As the economic cycle progresses, the next recession draws inexorably closer, bringing with it the next downturn in the credit cycle. Recognizing this, institutional investors are increasingly considering allocations to distressed debt managers. While lumping all distressed managers into one group is tempting, different managers have meaningfully different approaches that are not captured by considerations […]
February 2018
No, most investors should sit tight. The persistence of strong corporate and macroeconomic fundamentals in the face of the recent sell-off and spike in volatility strongly suggests that the duration of the market rout should be limited.
February 2018
We are asked this question on a regular basis, but believe it is fundamentally the wrong question for investors to ask if they are seeking to outperform the market over the long term.
February 2018
The start of the year is a good time for planning and reviewing your investment strategy. In this edition of VantagePoint, we facilitate that effort by setting the record straight on some commonly held investment myths. Top 10 Investment Myths 10. Smart beta investing is a superior form of passive management 9. Disruptions in oil […]
January 2018
In our 2018 outlook, we review the prospects for several asset classes—developed and emerging markets equities, credit, real assets, sovereign bonds, and currencies—and share the advice of our chief investment strategist.
December 2017
College and university leaders are paying close attention to the tax plans moving through the Senate and House. As currently written, both proposals would levy a 1.4% tax on net investment income earned during the tax year for private colleges and universities. The House version proposed the tax be applied to schools with assets of at […]
December 2017
In our opinion, institutional investors are better served focusing on investing in companies seeking to profit from the development and adoption of blockchain technology and “fintech” more broadly than holding cryptocurrencies directly.
November 2017
As pressures on pensions mount, we believe financial executives are best served by re-evaluating major decisions in terms of the true tools at their disposal. In this paper we review four levers that are fundamental drivers of pension costs and outcomes: asset returns, liability hedging, contribution policy, and benefit management. Balancing these levers is critical to enabling greater probability of success in managing pension risk, and we introduce a framework for chief financial officers and other financial executives to use in doing so.
November 2017