Markets Price in Gridlock as Prospects for a Divided US Government Materialize
As many had expected, the US presidential election turned into more of a process than an event. Whatever the outcome, history has shown that markets are fairly agnostic to which political party holds power in the United States.
November 2020
Not All Liability Hedges Are Created Evenly: Guidance for US Plan Sponsors in Today’s Interest Rate Environment
For many US pension plan sponsors, the déjà vu of falling discount rates and volatile equity markets again raises the question of how best to hedge pension liabilities, if at all. The issue of liability hedging is especially pertinent in today’s complex and asymmetrical interest rate environment.
October 2020
Endowment Spending to the Rescue?
The current health crisis is creating extraordinary financial disruptions for nonprofit enterprises, leading stakeholders to ask if the endowment can come to the rescue of revenue shortfalls and often growing costs. How should an institution evaluate this, and what are the long-term implications of boosting spending beyond policy levels? First, we consider whether it is […]
October 2020
Disruption, Liquidity Sources, and the Role of the Endowment
Nonprofit institutions have not been spared from the impact of COVID-19. In June 2020, when many endowed institutions were completing fiscal year 2020 and on the brink of a new fiscal year, we issued a survey that focused on endowment spending and other sources of liquidity for these institutions.
October 2020
Planning for the US Presidential Election
Do investors stand to gain more from a Trump victory or a Biden win in November’s US general election? Presidents often have a mix of market-friendly and market-unfriendly policies. Mitigating factors, such as a divided government, can offset market concerns or enthusiasm relating to one specific candidate’s policies. Investors should not tweak portfolios based on election prognostication.
September 2020
Reshaping Industry Audio Series: Sustainable Investing
In this episode, we discuss the heightened focus on sustainable investing as well as a few key trends that will have implications for investment portfolios. We also talk green-washing within the industry and how to identify asset managers who are incorporating sustainability into their investment process effectively.
September 2020
Reshaping Industry Audio Series: The Endowment Model
In this segment, Margaret shares her thoughts on the endowment model given the COVID-19 crisis and whether she believes it’s possible for an institution to achieve a 5% real return in the current market environment. She discusses investing in industry “disruptors,” the importance of diversification, and the debate around growth vs. value.
September 2020
Reshaping Industry Audio Series: Hospital Liquidity
In this segment, Jeff speaks about the importance of liquidity for healthcare systems in the wake of the COVID-19 pandemic and how he guided clients during the market downturn in March and April. He goes on to discuss the present state of the industry and what he believes will be the long-term implications of the crisis.
September 2020
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