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The idea that people generally prefer consuming goods and services today rather than at some point in the distant future is a basic tenet of economic theory. Based on this, savers usually require positive real interest rates to forsake current consumption and hand over their money. Of course, borrowers can only pay positive rates if their investmen...

Our January 2016 commentary suggested “…we are in a transition period between central bank-induced liquidity and eventual normalization of markets. This transition period has been and will continue to be a bit choppy…”“Choppy” was indeed an accurate description of financial markets in the First Quarter of 2016. The first half of the quarter saw a s...

Brought on by concerns about the strength of the global economy and extreme investor pessimism, the volatile start to 2016 drove many equity markets near or into bear market territory. A subsequent rally began mid-February from severely oversold conditions as it became clear that the U.S. was not headed for a recession. As is common during volatile...

In a recent venture market survey, entrepreneurs said they have lowered their valuation expectations and venture capitalists reported having slowed their investment pace. One of the most interesting questions in the survey was also most likely one of the hardest to answer: Which two metrics are most important when evaluating new investments today?

Most market updates are preoccupied with shorter-term phenomena and near-term concerns. However, today’s realities are best assessed through a longer-term lens—one based on the goal of generating attractive, or at least sufficient, compounded returns over decades rather than months, quarters, or even years. Great investment opportunitie...

Before executing a commercial property lease or sales contract, the parties may prepare a letter of intent or an agreement in principle. The letter of intent or a similar document (the “LOIs”) generally signals that the parties have agreed on the outline of a deal, but not on all of its provisions or details. While LOIs can serve differ...

Amidst headwinds such as economic weakness in China and emerging markets, financial and stock market volatility, falling oil prices and a stronger dollar, the U.S. economy weakened to end 2015. Despite these impediments to growth, several economic indicators were encouraging. During the 4th Quarter 2015, leading indices showed that consumer confide...

For decades, asset owners have worked to align their public equity investments with their values. Today, many investors in public equity consider social and environmental issues in their investment selection processes. Given the diversity and demonstrable track records of these strategies, families may find public equity to be an accessible asset c...

Fixed income is a cornerstone of traditionally balanced investment portfolios, offering stable income, varying liquidity, and a relatively low-risk profile. Given the prevalence and diversity of fixed income investment opportunities, families who wish to create or expand an impact investment portfolio may find fixed income to be a good place to sta...

What do people really mean when they talk about “impact investing?” Why do people make impact investments, and how do they do it? What counts, and what doesn’t? This primer provides family enterprises with clear explanations of the “why,” “how,” and “what” of impact investing. Whether families a...

Impact investing uses investment capital to solve social or environmental problems. Such investments often promote renewable energy, food, water, health, and economic development. While once of interest to a relative few, impact investing has gone mainstream and, according to US SIF, now accounts for more than one out of every six dollars under pro...

The spillover of recent market volatility from China into the rest of the world reflects poor communication by Chinese authorities and a lack of transparency of their ultimate goals. The backdrop of global volatility is also reflective of rising fears of geopolitical risks, especially a Middle Eastern conflict. Economic growth indicators have also ...

U.S. equities are entering 2016 and approaching the seven-year bull market anniversary amidst market crosscurrents, however, macro and fundamental backdrops remain favorable for equities. Inflation, earnings, valuation, interest rates, and sentiment are all generally supportive of equity prices. Conversely, the continued drop in oil prices, slow pa...

Financial markets steadied through the end of February and into early March, led by stabilizing oil prices, relief in the exchange value of the Chinese yuan and other emerging market currencies, and some improved domestic economic data points. Stronger retail sales, industrial production and jobless claims helped alleviate near-term recession fears...

Last week was relatively quiet in terms of global economic data, with investors watching actions by central banks. The European Central Bank announced additional monthly asset purchases and cuts to interest rates, which President Mario Draghi believes will be sufficient to support economic activity. This week, meetings are scheduled for the Bank of...