All Posts By

Dmitriy Katsnelson

quarter recap

2018 4th Quarter Review: “Holidays, Goldilocks, Resolutions and Strolling Along the Laffer Curve”

Market Commentary
In the grand scheme of things, this holiday season was probably no different from those of the past. Like many others, my family went through some combination of joy, distress, kindness, alienation, reconciliation and everything in between (sometimes all in a matter of minutes). Ultimately, the kids were happy to be out of school and together with the family, and although they occasionally fought and complained, there were still glimpses of heartwarming Rockwellian moments. On the other end of the spectrum, the adult dinner conversations were probably more Orwellian in nature, highlighting how polarized any discussion can become. The topics…
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investment letter

Recent Market Volatility: Our Investment Committee’s Take

By and Blog
October 2018 was a volatile month for markets. When there was similar market volatility in February 2018, we reached out to clients to provide perspective on what we viewed as a healthy pause in an otherwise lengthy bull market. The decline in February caused mild concern amongst investors, but the speed and precipitous nature of the more recent decline has caused a great number of investors to feel unsettled. Prior to this year, we discussed how common it is to experience drawdowns of varying depth, as shown in the following table: While we can share plentiful data on the commonality…
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investment letter

Equity Market Volatility and Long/Short Investing

By Guides & Whitepapers
A Portfolio Manager Q&A Special Thanks to Jay Feeney, CFA, Co-Chief Executive Officer & Chief Investment Officer, Boston Partners After a year of unusually low stock market volatility in 2017, 2018 kicked off with far more ups and downs in the market. At the same time, interest rates are rising, albeit from historic low yields. We hosted a discussion with Deputy Chief Investment Officer Dmitriy Katsnelson and Boston Partners Portfolio Manager Jay Feeney to discuss strategies for managing market volatility. Part of this discussion focused on long/short investing, an investment strategy that includes buying investments that are expected to increase…
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cryptocurrency

The Cryptocurrency Question

By Guides & Whitepapers
A very common financial question that we have been asked before relates to Bitcoin1 (or any type of other cryptocurrency). Is it real? How is it valued? Should we invest in it? Can it keep going up in price? The answers to these questions are not easily answered, are complex, and are dynamic over time. To start, Crypto comes from the Greek Kruptos, which means “hidden.” Because of the complexity of the subject matter, we would prefer to hide from making an opinion on cryptocurrencies in general. However, they (and the technology surrounding them) are increasingly relevant in our world…
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