Market History
Equity market downturns are chaotic environments that are rarely short-lived—the best advice is to be prepared.
September 2019
Portfolio Liquidity
Investors that have inflexible spending needs and large allocations to illiquid assets should plan how they will tackle the next downturn’s liquidity challenges.
September 2019
Diversification Challenges
As investors prepare for the next equity market downturn, they should take a closer look at the benefits and limits of diversification.
September 2019
Behavioral Roadblocks
Bear markets often trigger emotional responses that can sometimes lead investors to act contrary to their long-term objectives; as such they need simple strategies to help overcome their worst instincts.
September 2019
Playing Offense
Investors should review existing policies regarding portfolio rebalancing and tactical asset allocation and ensure they have a strategy to play offense during the next downturn.
September 2019
Does a Dovish Fed Doom the US Dollar?
No, we do not think Federal Reserve rate cuts signal a major downturn in the US dollar.
August 2019
Whistling Past the Covenant-Lite Graveyard: A Sanity Check in Practical and Philosophical Terms
The recent shift in common wisdom with respect to covenant-lite loans hearkens the warning to be careful of changing opinions in the face of unchanging facts and steadfast opinions. Many general partners bemoan the incidence of covenant-lite loans, but others do not. Some market participants have come to support covenant-lite loans. Their opinions appear to […]
August 2019
What to Expect From Your Direct Lenders When the Cycle Turns
Direct lending, or senior debt, funds have come to dominate the private credit asset class, capturing significant portfolio allocations and outpacing fundraising of other private credit strategies. However, over the past 18 months, Cambridge Associates has felt enthusiasm for senior debt allocations cool as discussions turn to senior debt funds’ performance through the credit cycle.
July 2019