RESEARCH & THOUGHT PIECES FROM OUR TEAM

Life is not linear; you have ups and downs. It's how you deal with the troughs that defines you. Much like life, performance measurement is a process, not an event. It's a flowchart, not a checkbox. As a long-term value manager, we have specific processes in place geared towards generating attractiv...

Until the release of ChatGPT (Generative Pre-trained Transformer) in late 2022, artificial intelligence (AI) developments largely flew under the radar. Although AI has existed in some form since the 1950s, it was perhaps more prominently featured in science fiction than in the everyday lives of Amer...

Reverberations of the 2008-2009 Great Financial Crisis (GFC) were felt throughout the stock and bond markets as news of SIVB’s demise dominated headlines. In less than 48 hours, Silicon Valley’s largest bank, which was trading over $300 per share just last month, collapsed on Friday morning and was ...

Executive Summary

• Growth has outperformed value in eleven of the past fourteen years, but value has outperformed for the past two years (in 2022, value outperformed growth by 22.69%).^1,2
• Value and growth cycles are not short-term in nature; they typically last for years.
• When inflation and inte
...

Tax-Loss Harvesting

Investors may be hard-pressed to find positive-performing investments in their portfolios in 2022, a year that has seen the worst equity performance since the Global Financial Crisis, and the most severe bond market decline in almost half a century. While no one enjoys seeing ne...

Background: The Great Resignation

Despite considerable progress in the standard of living for the average working American, labor challenges continue with millions of workers — harboring discontentment with stagnant wages and re-examining work-life balance during the COVID-19 pandemic — deciding to...

After Thursday's close, FedEx (FDX) announced a sizeable earnings shortfall and withdrew its annual forecast. Its earnings per share for the quarter ending August 31 were $3.44, well below Wall Street consensus. The company's CEO said, "Global volumes declined as macroeconomic trends significantly w...

Uncertainty surrounding the economy and current geopolitical conflicts coupled with a period of extreme partisanship in American politics has shaped the upcoming election into arguably the most important midterms in our nation’s history. Heading into these crucial elections, the Democrats currently ...

Navigating Behavioral Biases During Volatile Times

When the MAP Investment Team discusses topics for our thought pieces, we make sure to always stay true to our investment process. There are plenty of market prognosticators who perpetually spout bullish takes by viewing everything through rose-colo...

U.S. Fixed Income Is Enduring One of The Worst Declines in History

Fixed income investors will look back fondly on the 40-year bull market for bonds that ended in 2021. We’re in an entirely different market now, and while early, it’s the one we’ve been warning about for quite some time. The Bloombe...

As MAP president Michael Dzialo notes, “Sometimes history repeats itself, and sometimes we make history.” We are at one of those rare moments when history is being made. Can the Federal Reserve (the Fed) and our free-spending elected officials restrain themselves enough to bring inflation under cont...

Qualitative Interpretation of Quantitative Data

Over the many years we have worked together, the investment team of Managed Asset Portfolios has developed some unique tools that help us parse out what is most relevant in our infinitely complex global economy. When we identify a theme that is persis...