December 2015

Are Your Reserves Long-Term Capital?

Sizing near-term reserve funds should be guided by analysis of cash flows, endowment reliance, available liquidity, and capital needs. Any reserve funds not needed in the near term can be considered longer-term capital. When investing reserves as long-term capital, institutions should consider the policies needed to support responsible reserve fund management, how compatible the funds invested together are, and whether such investments will jeopardize the long-term investment pool.

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Research Note

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.
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Research Note

Venture Capital Positively Disrupts Intergenerational Investing

Families of wealth face three key questions about intergenerational wealth planning: how best to invest to sustain future generations; how best to engage the next generation; and how best to ensure family unity endures. Often each question is addressed independently. We find that a conversation across generations about the impact of a meaningful venture capital allocation can help address all three questions in an integrated manner.
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