By Peter Chiappinelli & Ram Thirukkonda Summary Defined Contribution (DC) plan participants are haunted by an invisible risk called sequence risk (sometimes called sequence-of-returns or path dependency risk), that is, getting the “right” returns but in the “wrong” order. Sequence risk in [...]Read More >

The striking aspect of the U.S. economy’s 2015 performance was weaker economic growth coinciding with a massive advance in nonfinancial debt. Nominal GDP, the broadest and most reliable indicator of economic performance, rose $549 billion in 2015 while U.S. nonfinancial debt surged $1.912 trillion. [...]Read More >

By Ray Dalio Below is an excerpt from Ray Dalio's piece titled, "How The Economic Machine Works": "The economy is like a machine. At the most fundamental level it is a relatively simple machine. But many people don’t understand it – or they don’t agree on how it works – and this has led to a [...]Read More >

The Absolute Return Letter, March 2015 Tigers in Africa This month's Absolute Return Letter is about unrealistic expectations which is something we are all guilty of from time to time. We look at why it is unrealistic to expect equity returns to be in the double digit range over the next several [...]Read More >

Debt And (Not Much) Deleveraging February 2015 After the 2008 financial crisis and the longest and deepest global recession since World War II, it was widely expected that the world’s economies would deleverage. It has not happened. Instead, debt continues to grow in nearly all countries, in [...]Read More >

In this PMC Vantage Point video, Brooks Friederich, Director, Fund Strategist Portfolios at Envestnet, discusses "The Tactics on Tactical Strategies".  Learn about the different types of tactical strategies, how to use them within client portfolios, and how to set proper performance expectations. [...]Read More >

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GMO White Paper, February 2013 - Excerpt: To say that the printing of money by central banks to finance government deficits creates hyperinflations is far too simplistic (bordering on the simple-minded). Hyperinflation is not purely a monetary phenomenon. To claim that is to miss the root causes [...]Read More >