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Research shows that individuals investing directly in stocks or in mutual funds tend to have substantially lower returns than do comparable equity indices or the funds themselves. This underperformance is attributable mainly to human behavioral biases, either cognitive or emotional, which have long been the focus of behavioral finance literature. Of the many deficiencies researchers have identified, one of the most significant is loss aversion. That and other behavioral biases cannot be avoided, but their effects can be diminished.

There were two distinct periods during the quarter divided by sentiment and performance. The start of the year through February 11 was a “risk-off” period of negative sentiment and sharp declines across asset classes and countries. Many assets had double-digit declines during the first half of the quarter. Sentiment shifted abruptly and most markets rallied starting February 12. Many major indices erased prior losses to post gains for the quarter.

Prior to the Brexit vote on June 23, financial markets were relatively strong. The S&P 500 index was trading just under its all-time high and the British pound was at the highest level of the year. The day after the vote, markets reacted sharply with risk-assets dropping and safe haven assets rising. Oil, the S&P 500, and the FTSE Eurotop 100 fell 5 percent, 4 percent, and 6 percent respectively. Gold gained 4 percent. The sell-off lasted two days and equities regained much of the two-day declines by month-end.

For decades, families seeking advice on how to invest their hard-earned capital were forced to endure “beauty contests” where potential advisors attempted to demonstrate their supposedly-unique skills and/or access to information. More often than not, it seemed families would choose an advisor only to inevitably experience disappointment when their actual results didn’t uphold the promises made by the advisor.

The proverb “Shirtsleeves to shirtsleeves in three generations” is pervasive across many cultures. Why is this the case and how can your family be exceptional in your quest to sustain your wealth? Observations from decades of working with families on this challenge provide seven insights on how families fail to sustain their wealth from generation to generation, and how you can learn from them.

In recent years the rise in prominence of smaller, typically seed stage focused venture funds has transformed the landscape of early stage investing. At the same time, mobile innovation has spawned new business models that in a short period of time can achieve great scale and reach. It becomes even more essential to have access to top venture capital firms, which can be hard, but understanding micro VCs track record may get you the same access to the top portfolio companies.

The stock market abounds with colorful sayings that reflect the collective wisdom of decades of investment experience. For professional investors, these time-worn adages are reminders of sometimes-painful past market episodes and the unending challenge of getting the future right. But at the end of the day, can these slogans actually be useful in making investment decisions? Yes, but the best investment strategy is one that incorporates reasonable expectations for future market returns and establishes guardrails to avoid being swept up by the emotion that inhibits investment success.

Nearly all investment professionals rely upon portfolio optimization techniques grounded in Modern Portfolio Theory to structure investment portfolios for individual investors. Using statistical techniques and computer-assisted modeling, investment advisers are able to combine different types of assets such as stocks, bonds, cash, real estate, and hedge funds to create portfolios that claim to offer the best possible return for specified level of risk, or to minimize the amount of risk an investor must assume to achieve a specified amount of return.

To ensure you are on the right track when buying and maximizing valuations when selling, it is important to minimize mistakes during the due diligence and direct investment process. As a part of that process, there are ten top ways that can help maximize value, including exercising discipline when reviewing a target’s commercial, operational and financial aspects.

Millennials have surpassed the Baby Boomers as the nation’s largest demographic segment. And with more than $30 trillion passing to them through inheritance over the next 30 years, Millennial investors are determined to make an impact and use their wealth to reshape not just markets, but the world.