Bailard
View press quotes by year, regarding the company as a whole and market-related insights from Bailard's asset management team.
 
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2011 2010 2009 2008 2007
2006 2005 2004 2003



Morningstar.com, June 28, 2011
Four Fine All-in-One Foreign-Stock Funds

A Bailard sub-advised fund (the HighMark International Opportunities Fund) is highlighted as one of four select funds that “provide exceptionally broad international exposure in one package.” To read the full article from Morningstar.com, please click for a PDF reprint.


American Express OPEN Forum, June 23, 2010
Cardmember Story: Bailard

In the Leadership edition of its Open Book, American Express interviews Tom Bailard for insight into Bailard, Inc. and its successes.

According to American Express: "The perspectives we have assembled reveal that, although there are as many leadership styles as there are leaders, they all share some common features: successful leaders are passionate, and they understand the changing nature of leadership, that it demands different skills at different points in the evolution of a company." To read the full interview from OPEN Forum or view a PDF of the Open Book, please click here
.


Winning Workplaces IDEAS Newsletter, January 2010
Turning Around Investment Management's Rep with Employee Engagement

As part of the "Success Stories" feature, read about Bailard's understanding that, "In extreme instances of doing right by employees, even worldwide market downturns can have a minimal effect on client retention and trust." To read the full interview from Winning Workplaces or view a video interview with Tom Bailard, please click here.


American Express OPEN Forum, December 9, 2009
The Keys to Recovery: The Right People and Open Communication
By Marcy Shinder

An interview with CEO Peter Hill highlights Bailard's focus on open communication—the impact on both employees and clients. To read the full interview from the American Express OPEN Forum, please click here.


San Francisco Chronicle, October 4, 2008
Fear Stalls Bailout's Effect on Credit Market
By Sam Zuckerman

"The whole market is just caught up in a climate of fear," said Arthur Micheletti, chief investment strategist for Bailard, a Foster City investment firm. "The credit markets are supposed to be unlocked instantaneously? That's silly. It's going to take time."


Emerging Manager Monthly, April 2008
Second Annual Emerging Manager Awards

Bailard, Inc. was chosen as “International Equity Manager of the Year” for 2007 in Emerging Manager Monthly’s second annual Emerging Manager Awards. Bailard’s quantitative international equity strategy was selected over two other finalists in the International category. To view a reprint of the article published in Emerging Manager Monthly announcing the award, please click here.


San Francisco Chronicle, August 10, 2007
U.S., European Central Banks Step in to Contain Mortgage Crisis
By Sam Zuckerman

"Liquidity is drying up for all mortgage-backed bonds," said Arthur Micheletti, chief investment strategist for Bailard, a Foster City investment firm.


The Wall Street Journal, April 26, 2007
Overseas Funds Demand a Bit of Prudence: Years of Solid Performance May Lead to Overlooking Possible Troubles Ahead
By Barbara Kollmeyer

Eric Leve, senior vice president of international equity research at Bailard and co-portfolio manager for the HighMark International Opportunities Fund, suggests investors take a look at their individual funds' performance with respect to competitive rankings such as Morgan Stanley Capital International's EAFE Index or the MSCI All Country World Ex-U.S. index.

"A fund that varies too far from the median performance of the benchmark, especially one that vacillates on either side, is probably taking large bets that may pose too much risk for average retail investors," he says.


MarketWatch, April 24, 2007
Bet your bottom dollar: Is your international fund taking big risks you don't know about?
By Barbara Kollmeyer

"From the perspective of investors, the information they have is fairly limited to perceive what is risky and what is not," said Eric Leve, senior vice president of International Equity Research at Bailard and co-portfolio manager for the Highmark International Opportunities Fund.

He suggests investors take a look at their individual funds' performance with respect to competitive rankings such as MSCI's EAFE or MSCI All-Country World ex-U.S. A fund that varies too far from the median performance of the benchmark, especially one that vacillates on either side, is probably taking large bets that may pose too much risk for average retail investors, he said.

