024
The Less-Efficient Market Hypothesis
AQR
Research
23 Pages
Cliff Asness explains why he believes the stock market has become less efficient during the past 34 years.
Markets
September 2024
US Exceptionalism: Drivers of Equity Outperformance and What’s Needed for a Repeat
Bridgewater
Research
15 Pages
Bridgewater analyzes the sources of U.S. equity market outperformance over the past decade and assesses the likelihood of similar conditions ahead.
Markets
September 2024
Global Wealth Report 2024
UBS
Research
39 Pages
UBS examines shifts in household wealth across regions, generations, and asset classes.
Markets
September 2024
Latest in AI: Five clues to the future of AI in recent headlines
Deutsche Bank
Research
17 Pages
Deutsche Bank covers five AI themes and what they suggest about the future of AI.
Global Macroeconomics
September 2024
Is an AI Bubble Ahead of Us or Behind Us?
Bridgewater
Research
13 Pages
Greg Jensen suggests that the combination of breakthrough AI advancements and a ripe macroeconomic environment indicates the AI bubble may still be forming, rather than behind us.
Markets
September 2024
The lowdown on the risk of an(other) equity drawdown
Goldman Sachs
Research
24 Pages
Goldman Sachs says mixed macro momentum and rising policy uncertainty lead them to believe there is the risk of more equity drawdowns from here, and risk-adjusted returns for equities are likely to be lower into year-end.
Markets
September 2024
A severe case of COVIDIA: prognosis for an AI-driven US equity market
J.P. Morgan Asset Management
Research
14 Pages
Michael Cembalest covers the impact of AI on the U.S. stock market and what’s needed to justify the hundreds of billions in AI-related capital spending by big-tech.
Markets
September 2024
Activism at Scale in Japan
Verdad
Research
4 Pages
Verdad highlights the changes in capital allocation by Japanese companies since the Tokyo Stock Exchange issued a directive last year asking all companies with price-to-book ratios below 1x to issue a plan to get to 1x book.
Markets
August 2024
Mo’ momentum markets
UBS
Research
8 Pages
Jason Draho explains why markets are now more prone to rollercoaster swings between momentum pushing asset prices higher followed by sharp reversals, why he believes it will persist, and what the implications are for investors.
Markets
August 2024
Mind the Gap 2024
Morningstar
Research
20 Pages
This report examines how investor behavior—specifically, the timing of purchases and redemptions—creates a persistent gap between fund returns and investor returns.
Markets
August 2024
Investor Memo Q2 2024
Cornell Capital Group LLC
Research
12 Pages
Cornell Capital Group explains why they’re cautious about the market given various valuation and economic indicators.
Markets
August 2024
CONCENTRATE! Is it like 2000 again?
GMO
Research
3 Pages
GMO compares the S&P 500 today to 2000, looking at market concentration, fundamentals and valuations.
Markets
August 2024
How Investable is Europe?
Goldman Sachs
Research
32 Pages
Goldman Sachs assesses whether Europe’s cyclical, political, and structural challenges are priced in.
Markets
July 2024
Which One Is It?
Morgan Stanley
Research
20 Pages
This report examines how public companies manage equity issuance and buybacks, highlighting the importance of aligning actions with intrinsic value. Firms engaging in both simultaneously may undermine shareholder returns if price and value diverge.
Markets
July 2024
The Lion in Winter
J.P. Morgan Asset Management
Research
14 Pages
Michael Cembalest covers every angle of small cap underperformance since 2010, noting that small cap stocks are at their cheapest levels in the 21st century.
Markets
July 2024
2024 EMW Conference
Coatue
Research
48 Pages
Coatue’s annual presentation explains how the macroeconomic landscape guides their view on both public and private markets. Notably, they are more bullish on GenAI than consensus and believe this is the start of a new supercycle.
Markets
July 2024
Obesity Market Review
Stifel
Research
340 Pages
Stifel published a huge research piece on the emerging market for pharmaceutical products for obesity, the consumerization of obesity drug buying via online telelhealth, and the secondary and tertiary effects of weight loss.
Markets
July 2024
What if history rhymes? Equity return scenarios for the next five years
Robeco
Research
9 Pages
Robeco forecasts five-year equity returns under three different CAPE ratio scenarios, and notes that defensive equities look attractive in a world of lower expected returns.
Markets
July 2024
Warning Signs
Lyrical Asset Management
Research
6 Pages
Lyrical flags the extreme performance gap between the S&P 500 and its equal-weighted counterpart as a historic red flag.
Markets
June 2024
Introducing P-CAPE: Incorporating the Dividend Payout Ratio Improves Investors’ Favorite Estimator of Stock Market Returns
Elm Wealth
7 Pages
James White and Victor Haghani introduce P-CAPE, an enhancement to the traditional Cyclically-Adjusted Price Earnings (CAPE) ratio.
Markets
June 2024
The Life Cycle of Market Champions
Bridgewater
Research
12 Pages
Bridgewater takes a historical look at how market champions of the past and if there are insights into how today’s market champions may perform in the next decade.
Markets
June 2024
Stock Market Concentration
Morgan Stanley
Research
18 Pages
Michael Mauboussin looks at the concentration of global markets over the past 75 years and whether fundamental corporate performance supports the current increase in concentration.
Alternative Assets
June 2024
2024 Statistical Review of World Energy
Energy Institute
Research
76 Pages
This annual report covers the record year for energy in terms of both production and consumption, providing overviews of different energy sources - oil, natural gas, coal, nuclear, electric & more.
Wealth Management
June 2024
How America Saves 2024
Vanguard
Research
114 Pages
Vanguard’s annual report analyzes retirement account trends across plan type, demographics, allocations and more.
Markets
June 2024
Opportunity Knocks Mid-Year Outlook for 2024
KKR
Research
71 Pages
KKR emphasizes the need for diversification given the increasing correlation between stocks and bonds, along with the importance of communicating that with partners.
Markets
June 2024
2024 Mid-Year Outlook: An Unstable Economic Equilibrium
Apollo
Research
28 Pages
Apollo’s mid-year update, authored by Chief Economist Torsten Sløk, evaluates macroeconomic conditions and market dynamics shaping the second half of 2024.
Markets
May 2024
Learn from Last Tech Bubble to Embrace GenAI Mania
Research Affiliates
Research
8 Pages
Research Affiliates studies the internet bubble of the 1990s as a guide for how to think about the AI craze today.
Markets
May 2024
200 Years of Market Concentration
Finaeon
Research
13 Pages
GFD looks at the rise of concentration in the U.S. stock market, analyzing 235 years of data.
Markets
May 2024
Emerging Market Equities without China
Meketa
Research
12 Pages
Meketa looks at the implications of removing China from the broader emerging markets group, analyzing country and sector composition, historical returns, valuations and more.
Markets
May 2024
Improving investing outcomes by minimizing investor bias
Vanguard
Research
5 Pages
Vanguard explores how cognitive biases can impede investment decision-making and offers strategies to mitigate their impact.
AI
May 2024
What Machines Can’t Master: Humans in the Age of AI
Citi
Research
108 Pages
Citi explores how the rapid advance of artificial intelligence is reshaping the workforce, emphasizing the enduring value of human capabilities that machines cannot replicate.
Global Macroeconomics
April 2024
Generally Faster: The Economic Impact of Generative AI
Research
30 Pages
Andrew McAfee partners with Google to write about the benefits & challenges of AI on the economy.
Global Macroeconomics
April 2024
Exploring the Implications of Sub-Saharan Africa’s Demographic Explosion
Bridgewater
Research
9 Pages
This paper explores how sub-Saharan Africa’s rapidly expanding working-age population may shape the global economy over coming decades.
Markets
April 2024
Valuation Multiples
Morgan Stanley
Research
26 Pages
Michael Mauboussin published a deep dive on valuation multiples, covering what they miss, why they differ, and their link to fundamentals.
Markets
April 2024
AI in Biopharma
Stifel
Research
288 Pages
Tim Opler goes over the basics of AI and then delves into key opportunities for the use of AI in drug discovery, clinical trials and other settings.
Wealth Management
April 2024
Guide to Retirement 2024
J.P. Morgan Asset Management
Research
53 Pages
The 2024 Guide to Retirement has great charts covering social security and Medicare, tax planning, withdrawal rates and more.
Markets
April 2024
The Good, the Bad, and the Ugly
J.P. Morgan Asset Management
Research
11 Pages
This is a summary of a presentation by Michael Cembalest covering tech valuations, AI, energy and the US Presidential Election.
Annual Report
March 2024
Global Investment Returns Yearbook 2024 (GIRY)
UBS
Research
57 Pages
This annual report from UBS is a great guide to historical returns for, covering 35 markets and five composite indexes, with some dating back to 1900. It’s one of our favorite reads every year.
Markets
March 2024
Are We in a Stock Market Bubble?
Research
16 Pages
Ray Dalio uses a proprietary "bubble gauge" to assess whether the U.S. equity market is in a bubble, examining valuation, investor behavior, leverage, and sentiment.
Markets
March 2024
Outlook for Private Markets
Apollo
Research
101 Pages
Torsten Slok’s 100+ page deck covers every angle of private markets - private equity, real estate, private credit, venture capital and more.
China
March 2024
Where Chinese equities go, emerging-market stocks will follow
Fidelity Investments
Research
9 Pages
Fidelity argues that China remains the swing factor for emerging markets given its index weight and valuation reset.
Market Reports
March 2024
Global Private Equity Report 2024
Bain & Company
60 Pages
Private equity faced a dramatically different environment in 2023, with fundraising, deal activity, and exits all contracting.
Markets
March 2024
The Great Paradox of the U.S. Market
GMO
Research
6 Pages
Jeremy Grantham’s latest piece digs into the U.S. stock market, bubbles and AI, real assets, and underrecognized long-term problems.
Markets
March 2024
Eye on the Market: Electravision
J.P. Morgan Asset Management
Research
56 Pages
Michael Cembalest reviews the progress and pitfalls in the global energy transition, particularly focusing on electrification, renewable deployment, and related infrastructure.
Markets
February 2024
Cost of Capital and Capital Allocation
Morgan Stanley
Research
23 Pages
Michael Mauboussin analyzes how U.S. public companies acted in the regime of easy money (2009-2021).
Markets
February 2024
A Case for Investing in U.S. Mid Caps
Mawer
Research
8 Pages
This paper outlines why U.S. mid-cap equities present a compelling investment opportunity, offering an often-overlooked balance of growth potential, business quality, and liquidity.
Markets
February 2024
Principles for Investing Success
Vanguard
Research
32 Pages
Vanguard shares a guide to help investors focus on what’s important and give them the best chance for investment success.
Markets
February 2024
Capital Markets Expectations
Meketa
Research
135 Pages
This deck is full of fantastic charts supporting Meketa’s capital market expectations for various asset classes.
