Research
Research
Firm
Type
Market Outlooks
April 2026
Global Market Perspectives: Hope for the best, ready for the worst
Principal Asset Management
Research
24 Pages
Principal Asset Management maps a 2026 outlook shaped by energy shock, slower growth, and delayed central bank easing.
Alternative Assets
April 2026
My Quest to Solve Bitcoin’s Great Mystery
The New York Times
Article
40 Pages
Bitcoin’s founder, Satoshi Nakamoto, has remained hidden for 17 years. A trail of clues — and a year of digging by our reporter, John Carreyrou — led us to a 55-year-old computer scientist in El Salvador named Adam Back.
Alternative Assets
April 2026
State of Venture: Global | Q1 2026
CB Insights
Research
242 Pages
CB Insights looks at a venture market that is still attracting capital, but in a narrower and more selective way than the headline funding number suggests.
Markets
April 2026
Global Market Intelligence: April Update
Citadel
Research
23 Pages
Scott Rubner believes markets are stabilizing following a period of aggressive de-risking. Positioning has reset, sentiment remains depressed, and flows are turning more constructive.
China
April 2026
A Tale of Two Countries: The Real Estate Crises in 1990s Japan and Contemporary China
Research
51 Pages
The authors compare China’s property downturn with Japan’s 1990s collapse to show how housing busts can drag on growth even without a classic banking crisis.
Asset Allocation
April 2026
A Positive Stock-Bond Correlation Is a Terrible Reason to Add More Equity Risk to Your Portfolio
AQR
Research
7 Pages
AQR argues that a positive stock bond correlation is not a good reason to replace bonds with more equity like assets.
Markets
April 2026
Small Cap Quality Strategy: 10 Takeaways from the Past Three Years
GMO
Research
5 Pages
GMO reviews what its Small Cap Quality strategy learned in its first three years of live performance.
Global Macroeconomics
April 2026
Flash Macro Update: U.S. Markets
KKR
Research
19 Pages
KKR updates its U.S. market outlook around the Iran conflict, oil, inflation, and private credit repricing.
Markets
April 2026
Guide to the Markets – U.S. | 1Q 2026
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management provides a visual tour of macro, market, and asset class trends across the United States to support portfolio conversations with clients.
Financial History
April 2026
Housing Prices, Wars, and Epidemics over Six Centuries
Research
47 Pages
Swiss Finance Institute examines six centuries of Stockholm housing data to test how wars, bubbles, and epidemics affect house prices over time.
Markets
April 2026
Equity Outlook: Middle East War, Energy Shock Test Fragile Markets
AllianceBernstein
Research
13 Pages
AllianceBernstein examines how the Iran war and energy shock are testing already fragile equity markets.
Industry Reports
April 2026
The Investment Case for Listed Railroads
Vontobel
Research
4 Pages
Vontobel makes the case that North American listed railroads combine hard to replicate infrastructure with pricing power and limited competition.
Asset Allocation
April 2026
A Second Opinion on the 60/40 Default: Just What the Doctor Ordered
GMO
Research
10 Pages
GMO argues the classic 60/40 portfolio works over very long periods but can disappoint badly when starting valuations are stretched.
AI
April 2026
2026 Market Update
Redpoint
Research
69 Pages
Redpoint Ventures lays out a 2026 software and AI market view built around the idea that pilots now need to convert into real platforms.
Financial History
April 2026
50 years. 50 facts. Indexing since 1976.
Vanguard
Article
5 Pages
Vanguard shared 50 facts from 50 years of index investing.
Fiscal Policy
April 2026
The Effects of Tariffs on the Components of Inflation
Federal Reserve Bank
Research
15 Pages
A new Fed Study suggests that the responses of the different components of inflation to tariff changes can reduce inflation by depressing demand in the short run.
Markets
April 2026
Investing in 2026: AI, the Middle East, and Income
BlackRock
Research
9 Pages
BlackRock argues 2026 is being shaped by AI, Middle East risk, and a stronger case for income over broad beta.
Alternative Assets
April 2026
State of the Venture Capital Industry
TrueBridge
Research
19 Pages
TrueBridge Capital argues 2025 marked a real step toward normalization in venture, but with capital flowing far more selectively than before.
Alternative Assets
April 2026
Purdue Agricultural Economics Report
Purdue University
Research
82 Pages
Purdue’s annual outlook surveys the 2026 U.S. and Indiana farm economy, from crop margins and credit to farmland and regional conditions.
Personal Finance
April 2026
Family Wealth
Verdad
Research
7 Pages
Verdad looks at a counterintuitive idea in inherited wealth: fortunes often fade within a few generations, but family status can last much longer.
Housing
April 2026
US Housing Outlook: Higher mortgage rates not helpful
Apollo
Research
127 Pages
Apollo Global Management examines how high mortgage rates are dragging on U.S. housing demand even as supply adjusts more gradually.
Quarterly Global Valuations
April 2026
Global Valuations 🌎
Here are the global valuations as of March 31, 2026.
Economics
April 2026
Testing Resilience
OECD
Research
28 Pages
The OECD’s latest economic outlook incorporates the impact of the conflict in the Middle East on the global economy.
Developed Markets
April 2026
Thoughts From the Road: Japan
KKR
Research
16 Pages
KKR’s Henry McVey shares thoughts from his recent Japan and says the key takeaway is that Japan remains one of the more underappreciated opportunities for active ownership, particularly as higher nominal GDP and structural reform begin to reshape return profiles.
Industry Reports
April 2026
The Balance Sheet Behind the AI Revolution
Apollo
Research
4 Pages
Apollo argues the AI story is no longer just about models and software upside, but about who can finance the physical buildout behind it.
Portfolio Management
April 2026
Share Repurchases and Investment Policies
Research
21 Pages
This study examines the claim that share repurchases lead to reductions in real investments and finds no support for the claim that repurchases lead to lower real investments.
Financial History
April 2026
Reconstructing a Century of U.S. Corporate Bonds: Credit Risk in Historical Perspective
Research
65 Pages
The authors construct a new historical corporate bond database spanning 128 years, from 1895 to 2022, allowing them to estimate a corporate bond counterpart to the equity risk premium.
Mutual Funds and ETFs
April 2026
Target Date Funds Primer
Meketa
Research
8 Pages
Meketa Investment Group explains why target date funds now dominate defined contribution plans and why similarly dated funds can still lead to different outcomes.
Dividends
April 2026
Dividend Capture Returns and Their Drivers: A Bayesian Analysis of Large-Cap Stocks Over 35 Years
Research
18 Pages
This paper examines the profitability of dividend capture from 1990–2025 using Bayesian linear regression, focusing more on retail investors.
Global Macroeconomics
April 2026
The Landscape of Parental Leave-Taking in the United States
Federal Reserve Bank
Research
57 Pages
This paper provides new and comprehensive evidence on parental leave in the United States and on how parents there use their time in the first months of a child’s life.
Energy
April 2026
Energy demand and supply and the Strait of Hormuz
Apollo
Research
58 Pages
Apollo Global Management examines how a Strait of Hormuz disruption could ripple through oil, gas, shipping, and inflation.
Market Outlooks
April 2026
Outlook for public and private markets
Apollo
Research
48 Pages
Apollo’s latest outlook for public and private markets.
Global Macroeconomics
April 2026
Apocalypse Now?
Man Group
Research
18 Pages
Man Group studies nearly 40 conflicts since World War II to ask what war usually does to markets and how investors might hedge it.
Portfolio Management
April 2026
When Resilience Resonates: The S&P 500 Resilient Shareholder Yield Index
S&P Global
Research
19 Pages
The S&P 500 Resilient Shareholder Yield Index identifies companies that balance rewarding shareholders with the financial strength needed to sustain those rewards over time.
Alternative Assets
April 2026
Emotional Yields of Collectibles
Research
100 Pages
Using up to 110 years of collectibles returns for 13 distinct asset classes, Elroy Dimson and others estimate a positive emotion yield for emotional yield for 24 of our 30 collectibles, with an annualized mean (median) of 2.64% (2.53%).
Currency
April 2026
What Iran means for the dollar: a perfect storm for the petrodollar
Deutsche Bank
Research
9 Pages
The more interesting and lasting impact of this crisis on the dollar could be on the long-term foundations, namely the willingness of the world to price traded goods and services in dollars and to save resulting surpluses in dollar assets.
Currency
April 2026
The Brilliant World of FX – A Primer
Deutsche Bank
Research
23 Pages
Deutsche Bank discusses "restricted markets," defined as emerging markets with current or capital account restrictions, or both. They examine their market structure and trading challenges.
Alternative Assets
March 2026
The Art Basel & UBS Art Market Report 2026
UBS
Research
247 Pages
The tenth edition of The Art Basel and UBS Global Art Market Report depicts a global art market returning to growth in 2025 as both dealer and auction markets strengthened.
Alternative Assets
March 2026
Assessing Alpha in Macro Strategies
AlphaSimplex
Research
11 Pages
AlphaSimplex examines whether macro managers add value beyond plain equity and trend exposure.
ESG
March 2026
The Big Book of Sustainable Investing
Robeco
Research
139 Pages
The 2026 update of the SI Big Book reflects a market environment that has shifted dramatically since the last edition.
Alternative Assets
March 2026
An Index of Commodity Futures Returns Since 1871
Research
22 Pages
The authors document the returns to a broadly diversified index of commodity futures over more than 150 years of U.S. market history.
Commodities
March 2026
What’s the best way to think about oil & gas shocks by country during the Iran war?
J.P. Morgan Asset Management
Article
3 Pages
Michael Cembalest says when we think about the oil & gas shock affecting different countries, we focus on total oil consumption (irrespective of domestic oil production since oil is a global market) and imported gas (since domestic production is typically shielded from price shocks).
Geopolitics
March 2026
Geopolitics and the geometry of global trade: 2026 update
McKinsey & Company
Research
59 Pages
McKinsey documents the emerging realignment of trade along geopolitical lines and examines how these dynamics evolved in 2025.
Alternative Assets
March 2026
A Year of Increasing Scale and Diversification
BCG
Research
32 Pages
Boston Consulting Group argues private infrastructure is regaining momentum after two difficult years.
Decision Making
March 2026
The Failure Gap
Research
74 Pages
People are systematically unaware of the mishaps, problems, and failures around them, a phenomenon we dub the failure gap.
Energy
March 2026
Look Forward: Energy Futures
S&P Global
Research
79 Pages
S&P Global argues energy policy has moved from transition first to security first.
Emerging Markets
March 2026
Emerging Markets: The Map Is Not the Terrain
Orbis Investments
Research
18 Pages
Orbis argues the old emerging markets playbook no longer fits current realities.
Energy
March 2026
Shattered Assumptions And The Energy Quandary
Gavekal
Research
14 Pages
Gavekal argues the energy crisis is exposing how outdated many portfolio and policy assumptions have become.
Pension Funds & Endowments
March 2026
Annual Pension Review “First Take”
Goldman Sachs
Research
19 Pages
In its 24th year, the Pension Review “First Take” analyzes the 50 largest US Defined Benefit plans in the S&P 500 based on asset values to review the factors that impacted corporate DB plan sponsors in 2025 and share potential trends for 2026.
Market Outlooks
March 2026
Layered Uncertainty: Conflict, Credit Stress, and AI
PIMCO
Research
11 Pages
PIMCO’s latest Cyclical Outlook explores why dispersion is rising and how investors may build resilience through quality, liquidity, and diversification.
Markets
March 2026
The HALO effect: Heavy Assets, Low Obsolescence in the AI era
Goldman Sachs
Research
19 Pages
After more than a decade of under‑investment (particularly in Europe), Goldman Sachs Research analysts believe that higher real yields, geopolitical fragmentation, and supply chain rewiring have shifted equity leadership back toward tangible productive assets.
Global Macroeconomics
March 2026
Hormuz Disruption May Impact Global Agriculture Prices
Goldman Sachs
Research
11 Pages
Goldman Sachs explains how the disruptions to the Strait of Hormuz impacts the global nitrogen fertilizer market (which accounts for 60% of global fertilizer use), and why the Middle East conflict underscores the role of commodities as a hedge against supply disruptions.
Portfolio Management
March 2026
SBC & Dilution Tracker Dashboard Launch
Altimeter Capital
Research
11 Pages
Thomas Reiner gives an update on quarterly stock-based compensation and dilution analytics and a live company leaderboard.
Alternative Assets
March 2026
Private equity house views 2026
Stepstone
Research
83 Pages
StepStone Group outlines a cautiously improving private equity backdrop for 2026, centered on reopening deal and exit markets.
AI
March 2026
Investing in an AI transformation
J.P. Morgan Asset Management
Research
17 Pages
J.P. Morgan Asset Management published a chartbook on investing in an AI transformation.
Fiscal Policy
March 2026
Revamping Britain’s balance sheet for growth and prosperity
McKinsey & Company
Research
10 Pages
Although inflation remains above the Bank of England’s target level, the United Kingdom’s recent correction provides an opportunity to consider how best to rebuild the country’s “balance sheet”—its assets and liabilities across corporations, households, and governments.
Market Outlooks
March 2026
Macro Insights Q1 2026
Fisher Investments
Research
71 Pages
Fisher Investments argues the bull market can keep running in 2026 despite elevated sentiment and tariff noise.
Alternative Assets
March 2026
Should Mom Have Private Equity in Her 401K?
Research
25 Pages
Harvard Business School explains why putting private equity inside a 401k may deliver less benefit than the marketing suggests once fees, illiquidity, and weak performance persistence are considered.
Markets
March 2026
Sink or Swim?
GMO
Research
6 Pages
AI-related equities have been a major driver of global market sentiment, and the capex ramp by Hyperscalers is increasingly central to the narrative. GMO evaluates how past episodes of unusually high aggregate corporate investment have mapped to returns and how that may impact portfolio risk exposure.
Energy
March 2026
Pandora’s Bog: the global energy shock of 2026
J.P. Morgan Asset Management
Research
13 Pages
Michael Cembalest summarizes our evolving analysis of the aftershocks of the invasion of Iran for investors. He covers the latest developments in commodity markets, the magnitude of the oil shock vs history, the impact of such shocks on equity markets, and more.
Markets
March 2026
One Hundred Years in the U.S. Stock Markets
Research
25 Pages
Bessembinder updated his long term stock market study to now cover a full 100 years, 1926 to 2025. He finds the degree to which wealth creation is concentrated in a few firms has increased sharply in recent years.
Geopolitics
March 2026
Global Economics Comment: Supply Shocks from the War in Iran Are Mostly Limited to Energy
Goldman Sachs
Research
12 Pages
Goldman Sachs shares an update on the war in Iran and believes that the major risk to global supply and inflation is mostly confined to energy, which limits the risk that the large second-round inflation effects observed in 2021-2022 will re-emerge.
Personal Finance
March 2026
How America withstands financial hardships
Vanguard
Research
9 Pages
Vanguard explores the noticeable uptick in the proportion of participants initiating hardship withdrawals, the plan provisions driving these patterns, and key considerations for plan sponsors.
Alternative Assets
March 2026
VC Fund Performance Q4 2025
Carta
Research
28 Pages
Carta’s flagship report on the state of venture capital & startups says when it comes to value creation, the best-performing venture funds of the past decade are running away from the competition.
Alternative Assets
March 2026
Securing Tomorrow’s Harvest: European Farmland as a Strategic Sustainable Investment
BNP Paribas Asset Management
Research
44 Pages
BNP Paribas provides an overview of European farmland.
Industry Reports
March 2026
The telco reinvention: How AI can fuel value creation
McKinsey & Company
Research
79 Pages
McKinsey details how AI is reshaping connectivity, and how operators can successfully reinvent, compete, and share in the rewards of the AI economy.
Africa
March 2026
Beyond Payments: Unlocking Africa’s Second FinTech Wave
BCG
Research
8 Pages
BCG covers Africa’s fintech market, which has emerged as the fastest-growing market globally. By 2030, revenues are projected to expand roughly 13x to approximately $65 billion.
Annual Report
March 2026
2026 Target-Date Fund Landscape
Morningstar
Research
33 Pages
Morningstar’s annual report on target-date funds analyzes flows, fees, asset composition, market dominance, strategy performance, and more.
International Markets
March 2026
International Large-Cap Value
MFS
Research
7 Pages
MFS looks at the state of international allocations and why it may present a way to increase performance and provide diversification.
Concentration
March 2026
Stock Market Concentration Has Surpassed Its 1930s Peak. Should Investors Worry?
Morningstar
Research
8 Pages
Morningstar's Dan Lefkovitz looks at the top-heavy nature of today’s US stock market and how it compares to the past 100 years.
Markets
March 2026
Hope Springs Eternal
Verdad
Research
6 Pages
Verdad says after more than a decade of drought, the value premium has sprung back into positive territory, and the best years may be yet to come.
Markets
March 2026
Schroders Equity Lens
Schroders
Research
66 Pages
The March edition of the Schroders Equity Lens is out, focusing on investing when geopolitical and stagflation risks are high.
Alternative Assets
March 2026
Spotlight On the World’s Largest and Most Liquid Unicorns
Morningstar
Research
8 Pages
Through the lens of the Morningstar PitchBook Unicorn 20 Index, which tracks the world's largest and most liquid unicorns, Morningstar explores key trends, performance drivers, and the growing role of late-stage private companies.
Developed Markets
March 2026
The long-term performance of Swiss equities and bonds (1900–2025)
Pictet
Research
12 Pages
Pictet Wealth Management analyzes the long-term performance of Swiss equities and bonds back to 1900.
Alternative Assets
March 2026
2026 Founder Ownership Report
Carta
Research
14 Pages
Carta's first-of-its-kind data report offers a comprehensive guide gives a look at how startups divide their equity among co-founders and other key shareholders.
Dividends
March 2026
How Income Investors Can Avoid Dividend Traps in 2026
Morningstar
Research
7 Pages
With the Morningstar US Market Index‘s dividend yield below 1.2% (and ex-US at 2.6%), Morningstar looks at how to avoid dividend traps.
Global Macroeconomics
March 2026
The Demographic Outlook: 2026 to 2056
Congressional Budget Office
Research
39 Pages
In CBO's projections, the U.S. population grows from 349 million people in 2026 to 364 million in 2056, and the average age rises. Starting in 2030, annual deaths exceed annual births, and net immigration accounts for all population growth.
