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As more and more investors look to implement impact investment strategies, interesting questions are being raised in the context of impact investing by fiduciaries appointed to administer a trust for beneficiaries. Suppose the beneficiary of a multi-generational, non-charitable trust is interested in integrating her values in a trust established fo...

With private investments experiencing a renaissance, now is an opportune time to assess the factors shaping the current landscape, debunk misconceptions about the asset class, and evaluate the benefits and boundaries of private investing.

Interest in sustainable investing is growing each day as wealth owners, families, and family office professionals start down the path of sustainability investing. This paper details the typical path these investors take, the questions many of them face, and the way many of them successfully develop a winning strategy that generates both return...

U.S. equity performance relative to other equity markets has been unusually strong for the extended period since 2009. As is typically the case, investors have developed a battery of reasons why the lofty valuations of U.S. equities are justified and why they will continue to outperform other markets for the long run. In this edition of VantagePoin...

In practice it can be challenging to find an advisor who is truly independent and has your best interest at heart. As part of your due diligence and investment advisor selection and oversight process, it’s a good starting point to check if the advisor has a Code of Ethics—one that underscore the importance of avoiding activities, interests, and rel...

One core belief held about the blockchain industry is that every stock, bond, currency, and commodity will eventually be digitized (also known as tokenized). This investment thesis is one that has large-scale implications, but the rewards will only be realized by those who are patient enough to stick around for a long time. As Bill Gates says, &ldq...

Cannabis is one of the most promising industries emerging today and has the potential to impact and reshape the global, social, and business landscape. In this report, a spotlight is shined on the most pressing investment issues and trends facing the cannabis industry to help investors, companies, and investment banks navigate risk in the fast-movi...

Lawmakers are well aware of the significant contributions to economic and job growth made by small businesses. As a direct incentive for starting and investing in small businesses, Congress has provided varying levels of beneficial treatment in the tax code for Qualified Small Business Stock (QSBS) since 1993. With the recent tax laws, including th...

If central banks do not cut rates, their authority could start to be undermined because they have raised expectations about lower rates to the point where it would be awkward to backtrack. This may provide an incentive to cut rates—good news for markets in the short term, but not necessarily in the long term.There is also a non-optimal soluti...

Stocks and bonds delivered spectacular performance in the first six months of 2019. The S&P index of large-cap U.S. stocks returned 18.5% for the year through June 30, while the Barclays Aggregate index of investment-grade bonds delivered an equally impressive 6.1% return. Declining interest rates—sparked by the Federal Reserve—dese...

Over the past 40 years, creating and maintaining financial security has become more of a personal endeavor. Despite record aggregate levels of U.S. wealth, large portions of the population appear quite vulnerable. Avoiding late-cycle overconfidence as it relates to both spending and investment decisions is key.

Anticipating cash flows in and out of an investment program is a vital consideration in portfolio construction for high-net-worth individuals and their families. While the goal of some portfolios is to deplete over time, many investors aim to grow them to offset the effects of fees, taxes, inflation, and spending. Key factors—including identi...

The Fine Art insurance market is beginning to harden. Personal insurance companies are offering less coverage in catastrophic areas and Lloyd is closing some of their business units, including some who write insurance for Fine Art. Due to the major catastrophes that hit close to home for many collectors, cultural institutions, and museums, Fine Art...

When a company is acquired, the buyer takes on new risks and exposure. In today’s M&A marketplace, EBITDA multiples are at peak levels. With valuations so high, it’s more important than ever to manage risks—known and unknown—that could affect ultimate returns. With that in mind, there are three key risk management questi...

Demographic shifts are poised to bring about significant changes in the philanthropic market, and this evolution is being accelerated by the emergence of newer, more dynamic models for giving as Generation X and millennials take over the charitable giving from their parents and grandparents. With a new generation of philanthropists seeing themselve...