Global Macroeconomics
January 2024
GPTs are GPTs: An Early Look at the Labor Market Impact Potential of Large Language Models
Research
43 Pages
In Meb’s episode with Rick Rieder, Rick mentioned this was the most impactful paper he read last year. It investigates the potential implications of large language models (LLMs) on the U.S. labor market.
Markets
January 2024
1Q 2024 Guide to the Markets
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan published an updated Guide to the Markets to start 2024.
Markets
January 2024
Emerging Market Debt: A Once-in-a-Generation Opportunity
GMO
Research
6 Pages
GMO believes EM local currency debt deserves a prominent place in portfolios today due to relative value, diversification and potential alpha.
Markets
December 2023
Investing in China: Does the opportunity outweigh the risk?
FTSE Russell
Research
21 Pages
FTSE Russell examines whether Chinese equities still offer attractive opportunities given slower growth, policy uncertainty and geopolitical tension.
Markets
December 2023
Driving with the Rear-View Mirror: Will we see a repeat of the past decade of U.S. equity returns?
AQR
Research
14 Pages
AQR states the excess-of-cash return on the S&P 500 averaged 11.9% per year over the past decade, well above the 90th percentile of rolling ten-year performance across global developed equity markets since 1950.
Markets
December 2023
Searching for Great Dividend Funds
Morningstar
Research
19 Pages
Morningstar analyzes various dividend strategies: dividend income, dividend growth, and dividend growth & income. Then they share a “how to” guide with what to focus on when trying to identify dividend funds that will perform well over the long run.
Markets
November 2023
Prime Time for Bonds
PIMCO
Research
8 Pages
PIMCO lays out its twenty twenty four asset allocation outlook arguing that bonds now deserve center stage in multi asset portfolios.
Market Outlooks
November 2023
Macro Outlook 2024: The Hard Part is Over
Goldman Sachs
Research
28 Pages
Goldman Sachs Global Investment Research sets out a relatively upbeat macro outlook for 2024, arguing that the difficult phase of disinflation is largely behind us.
Markets
November 2023
Total Shareholder Return: Linking The Drivers of Total Returns to Fundamentals
Morgan Stanley
Research
32 Pages
Morgan Stanley Investment Management explores how total shareholder return ties stock price, earnings, valuation and capital distributions back to fundamentals.
Alternative Assets
October 2023
The State of U.S. Early Stage Venture & Startups: 3Q23
AngelList
Research
26 Pages
AngelList reviews how early stage venture finally showed signs of life after a long stretch of worsening performance.
Markets
October 2023
Japan: The Land of the Rising Profits
GMO
Research
12 Pages
GMO explores why Japanese corporate profits have risen so much without a full shift toward classic shareholder value culture.
Markets
October 2023
Fewer Losers, or More Winners?
Oaktree
Research
13 Pages
Oaktree founder Howard Marks revisits his core motto that avoiding disasters is the foundation of strong records.
Markets
September 2023
The NVIDIA/AI Singularity: Breakthrough, Bubble, or Both
Research Affiliates
Research
10 Pages
Research Affiliates looks at Nvidia and the AI boom through the lens of past tech manias.
Market Outlooks
September 2023
Our investment and economic outlook, August 2023
Vanguard
Research
6 Pages
Vanguard outlines its August 2023 investment and economic outlook, emphasizing slowing yet resilient growth and moderating inflation.
Markets
August 2023
The Difference of Dividends
WisdomTree
Research
6 Pages
WisdomTree analyzes how dividends have driven long run equity returns and how its dividend indexes compare with the S&P 500.
Markets
August 2023
The Light from the East
Carlyle
Research
11 Pages
Carlyle explains why Japan’s combination of strong operating earnings yields, very low financing costs, and corporate reform creates a distinctive opportunity set.
Alternative Assets
August 2023
The State of U.S. Early-Stage Venture & Startups: 2Q23
AngelList
Research
26 Pages
The authors analyze the state of United States early stage venture and startups in the second quarter of 2023 using AngelList and Brex data.
Markets
August 2023
Investing in AI: Navigating the Hype
Sparkline Capital
Research
17 Pages
Sparkline Capital examines how to invest in artificial intelligence while avoiding the boom bust patterns of past tech revolutions.
Market Outlooks
July 2023
Guide to the Markets 3Q 2023
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management uses its Guide to the Markets U.S. to frame the current macro backdrop and market landscape.
Markets
June 2023
Jump in The Deep End
GMO
Research
2 Pages
GMO highlights an opportunity in international deep value where very cheap non US stocks still have solid fundamentals.
Markets
June 2023
Value Does Just Fine in Recessions
GMO
Research
7 Pages
GMO examines whether value stocks are especially vulnerable in recessions or if history tells a different story.
Portfolio Management
May 2023
International Diversification— Still Not Crazy after All These Years
AQR
Research
12 Pages
AQR Capital Management revisits international equity diversification and argues it still makes sense even after a long stretch of US outperformance.
Markets
March 2023
Long-Term Shareholder Returns: Evidence from 64,000 Global Stocks
Research
89 Pages
The authors study long term shareholder outcomes for more than sixty four thousand global stocks from 1990 to 2020.
Alternative Assets
March 2023
Global Private Markets Review: Private markets turn down the volume
McKinsey & Company
Research
74 Pages
McKinsey & Company reviews how global private markets entered a more muted phase after years of rapid growth and easy capital.
Markets
March 2023
Re-Emerging Equities
AQR
Research
11 Pages
AQR Capital Management makes the case for revisiting emerging market equities now that expected long horizon returns look unusually attractive.
Market Reports
February 2023
Global Private Equity Report 2023
Bain & Company
Research
76 Pages
Bain & Company reviews how global private equity entered 2023 after an abrupt break in a decade long boom.
Annual Report
February 2023
Global Investment Returns Yearbook 2023
Credit Suisse
Research
54 Pages
Credit Suisse Research Institute distills a century plus of global market history to frame realistic expectations for returns and risk.
Market Outlooks
February 2023
Top Three Investment Ideas to Consider for 2023
AQR
Research
AQR outlines three portfolio ideas suited to a higher dispersion, inflation sensitive backdrop.
Alternative Assets
February 2023
State of the Markets
Silicon Valley Bank
Research
33 Pages
Silicon Valley Bank analyzes the innovation economy’s reset in early 2023, emphasizing tighter funding, portfolio triage, and shifting exit paths.
Portfolio Management
January 2023
After a Timeout, Back to the Meat Grinder!
GMO
Research
10 Pages
GMO argues the first and easiest leg of a speculative bubble has burst, but risks remain.
Alternative Assets
January 2023
The State of U.S. Early-Stage Venture & Startups: 2022
AngelList
Research
29 Pages
AngelList and Silicon Valley Bank track early stage venture through a strong first half followed by a sharp cooldown and late year stabilization.
Market Outlooks
January 2023
The Bubble Has Not Popped
AQR
Research
2 Pages
AQR argues that despite the painful 2022 selloff, the late-cycle growth/tech bubble was only partially deflated.
Markets
January 2023
Global Outperformers
Jenga Investment Partners
Research
287 Pages
Jenga Investment Partners maps what drives exceptional multi-year equity winners and how those businesses compound through different market regimes.
Alternative Assets
January 2023
Decarbonization: The long view, trends and transience, net zero
Nat Bullard
Research
141 Pages
Nat Bullard maps the 2023 state of decarbonization through technology, capital, and policy lenses, focusing on what drives durable change.
Markets
January 2023
Emerging Market Small Cap: Good Things Come In…
Man Group
Research
10 Pages
Man Institute explains why EM small caps can improve diversification and capture more domestic growth.
Markets
December 2022
Guide to the Markets 1Q 2023
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management surveys equity, fixed income, inflation and macro trends to frame positioning for 2023.
Market Outlooks
December 2022
The Big Picture Global Asset Allocation 2023 Outlook
Invesco
Research
38 Pages
Invesco presents a 2023 global asset allocation outlook built around a transition from contraction toward recovery.
Markets
December 2022
Capital Allocation: Results, Analysis and Assessment
Morgan Stanley
Research
85 Pages
Morgan Stanley explains why capital allocation is the CEO’s most important job and a major driver of long term value per share.
Market Outlooks
December 2022
2023 Outlook: Recession, recovery, and rebound
Wells Fargo
Research
28 Pages
Wells Fargo Investment Institute maps a path from recession to recovery to rebound, arguing that the pain of tighter financial conditions can create clearer entry points.
Market Outlooks
December 2022
Outlook for 2023: Keep It Simple
KKR
Research
74 Pages
KKR lays out a pragmatic 2023 playbook: favor simpler, collateral-backed cash flows and be selective across risk assets.
Market Outlooks
December 2022
Vanguard economic and market outlook for 2023: Beating back inflation
Vanguard
Research
61 Pages
Vanguard lays out a 2023 macro roadmap centered on bringing inflation down—even at the cost of slower growth.
Global Macroeconomics
November 2022
Risk Off, Yield On
PIMCO
Research
6 Pages
PIMCO makes the case that higher yields have changed the playbook, bringing bonds back as a serious portfolio option.
Annual Report
November 2022
The Great Reset: North American asset management in 2022
McKinsey & Company
Research
27 Pages
McKinsey & Company argues 2022 forced a reset in macro assumptions that asset managers relied on for a decade.
Portfolio Management
November 2022
Quality Time in Small Cap
GMO
Research
6 Pages
GMO argues small cap quality is finally offering both long term appeal and near term valuation support.
Markets
October 2022
Return on Invested Capital
Morgan Stanley
Research
44 Pages
Morgan Stanley explains how return on invested capital clarifies whether a firm creates value when it grows.
Annual Report
October 2022
Global Wealth Report 2022
Credit Suisse
Research
72 Pages
Credit Suisse reviews how household wealth and inequality shifted through 2021, and what higher inflation means going forward.
Global Macroeconomics
September 2022
Europe’s Stagflation is Different in Kind and Much Harder to Remedy
Bridgewater
Research
12 Pages
Bridgewater Associates argues Europe’s energy supply shock is creating stagflation that is tougher to fix than a standard demand slowdown
Markets
September 2022
Entering the Superbubble’s Final Act
GMO
Research
6 Pages
GMO argues today’s market resembles a late stage superbubble, where a bear market rally can be a dangerous head fake.
Markets
August 2022
Dipping a Toe in the Water
3Fourteen Research
Research
13 Pages
3Fourteen Research argues the near 25% selloff has reset valuations enough to justify cautiously re entering risk.
Markets
August 2022
The Road Ahead: Riddles in the Dark
Man Group
Research
7 Pages
Man Institute uses long market history to frame what 2022 may rhyme with, focusing on 60 40 drawdowns, bear market rallies, and recession indicators.
Alternative Assets
July 2022
The State of U.S. Early-Stage Venture Capital & Startups: 2Q22
AngelList
Research
21 Pages
The authors review how early stage venture conditions shifted in 2Q22 as the broader market sold off.
