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Institutional Investing Trends for a Deleveraging Economy

April 12, 2013
Credit typically acts like fuel for economic growth. As we saw in the United States from 1944 to 2009, credit expansion can drive...
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A Primer on Momentum

January 24, 2013
Momentum refers to the tendency of assets that have outperformed the market in the recent past to continue outperforming in the future. In fact, momentum has been the subject of much research...
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Risk Parity for the Long Run

July 23, 2012
This document extends our comparison of ex-ante risk parity allocations with the ex-post optimal portfolio, where “ex-ante” means a portfolio was allocated using only information that was available...

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Risk Parity & Efficient Asset Allocation

December 15, 2011
A risk parity portfolio is one in which each constituent contributes an equal amount to the total variance of the portfolio, eliminating the concentration of risk created by virtually every other...
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