Notes from the CIO

Notes from the CIO


Latest Episodes

AI in Practice
February 07, 2024

In this podcast, I provide some early glimpses of the power of artificial intelligence in practice. I also discuss some concerns I have for the technologies' broader usage in investment management and allow Microsoft's CoPilot to chime in.

The Logic of Asset Management
September 01, 2023

Cash holdings may provide comfort, but inflation diminishes the value of uninvested cash over time. Outside of purchase delays and product substitutes, there is little more consumers can do to directly address inflation. Investors, on the other hand, have

For Every Seller...
July 07, 2023

So long as one did not carry too substantial an amount of interest rate risk in portfolios, markets provided a solid foundation for generally positive returns over the past quarter and year. While fixed income returns have yet to register the now higher y

With Tech Tread Carefully
June 04, 2023

While its understandable that investors may get excited about future prospects of new industries and business models, that enthusiasm may need to be tempered when it comes to the associated investment cases. Early investors may see substantial gains from

How Much Risk Where?
March 30, 2023

Over the four-plus decades since Americans last braced against a high-inflation environment, investors have seen interest rates sink to fresh lows and rise to lower peaks with each successive economic cycle. Rates are well off recent depths on account of

Contrary Cues
February 04, 2023

In recent months weve sought to highlight the notion that investment markets are forward-looking, meaning that they tend to reflect aggregate investor views as to where global economies and the countries and companies that operate within them are heading

No Room for Cosplay in Investing
December 02, 2022

Most years see some manner of substantial decline in stocks, even as most full-year tallies turn out positive. This year has proved an exception to that tendency. Thus far, at leasttheres still about a month to go. With stocks well off the trough for th

Changes at the Margin
November 04, 2022

Seems reasonable to expect that corporate earnings are likely to fall on account of inflation-induced weaker profitability and a slowdown in revenue growth. The growth-stall is likely to stem in part from the Federal Reserve’s efforts to tame that margin-

Bad News is Good News?
October 07, 2022

Many trends suggest progress has been made against inflation, which remains historically elevated across most of the globe. And though mixed in their estimates for how quickly and to what level inflation will fall, survey- and market-based measures for fu

Such Profound Convictions
September 01, 2022

We were having such a good time, werent we? After dropping more than 20% from the beginning of the year through mid-June, the market staged a convincing rebound as investors seemingly saw fit to look beyond the complexities of central bank policy, maybe