Every now and then it is critical to look under the hood to ensure that our value investing vehicle continues to run at optimum performance. We have spent many years establishing a fundamental, repeatable process that incorporates various valuation metrics … Continue reading →
As Japan’s new government tries to inflate its way out of ongoing economic stagnation amid an aging and declining population, it must confront some significant challenges, including soaring debt, steadily increasing retirement and health care obligations, and a shrinking tax … Continue reading →
The inflection point in the housing market occurred near the end of 2011 when housing prices turned the corner and started to rise. This was an important development because there was pent-up demand from people living in apartments and with … Continue reading →
We offer our Fixed Income Team’s economic and market outlook for the rest of 2013, with renewed reassurances and recommendations for those concerned about rising interest rates and inflation. In the short-to-intermediate term, we believe the U.S. economic recovery will … Continue reading →
We spend a lot of time in these pages talking about what drives our decision to buy a stock. What’s less discussed, but equally important, is our sell discipline. The decision to eliminate or reduce a position relates to our … Continue reading →
It seems that investors are besieged on a daily basis with news about the global economic picture, which potentially can cast a haze over individual stocks and even entire sectors. At American Century Investments, we pride ourselves on focusing solely … Continue reading →
Since the Financial Crisis, we’ve often been asked how we manage our portfolios in an environment of uncertainty. The question seems to imply that uncertainty is new. It is not. In this quarter’s CIO Insight, we’ll talk about how we … Continue reading →
Volatility of return has an important, perhaps underappreciated, effect on returns investors actually earn. Here we explain how volatility accounts for the difference between average returns and the actual compound returns investors receive over time. We argue that a diversified, … Continue reading →
Global markets were able to shake off the “doom and gloom” atmosphere driven by the ongoing worldwide economic malaise and turn in some surprising results in 2012. Despite much pessimism, 2012 turned out to be more positive on many fronts … Continue reading →
The Global Macro Strategy Team at American Century Investments expects U.S. inflation to remain largely contained in 2013. But we do expect price pressures to build—fueled by low interest rates, extraordinary monetary stimulus, the housing recovery, and overseas growth—which, over … Continue reading →
Political wrangling over taxes and spending threatened to force the U.S. economy over a “fiscal cliff” that could have pushed us back into recession. This uncertainty lead to more volatility in the markets and a fiscal drag on the economy. … Continue reading →
In a previous CIO Insight, I cited the advantages of speed, alignment, and accountability that the team structure brings to managing equity portfolios. In this edition, I’ll discuss how the team structure can help with the integration of quantitative resources … Continue reading →
One of our favorite quotes about investing comes from an unlikely source, the great naturalist and poet, Ralph Waldo Emerson. He wrote that “numbers serve to discipline rhetoric . . . Without them, it is too easy to follow flights … Continue reading →
At the end of August, 402 companies in the S&P 500® Index were paying dividends. That represents the highest number of companies for this index since December 1999. More surprisingly, the information technology (IT) sector is now the second largest … Continue reading →
Don’t confuse a weak economy with a weak stock market. Even though economic growth and corporate earnings in aggregate are slowing, it’s still possible to find individual companies growing earnings. Just as important, the market is rewarding that growth. Here … Continue reading →
In our increasingly interconnected world, weakness in one market can quickly reverberate throughout the global economy. As events of the past five years have clearly demonstrated, investors must be vigilant for new stresses. Canada has been a relative isle of … Continue reading →
We believe an effective, diversified, risk-managed fixed income investment approach for longer-term investors with at least a moderate degree of risk tolerance should incorporate both U.S. and non-U.S. exposure. We explain why. Our global bond strategy is part of an … Continue reading →
Budget deficits, the national debt, tax rates, unemployment, and the housing market are all campaign issues we will be constantly hearing about leading up to the election on November 6. But these disguise a more fundamental issue, one which (remarkably) … Continue reading →
We believe that the necessary ingredients for effective, real-time portfolio oversight are a combination of a well-crafted investment policy statement, analytical tools to measure daily variances relative to enunciated policy, and an investment team that is motivated and engaged in … Continue reading →
We manage our All-Cap Growth strategy with the aim of finding the best expression of accelerating growth across the market-capitalization spectrum. We believe that early recognition of accelerating growth rates in revenues and earnings allows us to identify companies at … Continue reading →
We believe the most powerful way to capitalize on security mispricing resulting from behavioral and informational inefficiencies is to employ an objective, systematic, and disciplined investment process. Individual investors could also benefit from a similarly disciplined, longer-term approach to their … Continue reading →
Investors’ interest in dividends has returned after experiencing the extreme market events of 2008 and a decade of lackluster capital appreciation. This interest has credence as dividends have provided 67% of the total return of the S&P 500® Index over … Continue reading →
For months now, it seems like any news out of Europe has had an outsized impact on global financial markets. Yet honestly, the long-term impact of the sovereign debt crisis—or any other macroeconomic event—on a single company’s growth potential is … Continue reading →
Continued low interest rates through the first half of 2012 have pushed two key fixed income issues to the forefront. We discuss yield trap avoidance and portfolio preparation for higher interest rates. Demand for Yield Remains High, with Sometimes Equity-Like … Continue reading →
Enrique Chang, Executive Vice President & Chief Investment Officer Continued problems within the eurozone have driven part of Europe into recession and created ongoing concerns among investors worldwide. Identifying the solution is not the challenge. But implementing it will be … Continue reading →
Identifying firms with sustainable acceleration is central to our investment philosophy. We believe that early recognition of accelerating growth rates in revenues and earnings allows us to identify companies at an inflection point in their development, characterized by higher earnings, … Continue reading →
Underpinning the Select portfolio alpha strategy is the belief that ownership of companies exhibiting a combination of growth, quality, momentum, and valuation will generate outperformance over time. Understanding the life cycle of a growth company and its cash generating potential … Continue reading →
A favorite quote, often attributed to Mark Twain, goes like this: “It ain’t what you don’t know that gets you in trouble, it’s what you know for sure that just ain’t so.” This maxim has important implications for investing, relating … Continue reading →
Benefits can accrue from the ongoing use of an investment process that works. Adopting such a regimen requires upfront consideration of investment goals extending beyond an investment policy statement. Adhering to a systematic approach demands diligent attention and perseverance so … Continue reading →
Sony, Hitachi, Panasonic and Toshiba are very familiar brand names to U.S. households who have become accustomed over the past three decades to buying consumer electronics from these companies. They are part of the Japanese electronics industry which dominated the … Continue reading →
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