Market View

Our point of view in current investment topics, from the conclusions of our research to hot market trends.

13.04.2016 | Investment newsletter

Bearings July 2015

The Role of the Advisor

What is a financial advisor for? One view is that advisors have unique insights into market direction that give their clients an advantage. But of the many roles a professional advisor should play, soothsayer is not one of them.

The truth is that no...

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13.04.2016 | Quarterly report

Quarterly Market Report Q2 2015

This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.

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12.04.2016 | Investment newsletter

Bearings June 2015

The All-Terrain Portfolio

Owners of all-purpose motor vehicles often appreciate their cars most when they leave smooth city freeways for rough gravel country roads. In investment, highly ...

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12.04.2016 | Investment newsletter

Bearings May 2015

Masterchef Investing

In the popular TV program MasterChef, contestants face a series of cooking challenges. From low quality ingredients to inadequate...

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08.04.2016 | Investment newsletter

Bearings April 2015

A Comment on Smart Beta

Smart beta is a "new" term for investments Pilotage Private Wealth has been allocating to for years, namely investing in securities based on their Size (large cap ...

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08.04.2016 | Quarterly report

Quarterly Market Review Q1 2015

This report features world capital market performance and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and bond asset classes in the US and international markets.

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07.04.2016 | Investment newsletter

Bearings March 2015

Weather vs. Climate

Notice how TV news bulletins put finance next to the weather report? In each, talking heads point at charts and intone about intraday events that are quickly forgotten.

Many investors feel that they are not properly informed about the financial world unless they have checked daily,...

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07.04.2016 | Investment newsletter

Bearings February 2015

Patience Pays

Forecasters often cite a figure of 8% – 10% as a likely outcome for stock market performance in the year ahead, and 2014 was no exception.

As sensible as this may sound, it is worth pointing out that over the past 89 years, the S&P 500 Index...

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07.04.2016 | Investment newsletter

Bearings January 2015

Liquidity and the Cross Section of Expected Returns

A preference for more liquid investments has led some investors to hypothesize that illiquid securities should command higher expected returns. Our examination of the historical returns and a number of commonly used liquidity and...

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06.03.2015 | Market commentary

Infallible Statistics

How can you tell a good investment strategy from a bad one… perhaps statistics can provide the answer?

A recent article in The Economist provides a good introduction to some of the ways statistics can mislead the reader, as well as the analyst. It opens with an intriguing story on how you might genuinely receive an email every week, for 10 weeks in row, which proposes an investment...

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