Global Macroeconomics
March 2026
Trade in Transition: How to Prepare for a Patchwork World Order
BCG
Research
16 Pages
As the multilateralism dissolves, a new order seems to be emerging in which goods are traded under different sets of rules. BCG created four scenarios for the next decade, and sees momentum for a multi-nodal trade patchwork.
Global Macroeconomics
March 2026
Tech Trumps Tariffs: US Exceptionalism and the AI Productivity Boom
Hudson Bay Capital
Research
18 Pages
Nouriel Roubini’s latest covers on the coming AI-driven secular boom, why Tech Trumps Tariffs, why American Exceptionalism is not over and thus the stock market is not in an AI bubble, and why the Exorbitant Privilege of the US Dollar isn’t over and thus US dollar weakness is temporary.
Dividends
March 2026
The Impact of Early Option Exercise on Ex-Dividend Stock Returns
Research
47 Pages
The authors revisit the well-documented stock return anomaly around ex-days and establish a novel link to early exercise of equity options.
Alternative Assets
March 2026
The Best Defensive Strategies: Two Centuries of Evidence
Alpha Architect
Research
9 Pages
The author examines downside protection—or defensive—strategies over more than 220 years of global financial history, covering many years in which traditional equity–bond portfolios suffer and across a wide range of economic scenarios and historical regimes. They find trend-following provides the most effective downside protection.
Fixed-Income
March 2026
When the Upside is Thin, Upgrade the Carry
GMO
Research
6 Pages
With investment grade spreads near historic tights, upside is limited and downside risk is rising. GMO explains why a shift toward high quality structured credit can improve carry, raise the spread break-even versus U.S. IG, and help limit mark-to-market downside when spreads widen.
Energy
March 2026
The Illusion of the Carbon Premium
Robeco
Research
36 Pages
Using only carbon emissions data available to investors at the time of portfolio formation, the authors find no positive relation between firms' absolute carbon emissions and stock returns.
Portfolio Management
March 2026
Why Value, Quality, and Momentum Belong Together
Research Affiliates
Research
12 Pages
Research Affiliates shows how combining value, quality, and momentum can improve the investment process by not only helping expected returns but also the experience of earning them.
Markets
March 2026
Emerging markets’ strength is coming from within
Robeco
Research
8 Pages
The architecture of the global economy is changing with emerging markets (EM) becoming central to global growth, innovation and wealth creation.
Alternative Assets
March 2026
Global Private Equity Report 2026
Bain & Company
Research
42 Pages
Deal and exit value surged reassuringly in 2025 in a narrow recovery powered by megadeals.
Annual Report
March 2026
2026 M&A Trends
McKinsey & Company
Research
166 Pages
After dealmaking slowed momentarily in early 2025, global M&A activity had a strong finish to the year. Deal value finished the year up 43% to $4.7 trillion, from $3.3 trillion a year earlier—20% higher than the ten-year average of $3.9 trillion.
Alternative Assets
March 2026
Investing beyond boundaries: Space and deep sea
Stepstone
Research
19 Pages
Exploration of space and the deep sea—and investment in their potential—has historically been constrained by the high cost and complexity involved.
Commodities
March 2026
A crude awakening
Carlyle
Research
8 Pages
Jeff Currie and James Gutman examine how a disruption in the Strait of Hormuz could affect global energy security, commodity markets, and capital allocation during an incomplete energy transition.
AI
March 2026
Anatomy of an “almost bubble” and why global equities now offer “something for everyone”
Schroders
Research
8 Pages
Schroders says global equities look more like an almost bubble than a classic blow off top, with AI optimism lifting valuations but not reaching the extreme euphoria seen in past manias.
Innovation
March 2026
Chips ahoy: The semiconductor
UBS
Research
12 Pages
This edition of UBS' 250 years of US innovation publication series explores the history and application of the semiconductor and microchip.
Alternative Assets
March 2026
The case for emerging managers
Stepstone
Research
8 Pages
StepStone finds emerging managers—particularly Fund Is—can serve as an attractive source of excess returns within a diversified private equity portfolio.
Global Macroeconomics
March 2026
Global Debt Report 2026
OECD
Research
160 Pages
Borrowing by governments and companies from debt markets was at historic highs in 2025, reaching $27 trillion, and is set to rise to $29 trillion in 2026.
Markets
March 2026
A Macroeconomic Perspective on Stock Market Valuation Ratios
Federal Reserve Bank
Research
29 Pages
Traditional valuation metrics for the U.S. stock market based on a comparison of the aggregate market value of U.S. corporations to measures of dividends, earnings, output, and the replacement cost of measured capital have been above historical norms for the past 25–30 years.
Annual Report
March 2026
Tech Trends Report 2026
Contrary
Research
352 Pages
The annual Contrary Tech Trends Report isolates the most important currents within technology and the way social behavior forms around them.
Africa
March 2026
Venture Capital in Africa Report
AVCA
Research
44 Pages
This seventh edition of AVCA’s Venture Capital in Africa report captures a market that is no longer in free fall, but not yet in full recovery.
Annual Report
March 2026
Country Risk Atlas 2026: Under the surface
Allianz
Research
179 Pages
The 2026 edition of the Country Risk Atlas assesses the economic outlook, risks and opportunities across 83 countries, representing approximately 94% of global GDP.
Global Macroeconomics
March 2026
Global Economics Comment: Global Economic Impacts of the War in Iran
Goldman Sachs
Research
9 Pages
Goldman Sachs evaluates the impact of the war in Iran on global growth, inflation, and policy rates.
Markets
March 2026
Exploring the real wealth creation in U.K. stocks
Springer Nature Link
Research
16 Pages
This study uses the approach of Bessembinder to examine the real wealth creation of U.K. individual stocks between January 1975 and December 2024.
Global Macroeconomics
March 2026
At 250, sustaining America’s competitive edge
McKinsey & Company
Research
79 Pages
McKinsey examines the arc of US competitiveness, past, present, and future. America’s history of reinvention holds compelling lessons as the nation confronts a future of immense if uncertain opportunity.
Miscellaneous
March 2026
Kalshi and the Rise of Macro Markets
Federal Reserve Bank
Research
41 Pages
A Fed study suggest that Kalshi markets provide a high-frequency, continuously updated, distributionally rich benchmark that is valuable to both researchers and policymakers.
Markets
March 2026
Global Investment Returns Yearbook 2026
UBS
Research
24 Pages
The UBS Global Investment Returns Yearbook offers a comprehensive record of long-term performance across stocks, bonds, bills, currencies, and other asset classes, tracing developments back to 1900.
Annual Report
March 2026
2025 Public Pension Funding Study
Milliman
Research
17 Pages
The Milliman Public Pension Funding Study annually explores the funded status of the 100 largest U.S. public pension plans.
Dividends
March 2026
Data Update 8 for 2026: Time for Harvesting – Dividends and Buybacks
Research
9 Pages
Professor Damodaran looks at the decision by businesses on how much cash to return to their owners, and in what form (dividends or buybacks), and how that decision played out globally in 2025.
Markets
March 2026
How Rising Hyperscaler Reinvestment Impacts the 6 Ps Driving Power Growth/Constraints
Goldman Sachs
Research
27 Pages
Goldman Sachs Research raises their data center power demand outlook and now expects 220% growth by 2030 vs. 2023 levels (vs +175% previously).
Markets
March 2026
Innovation, Jobs and Inflation: Lessons from 250 Years of Disruption
Deutsche Bank
Research
38 Pages
Jim Reid puts the oil move in historical context, explains what history tells us about the impact of AI, and gives an update on market performance in 2026.
Alternative Assets
March 2026
The Red Thread: Alternative alpha
UBS
Research
14 Pages
UBS argues alternatives are becoming central as 60/40 portfolios struggle in a supply driven world.
Capital Market Assumptions
March 2026
Capital Market Assumptions: An Expanded Toolkit for the Next Investing Regime
KKR
Research
12 Pages
KKR published their assumptions for expected returns, yields, and volatility, correlations, and manager dispersion across both public and private markets.
Geopolitics
March 2026
2026 Geopolitical Outlook
Deutsche Bank
Research
21 Pages
Deutsche Bank provides a high-level assessment of some of the key themes, risks and opportunities we believe investors should consider in 2026.
Retirement Planning
March 2026
Retirement by the Numbers
J.P. Morgan Asset Management
Research
38 Pages
J.P. Morgan Asset Management explains that retirement success depends more on participant behavior than market returns, especially saving rates, debt use, and withdrawal patterns.
Markets
March 2026
The Concentration Game
D.E. Shaw & Co.
Research
11 Pages
D.E. Shaw considers the impact of increased concentration on benchmark-relative equity portfolios, both in terms of overall risk and the potential to generate alpha.
Global Macroeconomics
March 2026
The Macroeconomic Spillovers From AI Electricity Demand
Goldman Sachs
Research
20 Pages
Goldman Sachs assesses the outlook for electricity prices and explore their spillover effects to consumers and non-AI businesses.
Portfolio Management
March 2026
HOPES for Concentrated Equity: A Multi-Strategy Approach
Morgan Stanley
Research
24 Pages
Morgan Stanley's white paper on derisking concentrated public equity positions walks through the options an investor has.
Alternative Assets
March 2026
State of Pre-Seed 2025 in review
Carta
Research
22 Pages
Pre-seed startup funding in 2025 exhibited a concentration of capital, with fewer overall instruments issued but some companies raising massive amounts.
Portfolio Management
March 2026
Managing Concentrated Public Stock Positions by Seeding an Exchange-Traded Fund
Research
34 Pages
Brent Sullivan explains wealth managers are increasingly seed new exchange-traded funds (ETFs) under Internal Revenue Code Section 351, allowing clients to reallocate low-basis stock into a diversified, professionally managed fund without immediate gain recognition.
Markets
March 2026
Everything Everywhere All at Once: Conglomerates and the Disappearing Diversification Discount
Research Affiliates
Research
11 Pages
Our new research revisits the conventional expectations of equity markets: historically, conglomerates trade at a discount.
Asset Allocation
March 2026
Risk Speedometers: What are allocators buying and selling?
Vanguard
Research
12 Pages
Vanguard says that portfolios built around traditional risk assets should be balanced with practical expectations as interest rates, valuations, and volatility all remain higher than historical norms.
Annual Report
March 2026
2026 Global Family Office Report
J.P. Morgan Asset Management
Research
47 Pages
J.P. Morgan’s report shares a comprehensive look at today’s family office landscape. It features 333 offices from 30 countries and an average net worth of $1.65 billion.
Markets
March 2026
Fighting Words
J.P. Morgan Asset Management
Research
2 Pages
Michael Cembalest’s 16th Annual Energy Paper looks at energy arguments, battles and debates this year.
Emerging Markets
March 2026
Thoughts From the Road
KKR
Research
21 Pages
KKR's Henry McVey wrote about his recent trip to India, which he continues to see as one of the more compelling long-term destinations for global capital, particularly in a world where services, not goods, are driving the next phase of global growth.
Alternative Assets
March 2026
Global Secondary Market Review
Jefferies
Research
13 Pages
Jefferies says the global secondary market for private equity is growing as LPs and GPs increasingly use structured solutions to manage liquidity and portfolio transitions.
Markets
March 2026
The Risks to Energy Prices From Iran
Goldman Sachs
Research
18 Pages
Goldman Sachs’ shares their base energy price forecasts remain unchanged after recent events in the Middle East.
AI
March 2026
The AI Bubble: Hidden Risks and Opportunities
Man Group
Research
13 Pages
Man Group seeks to clarify the mechanics of the AI cycle at year-end 2025: the recursive demand loops, off‑balance‑sheet leverage, distorted demand signals, and the most likely paths of unwinding.
Global Macroeconomics
February 2026
Who Is Paying for the 2025 U.S. Tariffs?
Federal Reserve Bank
Research
5 Pages
Liberty Street Economics finds that nearly 90% of the tariffs’ economic burden fell on U.S. firms and consumers through November 2025.
Alternative Assets
February 2026
The Big Book of Venture Capital
Research
272 Pages
Rohit Yadav’s 'Big Book of Venture Capital: 2025 Annual Edition' is a year-end deep dive into venture capital and startup dynamics, combining structured analysis, hard data, and forward-looking perspectives to help make sense of where the market stands today.
AI
February 2026
AI Adopters: Beneficiaries of the Boom
Sparkline Capital
Research
10 Pages
Kai Wu believe we are now approaching the “adoption phase” of the boom, a period during which early adopters of AI will begin to separate from their laggard peers on the back of tangible AI-driven gains.
Annual Report
February 2026
The State of Video Gaming in 2026
Research
164 Pages
Matthew Ball’s annual report covers the state of the gaming industry, why gaming is losing the attention war, and the five areas of revenue growth for 2026.
Alternative Assets
February 2026
The Fund Benchmarks Report 2025
AngelList
Research
33 Pages
With data current as of January 1, 2026, AngelList provides a comprehensive performance data for 2024, which shows stronger TVPI than recent vintages.
Markets
February 2026
Why Investors Shouldn’t Ignore Global Small-Cap Stocks
Morningstar
Article
7 Pages
Morningstar explains why global small caps have been frustrating for a decade yet still worth attention today.
Alternative Assets
February 2026
The Boost From the Hard Assets Rotation
Goldman Sachs
Research
22 Pages
Following a strong and volatile start for commodities in 2026, Goldman Sachs analyzes how sustained investor diversification into hard assets would affect commodity prices.
Alternative Assets
February 2026
Themes of 2025: System Design Makes A Difference During Turbulence
AlphaSimplex
Research
10 Pages
Kathryn Kaminski analyzes how trend following strategies performed in 2025.
Pension Funds & Endowments
February 2026
2025 NACUBO – Commonfund Study of Endowments
Nacubo
Research
13 Pages
The 2025 NACUBO-Commonfund Study of Endowments has data based on 657 colleges managing just under $944 billion in endowment assets. NCSE reports a 10-year average annual return of 7.7% in fiscal year 2025.
Biotech
February 2026
Biopharma Market Update
Stifel
Research
64 Pages
Tim Opler’s latest biopharma market update covers industry sentiment, M&A activity, capital markets & more.
AI
February 2026
Signal over noise #13: Know your AI exposure: “AI is tech, tech is not AI”
UBS
Research
7 Pages
While AI is tech, not all tech is AI, and tech-heavy indices fall short of capturing the full spectrum of AI beneficiaries.
Markets
February 2026
Bayes and Base Rates
Counterpoint Global
Research
12 Pages
Michael Mauboussin analyzes firms’ growth forecasts tied to their investment in AI.
Markets
February 2026
Market Internals
Citadel
Research
22 Pages
Scott Rubner shares an update on the market after 31 trading sessions into the year.
AI
February 2026
Venture capital investments in artificial intelligence through 2025
OECD
Research
16 Pages
The OECD looks at recent global venture capital investment in AI firms, which made up 61% of all VC investment in 2025 (doubling its 2022 share).
Alternative Assets
February 2026
State of the U.S. Wine Industry 2026
Silicon Valley Bank
Research
49 Pages
Silicon Valley Bank's published their 26th annual report on the State of the U.S. Wine Industry, which it says is stabilizing after revenue declined by 2% in 2025.
Alternative Assets
February 2026
Copper in the Age of AI: Challenges of Electrification
S&P Global
Research
116 Pages
S&P Global's comprehensive study identifies a transformative trajectory for copper demand, projecting a surge from 28 million metric tons in 2025 to 42 million metric tons by 2040 – a 50% increase that underscores the metal's pivotal role in multiple technological and economic domains.
Fixed-Income
February 2026
CTRL + ALT + CREDIT: Q4 2025 Market Review & 2026 Outlook
KKR
Research
22 Pages
While we are in a more mature stage of the cycle with public equity valuations broadly feeling rich and anticipated credit losses continuing to normalize, KKR believes this environment calls for selectivity rather than retreat.
Markets
February 2026
Decoding Markets: So obvious it hurts
Schroders
Research
14 Pages
Schroders examines the recurring gap between perceived economic “miracles” and actual investor returns.
Annual Report
February 2026
State of Private Markets 2025 in review
Carta
Research
34 Pages
By nearly every measure, 2025 was a strong year for startup fundraising, capping a multi-year recovery from the market reset of 2022 with capital, valuations, and deal terms all trending in founders' favor.
Markets
February 2026
Such Great Heights: Lessons from 59 Peaks
Man Group
Research
12 Pages
Henry Neville looks at the history of stock market peaks and finds three things make a drawdown more likely: a lack of volatility, inflation that is too high or too low, and expensive valuations.
Alternative Assets
February 2026
A Light at the End of the Liquidity Tunnel
Carlyle
Research
29 Pages
Carlyle summarizes the current state of the private markets, highlighting strong deal activity in 2025 and resilient credit markets.
Global Macroeconomics
February 2026
Productivity Stagnation in the Construction Industry: An International Perspective
Goldman Sachs
Research
20 Pages
Goldman Sachs explains why US construction has become a rare sector where productivity has declined over time, unlike the broader economy.
Markets
February 2026
Valuing AI: Extreme Bubble, New Golden Era, or Both?
GMO
Research
15 Pages
GMO explores whether today’s enthusiasm for artificial intelligence represents a genuine “new golden era” or simply a classic market bubble with elevated valuations detached from fundamentals.
Markets
February 2026
Stocks for the Long Run Revisited: Dividends and “The Return Nobody Got”
CFA Institute
Research
38 Pages
Long-run stock returns look extraordinary, yet few investors became rich. This brief explains why dividend reinvestment assumptions overstate historical equity returns, reframing the equity risk premium as “the return nobody got.”
Global Macroeconomics
February 2026
2025’s Implications for the Future: “Some Like it Hot”?
Research Affiliates
Research
28 Pages
Jim Masturzo says markets in a high temperature regime show unpredictable correlations and return patterns compared with stable low volatility environments.
China
February 2026
John Arnold on China
Research
8 Pages
John Arnold shared some thoughts from his first trip to China to learn about energy and robotics.
Automotive
February 2026
Automotive Industry Insights Winter 2026
Kroll
Research
19 Pages
2025 has been another year of muted growth for the automotive industry as global vehicle sales volumes are only expected to grow 1.5% to 90 million units by the end of the year. M&A activity in the automotive sector continued its decline in 2025.
Alternative Assets
February 2026
State of Startups 2025
Carta
Research
145 Pages
Carta’s State of Startups 2025 finds the tech ecosystem operating at two distinct speeds, with capital concentrating in AI and highly legible founders while many others struggle for attention and resources.
