IAS Posture Update

The IAS strategy made a significant posture change today. And it was a rare posture change for us. First, some background: Markets tend to reward companies that are growing faster than expectations. Growth is always a factor that attracts a premium in stock price. But...
Is Non-Correlation Now a Thing?

Is Non-Correlation Now a Thing?

Data Source: Morningstar Office 2017 Jan-May When everything moves in lockstep with one another, alpha generation can be difficult for active managers. Active managers suffer and passive investment strategies become all too easy. Things have been a little different...
Money Flows Often a Contrarian Signal

Money Flows Often a Contrarian Signal

Source: Bloomberg Last week some US equity funds experienced large redemptions that corresponded with the down day in the markets. If you remember, the major indices were off between -1.5% and- 2.5%. Some commentators mentioned that it was the largest outflows since...