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When Is a Small-Cap Fund Too Big?
by Bruce Aronow of AllianceBernstein,
Asset managers of all types frequently grapple with capacity issues. These questions are even more acute for a small-cap growth manager. Since small-cap stocks are seldom widely held and are thinly traded, it can be tricky to trade quickly when you need to. And growth managers tend to be bigger "consumers" of liquidity, because they're often competing with others to buy companies that are in favor by virtue of their strong fundamental momentum.
The Myth of the Nest Egg
by Seth Masters of AllianceBernstein,
For decades we've focused on the nest-egg notion as the goal for retirement saving, benchmarking our progress in relation to that lump sum. But it has no context other than probably being the single biggest "paycheck" most of us will ever see. That lump sum may sound great to me, but what does it mean for my spending over 20 or even 30 years without a paycheck?
Investing in the Robot Revolution: Part 1
As robots increasingly take over processes currently performed by humans, we believe that an inflection point in manufacturing automation is imminent. Transport and healthcare will quickly follow, with enormous social, economic and hence investment implications.
Stability Still Matters as Investors Embrace Risk Again
by Kent Hargis of AllianceBernstein,
After years of chasing safety at all costs, investors are now reaching for opportunities in long-spurned riskier stocks. But they will still want to safeguard their portfolios against painful market swings in the future.
UK Threat to Exit EU: Much Ado About Nothing
by Darren Williams of AllianceBernstein,
In a speech last week, British Prime Minister David Cameron raised the possibility that the UK might push the nuclear button and leave the European Union. We think both the threat and consequences of such a move have been exaggerated. The most striking aspect of Mr Camerons much-postponed speech on Europe last week was his promise to hold a referendum on the UKs membership of the European Union (EU) by the end of 2017. Such a vote, he said, would follow a new settlement to hand powers back to national governments.
The Road to Restoring Confidence in Retirement
by Seth Masters of AllianceBernstein,
The next-generation DC design can provide participants with better outcomes and more control. Particularly if the default includes lifetime income, participants no longer need to struggle with almost impossibly complex planning problems.
Seniors: Act Fast If You Want to Transfer IRA Assets Directly to Charity
Philanthropic seniors in the US have only until the end of January to decide whether to make a tax-neutral transfer of up to $100,000 in IRA assets to the charity of their choice. For many, this could significantly lower their tax bill.
Is the Euro "Dangerously High"?
by Darren Williams of AllianceBernstein,
Jean-Claude Juncker's view that the euro is "dangerously high" isn't shared by the European Central Bank (ECB). As long as this is the case, the single currency may continue to defy fundamentals and act as an unwelcome headwind for an economy still struggling to break out of recession.
UK Economic Quagmire Adds Pressure for Monetary Policy Change
by Darren Williams of AllianceBernstein,
Bank of England governor-elect, Mark Carney, has raised hopes that the central bank may soon switch to a nominal GDP target. In our view, the costs outweigh the benefits, but the attractions of a radical new approach will grow if the economy remains stuck in the doldrums.
The Markets and the Cult of Now
by Joseph Paul of AllianceBernstein,
Crisis-battered investors continue to favor the relative certainty of current income over the "maybe" of future capital appreciation. If you ask me, however, this hyperfixation on Now is creating some provocative opportunities in Later.
Will Emerging Market Earnings Rebound in 2013?
by Morgan Harting of AllianceBernstein,
For two years, emerging markets companies have delivered inferior earnings growth and investment returns compared to peers in sluggish developed market economies. Now, the consensus is that earnings growth will catapult from near-zero in 2012 to 13 per cent in 2013. Hopes were high at the end of 2010 and 2011, too, yet analysts were then forced to revise down their earnings estimates. Will 2013 represent another triumph of hope over experience? To answer that question, let's look at what investors got wrong about emerging markets in recent years.
Surging EM Corporate Bond Issuance: Cause for Concern?
by Shamaila Khan of AllianceBernstein,
New bond issuance by emerging-market companies boomed in 2012, leading to fears of a bubble. But we think this market growth is positive for investors, rather than a harbinger of soaring debt levels or deteriorating credit quality.
