The Index InvestorFor a given set of goals and constraints, how are portfolio allocations affected by the use of different statistical distributions to represent the range of possible returns for different asset classes?
How does limiting the range of broad asset classes that can be included in a portfolio affect asset allocation and risk/return tradeoffs?
The Index InvestorReview of our asset allocation methodology and biennial model portfolio changes
The Index InvestorSources of irreducible uncertainty, and their effects on asset allocation decisions
The Index InvestorSemi-Annual Economic Update: The Conventional Wisdom and the Most Dangerous Scenarios. Drivers, implications, and options for hedging the worst downside risks.
The Index InvestorInvesting in Foreign Currency Bonds and Foreign Commercial Property
The Index InvestorInvesting in Hedge Funds and Private Equity
Bridgewater's All Weather Fund
The True Costs of Active Management
The Index InvestorTimber as an Asset Class
Is Equity Volatility and Asset Class?
The Index InvestorA Closer Look at Equity Market Valuations Around the World
The Index InvestorReview of our Asset Allocation and Portfolio Construction Methodology
The Index InvestorSemi-Annual Economic Update:
Our frame of reference is complex adaptive systems theory, in which a system can be operating in a stable, adaptive, or chaotic region, depending on the amount of tension exhibited by key variables. Our thesis is that many of these variables are at levels that have pushed the global political-economic-financial system into the adaptive region. It is also our thesis that many of these uncertainties are approaching their next critical threshold, which could push the system into the chaotic zone.
At the domestic level, these variables include the unresolved conflicts between "tax payers and tax eaters" in Western developed countries, between the old and new guard in Japan, between growth and stability in China, and between young, rapidly growing populations and inflexible political and religious structures in the Arab world. At the international level, critical tensions include the response to the United States' dominant power, the accelerating emergence of China, severely unbalanced world demand growth, and the continuing economic and financial ramifications of the 1990s technology shock.
The Index InvestorShould You Be a Momentum Investor?
On the Relationship (or Lack Thereof) Between GDP Growth and Equity Market Returns
The Index InvestorSocially Responsible Investing
Art as an Asset Class