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For the investors with the capital means to drive much needed social and environmental change, the time is now to align their values with impact investing. This year’s report highlights the positive impact of a portfolio committed to incorporating environmental, social, and governance (ESG) criteria with a goal to earn an attractive...

Most equity index maintenance is routine. We explore how the COVID-19 pandemic could make things different for major index providers ahead of their regular updates.

Contrary to conventional “wisdom,” decisions regarding manager selection can impact performance as much as or more than decisions regarding asset allocation. Success in this manner involves the ability to identify and access managers who are often not available in common formats, such as mutual funds and most open-architecture investment platforms.

Investors should not design portfolios to survive markets on average, but rather to survive every day and, most importantly, the worst days. As Benjamin Graham said, “the essence of portfolio management is the management of risks, not the management of returns.” At the core of a robust portfolio construction framework is to take a risk conscious ap...

Despite a weak economy, global financial markets have rebounded, liquidity has been restored, and investors are reentering the markets. Given the risk of a second wave of COVID-19 and other factors, is the stock market being overly optimistic about the growth outlook over the next year?

The current-hedging strategies have become increasingly popular as investors seek higher returns and diversification. But when the strategy is applied to emerging market portfolios, it is an entirely different ball game. If you are considering implementing the strategy, consider that it might not be worth playing due to the time and expense require...

As family offices have grown in number, size and sophistication, they have increasingly looked to invest directly. Largely, the pursuit of direct investing opportunities has been driven by several factors, including the desire for increased control, better alignment of interests, reduced fees and expenses, and higher returns. While the appeal of di...

The Golden Age of Monetary Policy (1980-2019) has ended and the Post-Monetary Era has begun. This episode explores the consequences of the COVID pandemic's dramatic impacts on the economy and financial markets.

Equity markets have priced in an optimistic scenario of earnings recovering to pre-COVID-19 levels by the end of 2021—a V-shaped recovery. While it is within the realm of possibility, there is considerable risk to this scenario. We consider what conditions could support a V-shaped recovery, and circumstances under which other, more gradual re...

When forecasting any investment assumptions, it is important to take a look at the factors that shaped the past decade and those that will influence markets moving forward. From that vantage point, this year’s Capital Market Assumptions report provides strategic asset allocation models and shifts based on shorter-term market opportunities.

Coming into financial independence and taking on more responsibilities for your own income and spending is both a liberating and intimidating experience. To help navigate some of the most important and common financial and investment decisions, a collection of articles is provided for guidance. The goal is to help break down complicated concep...

In an industry that relies on speed and innovation to close deals and drive returns for investors, the absence of face-to-face meetings amid the coronavirus pandemic is one reason the M&A activity in the private equity sector has had the most sudden drop-off since the Great Recession. Now private equity firms must transform quickly, and innovat...

The coronavirus pandemic hasn’t slowed private equity firms’ interest in putting their cash to work in distressed firms. Although deal activity has been down, general partners in private equity firms are still searching for value wherever they can find it. At the same time, the declining valuations have created a push and pull in the pr...

Traditional benchmarks don’t work for taxable investors seeking to put their after-tax performance in perspective. The solution are customized benchmarks, which means knowing how to calculate your own personal index. It’s not a simple task, but it’s essential for any manager who wants to look credible in the tax-management sp...

As the COVID-19 crisis has unfolded, our global health, economic, and market systems have been severely tested in a very short span of time. Even as we find ourselves in the midst of the implications, many thoughts are already geared toward what happens next … after the worst of this season’s coronavirus spread is under control. This r...