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Morgan Stanley Investment Management Journal
July 15, 2011
Morgan Stanley Investment Management (MSIM) is proud to provide the latest issue of our flagship publication, the Morgan Stanley Investment Management Journal, which compiles the latest and best thinking of investment professionals throughout MSIM and Morgan Stanley. The Journal highlights the intellectual capital that we apply across markets, asset classes and styles. Each issue reflects MSIM’s commitment to rigorous scholarship and innovative, proprietary investment processes.
Read the Morgan Stanley Investment Management Journal
In the enclosed issue of the Journal:
- Rui de Figueiredo, Vineet Budhraja, Ryan Meredith, FFA,CFA, and Janghoon Kim, CFA, from Alternative Investment Partners examine the drawbacks of traditional asset allocation models and suggests a new asset allocation framework to overcome these limitations, and to help investors choose portfolios that better match their investment goals.
- Ryan O’Connell and Tom Wills on our Global Fixed Income team examine a new kind of security, contingent capital bonds, or CoCos, that combines fixed income and equity-like features.
- From our Global Macro and Asset Allocation team, Sophia Drossos discusses the mechanics of the foreign exchange market and the possible strategic role that a currency allocation can play in an investor’s portfolio.
- James Upton and Jitania Kandhari from our Emerging Markets Equity team explore the meaning of growth investing, whether superior economic growth necessarily leads to higher equity returns, and how investors may be able to successfully invest in emerging markets in 2011.
- Michael Cha and Jonas Kolk on our Liquidity team look at the state of global money markets today and how these markets, and more importantly, the regulators, responded to the U.S. and global economic crises.
- Stephen S. Roach, Non-Executive Chairman, Morgan Stanley Asia, explains why the political economy of power is in need of a fundamental realignment and how stability mandates require acceptance of the "growth sacrifice", a tough, but necessary, sell to America's political economy of power.
- Martin Leibowitz, Managing Director, and Anthony Bova, Executive Director, explore the impact of beta-target rebalancing on complex, multi-asset portfolios and show how different rebalancing strategies fared over the 20-year period from 1990 to 2010.
I hope you find this issue of the Journal to be thought provoking and rewarding.
To discuss the ideas presented, please contact your relationship manager or e-mail us at info@morganstanley.com.
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