Category Archives: Research

Research

2024 Capital Market Assumptions

Download our 2024 Capital Market Assumptions Report. Sellwood’s 2024 Capital Market Assumptions represent our best current thinking about future returns. They are the essential building blocks of the asset allocation work we perform for clients. Our 2024 return and risk assumptions are presented below: We update our capital market assumptions annually. This year, we reduced … Continue reading 2024 Capital Market Assumptions


The Magnificent Seven and Equity Market Concentration

In the 1960 film, “The Magnificent Seven,” an undersized group of seven gunfighters gallantly fought to liberate a small village from a gang of marauding bandits. As the movie’s advertising poster proclaimed, “they fought like seven hundred.” Today, a different Magnificent Seven are setting investment box office records, although this time the seven are world-changing technology … Continue reading The Magnificent Seven and Equity Market Concentration


Bond Investing When the Yield Curve is Inverted

The Treasury yield curve remains persistently inverted, implying that short-term bonds offer higher expected returns than intermediate- or long-term bonds. Given this information, does it make sense for intermediate-term bond investors to seek those higher returns by shortening the duration of their bond portfolios? A Thought Experiment: Two Ways to Hold Bonds for Five Years … Continue reading Bond Investing When the Yield Curve is Inverted


2023 Capital Market Assumptions

Note: These assumptions are now outdated. Our current capital market assumptions and our white paper documenting their construction can always be found on our Capital Market Assumptions page. Sellwood’s 2023 Capital Market Assumptions represent our best current thinking about future returns. They are the essential building blocks of the asset allocation work we perform for clients. Each … Continue reading 2023 Capital Market Assumptions


2023 Investment Themes: Changing Narratives

The dozen years following the 2008-09 Global Financial Crisis can be separated into two distinct market narratives, both of which are currently being unwritten. The first narrative period spanned the decade following the 2008 financial crisis and was characterized by low interest rates, low growth, lackluster aggregate demand, a global economy flirting with deflation, and … Continue reading 2023 Investment Themes: Changing Narratives


2022 Capital Market Assumptions

Note: These assumptions are now outdated. Our current capital market assumptions and our white paper documenting their construction can always be found on our Capital Market Assumptions page. Sellwood’s 2022 Capital Market Assumptions portray a more optimistic environment for most asset classes, compared to a year ago. Investor expectations for inflation are a core building block for … Continue reading 2022 Capital Market Assumptions


2021 Capital Market Assumptions

Note: These assumptions are now outdated. Our current capital market assumptions and our white paper documenting their construction can always be found on our Capital Market Assumptions page. Sellwood Consulting’s 2021 Capital Market Assumptions contemplate a prospective lower-return environment, caused by last year’s declining yields and expanded valuations. These 10-year, forward-looking assumptions of asset class return, risk, and … Continue reading 2021 Capital Market Assumptions


Capital Market Assumptions: Mid-Year Update

Every year, we update our forward-looking Capital Market Assumptions – the building blocks of our asset allocation work on behalf of Sellwood clients – as of December 31. Because equity and bond markets have changed so considerably in the first quarter of this year, we have taken the extraordinary step of updating those assumptions outside … Continue reading Capital Market Assumptions: Mid-Year Update