Looking Under the Hood at High-Yield Bank Loans
When you're shopping for a car, you take a look under the hood to see what makes the thing run. You also check out the car's features: does it have heated seats, a rear-view camera, a GPS? What goes for buying cars goes for investing in high-yield loans. As it turns out, not all loan features are what you'd call investor-friendly.
Skip the Surtax: A Tax-Saving Strategy for CRTs
A special provision buried deep in a recent set of proposed US Treasury regulations opens the door for charitable remainder trusts (CRTs) to protect gains from being subject to next year's 3.8% Medicare surtax. Here's how CRTs can reduce their beneficiaries' tax burden.
To Wait or Not to Wait? That Is the Charitable Gifting Question
The tax impact of delaying a charitable gift by just a couple of weeks (until 2013) could be large, but it may not be positive for US taxpayers. The potential tax savings from claiming a charitable income tax deduction for a donation depends on a number of factors.
Hedge Funds: Identifying Alpha and Mitigating Risk
by Daniel Eagan of AllianceBernstein,
Hedge funds have historically generated higher returns than stocks with less volatility, but they also pose several significant risks that volatility alone doesn't capture, our research suggests. That makes careful due diligence and diversification of managers crucial.
TAG Could Be Tagged in Fiscal-Cliff Negotiations
Caught up in the wrangling over the US fiscal cliff is a little-publicized program that could have big implications for short-term investors and bond yields if it expires on December 31. If the Transaction Account Guarantee (TAG) program ends, huge sums of money may start looking for a new home.
Hedge Funds: Separating Fact from Hype
by Daniel Eagan of AllianceBernstein,
It's easy to understand the allure of hedge funds and the fear they inspire. After conducting rigorous research aimed at separating fact from hype, we have concluded that hedge funds historically have had an attractive risk/return profile.
Buy and Hold Is Dead...Long Live Buy and Hold
by Kurt Feuerman of AllianceBernstein,
It seems that rumors of the death of long-term equity investing have been greatly exaggerated. That the rumors exist is hardly surprising. There are still significant risks facing the market, the 2000s were an underwhelming decade, and investors still feel the pain of the 20082009 selloff and the effects of the volatility that followed it. Stocks have made plenty of headway since that low point, though, and based on our assessment the prospects seem bright.
High-Yield Bank Loans: Look Before You Leap
High-yield bank loans are a hot topic again in capital markets, with features touted as ideal for today's environment. But we think it makes sense to take a closer look at what bank loans really areand aren't. In our opinion, there are a few holes in the case for piling into high-yield loans.
Don't Let Abuses Overshadow Value of 10b5-1 Plans
by Daniel Eagan of AllianceBernstein,
A recent Wall Street Journal article implied that some US executives have manipulated 10b5-1 programs to boost gains or reduce losses when trading company stock. Even if these abuses did occur, we think they shouldn't obscure the value of 10b5-1 programs implemented in good faith.
Active Management: Don't Drop the Pilot
by Patrick Rudden of AllianceBernstein,
For years, we've advised clients to hold diversified portfolios with balanced allocations to stocks, bonds and other assets. Lately, it's been a hard sell, especially after years of underperformance by active equity managers. But the tide may be turning.
A Municipal Bond Cliffhanger
by Guy Davidson of AllianceBernstein,
Municipal bonds are popular because the interest they pay is exempt from federal taxation. But in its search for solutions to the fiscal cliff, the US federal government is looking under every rock for more revenue sources. This could put muni bonds' tax-exempt status at risk.
Greece Still Needs a Long-Term Growth Plan
by Darren Williams of AllianceBernstein,
Even by the standards of the sovereign-debt crisis, the provisional agreement reached yesterday by euro-area finance ministers and the International Monetary Fund (IMF) on a second Greek rescue package looks like a messy fudge. It is clear that Greece's euro-area partners are determined to avoid a near-term euro-area exit, but a long-term solution will require a much more effective growth strategy.