Market Outlooks
February 2026
2026 U.S. Real Estate Market Outlook
CBRE
Research
38 Pages
CBRE forecasts commercial real estate investment activity to increase by 16% in 2026 to $562 billion, nearly matching the pre-pandemic (2019) annual average.
Annual Report
February 2026
Activate Technology & Media Outlook 2026
Activate Consulting
Research
250 Pages
Activate’s annual deck on the state of media and entertainment.
Annual Report
February 2026
Global Developments To Watch Over The Next Five Years
Research
13 Pages
Vikram Mansharamani published his annual list of 20 global developments to watch over the next five years.
Portfolio Management
February 2026
Capital Market Assumptions for Major Asset Classes
AQR
Research
19 Pages
AQR updates its five to ten year expected returns across major asset classes and explains how starting valuations shape the math.
Global Macroeconomics
February 2026
The Macro Implications of the AI Capex Boom
Bridgewater
Research
12 Pages
Bridgewater explains why the current surge in AI-related capital expenditure is a much bigger macroeconomic force than consensus expects.
Alternative Assets
January 2026
Alternative Investments: Outlook 2026
J.P. Morgan Asset Management
Research
76 Pages
J.P. Morgan Asset Management frames 2026 as a period where public and private markets increasingly overlap, reshaping how investors think about access, liquidity, and portfolio construction.
Global Macroeconomics
January 2026
Demand Shocks as Technology Shocks
Research
47 Pages
The authors propose a macro framework where demand can look like productivity because stronger demand induces more market search and matching.
Alternative Assets
January 2026
Stop asking about discounts: Why asset quality drives venture secondary returns
Stepstone
Research
6 Pages
StepStone Group pushes back on the instinct to treat venture secondaries like bargain hunting, arguing that quality and concentration matter more than headline discounts.
Alternative Assets
January 2026
State of Markets
Andreessen Horowitz
Research
57 Pages
a16z’s report looks at trends across public and private markets, with a focus on on venture markets and tech stocks.
Fixed-Income
January 2026
2026 Credit Outlook: Growing Divergence Amid AI’s Big Build-Out
AllianceBernstein
Research
11 Pages
AllianceBernstein expects a more uneven credit landscape in 2026, with dispersion rising as AI infrastructure spending reshapes winners and losers.
Annual Report
January 2026
Land Report 100: Explore the 2026 Top 100 U.S. Landowners
The Land Report
Research
18 Pages
The Land Report 100 shares the top 100 private landowners in the US. Topping the list in 2026 is Stan Kroenke, who controls an estimated 2,700,000 acres nationwide.
Alternative Assets
January 2026
Trends in corporate direct lending 1H25
Stepstone
Research
15 Pages
StepStone Group reviews what is changing in corporate direct lending as rate tailwinds cool and competition tightens spreads.
Alternative Assets
January 2026
1,000 words or less: Secondaries to the rescue
Stepstone
Research
4 Pages
StepStone Group argues private equity secondaries are evolving from a niche liquidity valve into a core portfolio tool as distributions stay muted.
Alternative Assets
January 2026
The Private Equity Value Creation Report
Gain.pro
Research
41 Pages
Gain.pro breaks down how private equity creates value from entry to exit across more than 10,000 global investments.
Markets
January 2026
Life in the Fast Lane
Citadel
Research
10 Pages
Citadel makes the case that markets may be underpricing relative US growth strength versus Europe, especially in rates.
Alternative Assets
January 2026
State of Venture, Global 2025 recap
CB Insights
Research
284 Pages
CBB published their annual state of venture recap with global data and analysis on dealmaking, funding, and exits by private market venture companies.
Annual Report
January 2026
Global M&A Report 2026
Bain & Company
Research
91 Pages
Bain’s annual M&A report shares deal value rose in 2025 to deliver the second-highest year on record in a broad-based rebound that spanned all industries.
Annual Report
January 2026
2026 Global Data Center Outlook
JLL
Research
9 Pages
JLL’s 2026 Global Data Center Outlook touches on how to navigate AI demand, power constraints and global opportunities in 2026.
Market Outlooks
January 2026
The Short and Long 2026 Q1 Macro Investment View
Citi
Research
36 Pages
Kate Moore presents a discipline first playbook for early 2026, emphasizing process over prediction and dynamic portfolios over year end targets.
Annual Report
January 2026
Luminate Releases 2025 Year-End Music Report
Luminate
Research
Luminate’s 2025 Year-End Music Report says 2025 in music was defined by a paradox: While global On-Demand Audio (ODA) streaming continued to climb, reaching a +10.3% growth rate in the first half of the year, the domestic U.S. market began to show unmistakable signs of a mature market slowdown.
Currency
January 2026
2026 Global FX Outlook: Different Dollar Downside
Goldman Sachs
Research
46 Pages
Goldman Sachs outlines why the US dollar may drift lower in 2026 as global growth and returns become more balanced.
Market Outlooks
January 2026
Five Questions for 2026
Carlyle
Research
20 Pages
The Carlyle Group’s Cyclical Outlook lays out a 2026 framework built around questions rather than point forecasts, aiming to keep investors flexible as narratives shift.
Market Outlooks
January 2026
Compounding Opportunity
PIMCO
Research
11 Pages
PIMCO suggests 2026 is less about chasing risk assets and more about rebuilding portfolios around higher quality fixed income and true global diversification.
Miscellaneous
January 2026
A Mystery Trader Made $400,000 Betting on Maduro’s Downfall
The Wall Street Journal
Article
3 Pages
A mystery trader made $400,000 betting on Maduro’s downfall, doubling down with a final bet on Polymarket at 9:58 p.m., shortly before President Trump ordered the military to strike.
Fixed-Income
January 2026
Sovereign Bonds since Waterloo
Research
128 Pages
NBER studies foreign currency sovereign bonds as a long run asset class using a newly assembled price history stretching from 1815 to 2016.
Global Macroeconomics
January 2026
2025
Research
8 Pages
Ray Dalio looks back at 2025, noting, “While most people see US stocks and particularly US AI stocks to be the best investments and hence the biggest investment story of 2025, it is indisputably true that the biggest returns came from 1) what happened to the value of money and 2) US stocks significantly underperforming both non-US stock markets and gold.”
Annual Report
January 2026
12 Outlooks for the Future/2026+
Research
13 Pages
Scott Belsky shared 12 things he expects to see in the coming yearish.
Portfolio Management
January 2026
Fundamental Equity Quarterly 01 2026
Robeco
Research
17 Pages
Robeco frames early 2026 as constructive for equities as monetary conditions ease and multiple growth engines stay active, including AI capex, European spending, and emerging market catch up.
Concentration
January 2026
The extreme weight of AI in the S&P 500: Measures of concentration for market cap, returns, earnings, and capex
Apollo
Research
39 Pages
Apollo updated their chart book documenting the extreme AI concentration within the S&P 500’s market cap, returns, earnings and capex.
Markets
January 2026
Who Is On the Other Side?
Counterpoint Global
Research
97 Pages
Michael Mauboussin lays out a practical framework for why markets are only efficiently inefficient and where mispricings come from. It connects efficiency to information costs, investor behavior, and real world limits on arbitrage.
Annual Report
January 2026
Decarbonization: Parameters, Dollars and Sense, Electrons Photons Molecules
Nat Bullard
Research
200 Pages
Nat Bullard’s annual presentation covers all that matters in our energy, industry, technology, and transport systems, and equally about how those systems engage with each other, and interact in our atmosphere.
Markets
January 2026
Guide to the Markets
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management provides a visual tour of macro, market, and asset class trends across the United States to support portfolio conversations with clients.
Markets
January 2026
Frontier markets
Meketa
Research
14 Pages
Meketa Investment Group breaks down what frontier markets actually are, how the investable universe has changed, and why the story is not simply high growth equals high returns.
Markets
January 2026
Quality Opportunities in Healthcare
GMO
Research
4 Pages
GMO describes healthcare as a sector where recent underperformance may be setting up a more interesting forward opportunity. Innovation remains the core engine, with growth tied to oncology, GLP 1 therapies, and vaccines, while demographics support demand.
Markets
January 2026
Schroders Equity Lens January 2026: your go-to guide to global equity markets
Schroders
Research
7 Pages
Schroders Equity Lens for January is your go-to chartbook to global equity markets.
Annual Report
January 2026
2025 letter
Research
53 Pages
Dan Wang, who previously covered tech for Gavekal Dragonomics is the author of Breakneck: China's Quest to Engineer the Future, wrote his 2025 annual letter.
Global Macroeconomics
January 2026
National Security Strategy of the United States of America
The White House
Research
33 Pages
The Trump Administration published their 2025 National Security Strategy.
Market Outlooks
January 2026
US Resilience Resilient
Goldman Sachs
Research
144 Pages
Goldman Sachs’ Wealth Management Investment Strategy Group (ISG) outlines why their views of US Preeminence and Staying Invested remain intact.
Markets
January 2026
Biotech Investing
Verdad
Research
29 Pages
Dan Rasmussen and the Verdad team cover the strangeness of the biotech sector, the recent tribulations that have led to massive underperformance of the broader market, the important role played by specialist biotech funds, the factors that drive performance, how to manage risk, and, ultimately, a strategy for how to invest quantitatively in the biotech sector.
Market Outlooks
January 2026
2026 Credit Outlook: From Scarcity to Selection—The Return of a Buyer’s Market
Apollo
Research
20 Pages
While economic growth in the US remains sufficient to support most corporate and consumer fundamentals, the balance of power in credit is changing.
Markets
January 2026
Investment Outlook
Loomis Sayles
Research
17 Pages
Loomis, Sayles and Company outlines a 2026 base case of healthy growth with moderating inflation, where earnings do more of the heavy lifting than valuation.
Annual Report
January 2026
Finding a New Longevity for Luxury
Bain & Company
Research
36 Pages
Bain and Company explains why luxury is shifting from a post boom normalization into a more selective growth era.
Global Macroeconomics
January 2026
Ten things about Venezuela: on oil, geopolitics and drugs
J.P. Morgan Asset Management
Research
9 Pages
Michael Cembalest argues Venezuela is not currently central to global oil supply, so even dramatic geopolitics might have limited direct oil impact.
Markets
January 2026
Exploiting Myopia: The Returns to Long Term Investing
Research
56 Pages
The authors argue investment managers face short horizon incentives that can create predictable mispricing in stocks requiring patience.
Market Outlooks
January 2026
Alternatives 2026 Outlook
Wilshire
Research
22 Pages
Wilshire’s outlook focuses on four global megatrends will have an outsized impact on the alternatives investment landscape: artificial intelligence, geopolitics, macroeconomic uncertainty, and energy transition.
Annual Report
January 2026
How Platforms Are Colliding and Why This Will Spark the Next Era of Growth
BCG
Research
26 Pages
BCG published their annual video game report.
Market Outlooks
January 2026
2026 Q1 Outlook
Citadel
Research
24 Pages
Scott Rubner argues early 2026 market behavior will hinge on retail flows, rotation, profits, policy, and positioning.
Markets
January 2026
US Utilities: 2025 Q4
Morningstar
Research
24 Pages
Morningstar explains why utilities finished 2025 as a market leader and why the setup could stay supportive in 2026.
Global Macroeconomics
January 2026
Financialization: How Deficits Inflate Profits and Equity Valuations
Research Affiliates
Research
10 Pages
Research Affiliates argues persistent fiscal deficits can flow almost one for one into corporate profits, then get capitalized into equity prices through passive, price insensitive demand.
Market Outlooks
January 2026
Smothering Heights
J.P. Morgan Asset Management
Research
53 Pages
Michael Cembalest’s outlook focuses on four medium term risks: US power generation constraints, China scaling the moat on its own, Taiwan and a “metaverse moment” for hyperscaler profits after $1.3 trillion of capex and R&D.
Annual Report
January 2026
Biopharma Trends 2026
BCG
Research
12 Pages
BCG’s report on biopharma trends notes that biopharma’s average total shareholder return was 0% from 2021 to 2025, compared with 16% for the S&P 500. Over this five-year period, only 6 of the top 20 companies outperformed the S&P 500.
Market Outlooks
January 2026
UK Outlook 2026—Catching Down
Goldman Sachs
Research
11 Pages
Goldman Sachs explains why the UK may muddle through 2026 with steady growth even as unemployment drifts higher.
Market Outlooks
January 2026
2026 Japan Economic Outlook: Steady Fundamentals, Policy Risks Ahead
Goldman Sachs
Research
26 Pages
Goldman Sachs lays out why Japan can keep growing in 2026, powered more by households and capex than exports.
Market Outlooks
January 2026
Asia Views: 2026 Outlook – Coping with the China Shock
Goldman Sachs
Research
14 Pages
Goldman Sachs explains why Asia’s 2026 outlook hinges on whether domestic demand can pick up as China’s export machine stays strong.
Global Macroeconomics
January 2026
AI economic scenarios: Revolutionary growth, or recessionary bubble?
Schroders
Research
8 Pages
Schroders frames AI as a fork in the road for macro and markets: either productivity compounds fast, or a hype cycle breaks and drags sentiment and spending down.
Markets
January 2026
The Case for Optimism
Stifel
Research
99 Pages
Tim Opler reviews the fundamentals of the biotech sector and why he believes that the upside in the sector is just getting started.
Markets
January 2026
Small Caps: Unprofitables Lead, Active Managers Lag, But Can it Last?
Marquette Associates
Research
6 Pages
Marquette Associates explains why small cap leadership can look exciting while quietly raising portfolio risk.
Annual Report
January 2026
Global Wealth Report 2025: Crafted wealth intelligence
UBS
Research
51 Pages
UBS maps how global household wealth has evolved and where it is headed next, highlighting rising Everyday Millionaires, shifting regional leadership and an expected wealth transfer of about $83 trillion that will reshape who controls assets and how portfolios are built.
Annual Report
January 2026
Principal Discussions: Conversations with the World’s Wealthiest Families
J.P. Morgan Asset Management
Research
80 Pages
J.P. Morgan’s report offers an inside-look into the lives and mindsets of the world’s most influential families.
Alternative Assets
January 2026
When Your Private Fund Turns $1 Into 60 Cents
The Wall Street Journal
Article
3 Pages
Jason Zweig looks at what happens when non-traded private funds list on exchanges and investors can finally mark them to market.
Markets
January 2026
Christmas read, Why corporates have to do something big in 2026
Deutsche Bank
Research
15 Pages
Deutsche Bank argues 2026 is when investors stop rewarding “safety” and start demanding visible growth.
Market Outlooks
January 2026
Equity Outlook 2026: Mapping a New Spectrum of Return Drivers
AllianceBernstein
Research
14 Pages
Are the tides turning against the S&P 500, which has outperformed non-US markets in 11 of the last 15 years?
Alternative Assets
January 2026
Energy Predictions 2025
Research
11 Pages
Casey Handmer, founder of Terraform Industries, shared some energy predictions.
China
January 2026
US Exceptionalism Versus Chinese Uninvestibility (Part I)
Gavekal
Research
16 Pages
Louis-Vincent Gave contrasts United States equity strength with the idea that China has become uninvestible as policy choices diverged, arguing that China has deliberately redirected savings into domestic supply chains and resilience, accepting weaker market returns as the price.
AI
January 2026
2025 LLM Year in Review
Research
11 Pages
Andrej Karpathy reviews how 2025 reshaped large language models, focusing on training, evaluation and how people work with these systems.
Markets
January 2026
Women’s Health Volume I: The History of Female WellBeing
Stifel
Research
236 Pages
In Volume I, Tim Opler reviews the history of women’s health research and discusses areas where progress has been most significant.
Quarterly Global Valuations
December 2025
Global Valuations 🌎
Here are the global valuations as of December 31, 2025.
Annual Report
December 2025
How America Saves 2025
Vanguard
Research
112 Pages
Vanguard analyzes how participants actually save and invest inside defined contribution retirement plans across a large record keeping base.
Economics
December 2025
Work from Home and AI Trends
Research
26 Pages
Stanford's Nick Bloom shared an update on work from home and AI trends.
Alternative Assets
December 2025
Golden Fears
Man Group
Research
29 Pages
Henry Neville argues that while gold has historically provided modest hedging against inflation and equity drawdowns, its current behavior, logistical costs, and uncertain long-term demand dynamics mean it should be a limited, not central, defensive allocation in portfolios.
Alternative Assets
December 2025
The Financing Gap in Sports: Unlocking a $2.5 Trillion Opportunity
Apollo
Research
15 Pages
Apollo explores how professional sports have become a large, underlevered asset class with a financing gap around $2.5 trillion. They argue that structured and private credit can help owners unlock liquidity while preserving control and long term franchise value.
Annual Report
December 2025
Evergreen Fund Landscape
Morningstar
Research
5 Pages
Morningstar’s Q4 2025 US Evergreen Fund Landscape Preview shows the U.S. evergreen fund market has grown rapidly—approaching roughly $500 billion in assets—as “semi-liquid” private market vehicles (interval funds, tender offer funds, unlisted REITs/BDCs) expand access beyond traditional institutional investors.
Housing
December 2025
The State of Housing (Un)Affordability in the US
Goldman Sachs
Research
16 Pages
Goldman Sachs analyzes how years of underbuilding and higher borrowing costs have eroded housing affordability in the United States.
Portfolio Management
December 2025
The Dystopian Symbiosis : Passive Investing and Platform Capitalism
AllianceBernstein
Research
13 Pages
AllianceBernstein explores the uneasy relationship between dominant technology platforms and the rise of passive, cap weighted investing.
Financial History
December 2025
Global Housing Returns, Discount Rates, and the Emergence of the Safe Asset, 1465 2024
Research
77 Pages
Boston College reconstructs centuries of housing returns and discount rates to understand how real estate and sovereign bonds evolved as core assets.
Market Outlooks
December 2025
2026 Outlook: Ride the Power Race and Supply Waves
Goldman Sachs
Research
18 Pages
The US-China AI and geopolitical power race and global energy supply waves drive Goldman Sachs’ analysts' key convictions.
Retirement Planning
December 2025
Shocks to Income in a Lifecycle Model: An Undervalued Risk
Morningstar
Research
47 Pages
Morningstar Retirement integrates income risk into lifecycle investing models that guide saving and asset allocation across an investor career.
