Allocation

The California Public Employees’ Retirement System (CalPERS) reported a preliminary 18.4 percent return on investments for the 12 months that ended June 30, 2014. CalPERS assets at the end of the fiscal year stood at more than $300 billion.

Global investors have regained a strongly bullish stance on the outlook for equity markets in the second half of 2014, according to the BofA Merrill Lynch Fund Manager Survey for July.

Global investors have regained appetite for risk against the backdrop of strong liquidity and a fairly positive economic outlook, according to the BofA Merrill Lynch Fund Manager Survey for June.

Money market fund outflows from Credit Suisse were only moderate in May following its guilty plea to helping US clients evade tax, Fitch Ratings says.

When wealth and income are as concentrated as they are, and expected (a la Piketty) to get even more so, examining the “average” consumer or “average” investor makes little sense. Examining the fat tail – the behavior of the plutonomists, rather than that of the multitudinous many – is more advantageous to investors. That’s what we have attempted in this report.