Tag Archives: excess return

The Worst of Both Worlds

Craig Lazzara
Managing Director and Global Head of Index Investment Strategy
S&P Dow Jones Indices
October 6, 2016 - 4:44 pm
Category: Equities, Strategy

For active managers, investment results are partly a function of skill and partly a function of the environment in which that skill is exercised.  Even perfect foresight has only conditional value.  Imagine, for example, a manager who can always identify the top quintile of performers in a given market.  If the top quintile outperforms the index as Read more […]

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The (Exponential) Power of Interest Rates on Commodities

Jodie Gunzberg
Managing Director, Head of U.S. Equities
S&P Dow Jones Indices
November 26, 2013 - 9:28 pm
Category: Commodities, Uncategorized

Literally – or at least mathematically – there are two equations that tell the tale of interest rate impacts on commodities. As my colleagues Fei Mei Chan and Craig Lazzara pointed out in a recent paper they authored, Much Ado About Interest Rates, “Since yields peaked in 1981, the three subsequent decades have witnessed a remarkable bull Read more […]

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