Capital Allocation
December 2025
Looking Back at M&A in 2025: Behind the Great Rebound
Bain & Company
Article
16 Pages
Bain’s “Looking Back at M&A in 2025” finds that global deal value rebounded sharply—up about 36% to an estimated $4.8 trillion—with tech and AI-related acquisitions leading growth and strategic M&A taking center stage for companies reshaping their businesses.
Market Outlooks
December 2025
10 Crypto Predictions for 2026
Bitwise
Research
28 Pages
Bitwise shares 10 predictions for 2026.
Market Outlooks
December 2025
2026 REIT Outlook Optimizing Returns Through a Global Lens
Nareit
Research
11 Pages
Nareit outlines how global REITs can help investors optimize returns by moving beyond domestic home bias into diversified listed real estate markets.
Market Outlooks
December 2025
2025 Global IPO market key highlights and 2026 outlook
EY
Research
25 Pages
EY analyzes how the 2025 IPO market stabilized after years of disruption and what that means for 2026. They highlight 1,293 IPOs raising about 172 billion dollars globally as proceeds recovered while deal volumes stayed roughly flat.
Market Outlooks
December 2025
2026 Outlook: Tech Tonic — a broadening bull market
Goldman Sachs
Research
19 Pages
Goldman Sachs Global Investment Research presents an equity outlook for 2026 that keeps the bull market intact while tempering expectations.
Market Outlooks
December 2025
Markets Outlook 2026: Some Like It Hot
Goldman Sachs
Research
16 Pages
Goldman Sachs Global Investment Research sets out a 2026 markets outlook where sturdy global growth, falling inflation and measured rate cuts extend the cycle.
Market Outlooks
December 2025
Macro Outlook 2026: Sturdy Growth, Stagnant Jobs, Stable Prices
Goldman Sachs
Research
24 Pages
Goldman Sachs sets out a 2026 macro outlook featuring stronger than consensus global growth with subdued job creation and moderating inflation.
Asset Management
December 2025
Financial Services Observer
Morningstar
Research
86 Pages
Morningstar evaluates the business models and competitive positioning of the large stand alone US alternative asset managers.
Mutual Funds and ETFs
December 2025
Levered Single-Stock ETFs
Research
58 Pages
Hendrik Bessembinder examines how constant leverage strategies behave over time, focusing on levered single stock exchange traded funds.
Global Macroeconomics
December 2025
An Update to the Demographic Outlook, 2025 to 2055
Congressional Budget Office
Research
15 Pages
CBO projects that the U.S. population will increase from 350 million people in 2025 to 367 million people in 2055.
Asset Allocation
December 2025
Decoding Markets: The accidental death of diversification
Schroders
Research
14 Pages
Schroeders explains how the classic 60/40 portfolio became the most concentrated balanced portfolio in modern history, and how to bring genuine diversification back to life.
Market Outlooks
December 2025
2026 Crypto Market Outlook
Coinbase
Research
70 Pages
Coinbase Institutional outlines how crypto is maturing into a core part of global market infrastructure in its 2026 outlook.
AI
December 2025
How Much Does AI Rhyme with shAle?
Carlyle
Research
9 Pages
Carlyle compares the current artificial intelligence compute boom with the shale energy investment cycle to ask how much history rhymes.
Annual Report
December 2025
The Asset Owner 100
Thinking Ahead Institute
Research
16 Pages
The study reveals the world’s 100 largest asset owners are now responsible for US$ 29.3 trillion as of the end of 2024; experiencing an increase in assets of 11.3% compared to the previous year.
Market Outlooks
December 2025
Outlook 2026 Edition: Long-term perspective on markets and economies
Capital Group
Research
20 Pages
Capital Group sets out a 2026 outlook built around resilience, policy support and a gradual shift toward a more balanced market landscape.
Market Outlooks
December 2025
East Capital Outlook 2026: Why invest in emerging and frontier markets in 2026?
East Capital
Research
7 Pages
East Capital explains why emerging and frontier markets look attractive heading into 2026.
Market Outlooks
December 2025
Global M&A Outlook: Think Big, Build Bigger
Goldman Sachs
Research
18 Pages
Goldman Sachs says the 2026 global M&A landscape will be defined by strategic repositioning and building for scale.
Market Outlooks
December 2025
2026 Outlook: The Year Ahead in 14 Sparks
Apollo
Research
23 Pages
Torsten Slok believes high inflation, higher-for-longer interest rates and uneven growth create a complex backdrop, akin to the 1970s.
Dividends
December 2025
Why dividend growth investing has staying power
T. Rowe Price
Research
6 Pages
T. Rowe Price explains why sticking with a dividend growth strategy can provide useful diversification while creating an opportunity to compound returns over the long term.
AI
December 2025
Google’s Gemini 3 Means AI’s “Resource Grab” Phase Is On
Bridgewater
Research
9 Pages
Bridgewater Associates uses Google Gemini 3 as evidence that artificial intelligence has entered a resource grab phase driven by compute, chips and power.
Market Outlooks
December 2025
High Grading Outlook for 2026
KKR
Research
87 Pages
KKR emphasizes that 2026 is time to own less beta bets than in the past and favor more alpha in the form of portfolio resiliency, including the ability to make one’s own luck through structuring, governance, and active ownership.
Market Outlooks
December 2025
2026 Housing Market Outlook
Compass Intelligence
Research
67 Pages
Mike Simonsen believes 2026 will be a step towards ‘normal’ for the housing market.
Fixed-Income
December 2025
Bond Market Focus: Yield Curves and Mean Reverting Rate Expectations
AQR
Research
14 Pages
Antti Ilmanen explores how yield curve shape reflects mean reverting interest rate expectations more than shifting term premia.
Portfolio Management
December 2025
Equity style: value vs growth
Meketa
Research
16 Pages
Meketa Investment Group revisits the long running debate between value and growth equity styles using United States index data and sector breakdowns.
Market Outlooks
December 2025
2026 Investment Outlook
Brookfield
Research
34 Pages
Brookfield’s outlook states that the long-term opportunities for private capital lie in the megatrends they call the Three Ds: digitalization, deglobalization and decarbonization.
Fixed-Income
December 2025
Bond Market Focus Understanding Treasury Yields with Survey Data
AQR
Research
9 Pages
Antti Ilmanen uses survey data to break the United States 10 year Treasury yield into inflation expectations, real rate expectations, and bond risk premia.
Alternative Assets
December 2025
Biennial Alternative Investments Review: The Deep End
J.P. Morgan Asset Management
Research
56 Pages
J.P. Morgan Private Bank reviews the state of alternative investments across private equity, venture, hedge funds, private credit and real estate.
Market Outlooks
December 2025
2026: Boring is Beautiful
Richard Bernstein Advisors
Research
12 Pages
RBA believes 2025 may be remembered as one of the most speculative market environments in years, with liquidity driving areas far beyond fundamentals.
Portfolio Management
December 2025
Hold the Dip
AQR
Research
22 Pages
AQR examines whether the popular buy the dip mantra actually beats a simple buy and hold approach over many decades.
Market Reports
December 2025
Guide to the Markets: EMEA | 4Q 2025
J.P. Morgan Asset Management
Research
94 Pages
J.P. Morgan Asset Management updated their Guide to the Markets EMEA through November 30, 2025.
Market Outlooks
December 2025
2026 Outlook: International Stocks and Economy
Charles Schwab
Research
16 Pages
Michelle Gibley says international stocks could be poised for another strong year in 2026 due to accelerating global growth, attractive valuations and the potential for dollar weakness.
Market Outlooks
December 2025
2026 Outlook: U.S. Stocks and Economy
Charles Schwab
Research
26 Pages
Liz Ann Sonders believes the macro environment will continue to be unstable given policy crosscurrents and a wobbly labor market, but stocks can likely churn higher given a firmer earnings backdrop.
Market Outlooks
December 2025
Investment Outlook 2026: Fuel in the engine
J.P. Morgan Asset Management
Research
27 Pages
J.P. Morgan shares four calls to action for investors: 1. navigate tech concentration carefully, 2. diversify selectively across global equities, 3. don’t be fearful of private markets, and 4. protect against derailment.
Market Outlooks
December 2025
2026 Outlook: Finding Value Amid the Hype
Cambridge Associates
Research
38 Pages
Cambridge Associates explores where genuine value still exists in a market narrative dominated by artificial intelligence enthusiasm and tariff driven macro uncertainty.
Market Outlooks
December 2025
Hedge Fund Outlook 2026
With Intelligence
Research
14 Pages
With Intelligence reviews how hedge funds enter 2026 after a period of renewed inflows and strategy evolution.
Market Outlooks
December 2025
AI exuberance: Economic upside, stock market downside
Vanguard
Research
28 Pages
Vanguard’s capital markets projections show that the strongest risk-return profiles across public investments over the coming five to 10 years.
Portfolio Management
December 2025
Equity Market Focus: Subjective Expected Returns
AQR
Research
16 Pages
Antti Ilmanen examines how subjective expected equity returns differ from model based estimates built from valuations and fundamentals.
Market Outlooks
December 2025
2026 US Private Equity Outlook
PitchBook
Research
18 Pages
PitchBook analyzes how United States private equity enters 2026 with aging portfolios, more selective exits and growing manager concentration.
Market Outlooks
December 2025
2026 US Venture Capital Outlook
PitchBook
Research
21 Pages
PitchBook’s venture team maps a cautious but improving United States venture landscape for 2026.
Market Reports
December 2025
2026 Key Themes
MFS
Research
10 Pages
MFS Investment Management outlines key macro and market themes likely to drive portfolios in 2026.
Market Outlooks
December 2025
KPMG Economics: Here comes the sun: Bring the sunscreen Annual economic outlook
KPMG
Research
8 Pages
KPMG US sets out a 2026 United States outlook where growth stabilizes after a long stretch of shocks and policy drama.
Market Outlooks
December 2025
United States Outlook 2026
Cushman & Wakefield
Research
43 Pages
Cushman & Wakefield presents a 2026 United States outlook that links tariffs, immigration limits and AI driven investment to the macro path and commercial real estate.
Market Outlooks
December 2025
Divergent Paths
Man Group
Research
16 Pages
Man Group believes 2026 is likely to be an environment of high uncertainty, with significant geopolitical risks and economies weighed down by tariffs and other policies. This is likely to result in slowing global growth: with several key economies at risk of entering recession.
Markets
December 2025
Would the real AI bubble please stand up? A brief guide to boom or bust
Deutsche Bank
Research
24 Pages
Deutsche Bank explains why they think that reports of a bubble are exaggerated (for now), as well as what could go wrong.
Miscellaneous
December 2025
Investors Pick Their Favorite Reads
We asked all of the guests from The Meb Faber Show: What books did you read this year that you’d […]
Wealth Management
December 2025
The State of Retirement Income: 2025
Morningstar
Research
54 Pages
Morningstar analyzes how much retirees can safely withdraw from their portfolios in a world of higher yields and moderate inflation.
Market Outlooks
December 2025
Charting the Year Ahead: Investment Ideas for 2026
PIMCO
Research
7 Pages
PIMCO lays out investment ideas for 2026 across equities, fixed income, real assets and credit.
Miscellaneous
December 2025
The Untold Story of Charlie Munger’s Final Years
The Wall Street Journal
Article
3 Pages
Gregory Zuckerman recounts how Charlie Munger spent his final years still learning, investing and mentoring rather than quietly retiring.
Market Outlooks
December 2025
Dancing in the dark: Markets move to the beat of uncertainty
Natixis
Research
20 Pages
Natixis’ highlights inflation, fiscal strain, and shifting policies set the stage for a late-cycle test — and a potential 2026 correction.
Market Outlooks
December 2025
2026 Credit Outlook: Divergence Meets Opportunity
Man Group
Research
27 Pages
Man Group’s credit outlook covers every angle of the credit markets, highlighting where both the real pressure points and opportunities are in the year ahead.
Market Outlooks
December 2025
2026 Private Markets Outlook A New Continuum
BlackRock
Research
27 Pages
BlackRock presents a 2026 private markets outlook built around a new continuum between public and private assets.
Market Outlooks
December 2025
2026 Outlook: Treasury Bonds and Fixed Income
Charles Schwab
Research
11 Pages
Charles Schwab’s expects 2026 to be another good year of returns for bond investors, but the range of potential outcomes is wide.
Market Outlooks
December 2025
2026 Global Market Outlook: Minds, machines, and market shifts
T. Rowe Price
Research
21 Pages
T. Rowe Price says 2026 will require investors to balance exposure to enduring AI leaders with emerging opportunities in cyclical and international markets, all while remaining vigilant to persistent macro risks.
Market Outlooks
December 2025
The Shifting Investment Landscape
BNP Paribas Asset Management
Research
42 Pages
The authors outline how the shifting investment landscape in 2026 is shaped by resilient growth, changing policy and structural forces.
Market Outlooks
December 2025
Think Future 2026: Your guide to the global investment landscape
HSBC Asset Management
Research
22 Pages
HSBC Private Bank and Premier Wealth presents Think Future 2026 as a guide to the global investment landscape. The outlook stays constructive on risk assets, arguing that artificial intelligence, resilient earnings and capital spending can extend the bull market.
Market Outlooks
December 2025
Redfin’s 2026 Predictions: Welcome to The Great Housing Reset
Redfin
Research
23 Pages
Redfin outlines a 2026 housing outlook built around what it calls the Great Housing Reset.
Alternative Assets
December 2025
State of Crypto 2025: The year crypto went mainstream
Andreessen Horowitz
Research
54 Pages
a16z crypto surveys how stablecoins, institutional participation and real world use cases have pushed crypto into a more mature phase.
Alternative Assets
December 2025
Five Reasons Retail Should Be Wary of Private Credit (Especially Retirement Plans)
Aptus Capital Advisors
Research
7 Pages
Brian Jacobs explains why many private credit strategies are poorly suited for retail investors, especially retirement plans.
Market Outlooks
December 2025
World Energy Outlook 2025
International Energy Agency
Research
44 Pages
International Energy Agency outlines how the global energy system is shifting while energy security and climate goals collide.
Market Outlooks
December 2025
Realtor.com 2026 Housing Forecast
Realtor.com
Research
22 Pages
Realtor.com Economic Research outlines its 2026 housing forecast, describing a steadier market that is still far from booming.
Market Outlooks
December 2025
Global Insolvency Outlook 2026-27: Don’t look down!
Allianz
Research
32 Pages
Allianz Research analyzes the global insolvency outlook for 2026 and 2027 as tariffs, AI and credit conditions reshape risks.
Market Outlooks
December 2025
2026 Global Outlook: Pushing limits
BlackRock
Research
18 Pages
BlackRock says a challenge for investors in 2026 will be reconciling whether AI will generate revenues of the same order of magnitude as the huge capital spending plans.
Market Outlooks
December 2025
Global Economic Outlook Q1 2026: AI Tailwinds Boost Otherwise Weak Growth
S&P Global
Research
17 Pages
The S&P Global Ratings forecasts that global growth in 2026 will remain sluggish overall, but a surge in AI-related investment — especially in data centers, chips, and digital infrastructure — will provide a significant boost that helps offset weakness elsewhere.
Annual Report
December 2025
Insights from the 2025 Schwab RIA Benchmarking Study
Charles Schwab
Research
54 Pages
The RIA Benchmarking Study provides information on topics such as asset and revenue growth, sources of new clients, products and pricing, staffing, compensation, marketing, technology, and financial performance.
Market Reports
December 2025
The Future of Oil to 2050
Morningstar
Research
40 Pages
US oil production demand is expected to be resilient throughout the mid-century, despite the energy transition to electrification.
Annual Report
December 2025
Charles Schwab ETFs and Beyond Study
Charles Schwab
Research
49 Pages
Charles Schwab presents its 2025 ETFs and Beyond Study on how individual investors use ETFs across their portfolios.
Annual Report
December 2025
State of European Tech 2025
Atomico
Research
282 Pages
Atomico uses its State of European Tech 2025 to map a maturing yet constrained European tech ecosystem.
Alternative Assets
December 2025
Gold Outlook 2026 : Push ahead or pull back
World Gold Council
Research
12 Pages
After Gold's remarkable 2025, achieving over 50 all-time highs and returning over 60%, the World Gold Council predicts 2026 be shaped by ongoing geoeconomic uncertainty.
Markets
December 2025
Equity Market Commentary: November 2025
Morgan Stanley
Article
6 Pages
Andrew Slimmon discusses a late cycle equity bull market that has entered its fourth year. Slimmon argues that investor behavior now reflects euphoria, with speculative stories leading even as fundamentals stay solid.
Markets
December 2025
Tech Dilution Through Q3: Discipline Cracks at Big Tech
Platform Aeronaut
Article
10 Pages
Thomas Reiner reviews how share based dilution has evolved across tech through Q3 2025, with discipline slipping at Big Tech.
Markets
December 2025
Does Share Repurchase Legalization Really Harm Corporate Investments?
Research
56 Pages
Using staggered legalizations across countries, the authors test whether permitting open-market buybacks reduces corporate investment and real activity.
Portfolio Management
December 2025
World Equity Allocations: Global in Name Only?
Acadian
Research
6 Pages
Acadian Asset Management examines how global equity benchmarks have evolved into portfolios dominated by United States large cap and technology exposure.
Markets
December 2025
Spotting Unseen Risks in Portfolios
MFS
Research
5 Pages
MFS looks at how hidden risks can build inside portfolios when traditional risk measures give a false sense of safety.
Markets
December 2025
Is Now a Turning Point for Small Caps?
Polen Capital
Research
4 Pages
Polen Capital examines whether small cap stocks are set up for a new period of leadership in the coming years.
AI
December 2025
The Benefits of Bubbles
Stratechery
Article
11 Pages
Ben Thompson argues that speculative bubbles around new technologies can still create lasting real world benefits. He contrasts destructive mean reversion bubbles with productive inflection bubbles that finance infrastructure and experimentation.
Portfolio Management
December 2025
It’s Probably A Bubble, But There Is Plenty Else To Invest In
GMO
Research
10 Pages
Ben Inker lays out an agnostic playbook for investors who suspect an AI bubble yet are not fully convinced.
Alternative Assets
December 2025
Stop the Losses!
Research Affiliates
Research
15 Pages
Research Affiliates examines how systematic strategies can suffer large drawdowns and shows how stop loss rules can improve risk profiles while preserving process discipline.
AI
December 2025
AI eats the world
Research
90 Pages
Benedict Evans uses his November 2025 deck to examine how generative AI is reshaping technology, capital flows, and competition.
