- Jan 9, 2020
- 1 min
Astoria is Tilting Towards US Value, Emerging Markets, International Developed, China, & Commodities
Click here to watch Astoria’s first TV interview of the new decade Because capital is always allocated looking for the highest return per unit of risk (liquidity adjusted; this part is key), previous winners rarely repeat in the years ahead. Investors continue to pile into US bond funds, US large cap indices, and US growth stocks. Ten years from now, we doubt these will be the big winners. In Astoria’s first TV interview of the new decade, we spoke about a few secular invest
- Jan 5, 2020
- 5 min
What will Drive Risk Assets in 2020?
Executive Summary From our perspective, one of the biggest stories in 2019 was the U.S. Federal Reserve’s complete reversal in interest rate policy. At the start of 2019, the U.S. Federal Reserve had multiple interest rate hikes into its economic forecasts. However, by the end of the year, the Committee actually lowered interest rates three times. Moreover, the U.S. Federal Reserve’s balance sheet wound up expanding towards the end of the year. As the chart below shows, the