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Slow Growth: A Tale of Two TheoriesGlobal demand is dragging. Savings far exceeds investment. The combination is a surefire recipe for long-term low to negative growth in the developed markets—and core U.S. asset returns of 1% or lower over the next decade.
Calling the Turns: Why Market Timing Is So HardFinancial theory continues to advance, but investors still can’t tell when a strongly trending market will reverse direction. Some blue-sky thinking about future research—and, in the meantime, a practical stance for long-term investors.
Greek Drama: Act 2Greece is at an impasse. The people have had it with austerity. But the country has hit its limit for debt-financed consumption, and increasing tax collections runs counter to the economic culture. Is there a way out?

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Gimme Shelter: The U.S. Dollar Trade and Its RisksBy selling foreign currencies to take advantage of the dollar’s appreciation, U.S. investors are increasing their exposure to the risk of an economic slowdown at home.

Jason Hsu: Low Volatility as a De-Risking Strategy​Low-volatility investing is a sensible strategy for individuals and institutions who seek full participation in the equity market at a lower-than-market level of investment risk.
Not-So-Great Expectations: Why Real Interest Rates Won’t SoarIt’s the consensus: Interest rates are set to fly. But if, as we expect, savings accelerate and real GDP grows slowly, then interest rates won’t rise very much anytime soon.


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