Alternative Assets
December 2025
Gold: Bugs, Bears and Myths
Man Group
Research
13 Pages
Man Group evaluates gold’s role in portfolios at record prices, emphasizing diversification and risk mitigation rather than return maximization.
Global Macroeconomics
December 2025
Capital Gains Taxes and the Misallocation of Housing
Moody’s
Research
15 Pages
Moody’s Analytics analyzes how static capital gains exclusions trap older homeowners in oversized houses, clogging housing mobility and limiting supply for growing families.
Market Outlooks
December 2025
Global Market Perspectives Against all odds
Principal Asset Management
Research
23 Pages
Principal Asset Management reviews how global growth has held up surprisingly well despite trade shocks, tariff noise, and political uncertainty.
Market Outlooks
December 2025
Macro Pulse Outlook for 2026: charting the year ahead
New York Life Investments
Research
91 Pages
New York Life Investments’ 2026 outlook says a supportive global policy backdrop should keep financial conditions loose, encouraging both risk-taking and corporate investment – even as market tensions test investors’ conviction.
Global Macroeconomics
December 2025
A Payroll Playbook to Gauge Recession Risk
Hussman Funds
Research
18 Pages
Bill Hester lays out a payroll based framework for reading recession risks from upcoming jobs reports.
Market Reports
December 2025
Global Thematic Fund Landscape 2025
Morningstar
Research
63 Pages
The Global Thematic Funds Landscape report provides in-depth insights into evolving investment themes—from supply chain dynamics to the rise of actively managed funds.
Global Macroeconomics
December 2025
The Big Dangers of Big Bubbles with Big Wealth Gaps
Research
23 Pages
Ray Dalio explains how bubbles form when financial wealth grows far faster than actual money, then burst when investors must sell to raise cash.
Global Macroeconomics
November 2025
A practitioner՚s guide to forecasting in unprecedented times
Deutsche Bank
Research
64 Pages
Deutsche Bank Research Institute reviews macro forecasting through the lens of the Covid period and its aftermath. The authors walk through successive phases from collapse to recovery to inflation shock, asking why traditional models struggled when history offered few guides.
Market Outlooks
November 2025
Outlook 2026 Report: Promise and Pressure
J.P. Morgan Asset Management
Research
70 Pages
J.P. Morgan Private Bank frames its 2026 Outlook around three forces AI fragmentation and inflation reshaping the investment landscape.
Market Outlooks
November 2025
Seeking Catalysts Amid Complexity: Investment Outlook 2026
Goldman Sachs
Research
57 Pages
Goldman Sachs Asset Management maps out its Investment Outlook 2026, focusing on catalysts that may unlock returns amid global complexity.
Market Outlooks
November 2025
2026 Year Ahead Investment Outlook: AI Lift and Economic Drift
J.P. Morgan Asset Management
Research
16 Pages
J.P. Morgan Asset Management sets out its 2026 Year Ahead Investment Outlook around an AI Lift and Economic Drift theme.
Markets
November 2025
Playing a Bigger Game
MFS
Research
16 Pages
MFS explores how the investment industry can play a bigger game by reconnecting purpose, time horizons, and risk.
Asset Allocation
November 2025
Curing Paranoia
Man Group
Research
23 Pages
Man Group uses two centuries of data to compare risk parity with classic 60-40 portfolios and draw asset allocation lessons.
Market Outlooks
November 2025
2026 Investment Outlook: The synchronized shift
Robeco
Research
27 Pages
Robeco’s 2026 Investment Outlook argues that global growth could enjoy a rare synchronized late cycle upswing next year.
Miscellaneous
November 2025
Thanksgiving Message from Warren Buffett
Berkshire Hathaway
Research
8 Pages
Warren Buffett’s farewell style Thanksgiving letter as he prepares to hand day to day leadership to Greg Abel.
Market Outlooks
November 2025
Year Ahead 2026: Escape velocity?
UBS
Research
68 Pages
UBS Chief Investment Office frames its 2026 Year Ahead outlook around whether the global economy can reach escape velocity.
Market Outlooks
November 2025
2026 Global Outlook Report
Morningstar
Research
42 Pages
From the rise of AI-driven capital spending to opportunities emerging in undervalued regions like South Africa and Asia, Morningstar’s outlook examines how today’s forces will influence long-term portfolio construction and asset allocation.
Argentina
November 2025
Argentina, 1500-2023: An Institutional Story
AIER
Research
21 Pages
American Institute for Economic Research traces Argentina's institutional journey from colonial roots to today's turbulent reform moment.
Alternative Assets
November 2025
Alternatives & Strategic Asset Allocation Creating a robust framework for private investors
Deutsche Bank
Research
24 Pages
Deutsche Bank explains how alternative investments can be integrated into a strategic asset allocation for private investors. The paper details the evolution of private markets, clarifies what counts as an alternative asset, and emphasizes risk factor diversification over headline outperformance.
Portfolio Management
November 2025
Diversifying Concentrated Stock Positions
Neuberger Berman
Research
9 Pages
Neuberger Berman tackles the problem of concentrated, low basis stock positions that create both portfolio risk and tax headaches.
Markets
November 2025
Aging: Looking Forward
Stifel
Research
333 Pages
In Part II, Tim Opler reviews the status of aging biology and discusses areas where future progress is most likely.
Alternative Assets
November 2025
StepStone Real Estate House Views
Stepstone
Research
86 Pages
StepStone provides an update on the real estate market, which they say is pricing around cycle bottom amid elevated uncertainty and slower growth globally.
Markets
November 2025
Need for speed – the Draghi report one year on
Deutsche Bank
Research
16 Pages
Deutsche Bank reviews European Union competitiveness one year after the Draghi roadmap. The authors assess how much real policy movement has occurred across defense investment, single market reforms, innovation, and savings and investment initiatives.
Fiscal Policy
November 2025
What Is a Tariff Shock? Insights from 150 years of Tariff Policy
Federal Reserve Bank
Research
25 Pages
Federal Reserve Bank of San Francisco economists study tariff shocks over 150 years to estimate their macroeconomic effects.
Portfolio Management
November 2025
The Next Chapter for U.S. Corporate Pension Plans
KKR
Research
14 Pages
KKR looks at how stronger funded status and shorter liabilities are reshaping U.S. corporate pension plans.
Global Macroeconomics
November 2025
Thoughts From the Road: Europe
KKR
Research
13 Pages
Henry McVey describes a cautious yet constructive view on Europe, where attractive valuations and underowned markets support risk assets into 2026.
Portfolio Management
November 2025
Diversifying Alternatives and the Rearview Mirror
AQR
Research
13 Pages
Antti Ilmanen looks at why diversifying alternatives are hard for investors to stick with. He contrasts their objective case in portfolios with the behavioral biases and rearview mirror thinking that lead to under allocation.
Markets
November 2025
Building Long-Term Returns: Our 10-Year Forecasts
Goldman Sachs
Research
31 Pages
Peter Oppenheimer projects global equities can deliver about 7.7% annual returns over the next decade, driven mainly by earnings growth and dividends.
Markets
November 2025
The Gig Economy: Another Perspective on the Labor Market
Goldman Sachs
Research
16 Pages
Goldman Sachs takes a fresh look at the gig economy as a lens into a cooling United States labor market.
Portfolio Management
November 2025
Who Harvests? Tax Alpha and Heterogeneous Responses to Capital Gains Taxation
Research
65 Pages
Capital taxation is a central component of the U.S. fiscal system: realized gains totaled $1.4 trillion in 2024, and their preferential tax treatment amounted to $244 billion in foregone federal revenue.
Markets
November 2025
Capital Allocation
Morgan Stanley
Research
88 Pages
Michael Mauboussin updates his 2022 study of how public companies in the U.S. spend money.
Markets
November 2025
Focus on fundamentals to bounce back
EY
Research
34 Pages
EY analyzes the 2025 biotech landscape, finding revenues stabilizing while financing and M&A remain subdued.
Markets
November 2025
Finding Large Opportunity in Midcaps
MFS
Research
6 Pages
MFS argues midcaps sit in a compelling “sweet spot,” with broader sector diversification and less analyst coverage creating fertile ground for stock selection.
Portfolio Management
November 2025
Momentum factor investing: Evidence and evolution
Research
47 Pages
The authors review momentum’s evolution and test it across 150 years and 46 countries, finding it is “sizable, robust, persistent, and fundamentally multi-dimensional".”
Markets
November 2025
Biopharma Market Update
Stifel
Research
101 Pages
Stifel reviews a broad rebound across biotech and pharma, noting that investor optimism and strategic deal-making have returned.
Portfolio Management
November 2025
The Rise of Alternatives
Research
67 Pages
Juliane Begenau, Pauline Liang, and Emil Siriwardane examine why U.S. public pension funds have shifted heavily into alternatives, showing that consultant influence and return expectations—not risk appetite—primarily drove the move.
Markets
November 2025
The winter of our discontent: generative AI disrupts the entertainment industry content moat
J.P. Morgan Asset Management
Research
11 Pages
While the prior decade was defined by disruption in content distribution, Michael Cembalest believes the next decade will be defined by disruption in content creation, augmented by generative AI.
Diversification
November 2025
The Agony and Ecstasy • EMEA Edition
J.P. Morgan Asset Management
Research
24 Pages
Michael Cembalest first published the ‘Agony & Ecstasy’ analysis in 2004, and the EMEA team released an updated version based on June 2025 data.
Energy
November 2025
The Energy Trade-Off
Gavekal
Research
6 Pages
Louis-Vincent Gave examines the trade offs between securing affordable, reliable energy and accelerating decarbonization.
Alternative Assets
November 2025
Is Private Equity the New Small Cap? Understanding the Overlap—and the Divide
NEPC
Research
5 Pages
William Forde examines the overlap between private equity and U.S. small-cap equities, discussing shrinking public market opportunities, diverging valuations, and how active management can capture value across both segments.
Mutual Funds and ETFs
November 2025
What Short-Term Fund Performance Tells Us About Future Returns
Morningstar
Article
10 Pages
Morningstar analyzes persistence in mutual fund and ETF performance to see whether top quartile winners stay on top.
Asset Allocation
November 2025
Multi-Asset Strategies and Asset Allocation
Vanguard
Research
22 Pages
Vanguard’s Investment Strategy Group presents a tax aware multi asset construction framework that optimizes after tax outcomes by modeling income, dividend, and capital gains rates alongside rebalancing frictions.
Alternative Assets
November 2025
Eastern Frontier: Unlocking Diversification in China
Man Group
Research
13 Pages
Man Group says improving access to more of China's uncorrelated markets offers diversification opportunities to global investors as market dispersion increases.
Markets
November 2025
The End of the Affair
Man Group
Research
23 Pages
Henry Neville believes the top four risks today are AI capital expenditure, fiscal sustainability, private markets and policy volatility.
Markets
November 2025
Reframing Financial Markets as Complex Systems
CFA Institute
Research
64 Pages
This CFAI report reframes financial markets as complex adaptive systems, exploring how agent-based modeling and network theory can improve both portfolio management and risk management.
Markets
November 2025
Dumb money triumphant
Acadian
Article
6 Pages
Owen Lamont examines the recent stretch where retail-heavy portfolios outpaced the broad market while most-shorted stocks rallied.
Global Macroeconomics
November 2025
50 Years of the Bridgewater Daily Observations
Bridgewater
Research
13 Pages
Bridgewater shared 13 of their 50 best Daily Observations, ranging from 1976 to 2024.
Asset Allocation
November 2025
Strategic Style Allocation: Absolute or Relative?
Robeco
Research
17 Pages
Robeco examines how to allocate equity styles for absolute versus benchmark-relative goals, demonstrating how factor combinations can be tailored to meet different investment objectives.
Markets
November 2025
Superstar CEOs and Super Acquisitions
Research
39 Pages
The authors investigate how winning a “best Chief Executive Officer (CEO) award” affects their propensity to undertake mergers and acquisitions (M&As).
Retirement Planning
November 2025
The Vanguard Retirement Outlook: Strong national progress, opportunities ahead
Vanguard
Research
30 Pages
Vanguard evaluates how prepared Americans are to sustain their lifestyle in retirement and which levers most improve outcomes.
AI
November 2025
Beyond the Bubble: Why We Think AI Infrastructure Will Compound Long after the Hype
KKR
Research
20 Pages
KKR argues the AI buildout—especially data centers, power, and connectivity—has bubble-like pockets but durable, compounding fundamentals.
Markets
November 2025
Beyond the Beta: Actively Seeking Small-Cap Alpha
Goldman Sachs
Research
20 Pages
Goldman Sachs says small-cap markets are set for a promising cycle, driven by expected rate cuts, attractive valuations—in the US and especially internationally—rising earnings, and increased dealmaking.
Markets
November 2025
Biopharma Market Update
Stifel
Research
69 Pages
Tim Opler gives an update on biotech in China (starting on page 34), noting that activity is off the charts and the U.S. venture presence increasingly visible.
AI
November 2025
Why we are not in a bubble… yet
Goldman Sachs
Research
29 Pages
Peter Oppenheimer explains why he believes the markets show froth but aren’t quite yet in bubble territory.
Market Reports
November 2025
Public Markets Update
Coatue
Research
59 Pages
Coatue shared an update on public markets, focusing mostly on the technology sector and AI.
Markets
November 2025
2026 Long-Term Capital Market Assumptions
J.P. Morgan Asset Management
Research
38 Pages
J.P. Morgan Asset Management’s 2026 Long-Term Capital Market Assumptions provides return and risk expectations for more than 200 assets and strategies in 20 base currencies.
Economics
November 2025
Jobless Growth
Goldman Sachs
Research
15 Pages
Jan Haitzus’ team looks at the state of the labor market and considers the potential macro, monetary policy, and market implications of rapid technological progress.
Asset Allocation
November 2025
A New Era of Higher Inflation Risks
Bridgewater
Research
17 Pages
Bridgewater says most portfolios remain poorly equipped to manage structurally higher inflation risks than pre-COVID.
AI
November 2025
Surviving the AI Capex Boom
Sparkline Capital
Research
14 Pages
Kai Wu finds historical capital expenditure booms have typically resulted in overinvestment, excess competition, and poor stock returns.
Market Reports
November 2025
Long-Term Asset Return Study – The Ultimate Guide to Long-Term Investing
Deutsche Bank
Research
52 Pages
Jim Reid published the 20th anniversary edition of Deutsche Bank’s flagship Long-Term Study, which examines how asset classes (mainly global stocks and bonds) have performed across a wide range of macroeconomic, policy, and valuation environments, drawing on data all the way from the 18th century to today.
Markets
October 2025
Breast Cancer: History and Outlook
Stifel
Research
229 Pages
Tim Opler provides an intellectual progress report on breast cancer from the past to the present, analyzes today’s translational science, and discusses a dozen promising organizations developing new approaches.
Alternative Assets
October 2025
How large are global infrastructure needs?
Aberdeen Investments
Research
19 Pages
Aberdeen sizes the world’s physical infrastructure gap across transport, power, and utilities and explains why private capital will be essential.
Global Macroeconomics
October 2025
Understanding Gold
Research
44 Pages
Gold’s reputation as a safe haven is tested against data on inflation hedging, diversification, and crisis protection.
International Markets
October 2025
Through a Wider Lens: The Growth Opportunity Beyond US Markets
Jennison Associates
Research
8 Pages
Jennison Associates argues that investors are overlooking compelling growth franchises outside the United States as benchmarks skew toward cyclicals.
Factor Investing
October 2025
Factoring in the Low-Volatility Factor
Research
52 Pages
The authors evaluate why low volatility is missing from common asset pricing models and test it under real world constraints.
Asset Allocation
October 2025
A Second Opinion on the 60/40 Default
GMO
Research
10 Pages
GMO reexamines the 60/40 portfolio through a valuation lens and argues that today’s starting point warrants a more dynamic approach.
Asset Allocation
October 2025
Investing in Everything, Everywhere, All at Once
Goldman Sachs
Research
44 Pages
Peter Oppenheimer's team looks at the World Portfolio, which is the sum of all investable assets globally (estimated to be roughly US$250trn, or 200% of world GDP) and has returned 7.8% nominal and 4.1% in real terms annually since 1950.
Alternative Assets
October 2025
In Defense of “What the Stock Market Can Teach Us About Private Equity”
Research
5 Pages
Ennis and Rasmussen revisit listed private equity using simple annual return tests and argue it resembles high beta public equity with little diversification benefit.
Capital Allocation
October 2025
Global economic profit bounces back to an all-time high
McKinsey & Company
Research
7 Pages
McKinsey analyzes why global economic profit rebounded sharply after years of decline, drawing on data from the four thousand largest nonfinancial companies since 2005.
Market Reports
October 2025
Schroders Equity Lens
Schroders
Research
58 Pages
Schroders surveys global equities through a data rich dashboard covering performance, valuations, earnings, styles, and market structure.
Markets
October 2025
A “Fairly Highly Valued” Market: A Fed Chair Opines on Stocks, but should we listen?
Research
10 Pages
Given Jerome Powell’s recent comment that US equities are “fairly highly valued,” Professor Aswath Damodaran examines whether markets are overpriced, and if so, whether action is warranted.
Geopolitics
October 2025
Geopolitical flashpoints: What markets may be underestimating
Deutsche Bank
Research
16 Pages
Deutsche Bank Research Institute examines why markets may be complacent toward escalating geopolitical risks and how fear can trigger sharp risk off episodes.
Europe
October 2025
Quantitative Precision: Seeking to Unlock High Alpha Potential in European Equities
Goldman Sachs
Research
20 Pages
Goldman Sachs Asset Management outlines a systematic approach to harvesting stock selection alpha in Europe using multi signal models and strict portfolio construction. Emphasis falls on exploiting wide dispersion in quality and valuation, neutralizing unintended bets, and integrating liquidity and risk controls to make signals investable at scale.
AI
October 2025
Artificial intelligence
UBS
Research
13 Pages
Ulrike Hoffmann-Burchardi, UBS CIO & Global Head of Equities, shares an update on her 10 AI views.
Asset Allocation
October 2025
Long-term treasuries in diversified portfolios
Meketa
Research
18 Pages
Meketa analyzes the role of long-term U.S. Treasuries in institutional portfolios, emphasizing their unique ability to hedge equity drawdowns, dampen volatility, and enhance liquidity during stress periods.
