Commentary

Value: That Was Then, This is Now

As of June 2025, the relative valuation of the cheapest 50% of the U.S. stock market compared to the expensive half is at the 3rd percentile in our 40+ years of data.

Commentary

Still A Once-in-a-Generation Opportunity

We continue to believe we are seeing a rare opportunity in EM local debt, and our conviction has been strengthened by the Trump administration’s trade and economic policies, which suggest continued dollar weakness and relative strength for EM local currencies.

Commentary

Are Foreigners Changing Their Minds on India?

India has seen foreigners leaving the market for most of 2025. For this and other reasons, India has become one of the bigger shorts in our Systematic Global Macro Strategy’s equity portfolio

Commentary

GMO 7-Year Asset Class Forecast: May 2025

GMO has posted a new 7-Year asset class forecast as of May 31, 2025.

Commentary

Navigating a Sea of Investment-Grade Credit

In our view, using quantitative methods in a transparent, repeatable way to extract alpha through diversified factor tilts offers a compelling alternative in this new IG environment.

Commentary

GMO 7-Year Asset Class Forecast: April 2025

GMO has posted a new 7-Year asset class forecast as of April 30, 2025.

Commentary

Valuation Metrics in Emerging Debt: 1Q25

Local currency rates and FX screen very attractive, while hard currency credit is neutral+.

Commentary

GMO 7-Year Asset Class Forecast: 1Q 2025

GMO has posted a new 7-Year asset class forecast as of 1Q 2025.

Commentary

Tariffs: Making the U.S. Exceptional, but Not in a Good Way

The tariffs that the U.S. is imposing on its trading partners will bring about several costs that are important for investors to understand. Some of those costs are inherent to what a tariff is, while others stem from the fact that U.S. industrial policy has, and looks to continue to have, a huge amount of uncertainty associated with it.

Commentary

Don’t Blame the Middleman

While we sympathize with consumers who have had difficult interactions with the healthcare system, we believe that much of the antipathy toward health insurers is misplaced. Their role as middlemen is a vital and increasingly important one in a U.S. healthcare system that struggles to balance between the incentives of providers and consumers.

Commentary

GMO 7-Year Asset Class Forecast: February 2025

GMO has posted a new 7-Year asset class forecast as of February 28, 2025.

Commentary

Trade: The Most Beautiful Word in the Dictionary

Ben Inker and John Pease look at the economics of trade and tariffs at a theoretical level and explain why broadly applied tariffs are a needlessly economically way to achieve U.S. goals.

Commentary

Three Reasons We’re Overweight Japanese Equities

In a world of rich valuations and heightened geopolitical uncertainties, we believe Japanese equities are well positioned to deliver attractive returns.

Commentary

A High-Quality Moment in High Yield

The value today of quality bond exposure in your high yield portfolio.

Commentary

International Quality

The perfect pairing for your U.S. large-cap portfolio?