Investors should embrace diversification in 2026 by Kevin Rosenbaum Many investors have seen the share of their portfolios invested in equities—both public and private—increase over the past decade. This shift was fueled partly by the maturation of private investment asset classes, the growth of passive investing, and low bond yields that accompanied extraordinary fiscal and […]
December 2025
Blockchain and crypto-focused venture capital (BCVC) funds offer a compelling opportunity alongside traditional venture capital (VC) strategies. While some investors question the merits of blockchain technology and may overlook these funds, this could mean missing out on exposure to managers and innovations with the potential to transform industries and deliver outperformance. However, investors should expect […]
November 2025
The US dollar and US equities have experienced a decade-long bull market that has significantly increased USD exposure across investor portfolios. Recently, the dollar has declined amid heightened global economic uncertainty, raising concerns about a possible prolonged downturn. Considering these developments, we believe investors should underweight the dollar relative to the allocation implied by their […]
July 2025
No, we don’t think so. Gold has benefited from concerns about economic growth, inflation, and waning confidence in the US dollar, creating a perfect storm for bullish sentiment. While these factors could continue to support gold in the short term, the current momentum appears unsustainable. Gold’s recent climb to an all-time inflation-adjusted high increases the […]
April 2025
After a prolonged period of US outperformance, many investment portfolios have become heavily concentrated in US equities, particularly tech stocks. They are also significantly exposed to the US dollar across public, private, and alternative assets. Recent policy shifts now challenge US economic and financial hegemony, increasing the risk to equity and currency outperformance. Investors should […]
April 2025
We expect the US dollar rally will ultimately cool, with early strength giving way to modest weakening. Meanwhile, gold returns are likely to moderate in 2025 after a surge in 2024. Emerging markets’ use of stablecoins should support positive crypto returns, driving blockchain innovations and investment opportunities. The US Dollar Rally Should Cool in 2025 […]
December 2024
No. The Japanese yen has been on a weakening trend for several years. For most of that time, it has been a lynchpin of Japanese equity outperformance in local currency terms. We believe there is limited further downside for the yen, which, while removing a headwind for USD returns, also removes the main pillar of […]
May 2024
No. While recent developments may be a sign that bitcoin is gaining credibility, it remains a highly speculative investment that offers no cash flows. Gold—a more stable and defensive option than bitcoin—also offers no yield. Investors looking for portfolio defense should look to long US Treasury securities, which offer reasonable yields and protection in a […]
March 2024