“90% of what passes for brilliance or incompetence in investing is the ebb and flow of investment style.” – Jeremy Grantham, GMO

The U.S. equity markets have far outpaced the international markets over the last few years. There are several reasons to explain the drivers behind this divergence in performance. The main driver, in our opinion, has been the aggressive monetary policies of the Federal Reserve (Fed) which has helped the U.S. economy recover faster than those […]

“If the policy is in error, expect a policy error.” – Tad Rivelle, CIO – TCW

On several occasions in the past, we have articulated our belief that the U.S. equity and bond market valuations are stretched. We have also argued that Zero Interest Rate Policies (ZIRP), practiced by the U.S. Federal Reserve (Fed) and other global central banks since the credit crisis, have led to investors chasing higher yields and […]