Funny or weird?

forecasting-the-post-coronavirus-world

Forecasting the Post-Coronavirus World

As we move past what we hope is the peak of the COVID-19 pandemic, the focus of investors is shifting from the immediate economic damage to the way out of lockdown and on to a new normal. Since this is an unprecedented crisis, the forecasts of what the world will look like in the next […]
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modern-private-equity-and-the-end-of-creative-destruction

Modern Private Equity and the End of Creative Destruction

“The more leveraged takeovers and buyouts now, the more bankruptcies tomorrow.” — John Shad, chair of the Securities and Exchange Commission (SEC), 1984 When the Reagan administration pushed for widespread deregulation in the early 1980s, financial services benefited enormously. The brisk innovation that followed sparked the junk bond and M&A mania that became known as […]
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smart-beta:-broken-by-design?

Smart Beta: Broken by Design?

Reality Dysfunction Steve Jobs’s “reality distortion field” warped Apple employees’ perception of what was technically possible. Though it led to many internal conflicts, it also drove Apple to create world-changing products like the iPhone. Finance has reality distortion fields of its own: Providers help redefine investors’ expectations of what particular investment strategies can deliver. Smart beta […]
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return-on-integrity:-the-new-metric-for-financial-performance

Return on Integrity: The New Metric for Financial Performance

What is integrity? From Wikipedia: “The word integrity evolved from the Latin adjective integer, meaning whole or complete. In this context, integrity is the inner sense of ‘wholeness’ deriving from qualities such as honesty and consistency of character. As such, one may judge that others ‘have integrity’ to the extent that they act according to the values, beliefs and principles they […]
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diversification:-high-dispersion-beats-low-correlation

Diversification: High Dispersion Beats Low Correlation

When advisers talk about diversification, their go-to variable is correlation. Finding an asset with low correlation with equities and bonds is a key consideration of every asset allocator and chief investment officer (CIO) of an institution. But correlation is not everything. What really matters for diversification is dispersion. A big concern of my friends who advise […]
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top-five-questions-non-us-citizen-clients-ask

Top Five Questions Non-US Citizen Clients Ask

There are over 41 million foreign-born people living in the United States, and financial advisers are missing out if they don’t build up the necessary knowledge to meet the financial planning needs of this growing cohort. While the financial and wealth management concerns of each foreign-born client are unique, non-US citizens generally fall into one […]
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10-open-questions-for-all-professional-investors

10 Open Questions for All Professional Investors

The investment profession has some pretty intense open questions. Think about it. Over the past 18 months, the explosive rise and fall of crypto assets caused many of us to wonder anew about the very nature of money. Why wouldn’t accepted wisdom about how to manage it be worthy of similar scrutiny? So what are […]
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