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Episodes

Is the Flattening Yield Curve Signaling a Recession?

11/14/2018
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The yield curve has inverted prior to each of the last nine recessions. So some investors are concerned that the current yield curve flattening may be followed by an inversion, which could be a harbinger of recession. We see several reasons why this time may be different. Featured Speaker Eulogio (Joe) Ramos Managing Director, Head of US Fixed Income Lazard Asset Management LLC (New York) Joe Ramos is a Managing Director and Head of US Fixed Income. He is also Portfolio Manager/Analyst...

Duration:00:16:20

Protectionism through a Corporate Lens

9/26/2018
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Escalating trade conflict could upset the current multilateral global trading system. Reorienting global operations and supply chains could be difficult, disruptive, and costly for many businesses. We believe understanding how a business and its competitors are exposed to this risk is critical to evaluating the potential impact of protectionism on profits. Featured Speaker Ron Temple Managing Director, Co-Head of Multi-Asset and Head of US Equity Lazard Asset Management LLC (New...

Duration:00:23:44

Commodities: Trade War Target and Shelter

8/22/2018
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Among the most vulnerable and inviting targets in any trade war are commodities—the energy, metal, and foodstuffs on which the world depends. Tariffs on these necessities discourage consumption, inhibit growth, and may well add to the challenges facing the global economy at a time when it must grow faster to escape the burden of debt. We assess the likely duration of the looming trade war, its potential consequences for global economies, and its implications for commodity...

Duration:00:09:39

What Can Change the “Strong Dollar Narrative”?

6/27/2018
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We assess the global implications of a strong US dollar. Featured Speakers Ardra Belitz Managing Director, Portfolio Manager/Analyst Lazard Asset Management LLC (New York) Ardra Belitz is a Managing Director of Lazard Asset Management LLC and a Portfolio Manager/Analyst specializing in emerging markets currency and debt. She has been a member of the Emerging Income management team since 1998. Ardra began working in the investment industry in 1994. Prior to joining Lazard in 1996, she...

Duration:00:12:33

Navigating Change with Economic Franchises

5/25/2018
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As the market environment normalizes, the “easy” returns are likely over, as evidenced by rising volatility. We believe that equity investors who wish to successfully navigate this period of change will need to be more selective about their holdings, as simply tracking the market could deliver a much different experience than that of the past 12–18 months, when equity volatility was at historical lows. Featured Speaker Edward Keating Director, Client Portfolio Manager Lazard Asset...

Duration:00:14:01

Green Bonds’ Growing Role in ESG Investing

3/28/2018
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Demand and supply is rising fast for green bonds as investors increasingly seek to invest responsibly, balancing financial objectives with concern for the environmental and social impact of their investments. In this Insights, we provide more background on these "green" securities including their investment characteristics and the types of projects they fund. Featured Speaker Yvette Klevan Managing Director, Portfolio Manager/Analyst Lazard Asset Management LLC (New York) Yvette...

Duration:00:14:53

Distilling the Risks of Smart Beta

2/27/2018
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The recent success of smart beta strategies has masked their underlying risks, which could result in sizable and prolonged drawdowns. We highlight some of these flaws and discuss how a multi-factor approach could mitigate these risks. Featured Speaker Paul Moghtader, CFA Portfolio Manager/Analyst Lazard Asset Management LLC (Boston) Paul Moghtader is a Managing Director and Portfolio Manager/Analyst, leading Lazard's Equity Advantage team. He began working in the investment field in...

Duration:00:08:16

Mind the Gap: The Risks of Passive in EM

12/19/2017
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The global flight to passive has accelerated over the past few years, but in emerging markets demand for actively managed products continues to flourish. We discuss why this is and how the less efficient, more highly dispersed emerging markets accentuates the limitations of a passive approach. Featured Speaker Kim Tilley, CIMA Senior Vice President, Portfolio Manager/Analyst Lazard Asset Management LLC (New York) Kim Tilley is a Portfolio Manager/Analyst on the Lazard Multi-Asset...

Duration:00:11:49

Global Outlook 2018

11/15/2017
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In 2018, we continue to have a positive outlook for the United States, euro zone, China, and Japan and are more optimistic than last year as our confidence in the global recovery has strengthened. While it may be unfashionable to be bullish on equities with markets at all-time highs and valuations at premium levels, we believe there is upside in global equities as earnings growth expectations are strong. Featured Speaker Ron Temple Co-Head of Multi-Asset and Head of US Equity Lazard...

Duration:00:17:23

China A-Shares: A New Chapter for EM Investors

9/20/2017
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The complexion of the MSCI Emerging Markets Index is about to change. MSCI’s announcement that they will include China A-shares means that China, already a large part of the index, will become even more important. How will this impact investors? Featured Speaker John Burge Director, Product Manager Lazard Asset Management LLC (New York) John Burge is a Product Manager on the Emerging Markets team. He began working in the investment field in 1988. Prior to joining Lazard in 2015, John...

