Research

Beware of the lies of history

Analyzing historical data comes with a lot of pitfalls. This publication looks into the revision of macroeconomic data and its impact on observed correlation and lead/lag relationships.

Fabian Scheler

July 9, 2021

A re-assessment of contemporary Price/Earnings spreads

In December 2021, we published an article pointing to the record high valuation dispersion between the cheapest and the most expensive stocks. What has happened since then, and what do the same statistics look like today?

Fabian Scheler

March 21, 2022

Are value stocks a good inflation hedge?

Value stocks are often assumed to have a shorter duration than growth stocks and are therefore expected to outperform during times of rising interest rates. In practice, this is all but clear.

Fabian Scheler

November 30, 2021

An efficient frontier for FX hedging

Many investors either neglect FX risk or tackle it in an overly simplistic way. This publication therefore elaborates on different heuristics and introduces a mean-variance based approach.

Fabian Scheler

August 30, 2021

Are robots taking over wealth management?

In our paper we demystify the “robo” term and, shedding light on the performance of leading German players, show why we think that Multi-Asset Funds are still a very good alternative for end investors.

Fabian Scheler

March 4, 2021

An efficient frontier for FX hedging

Many investors either neglect FX risk or tackle it in an overly simplistic way. This publication, therefore, elaborates on different heuristics and introduces a mean-variance based approach.

Fabian Scheler

August 30, 2021

A '70s-like second inflation wave is still unlikely

A repeat of the double wave of inflation in the '70s is a spooky scenario. We have therefore analyzed last century's high inflation period to detect similarities and differences.

Fabian Scheler

August 31, 2023

A new age of dispersion or just the normal madness of equity markets?

For investors who hoped that the pandemic induced market crash would result in a broad regional, sector or style rotation, the second half of 2020 has been rather awful so far.

Fabian Scheler

October 23, 2020