Alternative Assets
October 2025
Outlook for Private Markets
Apollo
Research
69 Pages
Apollo published an outlook for Japan and an outlook for private markets.
Global Macroeconomics
October 2025
Macro State of Play
KKR
Research
11 Pages
KKR’s Global Macro team, led by Henry McVey, outlines how a new “Regime Change” in markets is reshaping asset allocation and global investment opportunities.
Market Outlooks
October 2025
Tariffs, Technology, and Transition
PIMCO
Research
12 Pages
PIMCO outlines a global economic and market outlook shaped by tariffs, rapid AI-driven capital investment, and political challenges to monetary institutions.
International Markets
October 2025
Outlook for Japan
Apollo
Research
43 Pages
Apollo published an outlook for Japan and an outlook for private markets.
Portfolio Management
October 2025
How Private Companies Are Reshaping Public Markets
Morningstar
Research
18 Pages
Morningstar examines how the rise of private markets is reshaping U.S. public equities—particularly the small-cap segment.
Global Macroeconomics
October 2025
Dollar Dominance and Dollar Depreciation — Moving on Different Tracks (Trivedi/Jenkins)
Goldman Sachs
Research
16 Pages
Goldman Sachs examines the resilience of the U.S. dollar’s dominance in global finance alongside a forecast for continued currency depreciation.
Alternative Assets
October 2025
Real Estate Reset: Capitalizing on Record Dispersion
Davidson Kempner
Research
11 Pages
Davidson Kempner analyzes how the global commercial real estate (CRE) market is undergoing a structural reset amid higher interest rates, divergent rent growth, and regional valuation gaps.
Market Reports
October 2025
Guide to the Markets U.S. | 4Q 2025
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan’s Guide to the Markets is updated through September 30, 2025.
Retirement Planning
October 2025
New Economics of Retirement: Retirement Survey & Insights Report 2025
Goldman Sachs
Research
38 Pages
Goldman Sachs published the 2025 Retirement Survey & Insights Report.
Quarterly Global Valuations
September 2025
Global Valuations 🌎
Here are the global valuations as of September 30, 2025.
Markets
September 2025
The Blob: Capital, China, Chips, Chicago and Chilliwack
J.P. Morgan Asset Management
Research
11 Pages
J.P. Morgan’s Michael Cembalest examines the convergence of AI, industrial policy, and fiscal stress across markets and governments.
Wealth Management
September 2025
ETFs 2025: Cheap, Fat, Starving for Attention
Research
18 Pages
David Nadig gave a presentation on the state of the ETF industry: Cheap, Fat, Starving for Attention.
Alternative Assets
September 2025
Bitcoin vs. Gold: The Future of Central Bank Reserves by 2030
Deutsche Bank
Research
18 Pages
Deutsche Bank explores whether Bitcoin could join gold as a central bank reserve asset by 2030.
Alternative Assets
September 2025
The Autobahn and Private Markets Remarks at Better Markets Academic Advisory Board Annual Conference
U.S. Securities & Exchange Commission
Research
16 Pages
Caroline Crenshaw, an SEC Commissioner, gave a speech on private market risks.
Markets
September 2025
Biopharma Market Update
Stifel
Research
77 Pages
Stifel shared an update on the biopharma market.
Markets
September 2025
MAGA →MEGA
Deutsche Bank
Research
20 Pages
Deutsche Bank examines whether 15 years of U.S. equity dominance are giving way to renewed strength in European markets.
Markets
September 2025
Human Progress, Medicine and AI
Stifel
Research
101 Pages
Tim Opler's special report covers the adoption of innovation, why medical innovations are so slow to be adopted, and how this may change in the future.
Global Macroeconomics
September 2025
Tracking the Short-Run Price Impact of U.S. Tariffs
Research
36 Pages
Harvard Business School Pricing Lab measures how newly imposed U.S. tariffs feed into retail prices using daily product data linked to HS codes and country of origin.
Global Macroeconomics
September 2025
The Rising Tide of Government Interest Costs (Cole)
Goldman Sachs
Research
10 Pages
Goldman Sachs explains why G10 government interest costs are still climbing even as policy rates peak: large debt stocks are being refinanced at higher rates while deficits remain wide.
Portfolio Management
September 2025
A Closer Look at Long-term Returns
Commonfund
Research
5 Pages
The 2024 CCSF Study shares a closer look at long-term returns for foundations.
Global Macroeconomics
September 2025
Convictions And Concerns
Gavekal
Research
10 Pages
Evergreen Gavekal’s Louis-Vincent Gave reviews major 2025 market trends through the lenses of fundamentals, valuations, momentum, positioning, and policy. He outlines three main convictions: a U.S. dollar bear market, a Chinese equity bull market, and financials’ continued strength amid reflationary policies.
Alternative Assets
September 2025
A Trend Following Deep Dive: The Dynamics of Dispersion
Man Group
Research
13 Pages
Man AHL investigates why performance dispersion among trend-following CTAs remains wide despite similar strategies.
Global Macroeconomics
September 2025
Through the Looking Glass
Carlyle
Research
23 Pages
Carlyle examines how the global economy is entering a “post-normal” phase characterized by higher equilibrium interest rates, shifting capital flows, and uneven productivity gains from AI.
Global Macroeconomics
September 2025
Thoughts From the Road: Southeast Asia
KKR
Research
9 Pages
KKR reflects on recent meetings in Southeast Asia, highlighting strong 2025 equity performance, capital inflows, and demographic tailwinds.
Portfolio Management
September 2025
Global Pension Assets Study
Thinking Ahead Institute
Research
44 Pages
The Thinking Ahead Institute published their Global Pension Assets Study, covering $58 trillion across 22 markets.
Portfolio Management
September 2025
When Public Meets Private: Rethinking the Modern Market
Morningstar
Research
12 Pages
Morningstar Indexes introduces the Morningstar PitchBook US Modern Market 100 Index, a benchmark combining 90 public and 10 private companies to capture the full scope of the modern U.S. equity landscape.
Markets
September 2025
Narrowing the gap: U.S. exceptionalism and developed markets
J.P. Morgan Asset Management
Research
51 Pages
J.P. Morgan’s Strategic Investment Advisory Group examines the fading gap between U.S. outperformance and other developed markets.
Portfolio Management
September 2025
Adapting to the Terrain: 2025 Family Office Investment Insights
Goldman Sachs
Research
44 Pages
Goldman Sachs published their 2025 Family Office Investment Insights report.
Alternative Assets
August 2025
Guide to Alternatives
J.P. Morgan Asset Management
Research
81 Pages
J.P. Morgan published their latest Guide to Alternatives.
Portfolio Management
August 2025
American Unexceptionalism
GMO
Research
15 Pages
GMO challenges the long-held belief in U.S. equity superiority by breaking down the S&P 500’s outperformance into key sources—80% derived from dollar strength and valuation expansion, not sustained fundamental growth.
Markets
August 2025
Biopharma Market Update
Stifel
Research
73 Pages
Tim Opler covers the evolving cardiovascular drug field, which is accelerating due to the high unmet need.
Markets
August 2025
A Historic Dislocation: Opportunity at the Long End of the Municipal Curve
Morgan Stanley
Research
8 Pages
Morgan Stanley highlights the rare steepness in the municipal yield curve, with long-dated bonds underperforming short maturities by nearly 800 bps.
Alternative Assets
August 2025
What the London Stock Exchange Can Teach Us About Private Equity
Research
13 Pages
Ennis and Rasmussen analyze listed private equity (LPE) funds on the London Stock Exchange to examine how private equity behaves when marked to market.
Global Macroeconomics
August 2025
The New Joule Order
Carlyle
Research
27 Pages
Jeff Currie posits that energy security, rather than climate concerns, is now the primary driver of the global energy transition.
Wealth Management
August 2025
Guide to Retirement
J.P. Morgan Asset Management
Research
56 Pages
J.P. Morgan Asset Management provides a comprehensive framework for retirement planning that emphasizes longer life expectancies, disciplined investing, and strategic income management.
Wealth Management
August 2025
Mind the Gap 2025
Morningstar
Research
22 Pages
Morningstar’s annual Mind the Gap study measures the difference between fund returns and what investors actually earned due to timing of purchases and sales.
Markets
August 2025
Sick as a Dog
J.P. Morgan Asset Management
Research
31 Pages
J.P. Morgan examines why U.S. healthcare stocks trade at their lowest relative valuations in over three decades.
Global Macroeconomics
August 2025
What Not to Watch: Data Reliability and Market Sensitivity to Economic Surprises (Walker)
Goldman Sachs
Research
15 Pages
Goldman Sachs explores a world of rising macro uncertainty, where traditional economic relationships are weakening and policy ambiguity has surged.
Markets
August 2025
How will European companies ever catch their US peers?
Deutsche Bank
Research
13 Pages
Deutsche Bank examines why European corporates lag their U.S. peers in profitability and market depth, focusing on declining efficiency as the critical gap.
Markets
August 2025
Cash Holdings
Morgan Stanley
Research
36 Pages
Morgan Stanley investigates why corporate cash holdings have steadily risen over the past 50 years, dispelling the idea that they simply reflect poor governance.
Markets
August 2025
US Auto Dealer Industry Report
Morningstar
Research
48 Pages
Morningstar covers the $1 trillion-plus auto dealership industry, touching on automobile industry trends, individual stocks’ economic moats, future outlooks, ESG considerations, and more.
Alternative Assets
August 2025
High-Vol Trend Following – The Most Valuable Alternative Investment?
DUNN Capital Management
Research
13 Pages
DUNN Capital argues that true “alternative” strategies should diversify by timing—delivering negative correlation, positive skew, and convexity when equities sell off.
Markets
August 2025
Global Defense Sector Landscape
Morningstar
Research
83 Pages
Morningstar outlines how geopolitical tensions and NATO budget targets are driving a new defense supercycle, reshaping procurement, investment, and industry structure.
Markets
August 2025
Myths and Lessons from a Century of American Automaking
Economic Innovation Group
Research
22 Pages
The author revisits the history of American automaking to challenge protectionist myths often used to justify tariffs and trade barriers.
Global Macroeconomics
August 2025
Canaries in the Coal Mine? Six Facts about the Recent Employment Effects of Artificial Intelligence
Stanford University
Research
57 Pages
Stanford researchers use payroll data from ADP to analyze how generative AI adoption is reshaping employment across occupations.
Global Macroeconomics
August 2025
The unstoppable dollar meets the immovable Mr Trump
Ninety One
Research
23 Pages
Ninety One assesses whether structural shifts—including rising twin deficits, fiscal unpredictability, global geopolitical rebalancing, and eroding U.S. rate advantages—could finally reverse a decades-long U.S. dollar up‑cycle.
Markets
August 2025
Japan’s Dividend & Buyback Surge
Verdad
Research
5 Pages
Verdad Capital reviews Japan’s record surge in dividends and buybacks, driven by Tokyo Stock Exchange reforms aimed at improving capital efficiency.
Markets
August 2025
Thoughts from the Road: Asia
KKR
Research
15 Pages
KKR reflects on recent trips to China and Japan, assessing growth headwinds, trade policy shifts, and investment opportunities across Asia.
Wealth Management
August 2025
Setting the record straight: The truths about index fund investing
Vanguard
Research
16 Pages
Vanguard addresses common myths about index fund investing, showing that indexing’s rise has not distorted markets or reduced price discovery.
Alternative Assets
August 2025
Worth Its Weight
D.E. Shaw & Co.
Research
10 Pages
D.E. Shaw & Co. examines the role of gold as a “non-productive store of value” and its potential diversification benefits amid inflation uncertainty, shifting monetary regimes, and geopolitical tension.
Markets
August 2025
Developed ex-US equities
Meketa
Research
13 Pages
Meketa analyzes the structure, performance, and diversification role of developed markets outside the U.S., finding that while correlations with U.S. equities have risen, these markets still offer unique sector and currency exposures.
Markets
August 2025
The Red Thread: Europe Edition
UBS
Research
38 Pages
UBS identifies a strategic inflection point for Europe, as fiscal stimulus and shifting policy dynamics lift growth expectations relative to the U.S.
Portfolio Management
July 2025
Equity Market Focus: Objective Expected Returns
AQR
Research
2 Pages
AQR examines how “objective” valuation-based models—such as equity yields or cyclically adjusted metrics—predict multi-year U.S. equity returns.
Markets
July 2025
Indian Summer?
Man Group
Research
19 Pages
Man Group assesses India’s long-term potential, balancing its rapid demographic expansion, capex boom, and digitization progress against rich valuations and geopolitical risks.
Portfolio Management
July 2025
The Risk, Reward, and Asset Allocation of Nonprofit Endowment Funds
Research
79 Pages
The authors analyze more than 800 U.S. nonprofit endowments to assess their performance, asset allocation, and risk-adjusted outcomes over two decades.
Markets
July 2025
The Structural Solar Surge
Goldman Sachs
Research
15 Pages
Goldman Sachs analyzes the unprecedented global boom in solar power, which has become the fastest-growing electricity source in history.
Markets
July 2025
The Wisdom of Buying Absurdly Expensive Stocks (Or Not!)
Man Group
Research
11 Pages
Man Group examines how over one‑fifth of the MSCI World index now trades at EV/sales multiples above 10x—levels last seen during the dot‑com bubble—raising questions over whether these elevated valuations, driven by AI exuberance, can justify future returns amid normalized interest rates.
Global Macroeconomics
July 2025
What Would It Take to Bring Back US Manufacturing? Part 2
Bridgewater
Research
9 Pages
Bridgewater and Eclipse identify the technologies needed to close the U.S. productivity gap and restore competitiveness in manufacturing.
Portfolio Management
July 2025
Equity Market Focus: Interrogating the Historical Data
AQR
Research
12 Pages
In the fifth post from Antti Ilmanen’s series, he examines long-run U.S. equity returns and the pitfalls of relying on historical averages.
Markets
July 2025
Obesity Drug Market Update
Stifel
Research
253 Pages
Tim Opler gives an overview of the global obesity epidemic and the GLP-1 market.
Alternative Assets
July 2025
Living with Trend Following: Lessons From the Past 25 Years
Aspect Capital
Research
14 Pages
Aspect Capital examines how systematic trend-following strategies have navigated four major macroeconomic periods—from the DotCom bubble to the post-pandemic inflation surge.
Global Macroeconomics
July 2025
What Would It Take to Bring Back US Manufacturing? Part 1
Bridgewater
Research
11 Pages
Bridgewater and Eclipse analyze the deep structural obstacles facing U.S. manufacturing amid renewed efforts to reshore production.
Market Reports
July 2025
Global Wealth Report 2025
UBS
Research
51 Pages
UBS presents the 16th edition of its Global Wealth Report, revealing that global personal wealth rose 4.6% in 2024, driven by strong U.S. dollar and financial-market performance.
Fixed-Income
July 2025
Fixed Income Outlook
BlackRock
Research
16 Pages
BlackRock emphasizes that today’s fixed-income landscape offers a generational opportunity, with historically high yields—particularly at the front end of the curve—making income more attractive than duration amid macro uncertainty.
Markets
July 2025
Multi-Asset Market Outlook
Robeco
Research
13 Pages
Robeco’s theme of the month is the rise in share buybacks, which they believe are set to become even more popular. They highlight the positive momentum for rising share buybacks in Japan and Europe.
Markets
July 2025
Market Know-How 3Q 2025
Goldman Sachs
Research
16 Pages
GSAM outlines a cautious yet proactive investment stance amid heightened geopolitical uncertainty, fiscal policy shifts, and tariff risks.
Markets
July 2025
Recovery, Optimism & Complacency
MUFG
Research
52 Pages
MUFG cautions that market optimism may overlook structural vulnerabilities created by the entanglement of monetary and fiscal policy.
Global Macroeconomics
July 2025
Immigration Policy and Its Macroeconomic Effects in the Second Trump Administration
American Enterprise Institute
Research
13 Pages
AEI’s report assesses how immigration policy under a potential second Trump term could affect U.S. macroeconomic conditions.
Markets
July 2025
Rethinking Risk Management and the Myth of “Missing the Best Days”
Research
15 Pages
ViewRight Advisors challenges the notion that investors must stay fully invested to avoid “missing the best days.”
Portfolio Management
July 2025
Buffett’s Intangible Moats
Sparkline Capital
Research
15 Pages
Sparkline captures how Warren Buffett’s success stems from evolving beyond traditional value investing toward companies rich in intangible assets—such as brand equity, IP, and network effects.
Portfolio Management
July 2025
In an Unsteady World, Time to (Finally) Tilt Away from U.S. Equities?
Acadian
Research
5 Pages
Acadian argues that post‑Global Financial Crisis tailwinds that favored U.S. equities have diminished, making a case to rebalance toward non‑U.S. equities.
Alternative Assets
July 2025
Leaning Into the Turbulence: Private Equity Midyear Report 2025
Bain & Company
Research
12 Pages
Bain & Company’s Midyear Private Equity Report 2025 reveals that early optimism in the private equity (PE) sector has been tempered by geopolitical uncertainties, notably tariff-related disruptions.
Markets
July 2025
Brazil: Rewiring the Economy
Morgan Stanley
Research
6 Pages
Morgan Stanley explores Brazil’s shift from a “lost decade” to renewed growth driven by structural reforms.
Markets
July 2025
Why Are Emerging Markets Investors Removing Their China Exposure?
Marquette Associates
Research
7 Pages
Marquette Associates analyzes the rapid growth of EM ex-China strategies, noting how geopolitical tensions, regulatory risks, and China’s economic weakness have driven investors to diversify away.
Market Outlooks
July 2025
Mid Year Outlook: Make Your Own Luck
KKR
Research
68 Pages
KKR frames the shifting 2025 market—marked by geopolitical shocks, sticky inflation, and a U.S. credit downgrade—as part of a broader "Regime Change."
Markets
June 2025
2025 Mid Year Investment Outlook
HSBC Asset Management
Research
28 Pages
HSBC states the macro environment has structurally changed, which leads them to believe investors should embrace greater geographic and strategic diversification.
Quarterly Global Valuations
June 2025
Global Valuations 🌎
Here are the global valuations as of June 30, 2025.
Global Macroeconomics
June 2025
What to watch: A fragile ceasefire in the Middle East, paying for and quarterly country and sector risk update
Allianz
Research
12 Pages
The authors assess market and macro implications of a fragile Middle East ceasefire, Europe’s rising defense bills, and shifting country and sector risks.
