No. If the interest expense deduction is eliminated, debt issuance may drop slightly, but the demand for senior and mezzanine debt will be little changed, and the risk/reward proposition is still attractive for investors. Under the new tax regime outlined in the GOP’s Tax Reform Task Force’s Better Way “blueprint,” the highest corporate tax rate […]
March 2017
We still expect a rising US dollar over the coming year or so; however, the currency is entering the final phase of the strong-dollar cycle and investors should be aware that valuations and historical cycles suggest USD weakness over the coming decade. After weakening for most of 2016, the US dollar sprang back to life […]
March 2017
We doubt it. But, price levels are likely to rise gradually in the months ahead, as the rebound in energy commodities continues to impact measurements. Recent inflation data releases have raised concerns about a potential spike, with headlines warning that the consumer price index (CPI) posted its largest monthly gain in four years. Concerns appear […]
March 2017
Some of the reflation trades that received a boost from the US election (such as the stronger US dollar and higher US bond yields) look to be merely taking a breather as investors square positions; however, the fundamental support for others—particularly the outperformance of US small-cap equities—is challenged. The US election was not the only […]
February 2017
Investor approaches to mission-related investing (MRI) are as varied as the social and environmental outcomes they seek to achieve. This survey report explores trends in the structure and implementation of MRI programs, investor motivations and perceived challenges, and expectations for future growth in MRI investment activity, based on responses from 159 non-profit clients, 50 of which are actively making mission-related investments.
February 2017
This paper introduces Cambridge Associates’ Investment-Level Benchmarks and shares examples of the types of perspectives they can offer subscribers.
February 2017
In a word, yes, albeit slowly and selectively. Since the US presidential election, the market appears to be pricing in renewed expectations of growth and inflation, both of which have the potential to positively impact real assets in the medium term. Though it’s unclear exactly how the new administration will proceed, the prospect of policy […]
February 2017
The start of the year is always a good time to focus on personal improvements with resolutions. In this edition of VantagePoint, we share in the spirit of a new year by providing investment resolutions.
January 2017