He also suggests investors take a good look at the concentration of their fund, by using resources from fund researchers such as Morningstar Inc. "If you are seeing more than 60% of the assets are made up by five countries, then that would reflect a high level of concentration, which should be a warning sign."

Being a quantitative fund manager, Leve also takes the view that by holding a larger number of securities, a fund takes fewer risks. "A fund concentrated in 30, 40 or 50 (stocks) is higher risk than those with 100 or 200 or more. Between those two areas, one can get an idea of the kind of risks they might be taking."


Fortune, February 26, 2007
Why the Wealthy Avoid High Risk
By Katie Benner

Click here to read the article.


Investment News, February 19, 2007
These Days, It's No Fun Being a Bond Manager
By Brooke Southall

"There are few opportunities to make bets on bonds," said Eric Leve, who oversees fixed-income investing as senior vice president of Bailard, Inc. in Foster City, Calif. "It's a tough time to be a bond guy."

"The guy who can step aside when the corporate yield backs up [1 ot 2 percentage points] is going to look good," he said.


San Francisco Chronicle, December 30, 2006
Biotech Stocks Are Tops; Sector Also Produced Bay Area's Worst Performers
By Pia Sarkar

Arthur Micheletti, chief investment strategist for Bailard, Inc., a money management company in Foster City, explained that in the first part of the year, the country was watching the Federal Reserve as it raised interest rates.

Micheletti said he expects the overheated market to pull back a little in January. "It's basically gone too far too fast and the market needs to consolidate," he said.


Kiplinger.com, December 18, 2006
Quant Funds Succeed Without Emotion
By Andrew Tanzer

Click here to read the article.


CNBC, August 18, 2006
"Street Smarts," 3:20 pm ET
Interview with Peter Hill


The Los Angeles Times, August 15, 2006
The Action Again Is Overseas as Foreign Markets Bounce Back
By Tom Petruno

Arthur Micheletti, investment strategist at financial advisory firm Bailard Inc. in Foster City, Calif., said his firm in July boosted the weighting of foreign stocks in its portfolios by 25%, attracted by lower prices.

One factor in that decision, Micheletti said, was the firm's expectation that the dollar would weaken again if the Federal Reserve kept short-term interest rates level while central banks in Europe, Japan and elsewhere continued to tighten credit because of stronger growth.


The Wall Street Journal, June 5, 2006
Beating Rivals At Their Own Game
HighMark Charts Opponents to Find Which Bets to Raise; Mr. Hill Can 'Sleep Better"
By Craig Karmin and Shefali Anand

Peter Hill is interviewed about how he manages the HighMark International Opportunity Fund.


Bloomberg News, May 22, 2006
India's Stocks, Still Expensive, May Extend Three-Day Tumble
By Pooja Thakur

"It's still very expensive," said Peter Hill, who manages the $218 million Highmark International Opportunity Fund in Foster City, California. "The fundamentals are pretty good for India, and it's at an early stage of getting on this growth wagon. It's not so much the fundamentals as over speculation in the stock market."


New York Times, May 14, 2006
Foreign Stocks and the Allure of Double-Digit Growth
By Paul J. Lim

There are other things that risk-minded foreign investors might want to consider. For instance, stick with funds that are themselves well diversified, said Peter Hill, chief investment officer for the asset management firm Bailard, based in Foster City, Calif.


TheStreet.com, May 12, 2006
Video Interview: "Thinking Globally"

Gregg Greenberg interviewed Peter Hill, portfolio manager for the HighMark International Opportunities Fund.


Standard & Poors Fund Q&A, BusinessWeek Online, January 12, 2006
A Behavioral Approach to Funds: Rosemary Macedo of Bailard International Equity Fund Studies Investor Reactions to Stay on Top of the Game

Click here to read the article.


