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Jun 4, 2026
Policy Regimes versus Economic Regimes
Apr 15, 2026
The Fallacy of Concentration
Apr 10, 2026
Journal Articles: regression test
Jul 30, 2026
The AI-Energy Nexus
The rapid buildout of artificial intelligence infrastructure is reshaping energy markets through a direct physical channel: data center electricity demand. In this paper, we show that clean energy equities are significantly more sensitive to data center infrastructure returns than traditional energy equities, reflecting their exposure to long-duration investment and grid expansion dynamics. While AI technology indices appear to explain energy returns in simple specifications, their explanatory power ...
Apr 24, 2026
How do Global Portfolio Investors Hedge Currency Risk?
We study how institutional investors hedge foreign exchange risk using more than 25 years of monthly portfolio data from a global custodian, matching asset holdings with FX forward positions for U.S.- and non-U.S.-based investors. Fixed-income investors hedge more than equity investors, non-USD investors hedge more than USD investors, and hedging has risen markedly since 2008. Many investors appear to target and rebalance toward stable hedge ratios. Hedge ratios are related to carry, volatility, ...
Apr 8, 2026
Working Papers - Meets Private Markets
We analyse the transformative impact of life insurance platform integration on the business models, financial profiles, and market valuations of prominent alternative asset managers (AAMs).
Jul 8, 2026
2026 Foundations of Investing Seminar Series
It is now our annual custom to share insights on the ever-evolving fundamentals of finance and investing. Please join us for our 6th annual State Street Foundations of Investing Seminar Series, where we feature back-to-basics presentations from our renowned academic partners and the deep expertise of our research team in State Street Markets. Connecting theory to practice, our presenters will cover topics ranging from macro policy and investment strategy design to risk management and beyond. You ...
Jun 24, 2026
2026 Summer Sessions
2026 State Street Summer Sessions Webinar Series It is now our annual custom to take time in the summer months to share insights on the ever-evolving fundamentals of finance and investing. Please join us for our 6th annual State Street Summer Sessions, where we feature back-to-basics presentations from our renowned academic partners and the deep expertise of our research team in State Street Markets. Connecting theory to practice, our presenters will cover topics ranging from macro policy and investment ...
Jun 12, 2026
What to watch 0612
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Jul 2026
Marvin Barth: US Productivity, From Greenspan to Warsh
The passing of Alan Greenspan last month and confirmation of Kevin Warsh as Federal Reserve Chairman in May bookend two booms is US productivity: the mass networking of computing power during the Greenspan Fed of the 1990s and the explosion of inferential applications of computing power today. These cycles influence central bank policy in ways often underappreciated until their aftermath. Marvin Barth of Thematic Markets joins the podcast this week, to look back at the lessons learned from past ...
Jul 2026
Sir Ben Wallace: Deterrence and Lessons of Modern Warfare
The need for robust and enhanced defence spending in an increasingly fragmented world is a policy objective agreed upon across the political divide. Few are better positioned to comment on the obstacles and opportunities of the process than Sir Ben Wallace, a former Captain in the British Army, a member of Parliament for 20 years and Secretary of State for Defence of the United Kingdom between 2019 and 2023. In his post-government life as an investor, he offers a singular perspective on the gaps ...
Jul 2026
Mick Mulvaney: Policy, Polarization and the Trump Legacy
With so many unanswered questions about the direction of US domestic politics and the role the United States now plays in the world, few can bring the experience and depth of knowledge of the political process as this week's guest, Mick Mulvaney. Mick is a former elected member of the US House of Representatives for South Carolina, serving four terms before joining the first Trump administration in 2017 as Director of the Office of Management and Budget, ultimately serving as acting White House ...
Feb 2026
A step on the brakes
Holdings Institutional portfolios stayed strongly tilted towards equities, with stock allocations at their highest since 2007 and bond allocations at their lowest since 2008, while the US remained a clear regional overweight. Risk Appetite Risk appetite eased back to neutral after a mid month lift, as Fed uncertainty and liquidity concerns encouraged a more cautious mix, with selective risk still expressed in emerging market bonds and FX and high yield versus investment grade.
Dec 2025
Investors neutral amidst data uncertainty
Holdings Institutional portfolios remain heavily overweight in US equities and technology, favouring quality, growth and large caps, with stock allocations at an eighteen‑year high and bonds and cash still out of favour.
Nov 2025
One Step Forward, One Step Back
Holdings Institutional portfolios remain heavily overweight in US, Tech, and growth oriented styles, with stock allocations at an 18-year high. Risk Appetite The risk appetite index has dropped to neutral as investors rotate out of cyclicals and commodities into defensives and the US dollar.
1. Peter L. Bernstein Award for Best Article in an Institutional Investor Journal in 2013; Bernstein-Fabozzi/Jacobs-Levy Award for Outstanding Article in the Journal of Portfolio Management in 2006, 2009, 2011, 2013 (2), 2014, 2015, 2016, 2021; Graham & Dodd Scroll Award for article in the Financial Analysts Journal in 2002 and 2010. Roger F. Murray First Prize for Research Presented at the Q Group Conference in 2012, 2021, 2023. Harry M. Markowitz Award for Best Paper in the Journal of Investment Management in 2022, 2023. Doriot Award for Best Private Equity Research Paper in 2022.