It Was a Value-able Year for Equity Investors
For much of the past decade, a portfolio centered on US mega-cap growth stocks felt like the only winning strategy, while diversification across value, small-cap, and international equities lagged behind. However, the 12 months ending August 31, 2026, brought a dramatic shift,...
$40 Trillion and Counting: Does US Debt Matter for Bond Investors?
The US gross national debt recently crossed $40 trillion, providing another attention-grabbing milestone in a fiscal trajectory that has been developing for decades. But for bond investors, the number itself is not particularly meaningful. What matters is what lies behind it: persistent...
LIM Equity Perspectives: Is There Value Among the Mag 7?
2025 Russell Index Reconstitution Each year, the Russell indices are updated to ensure that they reflect the current equity market. We published a white paper following the 2024 reconstitution that discussed the increasing “growthy-ness” of the Russell 1000 Value Index due to...
LIM Equity Perspectives: All Passive = All the Pain
Equity volatility reinforces the role of active management in investment portfolios President Trump’s “Liberation Day” announcement continues to reverberate through equity markets, jolting volatility to levels last witnessed during COVID. The unpredictability of tariffs and other policies is weighing on sentiment and...
From Liberation Day to the Era of Uncertainty
Tariff 2025 Primer – More than you want to know The news has been full of talk about tariffs and the markets have been volatile in response to the Trump administration’s actions regarding tariffs. In this white paper, we discuss what has...
The End of an Era
BOSTON, MA, January 30, 2025 – The news of China AI startup, DeepSeek, and the subsequent stock reactions illustrates the risk to today’s equity market leaders. Last summer we started sharing a slide titled “Five Eras of Index Concentration” which showed that...
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