Markets
June 2025
Unpacking the $15 Trillion Opportunity in Leisure Travel
BCG
Research
21 Pages
BCG covers the future of global leisure travel and forecasts it will triple in value, reaching $15 trillion by 2040.
Portfolio Management
June 2025
The International Rebalance
Morgan Stanley
Research
7 Pages
Morgan Stanley highlights the entrenched home‑country bias among U.S. investors, with nearly 15 years of U.S. equity dominance masking broader opportunities abroad.
Global Macroeconomics
June 2025
Mapping the World’s Prices – 2025
Deutsche Bank
Research
58 Pages
Deutsche Bank has a fun look at the world’s cheapest and most expensive cities, covering the quality of life, rental costs and prices for phones, coffee, taxis and more in 69 cities.
Global Macroeconomics
June 2025
The US Dollar and Why International Stocks are Outperforming YTD
Johnson Financial Group
Research
7 Pages
Johnson Financial Group explains that the US dollar’s sharp depreciation in 2025 has significantly boosted the relative performance of foreign equities for US investors, as currency effects can outweigh underlying stock movement.
Portfolio Management
June 2025
How Did We Get Here? A Brief History of Expected Returns Formation
AQR
Research
16 Pages
In the fourth post from Antti Ilmanen’s series, he analyzes how investors have formed long-run return expectations over time, and how academics have perceived that investors do it (or ought to do it).
Global Macroeconomics
June 2025
US fiscal worries: Is this time different?
Goldman Sachs
Research
28 Pages
Goldman Sachs’ covers the US fiscal deficit issue from a variety of angles. This includes interviews with Ray Dalio, Harvard’s Kenneth Rogoff, and historian Sir Niall Ferguson and have other commentary around this issue for Europe, Asia and Emerging Markets.
Alternative Assets
June 2025
Trend Following and Drawdowns: Is This Time Different?
Man Group
Research
43 Pages
While trend following has had a tough start to 2025, Man Group explains why historically, those who have stayed the course have benefitted.
Markets
June 2025
What Will 2025 Be Remembered For?
Gavekal
Research
11 Pages
Assuming that the US is folding its security umbrella and withdrawing from patrolling the world’s ocean, Louis-Vincent Gave looks at possible winners and losers. He notes most of the winners in that scenario are trading at average or below average valuations.
Global Macroeconomics
June 2025
Signal over noise #10: The fiscal tightrope
UBS
Research
7 Pages
Ulrike Hoffmann-Burchardi explains why she believes the US debt burden remains manageable and that growth is the best option for the US to reduce the deficit over time.
Alternative Assets
June 2025
Truth or Trend: Separating Signal from Noise
Man Group
Research
17 Pages
Man Group explores how trend-following strategies—diversified across many asset classes—capture unpredictable market moves and provide “crisis alpha” through disciplined, multi-market positioning.
Markets
June 2025
Welcome to the Age of Diminished Expectations
Natixis
Research
18 Pages
Natixis Investment Managers’ 2025 global survey of 7,050 individual investors shows individual investors have high expectations for future returns.
Markets
June 2025
Oncology Market Update
Stifel
Research
82 Pages
Tim Opler covers the trends, deals, valuations, and players in the oncology market.
Market Reports
June 2025
How America Saves 2025
Vanguard
Research
112 Pages
Vanguard’s 24th annual How America Saves report analyzes retirement behaviors among nearly 5 million DC plan participants in 2024, revealing record-high plan participation and smart design execution.
Portfolio Management
June 2025
Balancing Act: Building Resilient Portfolios in a Changing Landscape
PIMCO
Research
6 Pages
PIMCO’s mid-2025 asset allocation outlook outlines a systematic approach to building resilient portfolios amid policy uncertainty and shifting global growth dynamics.
Alternative Assets
June 2025
Market Cycles and Managed Futures Drawdowns
AlphaSimplex
Research
8 Pages
Kathryn Kaminski analyzes prior Managed Futures drawdown and recovery periods and shares common themes.
Markets
June 2025
The Fragmentation Era
PIMCO
Research
12 Pages
Pimco explains how investors can look to fortify portfolios by diversifying across global markets and capitalizing on attractive, high quality yields.
Global Macroeconomics
June 2025
The New Martial Plan
Carlyle
Research
28 Pages
As the United States retreats from international cooperation, the world is arguably becoming more dangerous and more expensive. Jeff Currie’s latest looks at the implications of this shifting security landscape.
Portfolio Management
June 2025
Risk Speedometers: What are allocators buying and selling?
Vanguard
Research
12 Pages
Vanguard shares what allocators are buying and selling across more than 100 sub-asset classes, durations, styles, sectors and thematic investment strategies.
Quantitative Investing
June 2025
What makes thematic investing a strong alternative in volatile markets
Robeco
Research
32 Pages
Robeco analyzes how thematic investing can provide diversification and resilience during volatile markets by aligning with structural megatrends.
Markets
June 2025
Sunrise on Venus
Orbis Investments
Research
12 Pages
Orbis Investments examines the prolonged outperformance of U.S. equities over the past 15 years and highlights emerging opportunities in international (ex-U.S.) markets.
Portfolio Management
June 2025
Seizing fundamental and quant alpha in developed equity markets
Robeco
Research
17 Pages
Robeco compares quantitative and fundamental equity strategies in developed markets, finding a combined approach offers diversification and enhances consistency in alpha generation.
Alternative Assets
June 2025
Why asset quality drives venture secondary returns
Stepstone
Research
6 Pages
Fund secondaries acquired at discounts of more than 15% have actually materially underperformed those acquired at thinner discounts.
Markets
June 2025
Bend, Not Break: Investing in Real Estate Amid Economic Uncertainty
PIMCO
Research
11 Pages
PIMCO offers a measured outlook for commercial real estate amid persistent macroeconomic uncertainty—sticky inflation, tight credit, and geopolitical tension—highlighting pockets of regional resilience like Europe, Japan, and Australia.
Markets
June 2025
Africa Unleashed: Powering Prosperity Through Energy Access
BCG
Research
23 Pages
BCG walks through the regulatory, financial, technical, and social facets of the challenge to connect 300 million people, mostly in rural areas, to the electrical grid by 2030.
Markets
May 2025
Biopharma Market Update
Stifel
Research
106 Pages
Tim Opler gives an update on biotech in China (starting on page 47), highlighting the rapid change.
Portfolio Management
May 2025
What Has Private Equity Done to Small-Cap Stocks?
Marquette Associates
Research
6 Pages
Marquette Associates examines how the expansion of private equity is reshaping small‑cap public markets: firms now stay private longer, capturing growth privately and shrinking the small‑cap universe.
Global Macroeconomics
May 2025
The Path to 2075 – The Positive Story of Global Aging
Goldman Sachs
Research
21 Pages
Goldman Sachs reframes global aging as an opportunity rather than a crisis, noting that longevity gains and healthier aging are extending effective working lives.
Alternative Assets
May 2025
Private Credit: Dispelling the Myths
Man Group
Research
11 Pages
Man Group challenges common misconceptions surrounding the rapidly growing private credit market.
Markets
May 2025
Emerging Markets 2.0: The Tipping Point Is Here
Allspring
Research
6 Pages
Allspring explains why they believe that there is currently an opportunity for investors to diversify into emerging markets given the first signs of an exceptional decade beginning to appear.
Portfolio Management
May 2025
Alternatives & Strategic Asset Allocation Creating a robust framework for private investors
Deutsche Bank
Research
24 Pages
Deutsche Bank outlines a strategic framework for incorporating alternatives into long-term asset allocation, emphasizing their role in diversification and risk balance.
Alternative Assets
May 2025
Global Private Markets Report 2025: Private equity emerging from the fog
McKinsey & Company
Research
27 Pages
McKinsey provides an in-depth analysis of the private markets landscape in 2024.
Markets
May 2025
Credit market outlook
Apollo
Research
188 Pages
Apollo’s 2025 outlook highlights the resilience of global credit markets following a strong 2024, with spreads at or near multi-year tights.
Alternative Assets
May 2025
Rethinking Venture Capital
Venture Capital
Research
134 Pages
This mega report offers a data-driven, globally informed perspective on how LPs and GPs can navigate today’s evolving venture landscape, from capital flows and liquidity, to allocation frameworks and portfolio construction.
Alternative Assets
May 2025
Walking the Tightrope: Trend Following’s Tricky Tradeoffs
Research Affiliates
Research
20 Pages
Research Affiliates demonstrates how trend-following can be a tightrope act: dialing up the strategy’s prized positive skew for crash-era payoffs invariably chips away at its Sharpe ratio, so allocators must decide how much smooth return they are willing to sacrifice for tail-risk insurance.
Wealth Management
May 2025
A Comprehensive Guide to ETFs (2nd Edition)
CFA Institute
Research
60 Pages
The CFA Institute’s 2nd edition of A Comprehensive Guide to ETFs provides an updated, neutral overview of the ETF ecosystem.
Markets
May 2025
The Mag 7 becomes the Mid 7
Richard Bernstein Advisors
Research
7 Pages
RBA says the Magnificent 7 is now an expensive group of stocks that is no longer unique, while other market segments, like International Quality, now offer superior growth prospects, higher dividend yields, and cheaper valuations.
Markets
May 2025
Schroders Equity Lens
Schroders
Research
54 Pages
Schroders’ May 2025 Equity Lens report highlights a strong rebound in global equities, particularly in Europe, which outperformed the U.S. by 22% year-to-date—the third-best start in over 50 years.
Global Macroeconomics
May 2025
The power of one: How standout firms grow national productivity
McKinsey & Company
Research
94 Pages
McKinsey finds a small number of firms contribute the majority of productivity growth in a country.
Alternative Assets
May 2025
Global Private Markets Report
McKinsey & Company
Research
92 Pages
McKinsey highlights the resilience of private markets amid uneven 2024 conditions, where fundraising faltered but capital deployment surged and investor allocations remained strong.
Global Macroeconomics
May 2025
The Art of Learning
KKR
Research
26 Pages
KKR shares how recent events surrounding trade, geopolitics, and monetary policy have amplified their Regime Change thesis.
Global Macroeconomics
May 2025
Tariffs and the US Trade Deficit, Where Are We Headed?
Deutsche Bank
Research
26 Pages
After appreciating about 40% from the end of the GFC (2011), the dollar reversed course earlier this year and is now down more than 5% from its peak this January.
Portfolio Management
May 2025
Go Small or Go Home
AQR
Research
9 Pages
AQR explores why small caps, especially in the international and emerging regions, present a compelling investment opportunity driven by the potential for higher expected market returns, attractive earnings growth, strong diversification benefits, and rich alpha opportunities.
Global Macroeconomics
May 2025
The growing role of private credit and the outlook for corporate finance
Apollo
Research
36 Pages
Torsten Slok examines the expanding role of private credit in corporate finance, noting that its share of the U.S. debt market has grown from 1.7% in 2003 to 6.6% in 2023.
Portfolio Management
May 2025
Active Management Is Suited to Uncertain Times
Morgan Stanley
Research
7 Pages
The report emphasizes the growing importance of active management in fixed income investing.
Portfolio Management
May 2025
Buffer Madness
AQR
Research
10 Pages
Cliff Asness follows up on AQR’s recent piece, which was critical of options-based strategies such as "defined outcome funds" and "buffered ETFs".
Alternative Assets
May 2025
The Demise of Alternative Investments
Research
21 Pages
Richard Ennis argues that alternative investments bring extraordinary costs but ordinary returns.
Portfolio Management
May 2025
Exceptional Expectations: U.S. vs. Non-U.S. Equities
AQR
Research
12 Pages
Part II in the series by Antti Ilmanen applies the ideas to expectations for U.S. equities versus the rest of the world by analyzing the drivers of relative performance—in particular the different roles of fundamentals and valuations—and assessing the most likely implications for future returns.
Portfolio Management
May 2025
Passive Aggressive: The Risks of Passive Investing Dominance
Research Affiliates
Research
14 Pages
Chris Brightman and Campbell Harvey explore the systemic risks associated with the growing dominance of passive, capitalization-weighted index funds.
Portfolio Management
May 2025
Why Are Bond Investors Contrarian While Equity Investors Extrapolate?
AQR
Research
15 Pages
In Part III of the series from Antti Ilmanen, he explores why equity investors tend to extrapolate recent trends in returns and earnings growth, while bond investors tend to expect mean reversion in rates.
Global Macroeconomics
May 2025
Signs of the Times: Five Indicators of Regime Change
Man Group
Research
19 Pages
While various economic indicators can signal regime change, market pricing measures can offer clearer timing cues. Henry Neville shares five quantitative signs that secular stagnation is over.
Markets
May 2025
Road to Renewal: Investing in a New Era for Europe
Goldman Sachs
Research
19 Pages
Goldman Sachs Asset Management outlines how Europe's expansive fiscal and defense initiatives are reshaping its investment landscape.
Global Macroeconomics
May 2025
Is the worst of both worlds returning? Understanding stagflation risk – a stagflation primer
Meketa
Research
15 Pages
Meketa Investment Group explores the rare but consequential risk of stagflation—a simultaneous rise in inflation and stagnating growth—highlighting its historical rarity and costly market implications.
Trend-Following
May 2025
The Patience Premium
Virtus Funds
Research
4 Pages
While managed futures strategies are in the midst of a historically challenging period of performance, the strategy historically performed well in the time periods following drawdowns.
Global Macroeconomics
May 2025
Stimulus Does Not Stimulate
Research Affiliates
Research
11 Pages
Rob Arnott challenges the prevailing belief that government stimulus spending and debt issuance reliably boost economic growth.
Alternative Assets
May 2025
Will lower oil help the economy?
BCG
Research
16 Pages
BCG’s Macroeconomics & Energy groups answer the following questions.
Energy
May 2025
Energy Transition: Utilities and Electricity Grids
Deutsche Bank
Research
22 Pages
Deutsche Bank provides an overview of electricity and grid development, a summary of investment trends in grid expansion, capital expenditure requirements and regulatory developments, and the investment case for Utilities.
Markets
May 2025
Drawdowns and Recoveries
Morgan Stanley
Research
24 Pages
Michael Mauboussin examines the drawdown and recovery patterns of over 6,500 U.S. stocks from 1985 to 2024.
Markets
May 2025
Widening the Lens: Revisiting the Case for Non-U.S. Stocks
Janus Henderson Investors
Research
6 Pages
While US stocks have outperformed over the past decade, Janus Henderson believes the valuation gap creates room for upside and an opportunity to diversify equity holdings.
Wealth Management
May 2025
2024 US Fund Fee Study
Morningstar
Research
42 Pages
Morningstar’s 2024 U.S. Fund Fee Study finds that investors paid record-low costs as the asset-weighted average expense ratio declined to 0.34% in 2024, less than half of its level two decades ago.
Portfolio Management
April 2025
Market Timing: More than a Mirage
Man Group
Research
12 Pages
Man Group says market timing, when executed with skill and discipline, is a powerful tool that allocators should use in seeking to deliver returns to their investors across the cycle.
Portfolio Management
April 2025
Capital Market Assumptions: Redefined
Man Group
Research
33 Pages
Man Group critiques the conventional use of 10-year Capital Market Assumptions (CMAs), arguing they’re often inaccurate and misapplied.
Markets
April 2025
Guide to Global Stock Markets 2025 Edition
Finaeon
Research
339 Pages
The "Finaeon Guide to Global Stock Markets 2025 Edition" offers an extensive analysis of financial market performance across 22 countries and 3 global markets.
Alternative Assets
April 2025
Trade War Crisis or Correction: Managed Futures and Crisis Alpha in 2025
AlphaSimplex
Research
7 Pages
Kathryn Kaminski analyzes past drawdowns in the S&P 500 and highlights that trend following tends to struggle at the onset of new trends and it tends to thrive in their extension.
Markets
April 2025
Why own bonds?
Wells Fargo
Research
16 Pages
Wells Fargo Investment Institute outlines five key reasons why bonds remain a vital component of diversified portfolios, even amid elevated interest rates and recent market volatility.
Alternative Assets
April 2025
Taking the Private out of Private Equity, with the Morningstar PitchBook Buyout Replication Index
Morningstar
Research
17 Pages
Morningstar and PitchBook introduce the Buyout Replication Index, a public equity portfolio designed to emulate the risk-return profile of private equity buyout funds.
Alternative Assets
April 2025
Why Patience Matters During Market Stress
Man Group
Research
6 Pages
Man Group examines the performance of trend-following strategies during periods of market stress, emphasizing the importance of patience.
Markets
April 2025
Global Asset Management Report: From Recovery to Reinvention
BCG
Research
26 Pages
Boston Consulting Group outlines how the global asset management industry must transition from recovery into reinvention by innovating across product development, distribution, scale, and cost structure.
Global Macroeconomics
April 2025
The Impact of Uncertainty on Investment, Hiring, and Consumer Spending
Goldman Sachs
Research
17 Pages
Goldman Sachs Research analyzes the impact of heightened policy uncertainty on U.S. business investment, hiring, and consumer spending.
Portfolio Management
April 2025
Small Caps, Big Opportunities: Investing Beyond Large-Cap Stocks
Research Affiliates
Research
13 Pages
Research Affiliates says the current valuation gap favoring small-cap stocks signals the potential to unlock value and outperform.
Markets
April 2025
Our 2025 Annual Consumer Trend Report
Forerunner
Research
98 Pages
Forerunner VC shares a comprehensive update on the state of the consumer, covering health and wellness, security, and Generative AI, and where they see investment opportunities around each of them.
Alternative Assets
April 2025
Market Overview 2025: What, Me Worry?
Hamilton Lane
Research
120 Pages
Hamilton Lane gives an update on private markets and future expectations for returns, liquidity, M&A, fundraising, and more.
Markets
April 2025
Bear Market Anatomy – the path and shape of the bear market
Goldman Sachs
Research
19 Pages
Goldman Sachs puts the current bear market into historical context and explains why the case for diversification remains strong given the trends of less globalization, higher budget deficits, higher cost of capital and constraints on corporate profit margins.
Annual Report
April 2025
VC Fund Performance FY 2024
Carta
Research
28 Pages
Carta's analysis of over 2,000 U.S. venture funds from 2017 to 2024 reveals a shifting landscape in venture capital.