Duration:00:12:44

Growth: The Underappreciated Factor

8/23/2017
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Quantitative managers commonly employ several factors to capture excess returns, but often overlook the growth factor. In this Insights, however, we suggest that an alternative approach to identifying growth stocks can deliver excess returns over the long term. Featured Speaker Jason Williams, CFA Senior Vice President, Portfolio Manager/Analyst Jason Williams is a Portfolio Manager/Analyst on Lazard's Equity Advantage team. He began working in the investment field in 2001. Prior to...

Duration:00:13:02

Europe: The Recovery No One Wants to Talk About

6/29/2017
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What a difference a year makes. After an era of slow growth combined with a somewhat tepid outlook, we believe Europe and European companies may now be entering a sustainable period of recovery. Key European economic leading indicators are clearly improving alongside European GDP growth. John Reinsberg, Deputy Chairman, analyzes the drivers of this recovery, contrasting macroeconomic observations with the view from the bottom up. Featured Speaker John R. Reinsberg Deputy Chairman, Head of...

Duration:00:12:09

MENA Equities: An Overlooked Dimension within Emerging Markets

5/19/2017
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For emerging markets investors, MENA is becoming a more significant part of the opportunity set. MENA governments are committing a large amount of capital to drive growth, For emerging markets investors, MENA is becoming a more significant part of the opportunity set. MENA governments are committing a large amount of capital to drive growth, while the emergence of an increasingly educated population should boost long-term economic prospects. Walid Mourad, Portfolio Manager/Analyst on the...

Duration:00:14:17

From Deflation Fears to Inflation Concerns

3/30/2017
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Over the past couple of years, persistently low inflation has concerned policymakers and investors. More recently, however, expectations have reached an inflection point as Over the past couple of years, persistently low inflation has concerned policymakers and investors. More recently, however, expectations have reached an inflection point as higher inflation will be a key risk going forward. Ron Temple, Co-Head of Multi-Asset and Head of US Equity, reviews recent inflation trends, where...

Duration:00:21:05

US Small-Mid Caps: The Opportunity Ahead

2/27/2017
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Over the last 25 years, small-mid cap equities have had significantly higher returns than both small cap and large cap equities and, today, the potential for rising interest Over the last 25 years, small-mid cap equities have had significantly higher returns than both small cap and large cap equities and, today, the potential for rising interest rates, lower corporate tax rates, and economic growth could provide an immediate boost for this area of the market. Eugene Krishnan, Portfolio...

Duration:00:14:26

Global Outlook 2017

12/19/2016
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This past year was filled with surprises for global investors, highlighted by the United Kingdom’s vote to leave the European Union, Donald Trump’s US presidential election victory, and Italian voters’ rejection of constitutional reforms. As we look forward to 2017, it is worth noting that on many levels expectations have not changed meaningfully. However, the logic behind our expectations has changed. In the year ahead, while we have a generally positive outlook for growth we can also...

Duration:00:23:10

Italian Constitutional Referendum Basics for Investors

11/16/2016
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The Italian referendum on constitutional reform may be the next source of geopolitical risk in Europe. However, we believe that, if successful, the reform should simplify the process for laws to be approved in Italy and ensure government stability—this would help implement much-needed structural reforms to address economic issues. Giuseppe Ricotta, Portfolio Analyst on Lazard’s Multi Asset team, reviews the merits of the proposed reform and discusses the implications for investors. Featured...

Duration:00:12:54

Emerging Markets Reforms: Short-Term Pain, Long-Term Gain

9/28/2016
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ost emerging nations have established world-class companies and deepened their capital markets, but many still have basic institutional frameworks and principles that lag significantly when compared to the developed world. Reforms that effectively address this can be an important driver of future progress. Thomas Boyle, Portfolio Manager/Analyst, and Celine Woo, Research Analyst, examine the range of reforms in Latin America and Asia. Featured Speakers Thomas C. Boyle Director, Portfolio...

Duration:00:23:03

Real Estate: A New Sector in Global Benchmarks

8/22/2016
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On 31 August 2016, real estate will be the first new sector to be added to the Global Industry Classification Standard (GICS) since the system was formed by S&P and MSCI in 1999. Based on industry estimates, anywhere from $30 to $100 billion of new capital may flow into REITs as a result of this change. Christopher Hartung, Portfolio Manager/Analyst on Lazard’s Global Real Estate Securities team, discusses the specific changes to GICS and the impact it may have on the real estate industry...

Duration:00:17:43

The Art and Science of Volatility Prediction

6/30/2016
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Uncertainty is at the center of every financial model and volatility is widely accepted as the practical measure of uncertainty. In this setting, one of the most profound findings in financial economics is volatility forecasting. The applications of volatility predictions can improve outcomes for asset allocators through a volatility targeting approach. Stephen Marra, Portfolio Manager/Analyst on Lazard’s Multi Asset team, explains the statistical properties underlying volatility...

Duration:00:19:16