Barron's - Rates, Recession, and Inflation: A Top Pro on the Big Picture

Barron’s Feature Interview: Richard Bernstein sat down to discuss the Fed, the outlook for inflation and where to invest in the coming year.

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RBA’s disciplined top-down investment approach seeks to identify investment opportunities that are often unrecognized or ignored as investors tend to focus too much on yesterday’s winners.

Top–Down Approach

We conduct top-down, macroeconomic research utilizing an extensive array of indicators to assess corporate profits, liquidity, and investor sentiment/valuation. We believe the markets are driven by profit cycles, not economic cycles.

Pactive® Investing

Pactive® investing is the active management of passive investments to drive alpha from size, style, region, sector, and other factors. RBA “X-rays”® ETFs, looking at the underlying holdings of each ETF, resulting in a deeper assessment of macro exposures.

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Our portfolios are global, "go-anywhere" - we can go anywhere, but don't have to be everywhere. Our strategies emphasize and de-emphasize global market segments at different times, and will avoid assets that are unfavorable.

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RBA offers a range of actively managed, tactically driven products available at most wirehouses, TAMPS and RIA platforms.


RBA has a suite of strategies providing solutions for complex investment challenges for Institutional Investors.


Individuals can invest in RBA’s strategies by working with their Financial Advisor or investing in our mutual funds.



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The #Fed clearly has a ton of work to do yet and #forecasts of the “terminal rate” increasingly seem much too low. Real Fed #Funds still near-historically negative while the jobs #market is RED HOT.

Thinking about how to position your #portfolio for the rest of the year? Watch the replay of RBA’s market #update to learn how to navigate this unusual market environment:

The #Fed clearly hasn’t tightened enough. “Free money” fueled speculation, meme-stock mania, and gross misallocations of #capital all continue unabated. (Chart: @Bloomberg)