Markets
July 2022
Finding a Bottom in Equities
DoubleLine
Research
9 Pages
DoubleLine Capital explains how bear market drawdowns relate to starting valuations and recession length when searching for an equity bottom.
Market Outlooks
July 2022
Walk, Don’t Run: Mid Year Update 2022
KKR
Research
56 Pages
KKR Global Institute argues markets have entered a new regime where inflation and supply constraints make the classic 60 40 playbook less reliable.
Markets
June 2022
Views From the Floor: Bear market now, recession looming?
Man Group
Research
5 Pages
Man Institute uses a mid 2022 issue of Views From the Floor to ask whether a bear market in equities must be followed by recession.
Markets
May 2022
Japan: Value Stocks Versus Value Stocks
Man Group
Research
6 Pages
Man Group’s Japan team explores why Japanese value stocks have staged a comeback and why selectivity still matters.
Annual Report
May 2022
2022 Robo-Advisor Landscape
Morningstar
Research
45 Pages
Morningstar’s manager research team maps the evolving US robo advisor industry, comparing business models, portfolios, pricing and levels of human guidance.
Markets
April 2022
Overhauling the Science of Valuations
Oliver Wyman Forum
Research
133 Pages
Oliver Wyman rethinks how equity markets should be valued by modernizing traditional frameworks like CAPM and introducing a new, more responsive valuation metric.
Markets
March 2022
Guide to the Markets 2Q 2022
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management’s Guide to the Markets Q2 2022 walks through the evolving macro backdrop shaped by inflation, rising rates, and geopolitical shocks, and how these forces ripple across equities, fixed income, and portfolios.
Markets
March 2022
Crystal Ball Gazing
Ash Park
Research
13 Pages
Ash Park explores forward-looking market narratives through a probabilistic lens, questioning how much predictive value investors should actually assign to macro forecasts.
Annual Report
March 2022
Credit Suisse Global Investment Returns Yearbook 2022 Summary Edition
Credit Suisse
Research
50 Pages
Credit Suisse explores how 122 years of global asset returns can inform today’s inflation-driven regime shift.
Markets
January 2022
Japan’s Coming Wave of Reform
Neuberger Berman
Research
16 Pages
Neuberger Berman explores Japan’s corporate governance reforms and their impact on capital efficiency and shareholder returns.
Markets
January 2022
Guide to the Markets 1Q 2022
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management compiles a data-heavy overview of global markets, covering growth, inflation, policy, and asset class behavior across cycles.
Market Outlooks
January 2022
Piloting Through
Goldman Sachs
Research
106 Pages
Goldman Sachs explores how investors can navigate a late-cycle environment marked by elevated valuations, shifting policy dynamics, and persistent macro uncertainty.
Annual Report
January 2022
2021 Annual FinTech Almanac
FT Partners
Research
152 Pages
FT Partners examines the surge in global FinTech activity in 2021, highlighting record-breaking financing and M&A volumes across sectors.
Market Outlooks
December 2021
The Global Investment Outlook
RBC GAM
Research
84 Pages
RBC Global Asset Management explores how the post-pandemic expansion is transitioning into a slower, more fragile phase shaped by inflation, fading stimulus, and new macro risks.
Market Outlooks
December 2021
Shooting The Rapids – The Investment Outlook For 2022
BNP Paribas Asset Management
Research
30 Pages
BNP Paribas Asset Management outlines a 2022 investment outlook centered on navigating a late-cycle global recovery marked by moderating growth and persistent inflation pressures.
Markets
November 2021
Irrational Exuberance In The U.S. Equity Market
GMO
Research
4 Pages
GMO examines the role of technology-driven growth within the equity market, focusing on how a narrow group of innovative companies has driven outsized returns and reshaped index concentration.
Markets
October 2021
Literally, A World Of Opportunity
Richard Bernstein Advisors
Research
9 Pages
Richard Bernstein Advisors explores how investor crowding into popular growth themes has narrowed opportunity sets, arguing that global equity markets outside the spotlight are delivering stronger returns.
Markets
September 2021
Guide To The Markets – US Q4 2021
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan’s Guide to Markets Q4 2021 provides a broad snapshot of global economic conditions, asset valuations, and market dynamics as investors navigate a post-pandemic environment.
Markets
September 2021
Navigating The Lowest-Yielding Bond Market In History
Man Group
Research
6 Pages
Man Group explores how investors can navigate what it calls the lowest-yielding bond market in history, where returns are structurally capped by yield levels.
Markets
August 2021
Predicting Equity Returns With Inflation
Research Affiliates
Research
13 Pages
Research Affiliates explores how inflation dynamics can be used to predict future equity returns, focusing on whether inflation cycles and surprises contain useful signals for investors.
Markets
August 2021
Everything Is A DCF Model
Morgan Stanley
Research
12 Pages
Morgan Stanley argues that all asset valuation implicitly relies on discounted cash flow thinking, reframing investing as estimating future cash distributions rather than relying on shortcuts.
Portfolio Management
July 2021
Mid-Year Letter For 2021
GMO
Research
7 Pages
GMO’s mid-year 2021 letter outlines a turning point in equity markets, arguing that the long-awaited reversal from Growth to Value has begun and could extend for years.
Markets
July 2021
What Will The Global Push To Net Zero Mean For Oil?
Bridgewater
Research
10 Pages
Bridgewater Associates explores how the global push toward net zero will reshape economies and markets, arguing the transition is less about a smooth shift and more about a disruptive reallocation of capital.
Markets
July 2021
Outlook On Emerging Markets
Lazard
Research
9 Pages
Lazard Asset Management explores the outlook for emerging markets, arguing that a synchronized global recovery, vaccine rollout, and supportive policy backdrop could drive stronger performance across equities and debt.
Markets
July 2021
Guide To The Markets – US 3Q 2021
J.P. Morgan Asset Management
Research
83 Pages
J.P. Morgan explores how macro and quantitative signals can guide asset allocation, focusing on regime shifts, factor performance, and cross-asset positioning.
Annual Report
July 2021
The Next Normal: Are Investors Prepared For Post-Covid Markets?
Natixis
Research
15 Pages
Natixis Investment Managers explores how investor behavior and expectations have shifted coming out of Covid, focusing on the gap between return expectations and risk tolerance.
Markets
July 2021
Diversifying With Picket Fences – Single Family Rental Investments
Man Group
Research
8 Pages
Man Institute explores how single family rental housing fits into a diversified portfolio, focusing on its return drivers, correlation profile, and inflation sensitivity.
Markets
June 2021
4 Reasons To Invest Internationally
Diamond Hill Capital Management
Research
4 Pages
Diamond Hill Capital Management explains why international equities remain relevant despite a decade of US dominance, focusing on diversification, opportunity set, and valuation gaps.
Markets
May 2021
“Room To Run” With US Small-Cap Value Stocks?
Bridgeway
Research
7 Pages
Bridgeway Capital Management examines whether the rebound in US small-cap value stocks signals a lasting shift or a short-term recovery.
Market Outlooks
April 2021
Capital Market Assumptions – 10-Year Strategic and Longer-Term Secular Outlook for Asset Classes
Rockefeller Capital Management
Research
71 Pages
Rockefeller Capital Management outlines long-term capital market assumptions across major asset classes, focusing on expected returns, inflation, and interest rate dynamics.
Markets
April 2021
Guide to the Markets – US 2Q 2021
J.P. Morgan Asset Management
Research
86 Pages
J.P. Morgan provides a broad framework for understanding how different market environments shape asset returns, focusing on the interaction between growth, inflation, and policy.
Markets
April 2021
Tilting The Odds In Your Favour
Baillie Gifford
Research
11 Pages
Baillie Gifford argues global equity markets are shifting away from US dominance, with international opportunities expanding as capital, innovation, and listings disperse globally.
Markets
March 2021
Asset Bubbles And Where To Find Them
Vanguard
Research
4 Pages
Vanguard examines the formation of asset bubbles through the lens of historical market cycles, investor behavior, and valuation frameworks.
Markets
March 2021
Big Market Delusion: Electric Vehicles
Research Affiliates
Research
9 Pages
IF examines the investment implications of electric vehicle adoption across autos, energy, and commodities, framing it as a long-term structural shift.
Markets
March 2021
Guide to Alternatives 1Q 2021
J.P. Morgan Asset Management
Research
51 Pages
J.P. Morgan Asset Management walks through the role of alternative investments in portfolios, framing them as tools for diversification, income, and return enhancement beyond the traditional 60/40 mix.
International Markets
March 2021
Japan Value – An Island of Potential in a Sea of Expensive Assets
GMO
Research
4 Pages
GMO examines the opportunity set in Japanese value equities, arguing that persistent underperformance and corporate inefficiencies have created a deep pool of mispriced assets.
Markets
March 2021
2021 Capital Markets Expectations
Meketa
Research
80 Pages
Meketa Investment Group outlines forward-looking capital market expectations across asset classes, focusing on return assumptions, valuation starting points, and the implications for long-term portfolio construction.
Annual Report
March 2021
Global Investment Returns Yearbook 2021 Summary Edition
Credit Suisse
Research
76 Pages
Credit Suisse Research Institute explores over a century of global market returns, with a particular focus on emerging markets and their evolving role in portfolios.
Markets
March 2021
What To Do With The 40
Northern Trust
Research
9 Pages
Northern Trust examines the role of fixed income in portfolios, questioning what investors should do with the “40” in a traditional 60/40 framework as yields remain historically low.
Markets
February 2021
Stock Market Bubble?
Bridgewater
Research
8 Pages
Bridgewater examines the nature of market bubbles through a framework that distinguishes between early stage and late stage excess, arguing that not all bubbles are inherently dangerous.
Market Outlooks
February 2021
Outlook – US Resilient
Goldman Sachs
Research
116 Pages
Goldman Sachs explores the resilience of the US economy and equity market, arguing that structural advantages such as innovation, profitability, and policy flexibility continue to support its global leadership.
Market Outlooks
February 2021
Our 2021 Global Outlook
Bridgewater
Research
7 Pages
Bridgewater lays out its 2021 outlook through the lens of shifting economic regimes, emphasizing how policy coordination between fiscal and monetary authorities is reshaping market dynamics.
Markets
February 2021
Emerging Markets Crisis Investing
Verdad
Research
56 Pages
Verdad argues that emerging markets may offer a compelling opportunity as valuations, demographics, and capital flows shift in their favor after a prolonged period of underperformance.
Markets
February 2021
Bubble, or Structural Imbalance? – Capital Market Line
PineBridge
Research
10 Pages
PineBridge examines whether the traditional capital market line still holds in a low yield world, questioning if the risk return tradeoff remains linear when starting yields are compressed.
Markets
February 2021
A tale of two decades for U.S. and non-U.S. equity: Past is rarely prologue
Vanguard
Research
10 Pages
This paper examines how structural shifts across markets are reshaping expected returns and portfolio construction, with a focus on changing correlations, policy dynamics, and investor behavior.
