May 14, 2023

Fortune Favors the Diversified

“The only way you get fired from a pension fund is if you innovate.” – Ashby Monk RESEARCH AQR – International Diversification— Still Not Crazy after All These Years (12 pages) As many investors are underweight foreign stocks after 30 years […]
May 7, 2023

The Truth About Buybacks

“We should not aim for a regulatory regime that eliminates all failure but one that reduces the chance of failure and the odds of contagion.” – Jamie Dimon RESEARCH   S&P Global – Examining Share Repurchasing and the S&P Buyback […]
April 30, 2023

CRE in Focus

“Good short-sellers have something in the DNA. Or maybe we were dropped on our heads as babies.” – Jim Chanos RESEARCH   J.P. Morgan – Are banks vulnerable to a crisis in commercial real estate? (11 pages) J.P. Morgan looks at […]
April 23, 2023

Evidence From 64,000 Stocks

“The stock market will find your own weakest personal trait, and then do everything in its power to use it against you.” – Barry Bannister RESEARCH   Long-Term Shareholder Returns: Evidence from 64,000 Global Stocks (89 pages) Hendrik Bessembinder analyzes long-run […]
April 16, 2023

Private Markets Turn the Volume Down

“There’s no such thing as a good idea or bad idea in the investment world. It’s a good idea at a price, it’s a bad idea at a price.” – Howard Marks RESEARCH   McKinsey – Global Private Markets Review: […]
April 14, 2023

Global Valuation Updates!

Happy New Year! Quarterly CAPE Ratio Updates Median CAPE Ratio: 16 25% cheapest: 13 25% most expensive: 21 Average of Foreign Developed: 20 Average of Foreign Emerging: 14 We’ve mentioned this note in every update but it bears repeating.  We use the […]
April 9, 2023

R.I.P. US Outperformance

“Once investors realized that the asset they had paid a lot of money for stopped having the attributes they expected, the collapse was typically a brutal one.” – Louis-Vincent Gave RESEARCH   AQR – Re-Emerging Equities (11 pages) AQR notes the expected […]
April 2, 2023

U.S. Corporate Bankruptcies

“We deceive ourselves when we believe that past stock market return patterns provide the bounds by which we can predict the future.” – John Bogle RESEARCH   Meketa – Risk Mitigating Strategies (RMS) Framework (20 pages) Meketa looks into an RMS framework, […]
March 26, 2023

Venture Catastrophists

“All of history and all of life is stuffed full of the unexpected and the unthinkable.” – Peter Bernstein RESEARCH   Bain – Global Private Equity Report 2023 (76 pages) Bain’s 2023 Global Private Equity report looks at the state of the […]
March 19, 2023

Private Equity’s Other Illiquidity Premium

“It isn’t what a man has that constitutes wealth. No — it is to be satisfied with what one has; that is wealth.” – Mark Twain RESEARCH Man – Private Equity’s Other Illiquidity Premium (14 pages) Man does an examination of […]