We see markets adjusting to the new regime. This is not a typical business cycle - structural mega forces are shaping the outlook now, in our view. The 10-year U.S. Treasury yield jumped to 16-year ...

The market has shifted in a way most fund managers have not yet processed. Alpha has become harder to find because the world that created easy returns no longer exists. The era of zero interest rates ...

A woman has a moment of peace and calm on a crowded crosswalk in Hong Kong. The crowds crossing the street are blurred by a long exposure. Most investors believe alpha has been competed away. There is ...