Market Outlooks
January 2021
2021: Another Voice
KKR
Research
46 Pages
KKR presents a macro outlook shaped by structural regime shifts, arguing that investors may be entering a period defined by lower returns, higher volatility, and greater dispersion across assets.
Market Outlooks
January 2021
2021 Best Ideas – The Future in Focus
PGIM
Research
17 Pages
PGIM explores how structural forces like demographics, debt, and productivity are shaping long-term capital market expectations,
Markets
January 2021
Strategic Asset Allocation | December 2020 The case for outperformance of non-US assets
Oxford Economics
Research
12 Pages
Oxford Economics makes the case for increasing exposure to non-US assets, arguing that global diversification may be more important as US valuations and concentration risks remain elevated.
Markets
January 2021
It’s Not a Bound; It’s an Opinion
AQR
Research
12 Pages
AQR examines how today’s low interest rate environment shapes expected returns across asset classes, arguing that rates are a dominant driver of long-term investment outcomes.
Markets
January 2021
Top Stocks for 2021
SumZero
Research
83 Pages
SumZero compiles top investment ideas from its buyside community into a curated set of high-conviction stock pitches across regions and market caps.
Markets
December 2020
The Wisdom Of Buying Absurdly Expensive Stocks
Man Group
Research
8 Pages
Man Group explores whether buying extremely expensive stocks can still generate strong returns, challenging traditional valuation logic.
Markets
December 2020
Guide to the Markets – U.S. 1Q 2021
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management lays out a data-driven snapshot of the global economy and markets entering 2021, focusing on recovery dynamics, valuations, and policy support.
Markets
December 2020
25th Annual Edition – Long-Term Capital Market Assumptions
J.P. Morgan Asset Management
Research
130 Pages
J.P. Morgan Asset Management outlines how shifting economic regimes marked by higher inflation, stronger growth, and rising rates reshape long-term asset returns and portfolio construction.
Portfolio Management
December 2020
Quarterly Letter 3Q 2020
GMO
Research
20 Pages
GMO argues that value stocks are trading at historically extreme discounts after their worst 12-month stretch on record, setting up a potential reversal versus growth.
Market Outlooks
December 2020
2020 Private Equity Outlook
Verus Investments
Research
42 Pages
Verus examines the rise of GP-led secondary transactions in private equity and how they are evolving into a core liquidity tool rather than a niche solution.
Markets
November 2020
The Armageddonists, Revisited
J.P. Morgan Asset Management
Research
8 Pages
J.P. Morgan examines the rise of “Armageddonists” after the Global Financial Crisis and the cost to investors who acted on persistent bearish forecasts.
Markets
October 2020
CAPE And The COVID-19 Pandemic Effect
Barclays
Research
18 Pages
Barclays examines how CAPE ratios behaved across major global equity markets during COVID-19 and what that implies for future returns.
Market Outlooks
October 2020
The Road Ahead
KKR
Research
26 Pages
KKR examines the post-COVID macro regime, arguing that structurally lower rates, higher fiscal spending, and rising geopolitical tension will reshape asset allocation for years.
Markets
September 2020
Guide To The Markets – US Q4 2020
J.P. Morgan Asset Management
Research
79 Pages
J.P. Morgan Asset Management’s Guide to the Markets compiles macro, valuation, and market cycle data to frame how investors should interpret the post-COVID rebound and elevated equity valuations.
Market Outlooks
September 2020
Brave Real World: 5-Year Outlook 2021 – 2025
Robeco
Research
109 Pages
Robeco lays out a five-year outlook arguing that markets are distorted by central bank policy and elevated asset prices, creating a “hall of mirrors” where signals are harder to interpret.
Wealth Management
September 2020
Global ETF Survey 2020
TrackInsight
Research
108 Pages
TrackInsight’s Global ETF Survey explores how professional investors used ETFs during the COVID-driven market shock, focusing on liquidity, portfolio construction, and shifting demand across strategies.
Annual Report
September 2020
The Family 1000: Post The Pandemic
Credit Suisse
Research
40 Pages
Credit Suisse examines how family-owned businesses differ from peers, focusing on performance, governance, and long-term value creation across a global dataset of 1,000 firms.
Alternative Assets
August 2020
Global Timber Outlook 2020
Gresham House
Research
60 Pages
Gresham House explores how climate change, urbanization, and decarbonization are reshaping global timber demand, with a focus on structural wood like coniferous sawnwood.
Portfolio Management
July 2020
2019 Endowment Update
Yale University
Research
32 Pages
Yale Investments outlines its endowment strategy, emphasizing long-term investing, illiquid assets, and disciplined spending to balance growth with stability.
Markets
July 2020
Extreme Stock Market Performers, Part IV: Can Observable Characteristics Forecast Outcomes?
Arizona State
Research
20 Pages
Hendrik Bessembinder examines whether observable firm characteristics can predict which stocks will deliver extreme long-term outcomes, using U.S. data from 1960–2019.
Markets
July 2020
Extreme Stock Market Performers, Part III: What Are Their Observable Characteristics?
Arizona State
Research
22 Pages
Hendrik Bessembinder examines what separates the stock market’s extreme long-term winners from the rest, focusing on observable firm characteristics across decades.
Markets
July 2020
Extreme Stock Market Performers, Part II: Do Technology Stocks Dominate?
Arizona State
Research
15 Pages
Baillie Gifford examines whether technology stocks truly dominate long-term stock market outcomes, using decades of U.S. equity data to break down which industries actually drive extreme winners and losers.
Markets
July 2020
Extreme Stock Market Performers, Part I: Expect Some Drawdowns
Arizona State
Research
13 Pages
Hendrik Bessembinder examines how a small subset of stocks drives the majority of long-term market wealth creation, challenging the idea that broad diversification alone captures outsized returns.
Market Outlooks
June 2020
Global Macro Outlook: Virus Curve Flattening, Markets Stabilizing, Slow Recovery
Deutsche Bank
Research
200 Pages
Deutsche Bank explores how COVID-driven shocks are reshaping markets, arguing the recovery will look more like a drawn-out “swoosh” than a sharp rebound.
Markets
June 2020
Guide to the Markets – US 3Q 2020
J.P. Morgan Asset Management
Research
72 Pages
J.P. Morgan Asset Management walks through the macro and market backdrop following the COVID shock, highlighting the disconnect between economic damage and asset prices.
Market Outlooks
June 2020
Capital Market Line
PineBridge
Research
9 Pages
PineBridge Investments outlines how its Capital Market Line framework translates forward-looking return and volatility assumptions into asset allocation decisions across global markets.
Market Outlooks
June 2020
Quarterly Capital Markets Outlook
Epoch
Research
23 Pages
Epoch Investment Partners explores whether the post-COVID recovery is truly “normal,” arguing markets face a mid-cycle environment shaped by slowing policy support, persistent inflation uncertainty, and accelerating digital transformation.
Markets
May 2020
A Historic Opportunity In Small Cap Stocks
O’Shaughnessy Asset Management
Research
6 Pages
O’Shaughnessy Asset Management explores the opportunity in small cap value stocks during market dislocations, arguing that combining value with quality screens can improve outcomes.
Markets
April 2020
Status Update: Coronavirus And EM Fixed Income In 2020 And Beyond
Ashmore
Research
11 Pages
Ashmore examines the rapid evolution of emerging markets fixed income, highlighting how the asset class has scaled into a meaningful share of global bond markets while remaining underrepresented in indices.
Markets
April 2020
Rebuttal To Carmen Reinhart And Kenneth Rogoff’s Proposal That Emerging Markets Suspend Debt Payments
Ashmore
Research
4 Pages
Ashmore examines whether emerging market sovereigns can sustain external debt payments amid the COVID shock, arguing solvency concerns are overstated despite sharp spread widening.
Annual Report
April 2020
Global Investor Study: Under Pressure: Investors’ Response To Crisis
Schroders
Research
24 Pages
Schroders explores how global investors are behaving during crisis conditions, focusing on return expectations, advice sources, and financial knowledge gaps.
Markets
March 2020
Guide To The Markets – US 2Q 2020
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management outlines the economic and market shock from COVID-19, framing it as a sudden stop recession followed by an uneven recovery across sectors and regions.
Market Outlooks
March 2020
Eye On The Market Outlook 2020
J.P. Morgan Asset Management
Research
35 Pages
J.P. Morgan examines how the US China trade war disrupted global growth, earnings, and capital spending heading into 2020, arguing that markets may already reflect much of the expected recovery.
Markets
March 2020
Fear And The Psychology Of Bear Markets
GMO
Research
4 Pages
GMO explores how fear-driven psychology shapes investor behavior during bear markets, arguing that emotional responses often override rational decision-making at the worst possible times.
Annual Report
February 2020
Summary Edition Credit Suisse Global Investment Returns Yearbook 2020
Credit Suisse
Research
48 Pages
Credit Suisse explores over a century of global asset returns, focusing on ESG investing, long-term performance, and factor strategies across 23 markets.
Markets
February 2020
2020 Long-Term Capital Market Assumptions
Invesco
Research
68 Pages
Invesco’s 2020 Long-Term Capital Market Assumptions outlines a lower-return, higher-volatility decade ahead, challenging the effectiveness of traditional portfolio construction.
Markets
February 2020
The Passive Aggressive Agg, Revisited
GMO
Research
8 Pages
GMO explores whether the rise of passive investing has meaningfully altered market behavior, focusing on efficiency, valuation distortions, and opportunities for active managers.
Markets
February 2020
Going Global In Equities
MFS
Research
10 Pages
MFS explores why investors should think beyond domestic markets and consider global equities as a core portfolio component, arguing that opportunity sets and diversification benefits are structurally larger outside a single country.
Markets
January 2020
The Power Of Free Cash Flow
TrimTabs
Research
9 Pages
TrimTabs Asset Management outlines a free cash flow driven equity strategy centered on identifying high quality companies with strong cash generation and disciplined capital allocation.
Markets
January 2020
Dispersion And Alpha Conversion
Morgan Stanley
Research
17 Pages
Morgan Stanley explores how stock return dispersion shapes the opportunity for active managers to generate alpha, arguing that skill only pays off when dispersion creates meaningful differentiation.
Annual Report
January 2020
Big Ideas 2020
ARK Invest
Research
81 Pages
ARK Invest’s Big Ideas 2020 explores how disruptive technologies across AI, energy, biotech, and fintech could reshape global markets and economic growth.
Market Outlooks
January 2020
Real Estate Outlook: US – Annual Outlook 2020
UBS
Research
28 Pages
UBS Asset Management outlines its 2020 US real estate outlook, focusing on a late-cycle environment marked by slowing growth, modest income gains, and rising uncertainty across property sectors.
Markets
December 2019
Guide to the Markets – US Q1 2020
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management compiles a data-heavy snapshot of global markets, arguing that resilient growth and concentrated equity leadership are shaping the current cycle.
