When beta is expensive, tactical decisions make a world of difference—here is how we are positioning portfolios heading into 2020.
Economic data seem to confirm our thesis of slowdown, not recession, but do not yet confirm a turnaround; nonetheless, we believe a turning point is approaching.
It was just this summer when many pundits (and some investors) cited over-levered corporations as an ominous sign for corporate bonds. These headlines have largely disappeared. So what happened?