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Significant noise has surrounded the dissolution of California Redevelopment Agencies for the past three years. Numerous headlines trumpeted debt service disruptions, lawsuits, cleanup legislation and potential hiccups related to the flow of funds for California Redevelopment debt.Over time, it has become clearer that the potential for credit improvement has trumped the short-term risks of implementing the legislation. Thus far, it would appear that bond holders have benefitted. The local governments have not fared as well.

The confluence of favorable market dynamics, including high corporate cash balances, low interest rates and cooperative capital markets, has created an environment in which corporate management teams and boards of directors can take action to increase value for equity owners.Engagement by shareholders, both private and public, is on the rise and has been met with increasing receptivity. In several recent situations, companies that have engaged in shareholder-recommended activities have been rewarded by markets through higher stock prices.

The successful management of a family office investment portfolio requires a carefully guided strategy focused on asset diversification, risk mitigation, experienced, and transparent oversight. Part of this strategy should include a thoughtful allocation to alternative asset classes which can serve to mitigate portfolio risk. One strategy that many family offices have historically embraced is an allocation to tangible real estate assets.

It is frequently suggested that that family offices should mimic institutions and adopt an institutionally disciplined and process-oriented approach when managing their investment portfolios. Through a process-oriented approach, institutions and family offices can be more effective and produce more efficient long-term results.

On June 5, 2014, the European Central Bank crossed an important symbolic line by announcing plans to reduce the policy interest rate into negative territory. Included in this announcement was a host of complementary but nontraditional policy measures, completing the picture of a committee stretching for greater impact.The author believes that:

Research on income equality and social mobility yields compelling conclusions in support of both sides of the debate. For now, regardless of how the research evolves, it is safe to expect the U.S. will enter an environment of higher personal tax rates with further redistribution in the cards, something investors need to consider when weighing the merits of whether to realize or defer income and capital gains.

Each year Asset Consulting Group takes a detailed research approach to this question and updates its Active vs. Passive analysis using manager universe information from eVestment Alliance’s subscription database. This database provides qualitative and quantitative information for approximately 45,500 products (strategies) submitted by approximately 8,500 firms.

Today’s broad stock market is not a bubble. However, by virtue of its duration and current valuations, equities are in the mature phase of a bull market. That means a more sober pace of advance, with a lot riding on the economy and monetary policy.The author, Atlantic Trust Private Wealth Management, examines several crosscurrents that are bound to create bouts of volatility, and also investment opportunity, across markets.

Headlines about the financial stress on municipalities — combined with high profile downgrades, defaults and even bankruptcies — have led many to believe that high yield issuers must be in financial distress. The author, Nuveen Asset Management, believes that is generally not the case and explains why in this paper.Nuveen believes that thorough fundamental research can help an investor understand risks and identify opportunities and capitalize upon the inefficiencies in this misunderstood asset class.

Now in its sixth year, the current bull market is oft considered due for correction, with investors wondering how much further the rally can go. For this reason, it is useful to test the claimed causes associated with lapsing bull markets. Conventional wisdom suggests bull markets end due to: age, recessions, monetary tightening, extreme valuations, and exogenous shocks.