Research & Insights

Our investment decisions flow from incisive perspectives.

Anticipating Tomorrow’s Markets: Macroeconomic and Policy Implications | October 2013

Jonathan Neuberger, principal, Economists, Inc.

Speaker Presentation from Bivium Capital Investor Summit, October 2, 2013
Global Trends Shaping the 21st Century

In his PowerPoint presentation, Mr. Neuberger—a financial economics consultant and  former economist for the Federal Reserve Bank of San Francisco—highlights his economic outlook, certain policy implications and their likelihood for success: What is the current macroeconomic outlook and how might it impact today’s recovering but highly volatile market? He posits that ongoing debt and deficit issues, potential Fed tapering, improving housing dynamics, and the importance of the consumer are critical inputs to answering this question.

2013 Year in Review

Kai W. Hong, CFA
Managing Director & Chief Investment Strategist, Bivium Capital

If 2012 could be described as “exceptional,” 2013 was truly “astounding.” However unlike the previous year, regional and asset class differences were stark. US equities as represented by the Russell 3000 Index finished with a +33.6% return, the developed market MSCI World ex US Index returned +21.0%, and the MSCI Emerging Markets Index returned -2.6%. Performance in the fixed income markets was weak with the Barclays US Aggregate Index returning -2.0%.