Market Outlooks
December 2019
Vanguard Economic And Market Outlook For 2020: The New Age Of Uncertainty
Vanguard
Research
48 Pages
Vanguard examines how a “new age of uncertainty” driven by trade tensions and policy risk could shape a slower global economy and more muted market returns.
Market Outlooks
November 2019
Expected Returns – Escaping the Hall of Mirrors
Robeco
Research
117 Pages
Robeco outlines a five-year outlook focused on expected returns across asset classes in a world transitioning away from ultra-loose monetary policy.
Markets
November 2019
2020 Long-Term Capital Market Assumptions
J.P. Morgan Asset Management
Research
12 Pages
J.P. Morgan Asset Management outlines long-term return expectations across asset classes, arguing investors face structurally lower returns in a low-rate, late-cycle world.
Markets
November 2019
2020 Long-Term Capital Market Assmptions
J.P. Morgan Asset Management
Research
116 Pages
J.P. Morgan Asset Management lays out its 2020 long-term capital market assumptions, focusing on how ultra-low yields and late-cycle dynamics reshape portfolio construction over a 10–15 year horizon.
Markets
November 2019
Africa’s Public Markets: Issues For Investors
Ashmore
Research
14 Pages
Ashmore examines the long term investment case for emerging markets, arguing they remain structurally underallocated despite stronger growth, improving policy frameworks, and expanding capital markets.
Markets
October 2019
Does Style Still Matter in Emerging Markets?
Lazard
Research
6 Pages
Lazard examines whether traditional equity styles like value, momentum, and quality still drive returns in emerging markets.
Markets
October 2019
S&P 500 2018: Global Sales
S&P Global
Research
15 Pages
S&P Dow Jones Indices examines how much of S&P 500 revenue actually comes from outside the U.S., highlighting the index’s global dependence despite its domestic label.
Markets
October 2019
Emerging Market Stocks: Getting Comfortable With The Uncomfortable
GMO
Research
5 Pages
GMO argues that the real opportunity in emerging market equities comes from illiquidity rather than size, challenging the traditional small cap premium narrative.
Markets
September 2019
Guide to the Markets – US Q4 2019
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management’s Guide to the Markets lays out a data-heavy snapshot of global economic trends, asset class returns, and valuation dynamics to frame the current investing backdrop.
Markets
August 2019
Cannabis In America
Echelon
Research
101 Pages
Echelon Wealth Partners explores the investment case for the U.S. cannabis industry, framing it as a large, emerging consumer category driven by legalization and existing demand.
Markets
August 2019
Third Quarter 2019 Market Charts
Wells Fargo
Research
111 Pages
Wells Fargo Investment Institute outlines a broad macro and market framework using chart-driven analysis, focusing on growth trends, inflation dynamics, and asset class positioning.
Markets
August 2019
International Equities – Are They Still Worth It?
Acadian
Research
7 Pages
Acadian Asset Management explores the case for international equities and why persistent valuation gaps may create opportunities outside the U.S.
Markets
August 2019
Credit Versus Equities: Investing Across The Capital Structure
PIMCO
Research
12 Pages
PIMCO explores how diverging corporate fundamentals are shaping outcomes across credit and equities, arguing that investors should think less in broad asset class terms and more in issuer-specific opportunities.
Markets
August 2019
Top of Mind: Existential Questions About Value, International Diversification, and China.
Wellington Management
Research
14 Pages
Wellington Management examines whether China’s equity market offers true diversification value for global portfolios and how structural inefficiencies influence return potential.
Markets
July 2019
Investing in China: Silk (Road) Purse or Sow’s Ear? An Interview with Scott Malpass and Jay Willoughby
TIFF Investment Management
Research
13 Pages
TIFF Investment Management interviews Scott Malpass and Jay Willoughby to explore whether China is a compelling long-term investment or a structurally flawed one.
Markets
July 2019
Bubble, Bubble, Toil and Trouble
Research Affiliates
Research
10 Pages
Institute for Family Business explores financial market bubbles by breaking down how they form, persist, and ultimately unwind across history.
Markets
June 2019
Emerging Markets Charts & Views
Amundi Asset Management
Research
30 Pages
Amundi explores the shifting narrative around emerging markets in early 2019, focusing on how macro forces like USD strength, trade tensions, and policy shifts shaped performance and sentiment.
Portfolio Management
June 2019
Junk or Jewel? Assessing The Role of High-Yield Bonds in a Diversified Portfolio
Vanguard
Research
17 Pages
Vanguard examines whether high-yield bonds deserve a place in diversified portfolios, framing them as a hybrid between equities and traditional fixed income.
Markets
May 2019
High Profits at Low Rates : The Benefits of Bond Convexity
Portfolio Charts
Research
16 Pages
Portfolio Charts explores how bond convexity can drive strong returns even in low or falling rate environments, challenging the idea that low yields limit upside.
Markets
May 2019
Morningstar Revenue Atlas
Morningstar
Research
7 Pages
Morningstar’s Revenue Atlas explores how global companies actually generate revenue, challenging the idea that stock markets cleanly reflect domestic economies.
Markets
May 2019
Japan: Opportunities in the Forgotten Equity Market
Man Group
Research
4 Pages
Man Group makes the case that Japanese equities are a forgotten market despite improving fundamentals and supportive macro conditions.
Markets
April 2019
Emerging and Developed Markets: So the Last Shall Be First
PIMCO
Research
22 Pages
PIMCO explores how investors can rethink emerging market allocations using a more granular, multi asset framework rather than relying on traditional benchmarks.
Wealth Management
April 2019
Schroders Global Investor Study – Investor Behaviour: Do People Have Control of Their Personal Finances?
Schroders
Research
19 Pages
Schroders explores how investor behavior often contradicts stated long term goals, highlighting gaps between expectations, emotions, and actual decisions.
Markets
April 2019
Market Charts: Turning Data into Knowledge Second Quarter 2019
Wells Fargo
Research
112 Pages
Wells Fargo presents a chart-driven overview of global markets, using data across equities, rates, inflation, and macro trends to frame how current conditions compare with history.
Markets
April 2019
Stock Buybacks: Freeing the Invisible Hand, or Legitimising the Fat Finger
Man Group
Research
10 Pages
Man GLG examines stock buybacks through the lens of market efficiency versus execution risk, questioning whether they genuinely enhance shareholder value or introduce hidden distortions.
Markets
April 2019
The Future of Emerging Markets
MSCI
Research
33 Pages
MSCI examines how emerging markets have evolved over three decades and what their future role may look like in global portfolios.
Markets
April 2019
China A-Shares: Perspectives from the Inside Out
PineBridge
Research
12 Pages
PineBridge Investments explores China’s A-share market and why it represents a distinct, underappreciated opportunity within global equities.
Markets
March 2019
Misperceptions surrounding corporate cash spending priorities and the economics of share repurchases
Goldman Sachs
Research
16 Pages
Goldman Sachs challenges the common narrative that corporations prioritize buybacks over investment, arguing that growth spending has consistently dominated cash allocation.
Alternative Assets
March 2019
Guide to Alternatives – 1Q 2019
J.P. Morgan Asset Management
Research
41 Pages
J.P. Morgan Asset Management outlines how alternative investments fit into portfolios as traditional returns compress and volatility rises.
Markets
March 2019
Where To Look For Opportunities Outside U.S. Equities
Eaton Vance
Research
4 Pages
Eaton Vance highlights where investors might find opportunities outside U.S. equities as valuations reach decade-high premiums and the S&P 500’s earnings leadership begins to fade.
Wealth Management
March 2019
Guide to Retirement
J.P. Morgan Asset Management
Research
52 Pages
J.P. Morgan’s Guide to Retirement lays out a data driven framework for how individuals can plan, invest, and sustain income throughout retirement.
Markets
March 2019
2019 Capital Market Assumptions 10-Year Strategic Outlook For Major Asset Classes
Rockefeller Global Family Office
Research
62 Pages
Rockefeller Global Family Office examines how shifting market dynamics and investor behavior are reshaping long-term return expectations and portfolio construction.
Annual Report
February 2019
Summary Edition Credit Suisse Global Investment Returns Yearbook 2019
Credit Suisse
Research
43 Pages
Credit Suisse examines 119 years of global asset returns, comparing equities, bonds, and cash while exploring risk premiums, emerging markets, and factor investing across 23 countries.
Markets
February 2019
Emerging Markets Charts & Views: Seek opportunities, but be aware of short-term volatility
Amundi Asset Management
Research
30 Pages
Amundi explores the investment case for emerging markets in early 2019, arguing they remain a key long-term return driver despite recent volatility tied to USD strength and rising rates.
Portfolio Management
February 2019
Geographic Diversification Can Be a Lifesaver
Bridgewater
Research
10 Pages
Bridgewater Associates explores how geographic diversification shapes portfolio resilience, emphasizing that concentrating in a single country can expose investors to prolonged drawdowns and uneven recoveries across global markets.
Markets
February 2019
A New Perspective on Geographical Diversification: Revenue Exposure by Region
Morningstar
Research
17 Pages
Morningstar reframes geographic diversification by shifting the lens from company domicile to where revenues are actually generated, arguing that traditional country-based allocation can misrepresent real economic exposure.
Markets
February 2019
How to Increase The Odds of Owning The Few Stocks That Drive Returns
Vanguard
Research
20 Pages
Vanguard examines whether concentrated “best ideas” portfolios actually improve the odds of owning the few stocks that drive long term equity returns.
Markets
February 2019
How To Increase The Odds Of Qwning The Few Stocks That Drive Returns
Vanguard
Research
20 Pages
Vanguard explains how stock distributions function and why investors often misinterpret them as true returns rather than a reshuffling of value.
Markets
February 2019
Global equity investing: The benefits of diversification and sizing your allocation
Vanguard
Research
14 Pages
Vanguard explores how global equity diversification and sizing international exposure can shape portfolio risk and outcomes.
Markets
January 2019
O’Shaughnessy Quarterly Investor Letter Q4 2018
O’Shaughnessy Asset Management
Research
16 Pages
O’Shaughnessy Asset Management breaks down 2018’s market drawdown, arguing that falling equity prices were driven more by valuation compression than fundamentals, while assessing what that means for forward returns.
Markets
January 2019
Is the US Stock Market Bubble Bursting?
GMO
Research
8 Pages
GMO introduces a quantitative Bubble Model to assess whether recent U.S. equity behavior reflects a true speculative bubble.
Markets
January 2019
Emerging Markets: A Better Deal for Growth
Goldman Sachs
Research
8 Pages
Goldman Sachs Asset Management highlights how emerging markets may offer a more attractive long-term growth profile than developed markets, supported by structural improvements and valuation gaps.
Markets
January 2019
False Alarm: The Case for Corporate Credit
Goldman Sachs
Research
8 Pages
Goldman Sachs Asset Management argues recent corporate credit spread widening is more noise than signal, suggesting markets may be overpricing recession risk.
