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Insights

When Secondaries Should Come First

Investors seeking to gain initial exposure to private investments should actively consider secondaries, rather than funds-of-funds, as the very first step to constructing a long-term private equity portfolio.

August 2017

Funding Development for Public Universities

Investing in revenue development and fundraising while simultaneously pursuing goals for asset growth is a balancing act. Public universities commonly draw from a combination of three funding sources—the university’s centralized operating budget, gift fees, and administrative fees charged against the endowment—to help pay for the growing costs of development efforts. However, determining the right mix […]

August 2017

Is the US Dollar Dead?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. We are not ready to pronounce the strong dollar cycle dead, but do admit the US dollar is in critical condition. Investors should remain partially unhedged or prepared to ride out a period of currency volatility. […]

August 2017

Will the Nascent Shift in Equity Market Leadership from US to Non-US Equities Persist?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. Prospects for a continued turn in the cycle look promising. US outperformance relative to other developed markets peaked in November 2016, as the chart below shows, raising the prospect that the cycle has indeed turned. US […]

July 2017

VantagePoint: Third Quarter 2017

This quarter’s edition covers the very overvalued US equity market, reviewing what late cycle looks like in the US and casting a critical eye at the consensus view of an overly concentrated market. Also discussed are the better prospects for ex US markets and the importance of remaining diversified.

July 2017

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