Research
We hosted Brad Kotler of SSGA to discuss the mechanics underlying fixed income ETFs. As the AUM within these ETF's now is over $1 trillion, more people are concerned about their impact on the credit markets. We discuss how ETFs are created and redeemed and the role they
Insights
Liquidity—the growing scarcity of it right now—is something that has bothered us for a while. It’s getting harder to turn an asset into cash. Higher liquidity implies the ability to sell quickly at a price similar to recent pricing. One way of thinking about liquidity is to
Research
https://vimeo.com/339970174
Insights
Wins above replacement (WAR) is a baseball metric that describes a player’s value in terms of how many more wins he brought to his team than a replacement-level player at his position would have. It is a measure of the effectiveness of an individual within the team and
News
Leveraging the advisor technology of Axxcess Wealth, Auour is providing an investment solution for RIAs looking to upgrade to the next generation of downside protection. May 6, 2019: Auour Investments announced that their Instinct©family of strategies is now available on Axxcess Wealth Managements’ managed account platform. The Instinct family
Insights
The global equity markets provide the closest thing we have to a free lunch. With little effort, they provide individuals with the means of growing their money over time and above the rate of inflation, thereby providing a savings method that not only preserves purchasing power but increases it. However,
News
Building on Integrated’s ‘supported independence’ business model, Auour is providing an investment solution for advisors that want to upgrade to the next generation of downside protection. March 11, 2019: Auour Investments announced that their Instinct© family of strategies is now available to advisors affiliated with Integrated Advisors Network (Integrated)
Insights
After a very dismal December (one of the worst market declines in history) and a powerful rebound in January (one of the best months in history), February has been relatively calm. But before you get giddy, we are not convinced the storm has completely passed. As we wrote in our
Insights
“The art of simplicity is a puzzle of complexity.” —Douglas Horton The Quarter in Review The fourth quarter ended in rough shape with major equity markets around the globe experiencing one of the worst ends to a calendar year. Equity markets peaked in September when many hoped the U.S.
Insights
In their book The Fourth Turning, William Strauss and Neil Howe argue that American history has moved in cycles that last roughly as long as a human lifetime, within which are four distinct two-decade eras, or turnings. They say that although we think our time is unique, the way
Insights
October was quite a month for world markets, with many hoping November would be different. Though investors left the trough quickly for the second time this year, October’s losses felt different than February’s. February’s seemed merely ‘technical.’ October’s seemed more fundamental. The immediate context for February’
Insights
“The economic problem is that the material fruits of the United States’ engagement with China (and the post-1980 globalization more generally) have been very unevenly distributed…” —Arthur Kroeber, Gavekal The Quarter in Review It was not a bad quarter! U.S. equity markets were very strong across all styles
