Until December 2018 he was also a member of GAM Holding AG's Group Management Board. Prior to joining GAM Investments in September 2015, he was managing director and chief economist at UBS Investment Bank. He was UBS’s global head of macro strategy from 2008 to 2012 and global head of asset allocation from 2000 to 2012. Larry was also UBS’s global head of fixed income and currency strategy. Before joining UBS in 1992, he held roles at the Federal Reserve, Citibank and Manufacturers Hanover Trust. Larry holds a PhD in economics from the University of Texas, an MA from the Johns Hopkins University, and a BA from Whitman College.
21 August 2019Jobs aren't enough
The current US economic expansion is extraordinary. It rivals the longest on post-war record. Unlike its predecessors, it has not unleashed much inflation. Corporate profits have soared to unprecedented levels. Economic inequality is at its most extreme in a century.
18 July 2019Larry Hatheway on Markets: There is no alternative (TINA)
GAM Investments’ Larry Hatheway outlines his latest multi-asset views, discussing whether TINA (‘There Is No Alternative’) is fuelling global equity demand, how market leadership needs to shift and why selectivity is central for asset allocation.
9 July 2019Multi Asset Perspectives: Selectivity is Key
Earlier this month, the asset allocation committee met to discuss the investment outlook at the start of the third quarter. Following powerful rallies in stocks and bonds in the first half of the year, the committee focused on the prospects for asset returns for the remainder of 2019.
27 June 2019Larry Hatheway on Markets: Central bank risk management
GAM Investments’ Larry Hatheway discusses whether economic activity is likely to remain resilient, what action the Fed may take from here and how this translates into an asset allocation view.
19 June 2019Multi Asset Perspectives: Fixed income fantasies
The asset allocation committee met to discuss the investment outlook as the second quarter draws to a close. Here are their key conclusions.
11 June 2019We’re all active now
The active versus passive debate has become a key consideration when constructing portfolios. GAM Investments’ Larry Hatheway argues that while an emphasis on low cost is important, investors should also actively focus on solutions that deliver genuine diversification and loss avoidance.
23 May 2019Multi Asset Perspectives: Too early to re-enter
This month, the asset allocation committee investment outlook discussion took place against a more challenging backdrop of renewed trade tensions and decelerating global earnings growth. The committee’s key conclusion is that fundamental support for global equities (and credit) is waning. We believe that a defensive stance remains warranted and it is premature to re-engage in risk assets.
16 May 2019Larry Hatheway on Markets: Can equity gains be sustained?
GAM Investments’ Larry Hatheway outlines his latest multi-asset views, discussing whether markets are behaving as anticipated this year, what catalysts could change this and what the implications are for asset allocation.
16 April 2019Multi Asset Perspectives: stocks/bonds conundrum
The asset allocation committee met to discuss the investment outlook for the second quarter of 2019. A summary of their key conclusions follows.
28 March 2019Larry Hatheway on Markets: Seeking an earnings story
GAM Investments’ Larry Hatheway outlines his latest multi-asset views, discussing whether a pullback in markets appears less likely than it did at the turn of the year, the main threats to an improvement in markets and the potential catalyst for investors to re-engage more fully in risk assets.