San Francisco Chronicle, April 16, 2005
Wall Street Battered by Worst Day in 2 Years;
Worries Over Economic Weakness Push Stock Indexes to Levels Not Seen Since Fall

By Tom Abate

Arthur Micheletti, chief investment strategist for the Foster City money-management firm Bailard Inc., recalled the sentiment before the Monday back in October 1987 when the Dow plummeted 508 points.

"Makes me really nervous"

"One thing that makes me really nervous is that back in October '87 there was a very bad week before that Black Monday," he said.

But Micheletti said he didn't think the market was poised for that kind of tailspin, in part because stocks were reasonably valued at about 16 times current earnings. He said also that this week's sell-off was based on fears of an economic slowdown that could be overblown.


Bloomberg News, November 4, 2004
European Stocks Decline, Paced by BNP Paribas, HVB, Carlsberg
By Brian McGee

''Now that the U.S. election is over, it is going to be back to fundamentals,'' said Arthur Micheletti, global investment strategist at Bailard Biehl & Kaiser Inc., which oversees $1.5 billion in assets in Foster City, California.


Bloomberg News, October 22, 2004
European Raw-Material Stocks Rise, Led by BHP; Ericsson Slides
By Brian McGee

"There's a group out there that expects China to have a hard landing; I don't agree with that," said Arthur Micheletti, global investment strategist at Bailard Biehl & Kaiser Inc. in Foster City, California, which oversees $1.5 billion.


Los Angeles Times, October 8, 2004
Quarterly Mutual Fund Report; Stock Picker’s Market; The average U.S. fund falls 2.8% in the third quarter, but some managers sniff out winners
By Tom Petruno

Art Micheletti, investment strategist at money manager Bailard, Biehl & Kaiser in San Mateo, said he thought that 2004 might be more likely to be remembered as “the pause that refreshes” rather than as a prelude to a new bear market.

“I think the market is looking real cheap here,” Micheletti said. The average blue-chip stock sells for about 18 times estimated 2004 earnings per share. With the economy still growing and inflation low, that isn’t a high price to pay for equities, he said.


Business Week, September 23, 2004
Proxy Advisers Ready to Rumble; Thanks to new rules and activist investors, the field is drawing a surge of sharp-elbowed upstarts

[Foliofn CFO] Wallman's pledge to run a transparent service appeals to Foliofn customer Burnie Sparks, president of the client group at Bailard, Biehl & Kaiser, a San Francisco firm that manages $1.4 billion in assets for institutions and wealthy individuals. "I like that they will let me see how they arrived at a decision," says Sparks, who's still mulling whether to sign on with Proxy Governance.


Los Angeles Times, May 16, 2004
Market Beat: Sizing Up Bonds – Before the Fed Acts
By Tom Petruno

“If you stay short, you’re going to give up a lot of yield” compared with shifting some of your money into longer-term bonds, said Eric Leve, fixed-income strategist at money management firm Bailard, Biehl & Kaiser in Foster City, Calif.


Investment News, May 3, 2004
Advisers Strategize on Rising Rates; With a Fed hike looming, it’s a case of different strokes
By Brooke Southall

Eric P. Leve, senior vice president, global fixed income for Bailard, Biehl & Kaiser, Inc., a Foster City, Calif,. money manager with $1.4 billion under management, agrees that advisers in the trenches don’t have the luxury of putting all their chips on higher rates.

“No good adviser is going to bet the whole house one way or the other,” he said. “Even if we do get a run in rates, it might not be that severe. We don’t know what will happen at the five- and 10-year end of the [yield] curve.”


San Francisco Chronicle, December 12, 2003
Market squeaks past benchmark: Stocks buoyed by new confidence in U.S. recovery
By Sam Zuckerman, Economics Writer

"The market is not cheap, but it's not expensive either," said Arthur Micheletti, chief investment strategist at the Foster City money management firm Bailard, Biehl & Kaiser. "With interest rates as low as they are and with inflation staying down, you can justify a multiple of 20 times earnings."

