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From: Advisor Perspectives <advisor_perspectives@advisorperspectives.com>
Sender: Advisor Perspectives <advisor_perspectives@advisorperspectives.ccsend.com>
Date: Tue, 3 Jun 2014 16:51:17 -0400
To: <mainandwall@hotmail.com>
ReplyTo: advisor_perspectives@advisorperspectives.com
Subject: Research Perspectives: Charles Schwab, Research Affiliates, Joseph E. Stiglitz, PIMCO, Eaton Vance and others
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June 3, 2014
Dear Reader,
Boston Partners and Fortigent will be hosting an educational conference call, on Global Long/Short Investing: Opportunities and Challenges. The IMCA has accepted this event for 1 hours of CE credit towards the CIMA®, CIMC® and CPWA® certifications. White paper included in registration. Please click here to register for this informative event! Welcome to Research Perspectives, a daily newsletter containing a short summary of the economic and market commentaries that we consider most relevant to our audience. These commentaries are from independent research firms, fund companies, and advisors. Having Trouble Printing? If your text is too small to read, then before printing go to "Page Setup" and deselect "Shrink to Fit Page Width" in your browser.  Slow Ride: Housing's Recovery Taking a Breather
Key Points Housing's recovery has stalled courtesy of several headwinds. But it's less a driver of economic growth; and some trends could begin reversing. Long-term bears may be ignoring the (eventual) force of demographics. Slow Ride: Housing's Recovery Taking a Breather by Liz Ann Sonders of Charles Schwab  The High Cost of Equal Weighting
Equal-weight indices have two clear advantages: They are easy to understand, and they generally outperform cap-weight indices over the long term. Their drawbacks are less apparent. They have higher turnover due to rebalancing than other smart beta strategies, and that turnover includes buying and selling lower-liquidity stocks. Our market impact model demonstrates that, as global assets under management increase, implementation costs tend to rise faster in equal-weight than in fundamentally weighted strategies. The High Cost of Equal Weighting by Engin Kose and Max Moroz of Research Affiliates Creating a Learning Society For more than two centuries, innovation has been a critical driver of the global economy, with most of the productivity gains stemming not from major discoveries, but from small, incremental changes. This suggests that we should focus on how societies learn, and what can be done to promote learning - including learning how to learn. Creating a Learning Society by Joseph E. Stiglitz of Project Syndicate Seek Secular Staying Power in Global Credit Secular Outlook Series: Mark Kiesel discusses long-term themes that underpin opportunities and risks in global credit markets. Seek Secular Staying Power in Global Credit by Mark R. Kiesel of PIMCO Address the triple threat of low yields, higher taxes and rising interest rates This year's tax season was a rude awakening for many investors. For high earners especially, the tax rates on investment income have risen substantially. Increased taxes, combined with historically low yields and the prospect of higher interest rates eroding bond values, have a posed a triple threat for investors. But high-yield municipal bonds may offer a way to address these challenges. Address the triple threat of low yields, higher taxes and rising interest rates by Cynthia Clemson and Thomas Metzold of Eaton Vance Sticking With Stocks Both stocks and bonds have rallied and are looking expensive. BlackRock Global Chief Investment Strategist Russ Koesterich suggests that investors need to look for relative value, which is why we still prefer stocks over bonds. Sticking With Stocks by Russ Koesterich of iShares Blog Beware of the Theme and a Dream Mid-cap equities generally remain attractive, but momentum has driven up stocks tied to several hyper-growth industries. The bubble around these stocks began to pop in March, and we believe limiting exposure to those areas of the market will be critical to maximizing returns going forward. Beware of the Theme and a Dream by Brian Demain of Janus Capital Group May 2014 Pension Finance Update Pension sponsors treaded water in May, with both assets and liabilities edging up in tandem for both 'model' plans we track . Our traditional 'Plan A' remains down 5% during 2014, while the more conservative 'Plan B' is down 2% on the year. May 2014 Pension Finance Update by Brian Donohue of October Three Consulting The US Housing Market's Darkening Data Unlike past housing price cycles, the current environment is being driven not by natural household formation, but by a central bank-fueled investment cycle where institutional and foreign capital are the largest influence on the marginal price. This is unknown territory for homebuyers and certainly unsustainable at today's price levels. Brian Pretti shows how price mean reversion is inevitable; and urges homeowners (both residents and investors) to take steps not be as vulnerable as they were in 2008. The US Housing Market's Darkening Data by Brian Pretti of PeakProsperity.com
Yesterday's Commentaries are below:
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