Fixed income when you’re between a rock and a hard place — Part 2/2

By |May 13th, 2021|Research Insights, Factor Investing, Guest Posts, Fixed Income|

Part 2: From understanding factors to solving investor problems In Part 1, we defined fixed income factors. But factors alone will not solve each investor’s problem. Below, we extend the discussion by walking through a [...]

Fixed Income when you’re Between a Rock and a Hard Place – Part 1/2

By |March 31st, 2021|Research Insights, Factor Investing, Guest Posts, Other Insights, Fixed Income|

Figure 1: Investors are between a rock and a hard place.Source: Getty Images. Invesco. Investors are stuck between a rock and a hard place. On one hand, it is painful to buy bonds that deliver [...]

The Risk and Returns to Private Debt Investments

By |February 22nd, 2021|Research Insights, Basilico and Johnsen, Academic Research Insight, Fixed Income|

The Returns to Private Debt: Primary Issuances vs. Secondary Acquisitions Douglas Cumming, Grant Fleming, and Zhangxin (Frank) Liu Financial Analysts JournalA version of this paper can be found hereWant to read our summaries of academic finance [...]

Predicting Bond Returns? Focus on GDP Growth and Inflation Indicators

By |September 8th, 2020|Research Insights, Basilico and Johnsen, Academic Research Insight, Machine Learning, Fixed Income|

Predicting Bond Returns: 70 Years of International Evidence Guido Baltussen, Martin Martens, Olaf PenningaWorking PaperA version of this paper can be found hereWant to read our summaries of academic finance papers? Check out our Academic Research Insight category [...]

Do Treasuries Have a Place in a Modern Portfolio?

By |July 9th, 2020|Research Insights, Academic Research Insight, Fixed Income, Macroeconomics Research|

Do treasuries, most yielding well south of 1%, have a place in a modern portfolio? Currently at these levels, I conclude they don’t. Modern Portfolio Theory says that “the market” portfolio, leveraged or not, has [...]

Compound Your Knowledge Ep 28: Bond ETF discussion with Jon Seed

By |April 13th, 2020|Compound Your Knowledge, Research Insights, Podcasts and Video, Media, Fixed Income|

In mid-February, prior to the market craziness, Jon Seed posted an article on our site titled: “Price”, ETFs, and Bond Market Liquidity. This was a prescient article, as it highlighted some of the issues with [...]

Compound Your Knowledge Ep 26: Bond Mutual Funds and ETFs

By |March 26th, 2020|Compound Your Knowledge, Research Insights, Podcasts and Video, Media, Fixed Income|

Last week, there were some pretty big dislocations between bond mutual funds and ETFs. I picked one specific example I found interesting, comparing the Vanguard high-yield muni bond mutual fund to two high-yield muni bond [...]

Fixed Income Factors: An Overlooked Corner of the Market

By |October 9th, 2018|Research Insights, Factor Investing, Guest Posts, Fixed Income|

Factors, or "style" investing, seems to be all the rage these days, including the use of factors in fixed income (here, here and here are good places to start). However, many of these strategies focus on [...]

Which Investment Factors Drive Corporate Bond Returns

By |July 19th, 2018|Research Insights, Factor Investing, Fixed Income|

Which Investment Factors Drive Corporate Bond Returns Turan G. Bali, Avanidhar Subrahmanyam, & Quan Wen A version of this paper can be found here. Want to read our summaries of academic finance papers? Check out our Academic [...]

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