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Equities ended the first half of the year wildly positive and remarkably resilient, with the S&P 500 having endured an approximate 10 percent decline in January and February to end the first half up 2.7 percent. The S&P 500 Index then reached a new all-time high on July 11. To a large degree, equities have begun the second half of the year priced to perfection. While the near-term risk profile of equities is elevated, the fundamental and macro backdrops appear supportive of equity prices.

Real estate has long been recognized as a diversification vehicle within investment portfolios and often is held in one of two ways: physical real estate and Real Estate Investment Trusts (REITs). Although REITs were first created in the early 1960s and have played a notable role for investors since the 1990s, they have not always been a requirement within portfolios for traditional equity investment managers.

Any investors who were too preoccupied to track the markets in the first three months of 2016 might conclude from their quarterly statement that not much of consequence happened. They may have missed the mad dash to safe harbors followed by a speedy return to risk. The extreme moves in opposite directions nearly offset each other. The primary cause was a reversal every bit as abrupt—the Federal Reserve backtracking on its plan to raise a key interest rate by 1 percent this year, in four installments

Heading down the backstretch of 2016, the status quo brings to mind the title of the old comedy routine “Everything You Know is Wrong.” It seems that the capital markets have adopted their own version of augmented reality in a topsy-turvy year. Bouts of volatility are likely in the second half, and risks appear elevated in a world of slowing growth, structural cracks and political fissures. Five topics of note contain further views on Brexit, the election, and surprising market trends.

One of the main components of investment management is an Investment Policy Statement (the IPS) that serves as a strategic guide to the planning and implementation of an investment program. It is a road map that defines roles and responsibilities and lays out directives for keeping investments aligned with a stated purpose. A good IPS includes several key components, customized to each individual, family or institution. It’s simple enough, yet often overlooked.

For the fourth consecutive quarter, financial markets suffered a bout of sudden and dramatic volatility. This time it was the Brexit vote which triggered negative market reaction. After the UK's surprising election results were announced on June 24, global equity markets sold off, the British Pound fell to a 30-year low, and worries re-emerged over the health of various European banks and the EU itself. Financial markets quickly absorbed the surprise outcome of the U.K.

Families are often overwhelmed by the complexity and sense of burden that comes with managing all the component parts of wealth across generations. More concerning, though, is the lost opportunities and the loss of capital that results from not getting it right. But owning and managing significant wealth does not have to be difficult, and learning from the ten most common mistakes that a family office investor makes can help the process become easier.

The United Kingdom's Brexit vote was shocking but not surprising. Polling prior to the vote consistently showed a close contest, with "Leave" often in the lead. The Brexit outcome created uncertainty for the financial outlook and markets. Some broad themes have emerged since the vote and may carry over to other markets. Learn more about what investors need to know on the impacts of Brexit.

At times of high uncertainty, the dissemination of information can create more confusion than clarity. The downside of today’s media model has been on prominent display in the days since voters in the United Kingdom cast their Brexit vote, expressing a wish to depart the European Union. In the aftermath, analysts began to project a wide range of separations occurring within regions and countries. It was as if the map of Europe were heading back to its standing of 400 years ago.