White Papers

Are dividend-oriented investments a “crowded trade?” Valuations and interest rates can be interpreted differently, but in the end, high-quality companies with growing cash flows that consistently return capital to shareholders earn their return.

Dividend strategies are regaining popularity. But pursuing dividend yield alone can lead to poor results. Investors need to understand a company’s sources of cash and should view cash dividends, share buybacks and debt repayments collectively in assessing management’s strategy to create shareholder value.

Bill Priest and Ken Hightower address the root cause of our current economic ills. While expectations for equity returns are being lowered, we believe stocks can still provide attractive returns over the long term.

Today, there are many reasons from both a beta and an alpha perspective to maintain or increase a strategic policy allocation toward the non-U.S. small cap asset class.

Value, a word commonly used in our profession, means many things to many people. We share our perspective of value, as reflected in our free-cash-flow methodology, and how it relates to the conventional concept of value.

Despite the many growing challenges that face global economies, equities of well-managed, free-cash-flow growing, dividend-paying companies should do well.

In a world likely to offer 6-8% long term equity returns on average, we discuss a strategy that should weather the challenges that lie ahead and provide a "9% Solution" with lower volatility over the long term.

With a long term perspective, certain equities may be viewed as a "safe" asset now.

Epoch seeks equities positioned to survive and perform well no matter which "gang" wins the day.

Changes in the investment landscape are creating new opportunities in the equity markets, especially relative to fixed income.

2009 underperformance in U.S. small cap stocks - a comparison of the Russell and MSCI small cap indices.

The causes, implications and lessons of the 2008 financial crisis.

A review of government intervention during the 2008 financial crisis and the outlook for recovery.

Epoch's commitment to continued transparency of our business practices.

The U.S. economy faces extraordinary challenges.

There are two sides to the story of the oncoming recession: the real economy and the financial economy.

Bleak times: a look ahead into the recession of 2008.

A look at the fees charged by hedge funds and their effect on the investor.

Examining the forces that fueled the market's climb, our expectation for an impending fall, and the wild ride in store for debtors, lenders and, most importantly, investors.

A look at the bursting housing bubble and the impact on the future of the global economy and financial markets.

An examination of Epoch's investment philosophy which is based around the changing order of the sources of equity return.

A look at 2007 and what lies ahead.

More signs that point to the weakness and vulnerability of financial services stocks.

How our insights and experience tell us that simply wishing for a robust economy will not result in one.

A discussion of the concept of "punctuated equilibrium" and the manner in which this theory of evolutionary biology can be applied to today's financial landscape.

How informed investors can build a winning portfolio in the current market environment.

Inflation concerns and peaking interest rates portend a slowdown in housing and economic growth.

Financial and economic forces behind the recent equity market decline.

Why dividends are an important source of equity returns.

What drives today's equity returns and how can we capitalize on these trends?

Trends and issues for the new year's investment landscape.

The growing significance of free cash flow and shareholder yield as a dominant driver of future equity returns.

A clear and simple approach, designed to identify stocks that will protect our client's capital and provide a return on their investments.

The benefits of globalization.

More signs point to inherent weakness and vulnerability of financial services stocks.

A closer look at the housing market, where the continuation of low interest rates has created a bubble and is poised to play a vital, and potentially problematic, role.

Our "long only" investment philosophy and winning the "free ante".

How the history of equity returns can be used to optimize stock selection, portfolio construction and total value creation.

Why research matters most in small-cap companies.

Analyzing the cost of equity trading.

An overview of pension claims and corporate assets