Long-term asset class forecasts, or capital market assumptions, typically focus on the future performance of broad markets. However, most investors employ some combination of passive and active management in their portfolios. And active management is most often pursued with the expectation that returns will be different than that of the broad market (specifically, that “active… More
December 2021
Many aspects of investing are fundamentally rooted in the idea that total investment return includes both investment income and investment price appreciation (growth). Nearly every asset class can be decomposed into these two characteristics—some assets being composed mostly of income and some assets being composed mostly of price appreciation. As interest rates have fallen around… More
November 2021
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June 2021