Market Outlooks
January 2019
Outlook 2019
Capital Group
Research
16 Pages
Capital Group explores how investors should navigate a late-cycle global economy marked by rising volatility, tightening policy, and diverging growth trends.
Market Outlooks
January 2019
Outlook for 2019: The Game Has Changed
KKR
Research
64 Pages
KKR explores how a late-cycle global economy is shifting the investment playbook, arguing that slower growth, tighter liquidity, and structural changes are reshaping asset allocation decisions.
Markets
December 2018
The Late Cycle Lament: The Dual Economy, Minsky Moments, and Other Concerns
GMO
Research
18 Pages
GMO explores late cycle risks, arguing the U.S. economy is far weaker than headline data suggests and increasingly split between productive and stagnant sectors.
Market Outlooks
December 2018
Vanguard Economic And Market Outlook For 2019: Down But Not Out
Vanguard
Research
44 Pages
Vanguard outlines a late-cycle global economy facing slower but still positive growth, arguing recession fears are overstated as expansion moderates rather than ends.
Markets
December 2018
Frontier Markets
Meketa
Research
11 Pages
Meketa Investment Group outlines how frontier markets function as a distinct asset class, emphasizing their structural differences from emerging markets and the portfolio implications of investing in less developed, illiquid economies.
Markets
December 2018
Investment Insights A Contrarian View on Europe
Invesco
Research
8 Pages
Invesco outlines a contrarian case for European equities in 2019, arguing that extreme investor pessimism has pushed valuations below fundamentals despite a still-functioning economic backdrop.
Market Outlooks
November 2018
Turbulence Ahead: Investment Outlook 2019
Robeco
Research
30 Pages
Robeco’s Outlook 2019 explores a late-cycle global economy where solid growth coexists with rising risks that could unsettle markets. It argues markets may show “two faces” as fundamentals remain strong,
Markets
October 2018
A Smarter Solution To Municipal Investing
Columbia Threadneedle Investments
Research
8 Pages
Columbia Threadneedle Investments outlines structural flaws in traditional municipal bond indices and presents a more flexible, active approach to navigating interest rate and credit risk in a fragmented market.
Markets
October 2018
Thinking Strategically about Emerging Markets
UBS
Research
30 Pages
UBS examines how emerging markets have evolved over the past 20 years across economic, social, and financial dimensions, and what that means for investors today.
Wealth Management
October 2018
Global Wealth Report 2018
Credit Suisse
Research
60 Pages
Credit Suisse examines global household wealth trends, tracking growth, distribution, and inequality across regions while introducing new insights on gender wealth gaps.
Markets
September 2018
O’Shaughnessy Quarterly Investor Letter Q3 2018
O’Shaughnessy Asset Management
Research
12 Pages
O’Shaughnessy Asset Management explores how traditional factor investing has become commoditized and argues that alpha now comes from identifying signals within factors, using buybacks as a case study.
Market Outlooks
September 2018
Multi-Asset Market Outlook
Robeco
Research
24 Pages
Robeco highlights how corporate earnings have remained the primary anchor for equity markets in 2018, even as investors fixate on trade tensions and political uncertainty.
Market Outlooks
August 2018
Fixed-Income Outlook Tail Risks Are Getting Fatter
Guggenheim Investments
Research
32 Pages
Guggenheim Investments examines late-cycle fixed income dynamics, arguing that growing tail risks are underappreciated despite tightening financial conditions and rising rates.
Markets
August 2018
China’s Biotech Revolution
UBS
Research
33 Pages
UBS explores China’s accelerating push into biotechnology and how it is shifting from cost-based manufacturing toward scaled drug innovation.
Markets
August 2018
Emerging-Market Bonds: A Fixed Income Asset With Equity-Like Returns (And Risks)
Vanguard
Research
16 Pages
Vanguard outlines the case for actively managed emerging market bonds, focusing on how disciplined security selection and risk control can potentially deliver consistent returns in a volatile asset class.
Markets
July 2018
Rumours of the Death of the American Public Company are Greatly Exaggerated
Research
26 Pages
The authors examine whether mutual fund alpha persistence is real and investable, focusing on how portfolio size and holding periods influence outcomes.
Annual Report
July 2018
Classic Car Special: Luxury Investment Index Q1 2018
Knight Frank
Research
6 Pages
Knight Frank explores shifting dynamics across luxury assets, focusing on how classic cars are losing momentum while art and wine take the lead.
Market Outlooks
June 2018
Multi-Asset Market Outlook
Robeco
Research
26 Pages
Robeco’s Multi-Asset Market Outlook explores how rising political risks and trade tensions are testing markets that remain supported by solid global growth and corporate earnings.
Markets
June 2018
2018 Emerging Markets Mid-Year Outlook A Multi-Year Recovery
Mirae Asset Global Investments
Research
14 Pages
Mirae Asset outlines a multi year recovery in emerging market equities driven by earnings growth, improving fundamentals, and supportive global conditions.
Markets
June 2018
Do Stocks Outperform Treasury bills?
Research
53 Pages
Hendrik Bessembinder examines why broad equity markets outperform Treasury bills even though most individual stocks do not.
Markets
June 2018
Risky CAPE: Repair The Roof When The Sun Is Shining
Robeco
Research
10 Pages
Robeco examines whether the traditional CAPE ratio meaningfully captures equity risk, arguing that valuation alone may miss downside dynamics investors actually experience.
Markets
May 2018
The Impact of Saving Versus Return on Wealth
AAII
Research
12 Pages
AAII examines whether wealth is driven more by investment returns or savings behavior, arguing the answer depends on age and time horizon.
Wealth Management
May 2018
2018 Investment Company Fact Book
ICI
Research
348 Pages
Investment Company Institute’s 2018 Fact Book breaks down the structure, growth, and behavior of the global fund industry, with a focus on mutual funds, ETFs, and retirement vehicles.
Markets
April 2018
Going Global With Bonds: The Benefits of A More Global Fixed Income Allocation
Vanguard
Research
16 Pages
Vanguard examines how hedged global bonds can reduce portfolio volatility without sacrificing returns, arguing fixed income diversification matters more than many investors assume.
Markets
March 2018
Global Top 100 Companies by Market Capitalisation
PWC
Research
45 Pages
PwC analyzes the world’s 100 largest companies by market capitalization, highlighting how concentration, sector leadership, and regional dominance are evolving in today’s equity markets.
Annual Report
February 2018
Credit Suisse Global Investment Returns Yearbook 2018
Credit Suisse
Research
43 Pages
Credit Suisse examines 118 years of global asset returns, factor investing, and private wealth performance to frame today’s low return environment.
Market Outlooks
February 2018
Capital Market Assumptions: 10 Consultant Outlooks
eVestment
Research
26 Pages
eVestment examines how 10 investment consultants adjusted capital market assumptions across equities, fixed income, and alternatives during 2016 and 2017.
Markets
February 2018
A New Dawn For Emerging Markets Equities
Barings
Research
6 Pages
Barings explores whether emerging market equities are entering a more durable recovery after years of lagging developed markets.
Annual Report
February 2018
Credit Suisse Global Investment Returns Yearbook 2018
Credit Suisse
Research
22 Pages
Credit Suisse explores 118 years of asset returns, factor investing, and private wealth trends to frame today’s low return environment.
Markets
January 2018
Top Stocks for 2018
SumZero
Research
147 Pages
SumZero’s Top Stocks for 2018 compiles 15 highest conviction equity ideas from buyside professionals across longs, shorts, and special situations.
Market Outlooks
January 2018
(Un)Steady as She Goes
Goldman Sachs
Research
108 Pages
Goldman Sachs examines whether synchronized global growth can keep markets steady as tightening policy, rising valuations, and political friction build underneath the surface.
Markets
December 2017
The Three-Body Problem
Epsilon Theory
Research
13 Pages
Epsilon Theory examines how markets resemble a chaotic “Three Body Problem,” where traditional investing signals lose predictive power under massive central bank intervention.
Market Outlooks
December 2017
Vanguard Economic And Market Outlook For 2018: Rising Risks To The Status Quo
Vanguard
Research
35 Pages
Vanguard examines how tightening labor markets, low volatility, and elevated asset prices could disrupt the postcrisis investing environment in 2018.
Markets
November 2017
The Rate of Return on Everything, 1870–2015
Federal Reserve Bank
Research
123 Pages
The study investigates historical returns across major asset classes since 1870, finding that both housing and equities have generated similar returns, though housing shows lower volatility. It also highlights that, globally, the weighted rate of return on capital was twice as high as the growth rate in the past 150 years.
Markets
October 2017
The Many Colours of CAPE
Barclays
Research
25 Pages
Barclays explores how the CAPE ratio can be used to systematically allocate across equity sectors, aiming to capture value while managing risk through diversification and volatility controls.
Markets
October 2017
FAANG SCHMAANG: Don’t Blame the Over-valuation of the S&P Solely on Information Technology
GMO
Research
7 Pages
GMO examines whether the S&P 500’s rich valuation can really be blamed on FAANG dominance and rising technology exposure.
Markets
October 2017
The Bubble That Never Came
Research Affiliates
Research
9 Pages
Research Affiliates challenges the idea that post crisis Treasury markets entered bubble territory, arguing low yields mostly reflected weak macro fundamentals rather than irrational pricing.
Markets
October 2017
Pricing Stocks and Bonds
Research Affiliates
Research
11 Pages
Research Affiliates examines how starting yields and valuations influence long term stock and bond returns, arguing expected returns are more about current pricing than prediction.
Markets
September 2017
Coppock Curve for DJIA Getting Up to High Level
McClellan Financial Publications
Article
1 Pages
McClellan Financial examines how the DJIA’s Coppock Curve approaching historically elevated levels could signal weakening long term momentum despite persistent bullish sentiment.
Alternative Assets
September 2017
UBS Global Real Estate Bubble Index
UBS
Research
24 Pages
UBS examines how elevated housing prices, shrinking affordability, and tighter financing conditions are reshaping real estate bubble risks across major cities.
Markets
September 2017
5 Year Expected Returns 2018 to 2022
Robeco
Research
108 Pages
Robeco’s “Coming of Age” explores how elevated valuations and tightening monetary policy could suppress five year asset class returns despite steady economic growth.
Markets
July 2017
There They Go Again… Again
Oaktree
Research
23 Pages
Oaktree Capital examines how low prospective returns, abundant liquidity, and fading risk aversion can push investors toward increasingly speculative behavior late in a market cycle.
Portfolio Management
July 2017
Improving U.S. stock return forecasts: A “fair-value” CAPE approach
Vanguard
Research
15 Pages
Vanguard examines whether adjusting the CAPE ratio for interest rates improves long term U.S. equity return forecasts.
Markets
June 2017
Emerging Markets: From Niche to Necessity
BlackRock
Research
13 Pages
BlackRock explores how emerging markets evolved from speculative satellite allocations into increasingly mainstream portfolio exposures as liquidity, governance, and index inclusion improved.
