Our Thought Leadership


Piedmont Peaks


What Will Happen When The Fed Increases Rates?The Crude Collapse: A Supply/Demand Analysis

1Q 2016

With crude oil prices experiencing a large drop beginning in 2014 and accelerating in the back half of 2015, we attempt to put a historical context around supply and demand, as well as potential drivers of price change…
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What Will Happen When The Fed Increases Rates?What Will Happen When The Fed Increases Rates?

1Q 2015

With many investors and pundits believing that the Federal Reserve will begin to increase interest rates from the current zero interest rate policy (ZIRP) in mid‐to‐late 2015, we sought to consider the potential impacts…
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Capitalizing on Broad Bond Market AccessibilityCapitalizing on Broad Bond Market Accessibility

3Q 2014

Given the evolution of the corporate bond market, regulatory changes affecting broker-dealers, and the concentration of assets under management (AUM) among a relatively small number
of asset managers, the consulting community…
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Alternative Beta: Blending Smart Beta Strategies Improves Risk-Adjusted ReturnsAlternative Beta: Blending Smart Beta Strategies Improves Risk-Adjusted Returns

2Q 2014

Smart Beta strategies have increasingly become a topic of interest for investors. While implementations vary, “Smart Beta” implies a transparent, quantitative investment strategy where individual stock position weights are determined by…
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Strategist’s Corner


Scouting for YieldScouting for Yield

4Q 2017

It is the beginning of a new year and investors have harvested and are enjoying the bountiful crop of returns from 2017. Farmers will turn to the Old Farmer’s Almanac to get a long‐range weather outlook for the upcoming planting season. Investment professionals will commit to many interest rate…
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Trouble with the Curve(s)Trouble with the Curve(s)

3Q 2017

It is Major League Baseball (MLB) World Series time! I hope that my favorite team, the Washington Nationals, is still playing in the post‐season as you read this piece. Trouble with the Curve is the title of a forgettable baseball movie that stars…
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The Sweet Spot of the US Equity Market II: The Yield Curve and Stock ReturnsGone Fishin’

2Q 2017

There is the old “sell in May and go away” strategy that investors like to throw around during the summer months. This year may be a little different. It may become “change your tune and buy in June”. If this strategy catches on, remember that I coined the…
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The Sweet Spot of the US Equity Market II: The Yield Curve and Stock ReturnsThe Ballad of “Fed” Clampett

1Q 2017

There has been a love affair between institutional investors and private equity (PE) over the past few decades. The significant pickup in demand for the investment strategy
probably began after L.T.D., featuring Jeffrey Osborne, released their hit song…
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