Balancing the Financial Equation: Your Closest Supporters Have Never Been More Important
For non-profit institutions, the disruptions caused by the COVID-19 virus, and the speed by which these disruptions have materialized, create a perfect financial storm.
April 2020
Navigating Healthcare System Investments Through the Coronavirus Crisis
April 8, 2020—The COVID-19 pandemic has inflicted significant duress upon the operational and financial situations of nonprofit healthcare systems. An immediate response was necessary to escalate staffing, spending, and resources to provide emergency treatment to those affected by this highly contagious outbreak.
April 2020
The Complex Relationship Between Inflation and Asset Prices
March 23, 2020— As we write in March 2020, COVID-19 is spreading across much of the world, undercutting economic activity. While how this situation will unfold is not entirely clear, we have long believed that the best way to guard against future uncertainty is to have a well-constructed portfolio. One key component in that is understanding the relationship between asset prices and inflation.
March 2020
VantagePoint: The Bear Awakens
March 18, 2020—The bear has finally come out of his long hibernation, causing us to dust off our playbook for weathering bear markets.
March 2020
Rate Cuts Are No Vaccine
March 16, 2020— The Federal Reserve Bank has announced a host of emergency measures intended to improve bond market liquidity and reduce borrowing costs, which come in response to rising signs of dislocation across Treasury, municipal, and corporate bond markets.
March 2020
Europe Escalates Its Response to the Coronavirus Outbreak
March 13, 2020— This week, the Bank of England and the European Central Bank both announced stimulus measures aimed at responding to the growing impact of COVID-19.
March 2020
Crude Oil Prices Collapsed—Should Investors Buy Public Energy?
March 10, 2020— Political machinations and virus-induced uncertainty are weighing on oil prices at present, and it seems unlikely that both these obstacles will soon be lifted. Investors should closely monitor positioning to ensure the current level of energy exposure is intentional.
March 2020
Treasury Bond Yields Plunge to Historic Lows
March 9, 2020—Yields on ten-year Treasuries dropped below 50 basis points (bps) today for the first time in history as COVID-19 fears spread. While we cannot rule out a recession, given the uncertainties associated with the virus and its impact on economic activity, we believe today’s low yields are less about long-term growth forecasts and more about expectations of further Federal Reserve easing, risk aversion, and liquidity preferences.
March 2020
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