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February 29, 2024
Japan’s Nikkei 225 Index finally surpassed its high reached in 1989. Memory of deflation may not be beaten, but January data registered the 22nd consecutive month of +2% year-over-year inflation, the longest such stretch since the early 1990s.
February 15, 2024
Generative Artificial Intelligence, or "GenAI," has captured the world's imagination. We have written extensively on the trend and believe it will catalyze a sharp increase in productivity of knowledge workers. We are already seeing strong evidence of impact in several industries. Unfortunately, we also believe GenAI will serve as an accelerant to cybersecurity threats. Like strong winds in a forest fire, this will further enflame an already roiling threat landscape, enhancing the need for cybersecurity solutions and serving as a tailwind to cybersecurity demand.
January 31, 2024
Global tensions are rising in the Middle East and beyond. Iran targeted Sunni militias in Pakistan, and their proxies targeted an American air base in Iraq. Red Sea shipping disruptions have caused freight costs for many routes to more than double.
January 29, 2024
In the 4th quarter, global equity markets found a new pillar to build upon 2023’s already impressive investment results. Declining U.S. Treasury yields in the final two months of the year drove broad developed markets to within a hair’s breadth of EAFE’s all-time high. The year began with fears of global recession and high inflation in most major markets (excluding Japan). The year ended with “peak” optimism: that central banks, most critically the Fed, had brought inflation down to near normal levels without causing a recession. That optimism led to a broad expansion of global equity valuations in the 4th quarter.
January 19, 2024
The Bailard Technology Strategy posted a Q4 total return of 20.01% net of fees, meaningfully ahead of the competitor-comprised benchmarks with the Morningstar U.S. Open End Technology Category return of 16.48% and the Lipper Science and Technology Fund Index return of 16.18%. The Strategy also led both the S&P North American Technology Index return of 17.17% and the mega-cap Nasdaq-100 Index return of 14.60%. Over longer time periods of 3, 5, and 10 years, the Strategy’s net returns continued to lead the competitor’s peer group benchmarks.
January 18, 2024
Equity markets shot higher in Q4, delivering in most cases more than an average year’s worth of positive performance in three short months. Widespread belief that inflation was under control and the Fed was done tightening drove interest rates significantly lower throughout the period. That, combined with better-than-expected earnings reports, led to particularly strong equity returns during a time of year that is typically favorable for stocks already.
Image: Blue Green Laptop
January 12, 2024
From the legacies of iconic investors to the dynamic 2023 markets, Jon Manchester, CFA, CFP® (Senior Vice President, Chief Strategist, Wealth Management, and Portfolio Manager, Sustainable, Responsible and Impact Investing) presents an insightful perspective on the economic climate, aided by the witticisms of Charlie Munger.
January 2, 2024
“The critical aspect is that the threat landscape has accelerated rapidly over the last five years,” shared our head of Technology Investing, Dave Harrison Smith, CFA, shared on the state of cybersecurity today. Read more in Forbes.
December 29, 2023
China (and Hong Kong) limped into the new year, cementing their status as the weakest markets in ACWI during 2023. An anemic fiscal response (and little support for the struggling real estate sector), ongoing political purges, distancing from the West, and moving closer to the U.S.’s enemies have all contributed to a dramatic cheapening of both markets
December 22, 2023
Bailard, Inc. an independent, values-driven asset and wealth manager in the San Francisco Bay Area, is pleased to announce that its Technology Strategy was a top performer in the Morningstar Technology Category for both the 1-year and 5-year periods ending September 30, 2023.
December 13, 2023
“The critical aspect is that the threat landscape has accelerated rapidly over the last five years,” shared our head of Technology Investing, Dave Harrison Smith, CFA, shared on the state of cybersecurity today. Read more in Forbes.
November 30, 2023
The higher-for-longer interest rates regime in place for several months reversed sharply in November, as muted inflation was reported across multiple economies. Lower bond yields coincided with a global equities rebound and the strength of most currencies against the U.S. dollar.
Crystal Ball, San Francisco Bay. Photo credit Sasha • Stories on Unsplash.
November 30, 2023
Curious about the commercial real estate outlook for 2024? Tess Gruenstein, SVP of Acquisitions & Portfolio Management for Real Estate, joins other real estate experts in dissecting the changing landscape in an outlook piece featured on GlobeSt.com...
October 31, 2023
The Israel-Hamas war has contributed to dollar strength during the month and reminded the world of the fragile geopolitics of the region. Middle Eastern markets felt the most pressure. Oil prices, while volatile, haven’t risen substantially since October 7th. Alternatively, safe-haven gold has risen almost 9%, approaching $2,000 / ounce.
October 31, 2023
After a very strong first half of 2023, non-U.S. stocks faced a more challenging environment in the 3rd quarter. Developed market central banks regained a measure of credibility in their battle against inflation and appear to be near the end of their respective rate hike cycles (Japan is an exception here). Unfortunately, longer-term yields rose around the world, putting pressure on equity valuations. Adding to the challenge for U.S.-based investors, dollar strength weighed on overall returns as well. Still, earnings growth overseas has outstripped that in the U.S. in 2023 and valuations in the largest foreign markets are very cheap historically. Sentiment towards international stocks has improved dramatically, most notably for Japanese shares. We continue to be cautious with emerging market exposures, especially with respect to China, where the political and economic climate have weighed heavily on equities. With the normalization of central bank activity, the overvalued dollar could revert, providing a strong backdrop non-U.S. stock performance.
October 19, 2023
Aligning with what has historically been the weakest quarter of the year, Q3 performance was down across all major indices. Rising interest rates pressured equity returns throughout the quarter due to continued fears of persistent inflation that may prevent the Fed from easing anytime soon.

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All investments have the risk of loss. There is no guarantee Bailard will achieve its investment objectives. Please see each full insight post for its respective disclosures.