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With unprecedented health concerns and economic uncertainty at the forefront of everyone’s mind, Edward Marshall sat down with Richard Perez, to provide guidance on how to put these events into perspective. Edward shared tactics on how to weather environments like those we are experiencing such as:Putting uncertainty and market volatilit...

While little liquidity is making its way into the real economy, it is flowing into capital markets, leading to distorted prices and increasing risks to investors. Unfortunately, the longer accommodative central bank policies remain in place, the higher asset prices are likely to climb and the more investors will face an increasing risk of loss.

Many, if not most, consumers of water are not aware of the inevitability of shortages, do not notice the impact of pollution on supplies and are oblivious to the fact that future prices will be dramatically influenced by these and other factors. Yet, there are realists who are well aware of their water footprint and are intent on making changes.

This paper examines how good active managers and hedge funds need to be to outperform passive index funds on an after-tax basis using over 40 years of data. The authors note that while many studies look at the impact of fees on active manager performance they are not aware of any studies that incorporate the impact of taxes over long periods o...

The word concentrated is defined as “to direct toward one point” or “to intensify.” For wealth preservation, that’s not necessarily a good strategy. Here’s what individuals need to know about concentrated holdings and whether they should sell, hedge, exchange, donate or transfer.

The authors discuss Exchange Traded Funds (ETFs) - what purpose they serve, why demand for ETFs has grown, and the author's position on the use of these products. Also covered are how ETFs have evolved in recent years, examination of their risks and consideration of some unintended consequences that may result from their design that have ...

This article explores the questions and options that should be examined in designing an optimal investment program for a Generation Skipping Trust (GST). The GST is treated as a separate client from the donor to ensure the investment policy is appropriate for its specific needs. Review questions include:What is the Trust’s Perspect...

The authors discuss the Risk Parity approach to investing - equalizing risk by allocating funds to a wider range of categories such as stocks, government bonds, credit-related securities and inflation hedges (including real assets, commodities, real estate and inflation-protected bonds) while maximizing gains through financial leveraging. The...

Secondary investments in private equity can be an attractive addition to primary private equity investments. They offer broad diversification across vintage years, industries, geographies, managers and investment strategies. Generally, capital is deployed faster than with primary commitments, reducing the time that commitments are held in reserve, ...

As part of the "10 Things You Didn't Know You Could Do With Your Foundation" series, four approaches to impact investing are discussed:Community InvestingSocially Responsible InvestingProgram-Related InvestingSocial Venture Capital Investing

This article discusses the different roles an investment consultant plays in providing services to your foundation:Investment Partner Fidicuary Advisor Educator Administrator, andPhilanthropic SupporterA checklist of questions to ask a prospective investment consultant is provided.

There is no perfect system or framework for investing, nor can any investor follow any system in a perfectly disciplined way. Goals-based investing, however, is a better approach than most in helping investors stick to their investment diet, reach their target and maintain their financial “weight” over time.

Over the past few years, investors have been keenly drawn to strategies that promise to lower equity portfolio risk. This article examines one popular low-risk strategy, minimum variance, which optimizes a basket of stocks to deliver the lowest possible portfolio variance. The authors examine the underlying factor exposure...

The framework uses multiple dimensions of risk and return trade-offs to consider when building portfolios and evaluates the consequences of risk allocation decisions during normal and stressed markets. The authors explain this process goes further than traditional role-in-portfolio exposure techniques by considering not on...

By moving beyond traditional measures of investment return and applying a benchmark to gauge the performance of an allocation, investors can determine whether: the selection of various asset classes in the allocation outperformed the broad market, any allocation decisions in the portfolio need to be reviewed, and a long-term decision made in the po...