Market pros also note that advances are biggest at the beginning of a rally. "Going forward, the gains probably are not going to be as great," Micheletti said.


The Christian Science Monitor, October 27, 2003
Where to turn for income in a low-rate environment:
Tired of paltry returns from money-market funds and CDs? Some analysts recommend moving up the risk curve to invest in junk bonds and real estate investment trusts.

By David R. Francis, Staff Writer

"People should get used to being in a protracted period of low interest rates," says Ronald Kaiser, director of Bailard, Biehl & Kaiser, Inc., an investment-counseling firm in Foster City, Calif. "Those happy days [of high interest rates] are gone."


San Francisco Chronicle, October 7, 2003
Sun CEO Regrets Insulting SEC
By Dan Goodin, Bloomberg News

"Instead of coming right out and saying 'our business isn't doing as well as we thought,' they're coming out with statements about accounting laws being crazy," said Sonya Thadhani, who helps manage $1.3 billion at Bailard, Biehl & Kaiser. "It's not very presidential."


BusinessWeek Online, September 30, 2003
Investing Q&A - Hot Properties for Income Seekers
Investment adviser Ron Kaiser argues that the right mix of REITs can almost match the security of Treasuries, with much higher returns
By Amy Tsao and Patricia O'Connell

Read Ron Kaiser's interview here.


San Jose Mercury News, August 23, 2003
State Outlines $18 Billion Bond Sale to Fund Budget
By Mark Schwanhausser

"For a lot of municipal bond funds, their appetite isn't exhausted, but it's getting tested," said Eric Leve, co-manager of global fixed-income assets for Bailard, Biehl & Kaiser."They'll have to offer some generous coupons to induce buyers, given the budgets we see out there."

…With the lowest credit rating in the nation, California's general obligation bonds would yield 4.68 percent—far more than the 4.08 percent national average, Leve said.

Investors "who are willing to take on the risk probably will be rewarded for it," Leve said.


Conta Costa Times, August 8, 2003
This Year's Fix Risks Trouble Next Year
By Andrew LaMar and Rick Jurgens

The state's budget structure is shaky but still viable, said Eric Leve, an analyst at the Foster City investment management firm Bailard Biehl & Kaiser. "There isn't enough evidence yet" to conclude that California's fiscal framework has become unworkable. Good fiscal management "probably can allow us to weather recessions better than we weathered this one," he added.


Los Angeles Times, March 23, 2003
War with Iraq: Dow Soars as Hopes Rise for Conflict's End
By Thomas S. Mulligan

"They were buying anything and everything," said Arthur Micheletti, chief investment strategist at Bailard, Biehl & Kaiser in San Mateo, Calif.


San Francisco Chronicle, March 21, 2003
War on Iraq/Market gyrations
Stocks: After a day of wild swings fueled by the start of the war, news and rumors, the Dow and Nasdaq both close higher.

By Sam Zuckerman

"Markets are going to move on rumors," said Arthur Micheletti, chief investment strategist at the Foster City money management firm Bailard, Biehl & Kaiser. "You're vulnerable to being whipsawed like crazy."


The Kiplinger California Letter, March 19, 2003 Questions on California's Economy

How bad is the state budget problem? Serious but not crippling. Layoffs and budget cuts will be a drag on the Calif. economy this year. But according to Bailard, Biehl & Kaiser, an investment management firm, the crisis, "while mindboggling in absolute terms, is very manageable for a state of Calif's wealth and resilience." The state is fortunate that its debt is building up at a time of low interest rates, it says.


Chicago Sun-Times, February 24, 2003
Past, Future Bright for REITs; Present Kind of Iffy
By Russ Wiles

"Long-term returns on urban properties have indeed been about 10 percent per year," wrote Ronald Kaiser of California investment firm Bailard, Biehl & Kaiser in a recent report.

The only two prolonged real estate slumps came in the late 1920s/early 1930s and in the early 1990s, and resulted from massive overbuilding, Kaiser said, adding "those conditions don't exist today."

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