What Really Matters

Where are the asset class investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns.

Where are the asset class investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns.

Where are the ETF investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued ETFs results in positive valuation returns. Buying overvalued ETFs results in negative valuation returns.

The charts illustrate the unprecedented monetary policy we have had in this business cycle and its relationship to bank lending. The ZIRP (zero interest rate policy) and the QE (quantitative easing) were designed to replace the traditional role banks play in providing credit to the ec

Where are the ETF investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued ETFs results in positive valuation returns. Buying overvalued ETFs results in negative valuation returns.

Where are the asset class investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns. As we

Where are the ETF investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued ETFs results in positive valuation returns. Buying overvalued ETFs results in negative valuation returns.

Where are the asset class investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns.

The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns. The Election – A game changer for the markets? The US equ

Where are the ETF investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued ETFs results in positive valuation returns. Buying overvalued ETFs results in negative valuation returns.

Where are the asset class investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns. The E

Where are the ETF investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued ETFs results in positive valuation returns. Buying overvalued ETFs results in negative valuation returns.

Where are the asset class investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns.

Where are the ETF investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued ETFs results in positive valuation returns. Buying overvalued ETFs results in negative valuation returns.

Where are the asset class investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns. Havin

Where are the ETF investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued ETFs results in positive valuation returns. Buying overvalued ETFs results in negative valuation returns.

Where are the asset class investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns. Marke

Where are the ETF investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued ETFs results in positive valuation returns. Buying overvalued ETFs results in negative valuation returns.

Where are the asset class investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns.

Where are the ETF investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued ETFs results in positive valuation returns. Buying overvalued ETFs results in negative valuation returns.  

Where are the asset class investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns. As 20

Where are the ETF investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued ETFs results in positive valuation returns. Buying overvalued ETFs results in negative valuation returns.

Where are the asset class investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns.

Where are the ETF investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued ETFs results in positive valuation returns. Buying overvalued ETFs results in negative valuation returns.

Where are the asset class investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns.

Have the Smart Betas become crowded trades?  How can we tell? With the outlook for US growth uncertain, new smart beta investors in Minimum Volatility and Quality are paying a big premium today for the strategies. This premium is so high that their entire expected long-term return adv

Where are the ETF investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued ETFs results in positive valuation returns. Buying overvalued ETFs results in negative valuation returns.

Where are the asset class investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns. After

Have the Smart Betas become crowded trades?  How can we tell? With the outlook for US growth uncertain, new smart beta investors in Minimum Volatility and Quality are paying a big premium today for the strategies. This premium is so high that their entire expected long-term return adv

Where are the ETF investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns.

Where are the asset class investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns.

Have the Smart Betas become crowded trades?  How can we tell? With the outlook for US growth slowing, new smart beta investors in Quality and Minimum Volatility are paying a premium today for the strategies. This premium is so high that their entire expected long-term return advantage

Where are the ETF investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns. Since year en

Where are the asset class investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns. Since

Have the Smart Betas become crowded trades?  How can we tell? With the outlook for US growth slowing, new smart beta investors in Quality and Minimum Volatility are paying a premium today for the strategies. This premium is so high that their entire expected long-term return advantage

Where are the ETF investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns.

Where are the asset class investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns. As in

Have the Smart Betas become crowded trades?  How can we tell? With the outlook for US growth slowing, new smart beta investors in Quality are paying a premium today for the strategy. This premium is so high that their entire expected return advantage is reversed into a major return di

Where are the ETF investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns. Federal Reser

Where are the asset class investment opportunities? The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued assets results in positive valuation returns. Buying overvalued assets results in negative valuation returns. Feder