Markets
June 2017
Multi Asset Markets Outlook
Robeco
Research
25 Pages
Robeco examines whether subdued volatility and improving economic data are masking growing risks across global markets.
Markets
April 2017
The Global Investment Outlook
RBC GAM
Research
78 Pages
RBC Global Asset Management examines how Trump’s election, moderating inflation, and slower rate cuts could reshape markets in 2025.
Markets
April 2017
On the Markets
Morgan Stanley
Research
20 Pages
Morgan Stanley explores how AI driven disruption, gold’s surprising weakness, and California’s fiscal resilience are reshaping investor thinking.
Markets
March 2017
Six Impossible Things Before Breakfast
GMO
Research
15 Pages
GMO examines how today’s elevated equity and bond valuations depend on investors accepting a series of highly improbable macroeconomic assumptions around secular stagnation, real interest rates, and growth.
Markets
March 2017
The Incredible Shrinking Universe of Stocks: The Causes and Consequences of Fewer U.S. Equities
Credit Suisse
Research
29 Pages
Credit Suisse examines the collapse in U.S. public listings and what it means for investors navigating a market increasingly dominated by larger, older companies.
Markets
March 2017
The What-Why-When-How Guide to Owning Emerging Country Debt: 2017 Edition
GMO
Research
23 Pages
GMO explores how investors can approach emerging market debt across sovereign, local currency, and corporate bonds, emphasizing diversification, valuation, and active management.
Markets
March 2017
Emerging Markets Outlook for 2017: Risks Remain, but There Are Reasons for Optimism
William Blair
Research
8 Pages
William Blair explores why emerging markets entered 2017 with stronger fundamentals despite rising concerns around Trump era trade policy, higher U.S. rates, and China’s debt buildup.
Markets
February 2017
2017 Capital Market Assumptions For Major Asset Classes
AQR
Research
16 Pages
AQR explores why investors may need to reset expectations for stocks, bonds, and traditional 60/40 portfolios in a lower return world.
Annual Report
February 2017
Global Investment Returns Yearbook 2017: Slide Deck
Credit Suisse
Research
40 Pages
Credit Suisse explores how 117 years of market history can frame expectations for equities, bonds, inflation, and factor investing.
Markets
January 2017
Eye on the Market Outlook 2017
J.P. Morgan Asset Management
Research
46 Pages
J.P. Morgan Asset Management explores how unprecedented central bank stimulus and rising anti establishment politics reshaped markets entering 2017.
Markets
December 2016
Guide to the Markets U.S. | 1Q 2017
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan examines how earnings growth, valuations, interest rates, and corporate behavior influence equity markets.
Markets
December 2016
The Emerging Markets Hat Trick: Time to Throw Your Hat In?
Research Affiliates
Research
8 Pages
Research Affiliates argues emerging markets may offer a rare setup where cheap valuations, depressed currencies, and improving momentum align simultaneously.
Markets
December 2016
Century City
The Daily Dirtnap
Research
3 Pages
Daily Dirtnap examines how Steven Mnuchin’s Treasury ambitions, particularly ultra long bond issuance and tax reform, could reshape rates, yield curves, and risk sentiment.
Markets
December 2016
Financial Market History: Reflections on the Past for Investors Today
CFA Institute
Research
306 Pages
CFA Institute Research Foundation explores how centuries of bubbles, currency speculation, and financial innovation still shape modern investing.
Markets
November 2016
Expected Returns 2017-2021
Robeco
Research
120 Pages
Robeco examines how depressed growth expectations, negative bond yields, and rising debt levels could shape five year asset returns across equities, bonds, and emerging markets.
Markets
October 2016
The equity risk premium
Norges Bank Investment Management
Research
47 Pages
Norges Bank Investment Management examines the equity risk premium and why stocks have historically delivered returns far above cash and bonds despite extreme volatility.
Markets
October 2016
Understanding Secular Stock Market Cycles
Crestmont Research
Research
13 Pages
Crestmont Research examines how secular stock market cycles shape long term equity returns, valuation ranges, and investor expectations.
Markets
September 2016
Closed-End Bond Funds
Morgan Stanley
Research
78 Pages
Morgan Stanley Wealth Management examines opportunities and risks across taxable and municipal closed end bond funds as investors chase yield in a low rate environment.
Annual Report
September 2016
Long-Term Asset Return Study: An Ever Changing World
Deutsche Bank
Research
91 Pages
Deutsche Bank examines how demographics, globalization, debt, and political fragmentation may reshape long term asset returns after a 35 year economic cycle.
Markets
August 2016
Looking Ahead to a Bullish Outlook (and What Will Define It)
Hussman Funds
Article
1 Pages
John Hussman examines how extreme valuations, negative global yields, and speculative investor behavior may be distorting market risk perceptions.
Markets
August 2016
Q2 2016 Market Review & Outlook
Morgan Creek Capital Management
Research
66 Pages
Morgan Creek Capital Management explores Seth Klarman’s value investing philosophy and why patience, cash, and downside protection still matter in expensive markets.
Market Outlooks
August 2016
Global Investment Outlook: MIDYEAR 2016
BlackRock
Research
16 Pages
BlackRock Investment Institute examines how Brexit uncertainty, fading central bank influence, and tentative U.S. reflation were reshaping global markets in mid 2016.
Markets
June 2016
What happens if the S&P 500 goes to new highs?
Merrill Lynch
Research
37 Pages
Merrill Lynch examines why an S&P 500 breakout after an extended pause has historically signaled strong forward returns.
Markets
March 2016
Guide to the Markets U.S. | 2Q 2016
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management examines cross asset market conditions entering 2016, spanning equities, rates, housing, credit, and global growth.
Markets
March 2016
A True Microcap Strategy
O’Shaughnessy Asset Management
Research
5 Pages
O’Shaughnessy Asset Management examines why overlooked microcap stocks can create unusually inefficient pricing and potentially stronger long term returns.
Annual Report
February 2016
Credit Suisse Global Investment Returns Yearbook 2016
Credit Suisse
Research
72 Pages
Credit Suisse examines how rising interest rates have historically influenced stocks, bonds, and investor behavior across 21 countries since 1900.
Markets
January 2016
The World Markets 4th Quarter of 2015
Meketa
Research
11 Pages
Meketa Investment Group reviews the crosscurrents shaping global markets in late 2015, from collapsing commodities to widening credit spreads and diverging equity performance.
Markets
January 2016
2016 Outlook: Same Simple Secret to Long-Term Investment Success
Gotham Asset Management
Research
4 Pages
Gotham Asset Management examines why valuation driven investing periodically underperforms despite strong long term logic.
Markets
January 2016
The Global Income Investor Slide Pack
Societe Generale
Research
110 Pages
Societe Generale examines how the global hunt for income has reshaped equity investing, arguing that high quality dividend stocks may offer stronger long term risk adjusted outcomes than bonds or traditional yield strategies.
Markets
January 2016
2016 Market Outlook
Newfound Research
Research
23 Pages
Newfound Research examines how combining multiple risk management strategies can improve portfolio durability across volatile markets.
Markets
January 2016
Mean Reversion and other Misconceptions about Profit Margins
The Jerome Levy Forecasting Center
Research
12 Pages
The Jerome Levy Forecasting Center examines why elevated corporate profit margins may persist longer than investors expect, challenging assumptions around automatic mean reversion.
Markets
January 2016
Predicting Stock Market Returns Using the Shiller-CAPE
StarCapital Research
Research
32 Pages
StarCapital examines whether Shiller CAPE can reliably forecast long term equity returns across global markets.
Markets
January 2016
Forecasting Returns: Simple Is Not Simplistic
Research Affiliates
Research
7 Pages
Research Affiliates examines why simple return forecasting models can outperform more complex frameworks when building long horizon portfolios.
Market Outlooks
December 2015
2016 S&P Outlook: Still low yields despite Fed hikes to boost S&P PE
Deutsche Bank
Research
148 Pages
Deutsche Bank examines why low interest rates and modest earnings growth could still support higher S&P 500 valuations in 2016 despite Fed tightening.
Market Outlooks
December 2015
Vanguard’s Economic and Investment Outlook
Vanguard
Research
32 Pages
Vanguard examines how structural deceleration, debt deleveraging, and diverging central bank policies could shape markets in 2016.
Markets
December 2015
Global Macroeconomic Outlook
Meketa
Research
22 Pages
Meketa Investment Group examines slowing global growth, diverging central bank policies, and mounting risks tied to China, commodities, and currency volatility.
Markets
December 2015
Capital Markets Outlook
Meketa
Research
21 Pages
Meketa Investment Group explores how slowing Chinese growth, collapsing commodity prices, and diverging central bank policies reshaped global markets entering 2016.
Markets
September 2015
The Impact in China and Abroad of Slowing Growth
Absolute Return Partners
Research
9 Pages
GlobalSource Partners examines how China’s slowing growth and rebalancing process could reshape global markets.
Market Outlooks
September 2015
Expected Returns 2016 to 2020
Robeco
Research
120 Pages
Robeco examines how a maturing post crisis recovery, rising inflation pressures, and valuation extremes could shape asset returns through 2020.
Markets
August 2015
Leveraged Small Value Equities
Verdad
Research
28 Pages
This paper examines whether leverage can enhance returns within small value equity investing and explores why some leveraged companies outperform others.
Markets
July 2015
Are Stocks Overvalued? A Survey of Equity Valuation Models
Research Affiliates
Research
9 Pages
Research Affiliates examines whether U.S. equities are overvalued by comparing popular absolute and relative valuation models.
Market Outlooks
June 2015
Generating Long-Term Performance Under the Impact of Uncertainty and Risk
Pictet
Research
32 Pages
This paper explores how investors can generate long term performance amid uncertainty, with a particular focus on strategic asset allocation, risk diversification, and shifting macroeconomic regimes.
Markets
June 2015
The Case for International Fixed Income
Wells Capital Management
Research
7 Pages
Wells Capital Management argues international fixed income remains materially underowned despite representing 56% of the global bond market.
Markets
February 2015
Treasure Island: Puerto Rico Bids To Become New Age Tax Haven
Forbes
Article
1 Pages
Forbes examines Puerto Rico’s effort to attract wealthy investors and businesses through unusually favorable tax incentives.
Markets
February 2015
Credit Suisse Global Investment Returns Yearbook 2015
Credit Suisse
Research
68 Pages
Credit Suisse examines how shifting industry leadership, responsible investing, and equity discount rates have shaped long run returns across 115 years and 26 markets.
Markets
February 2015
The Last Dictator in Europe
Stansberry
Research
11 Pages
Stansberry International examines how political conflict in the global potash market created a potential cyclical opportunity in fertilizer producers.
Markets
November 2014
Identifying Speculative Bubbles: A Two-Pillar Surveillance Framework
IMF
Research
49 Pages
International Monetary Fund explores how investors and policymakers can better identify speculative asset bubbles by combining traditional valuation metrics with behavioral and market activity data.