Are E&Fs Jeopardizing Their Missions?
by Seth Masters of AllianceBernstein,
Many US endowments and foundations (E&Fs) still plan to spend 5% of their assets each year, despite unusually low expected returns. We think few understand how likely it is that this will limit their ability to fulfill their missions in perpetuity.
New Leaders, Same Steady Hand on the Chinese Economic Tiller
by Anthony Chan of AllianceBernstein,
The media spotlight is on China's new president, Xi Jinping. But investors should be watching Li Keqiang, the new premier. It's Mr Li who will be responsible for combating the country's slowing economic growth and, with it, potentially the fate of the world's economy.
Euro Area Still in Denial about Failure in Greece
by Darren Williams of AllianceBernstein,
Despite the Greek government's best efforts, last night's meeting of euro-area finance ministers failed to approve the release of new funding. We think it's only a matter of time before Greece gets its money. But the latest delay reflects deep disagreement about how to reduce current unsustainable debt levels.
Avoid a Passive Pickle in Less Volatile Stocks
by Chris Marx of AllianceBernstein,
Less volatile, defensive stocks have been so popular lately that many investors are now asking whether the low-volatility opportunity has come and gone. The question highlights why we think a multifaceted, actively managed approach is the way to go when investing in this space. These strategies have more levers to pull to avoid near-term risks and, thus, to extend the long-term return potential of low-volatility stocks.
Are European Value Stocks Poised for Recovery?
by Tawhid Ali of AllianceBernstein,
For the last few years, the sovereign debt crisis in Europe has caused equity investors to flee the continent. Today, that exodus has set up an attractive opportunity for value investors.
By the end of September, European stocks were trading at a 16% discount to global equities based on price/book value, well below their average of the last 24 years.
Do the US Elections Matter for Investors?
Frank Caruso and Robert Brown Pundits across the political spectrum say the health of the US economy and stock market hangs in the balance of this year's presidential election. We found that when it comes to driving the stock market, politics actually takes a back seat.
ECB Bond Buying Is a Double-Edged Sword
by Darren Williams of AllianceBernstein,
European Central Bank (ECB) president Mario Draghi's promise to do "whatever it takes to preserve the euro" and create a new bond-purchase program has been positive for market sentiment. But the program also carries real dangers if it breaks the fragile consensus on the board of the ECB and eases the pressure on governments to create a "genuine" economic and monetary union.
The Benefits-and Risks-of Gifting Before Year-End
by Daniel Eagan of AllianceBernstein,
With gift and estate taxes poised to rise meaningfully and the exemption scheduled to plummet, high-net-worth families should consider giving to family and philanthropy this year, even if that's sooner than they'd anticipated.
What's Bubbling Up? The Hidden Costs of Indexing
by Vadim Zlotnikov of AllianceBernstein,
Investors eager for "safety" have been piling into indexed portfolios at the expense of actively managed strategiesand thus making a big, and risky, bet against deep value and for high-dividend yielding stocks. We think theyre pursuing just the wrong course.
Tax Cliff Enhances Potential Benefit of Roth IRA Conversion
by Daniel Eagan of AllianceBernstein,
With US federal tax rates poised for a potential hike next year, now is a good time to consider converting retirement assets to a Roth IRA. Conversions are now available to all investors, with no income ceiling in place.
Collapse in UK Investment Income Is Cause for Concern
by Darren Williams of AllianceBernstein,
A collapse in direct investment income was the main factor behind the UK's record second-quarter current account deficit. It's too early to know whether this represents a permanent shift. But, if it does, it would make rebalancing the economy more difficult and have important implications for the pound.
No Manipulation of US Jobs Data, but the Numbers Are Noisy
by Joseph Carson of AllianceBernstein,
In the heat of a US election season, the sharp drop in September's unemployment rate raised some eyebrows. I think it is blatantly wrong to argue that government statisticians manipulated the data. But the jump in household jobs that triggered the drop in the unemployment rate was indeed extraordinary and requires further scrutiny.
Results 1,751–1,800
of 1,836 found.
