Not All NAVs Are Created Equal
The debate about private market fund valuations and volatility has returned to center stage. To quote Mohamed El-Erian, some private equity managers believe “their asset class would avoid the reckoning…
Book Review: Your Essential Guide to Sustainable Investing
Your Essential Guide to Sustainable Investing. 2022. Larry E. Swedroe and Samuel C. Adams. Harriman House. The establishment of the United Nations-backed Principles for Responsible Investment (PRI) in 2006 marked…
DC 2.0: Three Paths to More Equitable Retirement Programs
Among C-suite and financial executives at both for-profit and nonprofit organizations, 99% are committed to helping employees save for retirement and 84% believe they have made significant progress toward achieving…
The Financial Adviser Value Proposition: The Five Components
What can we do for our clients that they can’t do on their own? What can make us better at managing their money than they are? These aren’t always easy…
The Fed Isn’t Bluffing: The Real Threat of an Upside-Down Depression
“Shortly after October 6, 1979, [US Federal Reserve chair Paul Volcker] met with some chief executives of medium-sized firms. . . . One CEO announced that he had recently signed…
Book Review: The Price of Time
The Price of Time: Interest, Capitalism, and the Curse of Easy Money. 2022. Edward Chancellor. Atlantic Monthly Press. Few areas of macroeconomic policy are as important and generate as much…
Cochrane and Coleman: The Fiscal Theory of the Price Level and Inflation Episodes
“The current inflation episode is just the kind of event that the fiscal theory of the price level can easily describe. It’s simple. The US government printed up about $3 trillion…
Asset Owner Perspectives: Building Investment Organizations Fit for the Future
What can the larger investment community learn from how asset owners are thinking about and building their multi-generational, long-horizon portfolios? At last month’s Alpha Summit GLOBAL by CFA Institute, Jaap van…
The Equity Advantage: Reinvestment of Earnings
Equities can compound in value in a way that investments in bonds, real estate, and other asset classes cannot: Companies can distribute anywhere from 0% to 100% of their profits…
The Private Capital Wealth Equation, Part 2: The Economics Variable
What makes financial capitalism so compelling is the idea that modern fund managers fully participate to the upside of their investment decisions with little exposure to the downside. This “Heads…
