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For Financial Advisor Use Only
Financial Advisors
What
We Do
Lazard's Financial Institutions Group focuses exclusively on the needs of financial professionals. The key initiative for the Financial Institutions Group is to partner with intermediaries - brokers, financial planners, and insurance representatives - and equip them with unique investment solutions, quality marketing materials and timely information, to best assist their sales efforts and fee-based consulting business.
Current Market Environment Insights
Revisiting the Case for Active Investing
To position their portfolios for the decades ahead, investors need to accept the premise that the era of declining rates of inflation—otherwise known as disinflation—has come to an end. The changing operating environment has important implications in terms of how investment managers are evaluated and how portfolios, both equity and fixed income, are positioned.
The Crumbling Foundation of U.S. House Prices - August 2009 Update
In this paper we update the analysis from our Investment Research paper, “The Crumbling Foundation of U.S. House Prices, May 2009 Update” to include one new quarter of observations. Using the new information, we revise our predictions on house prices, and suggest some additional caveats to the analysis.
The Crumbling Foundation of U.S. House Prices - May 2009 Update
Monetary and fiscal policy decisions in the United States appear to have transformed a chaotic economic freefall into what may be characterized as economic normalization. Despite this, very little progress has been made in stabilizing the housing market. Ron Temple, a leading authority on the mortgage and credit crisis, provides an update on his house price forecast, a review of his proposals to address the problems, as well as a discussion on investing during this changing economic environment.
The Changing Landscape of U.S. Equity Markets - May 2009
As market conditions continue to evolve and volatility remains elevated following the dramatic events of 2008, we are beginning to identify trends that may foreshadow the new investment paradigm.
Technology Staples: An Opportunity in Good Times and Bad
At Lazard, we believe that many IT subsectors will fare better than the overall economy, as IT has clearly become a key piece of operational efficiency and not just a cost center.
Finding the End Game in Newly Distressed Assets - April 2009
Joe Ramos, Director and Portfolio Manager/Analyst, discusses impaired fixed-income securities, related mark-to-market losses, and how both investors that own and investors that do not own such securities can find opportunities in the current environment.
Rebuilding the Crumbling Foundation of U.S. House Prices - January 2009
The problems that began with the housing market have since infected the entire financial system and can only be conquered with a comprehensive strategy. This paper outlines the framework for such a strategy.
The Crumbling Foundation of U.S. House Prices - January 2009
This new research identifies a set of relationships among changes in the value of U.S. residential real estate assets, changes in mortgage debt outstanding, and the level of home prices (all inflation-adjusted). Based on the relationships we identified, we forecasted how home prices might change through the end of 2009.
Identifying Opportunities in a Deleveraged World - January 15, 2009 - Audio Track
David Cleary, Managing Director and Portfolio Manager/Analyst, discusses a broad overview and 2009 outlook on the global economy and capital market environment, covering global equity and bond markets as well as viewpoints on a series of non-traditional investment themes and ideas.
Learning
from the Past - October 2008
During volatile market cycles, investors often make hasty choices, seeking the security of cash rather than holding on to equities. While it is understandable that investors may want to respond to market movements in some way, we believe it is essential not to be guided by emotion...
Financial Industry Update - October 2008 - Audio Track
Discussion of the three key objectives of the new legislation and policy measures to get through the current financial crisis.
Financial Industry Review - September 17, 2008 - Audio Track
The historic events that took place over the past week have changed the global landscape in the financial industry and beyond. Listen for a discussion of the major factors and ramifications of the recent changes on Wall Street.
The End of Disinflation: Investing in a New Era - August 13, 2008 - Audio Track
For over 20 years, disinflation in the United States has provided a tremendous tailwind for equity and fixed-income markets. It appears that period is now over. What are the implications for investors?
Fannie Mae and Freddie Mac: Key Facts You Need to Know - July 16, 2008 - Audio Track
A discussion regarding the government sponsored enterprises, Fannie Mae and Freddie Mac, their balance sheet structures, the recent turmoil surrounding their stocks and key milestones to watch.
The Credit Market Crisis - A Plan to Avert the Worst Scenario - March 2008
What began as an isolated subprime mortgage problem has now evolved into a full blown credit crisis...
An Action Plan to Avert the Worst Case Scenario in the Credit Markets - March 13, 2008 - Audio Track
Separates out the problems in the credit market into two categories: The subprime credit problem that caused a crisis of confidence across a range of markets; and the quality of collateral and credit ratings, which created a liquidity problem.
The Outlook for Financials - Subprime: Is Commercial Real Estate the Next Shoe to Drop? - February 12, 2008 - Audio Track
Discussion of recent trends and current conditions in the credit market, providing an overview of the risks and causes for optimism in the current environment, and analyzing possible scenarios for 2008 and beyond.
Clarifying the U.S. Mortgage Crisis: Context and Consequences - December 2007
The crisis unfolding in the U.S. mortgage industry has given many the opportunity to opine on the villains and victims, as well as the potential solutions being put forth...
Recent Events in the Financial Sector and The Fundamental Impact - August 2007 - Audio Track
Discussion on the sector and market conditions that led to the current situation, the ensuing central bank actions, and the milestones to watch going forward.
Prime and Subprime Mortgage Foreclosure Analysis - June 2007
In recent years, as nominal interest rates have declined globally and liquidity has sought a home, the market for nontraditional mortgages has expanded rapidly to levels exceeding $1 trillion per annum of subprime and Alt-A originations...
Portfolio Solutions:
We have observed many investors increase their weighting towards US equities and fixed income. During this period of volatility, several of Lazard's US portfolios have been positioned to take advantage of market opportunities. We offer:
U.S. Select
U.S. Equity Value
U.S. Strategic
U.S. High Yield
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