Investment innovation and rigorous discipline; dynamic, seamless planning; and a different quality of client-advisor engagement will be key to the achievement of long-term objectives for wealth accumulation, protection, spending and transfer as well as to peace of mind.
Investment Management
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The author examines why investors often embrace misperceptions preventing them from making corrective portfolio reallocations at critical junctures, attempts to put the recent 30-year fixed-income bull market into historical perspective, identifies underlying changes in long-term trends, and discusses how prime consumer lending may help reduce overall fixed-income portfolio risk.
Long/Short Equity Investing
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In the first of a two-part series, the author defines the various types of investment styles and strategies of long/short equity managers, as well as explores their portfolio construction characteristics and techniques.
An Overview of U.S. State Creditworthiness
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As states have struggled with the fall-off in tax revenues from the financial crisis and ensuing recession, they have experienced very difficult budgeting processes. Despite these difficulties, almost all the states began the 2011 fiscal year with improving budgets.
The Outsourced CIO Model
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The author explores the advantages and disadvantages of the outsourced CIO model relative to non-discretionary models and suggests how investors might think about choosing between the two models.
Holistic, Risk-based Investment Management
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In this FOX Fall Forum presentation, Donald Putnam considered how families and family offices are increasingly focused on risk and their own goals when managing portfolios. This has implications for modern portfolio theory and the widely followed endowment investment model. Putnam shared his thoughts about how to look at a portfolio’s risk profile and whether current practices in the private wealth management industry offer an adequate way forward.
Distressed Investment Banking: To the Abyss and Back
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The authors offer insight into how to minimize the down side and maximize recovery in failed investments by providing an initial framework to ensure the right alternatives are identified and evaluated and the most appropriate courses of action are selected.
High Yield Loans
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Senior security, floating interest payments and covenant protection make these loans a unique asset class. Their historically steady returns, low volatility and negative correlation with investment-grade fixed income could enhance returns while reducing portfolio volatility.
Hedge Fund Industry Overview
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This presentation was orignially delivered at the 2010 Global Family Forum. It features insights regarding investment past performance and investor outlook on risk in the wake of the global financial crisisas well as a view on risk-taking and the future role of hedge funds in private investment portfolios.
What Are CLOs and How Do They Work?
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This white paper describes what CLOs are and how they fit into the broader basket of financial structured products. Keeping in mind that the arena of structured credit has changed much over the past couple of years, this paper refers to a 2006 CLO structure to describe the essentials of CLO structures. Bank loans are briefly described, followed by a section on how CLOs are managed. A brief history of CLOs is introduced with a section on the changing investor profile over the past few years, dovetailing into the role of rating agencies in the CLO market.