CLS Blog

ESG Investing: Look for Progress, Not Perfection

August 23, 2018

Content Provided by Rusty Vanneman, CFA, CMT – Chief Investment Officer Recently, I took up paddle board racing. It has appeal in a variety of ways: the discipline that goes along with training for an event on the calendar, the competitive aspect of the budding sport, plus it’s a lot of fun! Paddle boarding is…

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Risk Budgeting Basics: Can U.S. Treasuries be Riskier Than Emerging Market Stocks?

August 22, 2018

Content Provided by Case Eichenberger, CIMA – Client Portfolio Manager Risk can be defined in multiple ways: beta to the stock market, standard deviation of returns, relative standard deviation to the stock market, probability of catastrophic loss, probability of not realizing goals, or probability of not sticking with investments, among others. None are correct or…

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Duality and the Story of a Gorilla

August 8, 2018

Content provided by Robyn Murray, Freelance Writer Nick Arreola is used to navigating different worlds. He is biracial (white American and Mexican) and a degree-laden academic psychologist who has spent half his career teaching himself how to write code. Now, in a new position at CLS– one that involves a bet on behavioral and science-driven…

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Sir John Templeton: The Humble Approach

July 10, 2018

Content Provided by Rusty Vanneman, CFA, CMT – Chief Investment Officer One of the most important days in my development as an investment manager occurred in the spring of 1987. It was during my undergraduate days at Babson College. It was Founder’s Day, which is Babson’s oldest tradition, a day established to recognize the school’s…

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The Rock Stars at CLS Investments

July 6, 2018

Content Provided by Rusty Vanneman, CFA, CMT – Chief Investment Officer When I was at Fidelity Investments (FMR Co) back in the 1990s, legendary investor Peter Lynch had moved on, but the culture he helped create, one fully dedicated to active management and high performance, was still in place. Fidelity hired the best and brightest…

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Behind the (Research) Curtain

June 29, 2018

Content provided by Grant Engelbart, CFA, CAIA, Portfolio Manager There are five areas of analysis we utilize to review investment ideas (see our Risk Budgeting White Paper pages 9-10). To help our readers understand these analyses and our investment processes, let’s take a look at a real life example applicable to many, if not all,…

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Tariffs: Market & Economy Implications

June 28, 2018

Content Provided by Kostya Etus, CFA, Portfolio Manager What has Happened? President Trump has officially imposed a 25% tariff on steel imports, and 10% on aluminum, from everywhere in the world (pending some exemptions). Reasoning for these tariffs is a belief that other countries’ current trade practices are a threat to national security, as well…

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Writing Tips for Investment Professionals

June 25, 2018

Content Provided by Rusty Vanneman, CFA, CMT – Chief Investment Officer When I began my career in the investment industry nearly 30 years ago, I never would have guessed I would write as much as I have. I have written everything from market reviews every 20 minutes (!) to weekly, monthly, and quarterly commentary, and…

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Expected Stock Market Returns = World Cup Champion?

June 18, 2018

Content Provided by Michael Hadden – Junior Research Analyst The world’s attention will stay tuned to Russia over the next month as the 2018 World Cup has officially begun. The 2014 World Cup final alone drew more than a billion viewers, with the entire competition reaching an in-home audience of 3.2 billion people. There’s no…

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Why the Destination is Highly Dependent on the Journey

June 13, 2018

“Life is a school of probability.” — Walter Bagehot Content Provided by Joe Smith, CFA – Senior Market Strategist What will the markets return in the next 12 months? Should investors expect 20% gains per year in the future? Will the markets correct by more than 10% in the next six months? We frequently encounter…

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