Annual Report
September 2014
Long-Term Asset Return Study: Bonds: The Final Bubble Frontier?
Deutsche Bank
Research
104 Pages
Deutsche Bank examines whether government bonds have become the latest destination in a decades long cycle of policy driven asset bubbles.
Portfolio Management
September 2014
Annual Endowment Report: Message from the CEO
Harvard Management Company
Research
7 Pages
Harvard Management Company examines how the Harvard endowment recovered after the financial crisis through active management, direct investing, and shifting asset allocations.
Markets
August 2014
Applying the Schiller Methodology to Bank Stocks
Rafferty Capital Markets
Research
3 Pages
Rafferty Capital Markets applies Robert Shiller’s CAPE methodology to large U.S.
Markets
July 2014
CAPE around the World: Update 2014 – The Relationship between Risk and Return
Wellershoff & Partners Ltd
Research
13 Pages
Wellershoff & Partners examines global equity valuations using CAPE ratios, arguing today’s elevated multiples may imply weaker long term returns and higher drawdown risk.
Markets
July 2014
Emerging capital markets: The road to 2030
Credit Suisse
Research
64 Pages
Credit Suisse examines how emerging capital markets could reshape global finance by 2030 as equity and bond issuance accelerates across developing economies.
Market Outlooks
May 2014
Year of The Alligator
Morgan Creek Capital Management
Research
16 Pages
Morgan Creek examines how recurring market cycles, excessive central bank confidence, and investor complacency may be setting up another painful reset.
Markets
May 2014
Changing Times, Changing Values: A Historical Analysis of Sectors within the US Stock Market 1872-2013
Research
76 Pages
This paper examines how passive investing’s explosive growth may be distorting market structure, weakening price discovery, and increasing concentration risk across equities.
Markets
April 2014
The Warning Signs of Major Market Tops
Lowry Research Corporation
Research
9 Pages
Lowry Research Corporation examines how supply and demand data can help identify major market tops before broad indexes peak.
Markets
March 2014
Puerto Rico: A Guide to the next Singapore… or the next Greece?
Sovereign Man
Research
19 Pages
Sovereign Man examines whether Puerto Rico’s aggressive tax incentives can transform the island into a Caribbean version of Singapore or whether mounting fiscal stress makes it resemble Greece.
Market Outlooks
February 2014
The Year of the Alligator: Why 2014 Will be the Inverse of 2013
Morgan Creek Capital Management
Research
28 Pages
Morgan Creek Capital Management explores why 2014 could reverse many of 2013’s strongest market trends as QE support fades and valuation gaps narrow.
Markets
February 2014
A CAPE Crusader ─ A Defence Against the Dark Arts
GMO
Research
8 Pages
GMO examines whether critics of Shiller’s CAPE ratio are overlooking how elevated profit margins and distorted earnings may still imply expensive U.S. equities.
Markets
December 2013
Forecasting Equity Returns: An Analysis of Macro vs. Micro Earnings and an Introduction of a Composite Valuation Model
String Advisors
Research
49 Pages
Stephen E. Jones examines whether traditional valuation metrics like CAPE misunderstand how macro profits actually work, arguing Market Value/GDP offers stronger forecasting power.
Markets
December 2013
The Single Greatest Predictor of Future Stock Market Returns
Research
12 Pages
This paper examines how aggregate investor equity allocations may predict long term stock market returns more effectively than traditional valuation models.
Markets
December 2013
Volatility Tracker: The Last VIX Sale of the Year
Condor Options
Research
14 Pages
Condor Options examines whether rising implied volatility ahead of the 2013 FOMC meeting created an opportunity to short volatility exposure.
Markets
October 2013
Know Your Limits: What is Possible in US Equity Markets?
Empiritrage
Research
12 Pages
Empiritrage explores the practical limits of long term equity investing by examining the best and worst possible five year stock outcomes using perfect hindsight.
Markets
October 2013
Earnings Quality Matters More than You Might Think
Parabolix Research
Research
7 Pages
Parabolix explains why earnings quality can be more important than reported earnings when evaluating companies.
Markets
September 2013
On the Performance of Cyclically Adjusted Valuation Measures
Alpha Architect
Research
18 Pages
The authors evaluate whether cyclically adjusted valuation metrics truly improve stock selection, finding that CAPE is not the strongest approach.
Market Outlooks
September 2013
Options Market Outlook
Waverly Advisors
Research
10 Pages
Waverly Advisors examines the technical, macroeconomic, and options market backdrop following the Federal Reserve’s surprise decision not to begin tapering.
Markets
August 2013
Tony Stark
The Daily Dirtnap
Research
3 Pages
The Daily Dirtnap argues that Elon Musk represents a rare type of entrepreneur whose ambition extends beyond financial success to solving large societal problems through technological innovation.
Markets
August 2013
Electronic Cigarettes
The Daily Dirtnap
Research
3 Pages
The Daily Dirtnap explores how electronic cigarettes could reshape the tobacco industry by disrupting traditional cigarette demand.
Markets
August 2013
The Challenges of China’s Rise, Part 1
ING
Research
64 Pages
ING Investment Management examines the structural challenges accompanying China's remarkable economic rise, arguing that sustaining 7.5% GDP growth requires rebalancing away from investment toward consumption.
Markets
July 2013
The Purgatory of Low Returns
GMO
Article
1 Pages
GMO examines why investors face an unusually difficult environment where nearly every major asset class appears expensive.
Markets
June 2013
7:00’s Report
Kinsale Trading
Research
6 Pages
Kinsale Trading examines how Fed tapering expectations, currency volatility, and emerging market stress combined to drive equity markets in June 2013.
Markets
June 2013
Emerging Market Opportunities
O’Shaughnessy Asset Management
Article
1 Pages
O'Shaughnessy Asset Management examines why emerging market equities may offer attractive opportunities through a systematic approach built on value, dividend yield, and price momentum.
Markets
June 2013
Hindenburg and Titanic, OH MY!
McClellan Financial Publications
Article
1 Pages
McClellan Financial explains how the Hindenburg Omen and Titanic Syndrome use market breadth to identify periods when internal market conditions become unusually fragile.
Markets
May 2013
Taking a Play Out of Buffett’s Playbook
Sizemore Capital
Research
9 Pages
Sizemore Capital explains how several macroeconomic and demographic trends could create investment opportunities across global markets.
Markets
May 2013
Japan: This Time For The Money
Morgan Creek Capital Management
Research
33 Pages
Morgan Creek Capital Management examines why Japan may be entering a durable investment renaissance after decades of stagnation.
Markets
April 2013
Valuation Based Equity Market Forecasts, Q1 2013 Update
Darwin Investment Strategies
Article
1 Pages
This paper examines how a range of long term valuation measures can be combined to estimate future equity market returns over 10 year horizons.
Markets
April 2013
High Yield and Bank Loan Outlook April 2013 (Guggenheim Partners)
BMO Global Asset Management
Research
1 Pages
Guggenheim Investments examines whether high yield bonds and bank loans remained attractive after a multi year rally despite growing bubble concerns.
Markets
March 2013
Global Equity Strategy: Still more upside for equities
Credit Suisse
Research
62 Pages
Credit Suisse examines why it remains overweight equities despite a strong market rally, arguing that improving macro conditions, supportive central banks, and attractive relative valuations continue to favor stocks.
Markets
March 2013
We Are Still Bullish on Emerging Market Equities for 2013
WisdomTree
Article
1 Pages
WisdomTree explains why it remained constructive on emerging market equities entering 2013, arguing that attractive valuations created a favorable backdrop despite recent volatility.
Markets
January 2013
Expanding Horizons: The Most Difficult Environment for Generating Income in 140 Years
O’Shaughnessy Asset Management
Article
1 Pages
O'Shaughnessy Asset Management examines why the post crisis investing landscape created the toughest income generating environment in 140 years.
Markets
January 2013
The Good Without The Awful
Hussman Funds
Article
1 Pages
Hussman Funds explains how investors can improve long term outcomes by combining constructive market trends with the absence of historically hostile conditions.
Market Outlooks
January 2013
Slow Turn Ahead? 2013 Investment Outlook
BlackRock
Research
32 Pages
BlackRock examines how shifting monetary policy, slowing deleveraging, and improving global growth could reshape investment markets in 2013.
Market Outlooks
January 2013
2012 Review 2013 Outlook
Research
21 Pages
This paper reviews the defining global economic developments of 2012 while outlining the major forces likely to shape 2013.
Markets
December 2012
Why Investors Are Getting the Media Industry Wrong
Silver Arrow Investment Management
Research
52 Pages
Gary Brode explains why television media companies may be far more vulnerable to technological disruption than investors expect.
Market Outlooks
December 2012
Year-End Capital Markets Forecast
Research Affiliates
Research
9 Pages
Research Affiliates examines the global outlook for bonds and equities by comparing developed and emerging markets through valuations, growth expectations, and policy trends.
Markets
October 2012
Simple Market Capitalization Concentration Trading Strategy
CXO Advisory
Research
6 Pages
CXO Advisory examines whether changes in large cap market concentration can help predict future stock market returns through a simple rules based strategy.
Markets
October 2012
Market Capitalization Concentration as Stock Market Predictor
CXO Advisory
Research
2 Pages
This paper explores whether shifts in the market share of the largest U.S. companies can help forecast future stock returns.
Markets
October 2012
Stock Market and the National Election Cycle
CXO Advisory
Research
7 Pages
CXO Advisory examines whether the U.S. presidential election cycle has historically influenced stock market returns.
Markets
October 2012
The New World of Credit
The Credit Strategist
Research
10 Pages
The Credit Strategist examines how modern financial markets have become increasingly dependent on credit creation rather than capital formation.
Global Macroeconomics
September 2012
Draghi Put Kicks In
IR&M
Research
45 Pages
Ineichen Research and Management examines the widening gap between weakening global economic fundamentals and increasingly optimistic market behavior following central bank intervention.
Markets
September 2012
Hand Sanitizer
The Daily Dirtnap
Research
2 Pages
The Daily Dirtnap examines how European Central Bank bond purchases and the 2012 U.S. election could reshape markets.
Markets
September 2012
Credibly Threaten
The Daily Dirtnap
Research
3 Pages
The Daily Dirtnap explores how Ben Bernanke’s monetary policy framework shaped market expectations and argues that credible threats of quantitative easing can influence asset prices before implementation.
Market Outlooks
August 2012
Q2 2012 Market Review & Outlook
Morgan Creek Capital Management
Research
14 Pages
Morgan Creek Capital Management examines how Europe's sovereign debt crisis, central bank actions, and slowing global growth reshape investment risks and opportunities.
Markets
December 1987
Buy American — And Short Japan Is Julian Robertson’s Strategy
Research
16 Pages
This paper explores Julian Robertson’s investing philosophy, focusing on contrarian stock selection, short selling, and navigating post crash markets during the late 1980s.