Breakingviews

U.S. stocks may soar higher – only to crash-land

March 12, 2013

The S&P 500 is close to a new record. Simple interest-rate based valuations such as the Fed model suggest the benchmark could more than double again. But when debt costs, earnings and valuations revert to long-term levels, equities could trade a third below the current heights.

Hedge fund investors need clearer picture

January 6, 2010

Only foolhardy parents would allow their children to reveal just the grades on their report cards they were happy with. Yet hedge funds are given this luxury,

The no-return decade in stocks makes dividends look good

December 30, 2009

Investors may bemoan their misfortune in the past decade, especially when they consider annual inflation of 2.5 percent in the period, compared to annual deflation of 2 percent in the 1930s. But they can take two small comforts.