Position Papers

• Inflation comes in waves rather than as a steady increase, driven by factors like demand-pull and cost-push inflation, monetary policy, and commodity price fluctuations.
• Inflationary waves, particularly those triggered by the COVID-19 pandemic, energy price spikes, and geopolitical tensions, have all impacted global prices.
• Asset classes perform differently in equity bull and bear markets, and periods of rising and falling prices...

Mechanically, high-yield bonds have the same features as other types of bonds. They have a scheduled maintenance payment, a principal repayment at a specified maturity date, and in some but not all cases, maintain priority over other obligations in the capital structure. While the maintenance payment(or coupon) is typically fixed, the value of the bond is determined by the market's assessment of the probability of repayment....

• The Put-Spread Collar is the popular form of portfolio protection.


• Passaic's Hedged Equity strategy is a low-risk equity strategy that seeks to providecapital appreciation through equity market participation while limiting the downside...

From 1981 to today, something as simple as a stamp has gone from a cost of $0.18 to $0.47. How do CIOs with long term investment horizons protect their constituents from such heavy evaporation of purchasing power over the long run? For some time now,it seems the concept of inflation and the impact it can have on investor portfolios has been relegated to the world of academia...