News & Insights

Benjamin Lavine, CFA, CAIA
Phil Lubinski, CFP
Outside Contributors
3D
Political/Monetary Policy
Market Commentary
ETFs
Retirement Income
Practice Management
Announcements
Recorded Webinars
Smart Beta
Asset Allocation
DCIO

High Yield Credit Risk – Investors Can Receive More Than What They Want

Author: Benjamin Lavine, CFA, CAIA

The end of market cycles typically begins with some choice anecdotes capturing the spirit of market excess that aggregate market metrics will initially miss. Eventually, enough of these ‘anecdotes’ accumulate raising the attention of major market observers (i.e. your bulge bracket economist or strategist). Some of them will casually dismiss the anecdotes as just that…anecdotes; others will ‘monitor’ them for signs of further excess.

May 2018 Market Commentary: Is the Late Cycle Tiring Already?

Author: Benjamin Lavine, CFA, CAIA

Global equity markets turned in mixed performance. U.S. equities outperformed all other major regions while Europe and Emerging Markets came under pressure due to country/region-specific issues as well as ongoing trade war rhetoric and pressures from higher U.S. interest rates.

The Return of Active Management? (Updated May 2018)

Author: Benjamin Lavine, CFA, CAIA

We are publishing a quick update to our thoughts on traditional active management; the so-called active vs passive debate that has been written ad nauseum throughout the financial press. We are writing this piece in advance of an upcoming Advisor Success Series podcast with a small/mid-cap portfolio manager who will provide his perspectives on the state of traditional active management and what he believes are some of the key ingredients to success in adding value for the firm’s investors.

April 2018 Market Commentary - Momentum to Market: "I'm Not Dead (Yet)!"

Author: Benjamin Lavine, CFA, CAIA

Global equity markets were flat in April, masking some intra-month volatility due to ongoing trade war rhetoric and pockets of earnings disappointments. Europe led all major markets while emerging markets lagged, perhaps feeling the effects of higher U.S. interest rates.

Fund Analysis: Assigning the Wrong Motivations to Traditional Active Management

Author: Benjamin Lavine, CFA, CAIA

As a financial writer tasked with analyzing market- and industry-related trends, I can sympathize with how challenging it can be to maintain some semblance of methodological neutrality and objectivity, particularly in areas that lie just outside your sphere of expertise.

First Quarter 2018 Market Commentary

Author: Benjamin Lavine, CFA, CAIA

The beginning of the quarter saw a euphoric start for global equities as investors celebrated the passage of the Republican tax plan that lowered the tax burden for U.S. corporations as well as optimism over capital spending plans.

Happy 9th Anniversary Bull Market

Author: Benjamin Lavine, CFA, CAIA

This is the third bull market anniversary piece published by 3D since my arrival at the firm in 3Q2015. The prior two can be found here and here. Hopefully, this won’t be the last anniversary piece we publish as this current bull market keeps pushing along despite its age and high market valuations.

February 2018 Market Commentary - Inflation: The Fed’s MacGuffin

Author: Benjamin Lavine, CFA, CAIA

This month witnessed a significant sell-off in global equities as well as a sharp spike in U.S. Treasury yields, following the strong January employment release. The release was especially notable due to an uptick in wage growth (2.9% YOY).

To Neutralize or Not Neutralize: Explaining 2017 Dispersion in Smart Beta ETFs

Author: Benjamin Lavine, CFA, CAIA

A lot has been written about the strong market performance in 2017, but not much has been written about the impact of the wide U.S. sector dispersion on U.S. smart beta performance. When most equity strategies returned north of 20%, one doesn’t necessarily quibble about dispersion or relative performance amongst like-minded strategies.

January 2018 Market Commentary

Author: Benjamin Lavine, CFA, CAIA

Market pricing remains euphoric following the passage of Republican tax legislation that lowered corporate taxes to be more competitive with the rest of the world. Capital expenditure surveys tracked by the Philadelphia and Richmond Federal Reserve offices reveal cycle-high intentions to increase capital spending by U.S. companies.