Global Macroeconomics
April 2025
AI Beneficiaries: Investing in Second-Order Effects
Morgan Stanley
Research
18 Pages
Morgan Stanley covers the second-order effects of AI & automation, noting that while big technological innovations create huge investment opportunities, it’s often the companies that leverage the technology, rather than the suppliers that create the most enduring value for investors.
Portfolio Management
April 2025
Playing a Bigger Game
MFS
Research
16 Pages
MFS President Carol Geremia addresses the pervasive short-termism in the investment industry and advocates for a transformative shift towards long-term value creation.
Alternative Assets
April 2025
Europe: Opportunity in Fragmentation
Davidson Kempner
Research
13 Pages
Davidson Kempner Capital Management argues that Europe's market fragmentation, higher cost of capital, and underdeveloped capital markets create compelling opportunities for flexible capital providers.
Global Macroeconomics
April 2025
What’s Driving the Surge in U.S. Corporate Profits?
Federal Reserve Bank
Research
7 Pages
The Federal Reserve Bank of St. Louis reports that U.S. corporate profits have reached near-record highs since the onset of the COVID-19 pandemic, both in nominal terms and as a share of national income.
Portfolio Management
April 2025
What Should You Do When You Don’t Know What to Do?
Man Group
Research
14 Pages
Man Group emphasizes that in the face of heightened market uncertainty, investors should focus on three core principles: diversification, volatility-based exposure management, and systematic risk controls.
Portfolio Management
April 2025
Choosing to Lose: Country Misallocation in Discretionary EM Investing
Acadian
Research
9 Pages
Acadian studies the country positioning of emerging market equity managers, finding it didn’t help returns and was infected by return chasing.
Portfolio Management
April 2025
How Do Investors Form Long-Run Return Expectations?
AQR
Research
16 Pages
This paper is Part I in a series from Antti Ilmanen, which tries to understand how investors actually form long-run return expectations.
Markets
April 2025
A Hundred Visions and Revisions
Man Group
Research
6 Pages
Henry Neville of Man Group explores the critical role of earnings expectations in equity market performance, emphasizing that earnings forecasts are frequently revised downward, often without significantly impacting market sentiment.
Markets
April 2025
Diversification vs. the Sirens’ Song
Richard Bernstein Advisors
Research
9 Pages
Richard Bernstein warns that investors are increasingly drawn to the allure of high-return, "riskless" assets, likening this to the mythical Sirens' song.
Global Macroeconomics
April 2025
Investing Amid Trade Wars
Sparkline Capital
Research
14 Pages
Kai Wu measures firms’ global trade exposure based on their reliance on foreign revenues, supply chains, and employees.
Markets
April 2025
Investing alongside change
BlackRock
Research
11 Pages
Rick Rieder’s latest market commentary highlights the challenges facing the U.S. economy amid elevated policy uncertainty, rising interest rates, and shifting global capital flows.
Trend-Following
April 2025
Trend Following Through Turmoil: Why the Best Protection Comes After the First Punch
Newfound Research
Research
6 Pages
Corey Hoffstein explores how trend following strategies behave during equity market drawdowns.
Alternative Assets
April 2025
Gold $5,000?
Research Affiliates
Research
11 Pages
Professor Campbell Harvey says gold’s recent price surge is largely driven by current economic uncertainty as well as a wave of new investment sources, including gold ETFs and China’s de-dollarization efforts.
Quarterly Global Valuations
March 2025
Global Valuations 🌎
Here are the global valuations as of March 31, 2025.
Markets
March 2025
Aging: A Brief History
Stifel
Research
311 Pages
In Part I, Tim Opler traces the development of our understanding of aging, highlighting milestones, influential publications, and the intellectual progress that has shaped the field.
Markets
March 2025
Argentina, 1500-2023: An Institutional Story
AIER
Research
21 Pages
This report analyzes Argentina’s long-term economic trajectory through the lens of institutional change, emphasizing shifts in governance, legal frameworks, and economic freedoms influenced the nation’s rise and decline.
Markets
March 2025
Global Investment Returns Yearbook 2025 (GIRY)
UBS
Research
22 Pages
UBS updated their annual GIRY, which highlights the evolution of global markets over the past 125 years.
Markets
March 2025
Vertigo: Preparing for Equity Drawdowns
Man Group
Research
19 Pages
Man Group's analysis of U.S. equity drawdowns from 1926 to 2025 reveals that while drawdowns are inevitable, their characteristics—such as duration, depth, and intensity—vary significantly.
Miscellaneous
March 2025
2025 Annual Shareholder Letter
Berkshire Hathaway
Research
15 Pages
Warren Buffett’s annual letter touches on the performance of US & Japanese investments, the rationale behind Berkshire’s investments and acquisitions, and more.
Portfolio Management
March 2025
Rebuffed: A Closer Look at Options-Based Strategies
AQR
Research
5 Pages
AQR critically evaluates the performance of popular options-based investment strategies, such as buffered and defined outcome funds, over the period from 2020 to early 2025.
Markets
March 2025
The AI Boom vs. the Dot-Com Bubble: Have We Seen This Movie Before?
Research Affiliates
Research
22 Pages
Rob Arnott looks at the parallels between the AI narrative driving the current market and the dot-com bubble of a quarter century ago.
Global Macroeconomics
March 2025
Rising Toxicity and the Threat to Capitalism and Life Itself
GMO
Research
19 Pages
Jeremy Grantham warns that the unchecked spread of synthetic industrial chemicals—particularly endocrine disruptors—is a growing yet underrecognized risk to human health, biodiversity, and the future viability of modern economic systems.
Portfolio Management
March 2025
Dividends and Buybacks – Inertia and Me-tooism!
Research
23 Pages
Professor Aswath Damodaran provides a framework for thinking about how much cash a business can return to its owners, and then argues that, in reality, this decision is affected by inertia and me-tooism.
Markets
March 2025
Heliocentrism
J.P. Morgan Asset Management
Research
55 Pages
J.P. Morgan’s “Eye on the Market” commentary titled Heliocentrism explores the growing dominance of AI and the “Magnificent Seven” tech stocks within U.S. equity markets.
Markets
March 2025
US Equity Views
Goldman Sachs
Research
19 Pages
With the “Maleficent 7” pushing the S&P 500 index to the brink of correction, Goldman Sachs updates their S&P 500 EPS and valuation forecasts for 2025.
Global Macroeconomics
March 2025
A practitioner՚s guide to forecasting in unprecedented times
Deutsche Bank
Research
64 Pages
Deutsche Bank Research's report examines the evolving economic landscape, focusing on macroeconomic trends, growth dynamics, and policy implications.
Wealth Management
March 2025
Investment Company Fact Book
ICI
Research
154 Pages
The 2025 Investment Company Institute Fact Book provides a comprehensive snapshot of the global asset management industry.
Portfolio Management
March 2025
Concentrated portfolio managers: Courageously losing your money
Acadian
Research
10 Pages
Acadian Asset Management critically examines the widespread belief in concentrated portfolios, arguing that such strategies often lead to significant wealth destruction due to overconfidence and a misunderstanding of risk.
Markets
March 2025
When the Market Outgrows the Index
TCW
Research
3 Pages
TCW’s report examines the limitations of the Bloomberg U.S. Aggregate Bond Index (the "Agg") in representing the full spectrum of fixed income opportunities.
Alternative Assets
March 2025
Is the Green Energy Transition Dead?
Bridgewater
Research
18 Pages
Bridgewater Associates argues that the global energy shift is not a true "transition" but rather an "energy addition," where renewables are expanding alongside—not replacing—fossil fuels.
Portfolio Management
February 2025
Why Total Shareholder Yield Matters More Than Dividends
Morningstar
Article
6 Pages
Morningstar explains why total shareholder yield, which combines dividends and buybacks, may be a more useful framework than focusing on dividends alone.
Markets
February 2025
Long-Term Investing in Emerging Markets
MSCI
Research
10 Pages
MSCI seeks to identify the drivers of total shareholder returns in emerging-market equities, finding higher profitability, disciplined capital return (including share buybacks), stable earnings and meaningful dividend payouts were common traits by ‘compounders’.
Markets
February 2025
Current Constituents CAPE
Research Affiliates
Research
8 Pages
Research Affiliates introduces Current Constituents CAPE, which modifies the CAPE Ratio by using the current index constituents and offers potentially improved predictive power, particularly over the medium term.
Miscellaneous
February 2025
Probabilities and Payoffs
Morgan Stanley
Research
49 Pages
Michael Mauboussin explains how quantifying scenario probabilities and mapping them to potential payoffs can improve investment strategies.
Markets
February 2025
Decomposing Equity Returns: Earnings Growth vs. Multiple Expansion
Robeco
Research
6 Pages
David Blitz analyzes the underperformance of various equity markets and styles by decomposing returns into earnings growth and multiple expansion.
Markets
February 2025
Investor Perspectives: Intangible Assets
CFA Institute
Research
144 Pages
CFAI provides an analysis of the rise of intangible assets relative to the market capitalization of firms today.
Markets
February 2025
The Humanoid 100: Mapping the Humanoid Robot Value Chain
Morgan Stanley
Research
86 Pages
Morgan Stanley's report identifies 100 publicly traded companies poised to benefit from the rise of humanoid robotics.
Wealth Management
February 2025
Billionaire Ambitions Report 2024
UBS
Research
60 Pages
UBS looks at the trends in billionaire wealth over the past 10 years.
Portfolio Management
February 2025
A New Paradigm in Active Equity
AQR
Research
17 Pages
AQR covers two hot topics in today’s market: equity market concentration and technological innovation.
Markets
February 2025
Turning Tides in Emerging Markets
GQG Partners
Research
12 Pages
GQG makes the case for emerging markets, specifically India, Indonesia and Brazil.
Global Macroeconomics
February 2025
Ferguson’s Law: Debt Service, Military Spending, and the Fiscal Limits of Power
Hoover Institution
Research
34 Pages
Historian Niall Ferguson introduces a principle suggesting that a great power is at risk of decline when its debt servicing costs surpass its defense spending.
Global Macroeconomics
February 2025
An Acceleration in the Global Flywheel
KKR
Research
27 Pages
Henry McVey, Head of Global Macro and Asset Allocation, says he “can’t think of a time outside of the 2008 Global Financial Crisis when investor appetite for what is going on in the macro landscape has been this high.” This expands on his 2025 outlook by covering a variety of topics, including tariffs and U.S.-China tensions.
Global Macroeconomics
February 2025
AI, demographics, and the U.S. economy
Vanguard
Research
33 Pages
Vanguard examines the push and pull between artificial intelligence and demographic-driven deficits, exploring their impact on U.S. economic growth in the decade ahead.
Global Macroeconomics
January 2025
Dependency and depopulation: Confronting the consequences of a new demographic reality
McKinsey & Company
Research
82 Pages
McKinsey explores the implications of a new demographic reality brought on by falling fertility and increasing longevity.
Global Macroeconomics
January 2025
Sector-Adjusted Global Stock Market Valuation and Long-Term Outlook
Taunus Trust
Research
7 Pages
Taunus Trust analyzes sector-adjusted valuations across forty equity markets to estimate long-term real return prospects.
Global Macroeconomics
January 2025
It Was A Very Good Year
Charles Schwab
Research
6 Pages
Charles Schwab reviews why 2024 was a standout year for U.S. equities while cautioning that frothy sentiment and narrow leadership add risk.
Global Macroeconomics
January 2025
The 2020-2025 Sovereign Debt Crisis: What have we learnt and what lies ahead?
Lazard
Research
6 Pages
Lazard's Sovereign Advisory team, which has served as the sole financial advisor to most countries facing debt distress since 2020, shares what they’ve learned from helping countries navigate the shocks of COVID-19, the Russia/Ukraine war and global monetary tightening.
Portfolio Management
January 2025
2035: An Allocator Looks Back Over the Last 10 Years
AQR
Research
6 Pages
Cliff Asness presents a fictional endowment manager reflecting on a decade of underwhelming investment performance, emphasizing the enduring value of diversification, disciplined asset allocation, and contrarian investing, especially when such approaches are out of favor.
Alternative Assets
January 2025
Does Trend Following Still Work on Stocks
Longboard Asset Management
Research
19 Pages
The paper revisits the efficacy of trend-following strategies on U.S. stocks, extending their analysis from 1950 through November 2024.
Markets
January 2025
On Bubble Watch
Oaktree
Research
10 Pages
Howard Marks revisits the concept of market bubbles, emphasizing that they are primarily driven by investor psychology—such as overconfidence and FOMO—rather than valuation metrics alone.
Global Macroeconomics
January 2025
The Inauguration: the flurry of Trump 2.0 executive orders
J.P. Morgan Asset Management
Research
10 Pages
J.P. Morgan’s January 2025 “Eye on the Market” update examines the early impacts of the Trump administration’s second-term executive orders.
Markets
January 2025
Concentration & Correction – what to do next
Goldman Sachs
Research
16 Pages
Goldman Sachs analyzes the recent equity market correction and says the correction is not indicative of a sustained bear market, given the supportive macroeconomic conditions.
Markets
January 2025
Biopharmaceutical Outlook for 2025
Stifel
Research
124 Pages
Stifel explains why biotech underperformed in 2024, what they predict for 2025, and what the current status is for biopharma capital markets activity.
Markets
January 2025
Keep On Truckin’
Goldman Sachs
118 Pages
Goldman’s Investment Strategy Group analyzes the widening gap between the U.S. and the rest of the world across a number of economic and financial metrics, the implications of the divergent paths of global economies, and the outlook for global markets.
Markets
January 2025
Bargain, Value Trap or Something in Between?
GMO
Research
20 Pages
GMO’s Q4 letter covers a number of topics, including why they believe U.S. large cap value stocks are attractive today, why they are cautious on China, and why they are tilting towards quality in U.S. small cap stocks.
Markets
January 2025
Eye on the Market: 2025 Outlook
J.P. Morgan Asset Management
Research
49 Pages
J.P. Morgan’s 2025 outlook assesses the potential consequences of a Trump administration policy mix—referred to as “The Alchemists”—which combines deregulation, tax cuts, tariffs, and agency restructuring.
Venture Capital & Startups
January 2025
Scaling Through Chaos: The Founder’s Guide to Building and Leading Teams from 0 to 1,000
Index Ventures
Research
11 Pages
Index Ventures studied over 200,000 founder and employee career profiles from 210 of the most successful tech companies.
Markets
January 2025
The State of Video Gaming in 2025
Research
224 Pages
Matthew Ball’s annual presentation on the state of video gaming covers the end of the 2011–2021 growth wave, the mobile marketplace, AR/VR projections, console/PC market growth & more.
Markets
January 2025
Another Sputnik Moment
Gavekal
Research
5 Pages
In a more recent note, Louis-Vincent Gave suggests China’s recent launch of Deepseek challenges prevailing beliefs underpinning the bull market in U.S. growth stocks.
Markets
January 2025
Building Narratives Around Obvious Outliers
Gavekal
Research
11 Pages
Louis-Vincent Gave examines both market and economic outliers and attempts to tie them together in somewhat coherent narratives.
Global Macroeconomics
January 2025
Did the U.S. Really Grow Out of Its World War II Debt?
IMF
Research
55 Pages
Last year, the IMF released a paper that analyzed the role of three factors to the U.S. public debt/GDP ratio from 106% in 1946 to 23% in 1974: primary budget surpluses, surprise inflation, and pegged interest rates before the Fed-Treasury Accord of 1951.
Portfolio Management
January 2025
Can Private Markets Be the Alternative to Lofty Public Market Valuations?
Apollo
Research
10 Pages
With both stocks and bonds becoming more correlated and trading at elevated valuations, Apollo looks at whether or not private markets can enhance potential returns and improve diversification.
Global Macroeconomics
January 2025
Great Powers, Geopolitics, and the Future of Trade
Boston Consulting Group
Research
16 Pages
While BCG projects that total world trade in goods will grow at an average of 2.9% annually for the next ten years, they believe routes goods travel will change markedly. This report explains how.
Industry Reports
January 2025
Outlook for Private Markets 2025
Apollo
Research
78 Pages
Apollo’s private market outlook covers private equity, private credit, real estate, venture capital and more. There are four pages with commentary and the rest is comprised of charts.
Markets
January 2025
Narrow markets are the exception, not the rule
Richard Bernstein Advisors
Research
9 Pages
RBA highlights the increasing concentration risk in equity markets, noting 2023/24 was the narrowest market since 1998/99.
Industry Reports
January 2025
Decarbonization: 2021, The Complex, Reagents
Nat Bullard
Research
200 Pages
Nathaniel Bullard's 2025 decarbonization presentation offers a comprehensive analysis of global climate and energy trends, emphasizing the interplay between technology, capital markets, and policy.
Quarterly Global Valuations
December 2024
Global Valuations 🌎
Here are the global valuations as of December 31, 2024.
Markets
December 2024
Long-run Asset Returns
Research
38 Pages
Elroy Dimson, Antti Ilmanen, David Chambers, and Paul Rintamaki look back over two centuries to analyze the
Markets
December 2024
2025 Long-Term Capital Market Assumptions
J.P. Morgan Asset Management
Research
76 Pages
J.P. Morgan shares why higher growth, higher rates and strong capital investment provide a healthier foundation for asset markets, including a 6.4% return for a USD global 60/40 stock-bond portfolio.
Portfolio Management
December 2024
The Red Thread: The Diversification Edition
UBS
Research
45 Pages
UBS’ latest edition of The Red Thread delves into the complexities of diversification, emphasizing that while diversification remains a foundational investment principle, its practical application is increasingly nuanced in today's market environment.
Global Macroeconomics
December 2024
We Are Headed Towards a System of National Capitalism
The Market
Research
15 Pages
Russell Napier argues that the global financial system, established in 1994, is undergoing a fundamental transformation.
Crypto
December 2024
In Crypto We Trend
Man Group
Research
7 Pages
Man Group explains that cryptocurrencies may be well suited to trend-following approaches due to their inherent liquidity, volatility and lack of fundamental valuation anchors.
Markets
December 2024
New Insights on “Stocks for the Long Run”
CFA Institute
Research
Since publishing “Stocks for the Long Run,” Jeremy Siegel has argued that equities make the best long-term investment.
Markets
December 2024
UK Equities: New York Calling
Goldman Sachs
Research
19 pages Pages
Goldman Sachs highlights the growing trend of UK companies considering U.S. listings due to persistent valuation discounts and limited domestic equity support.
Portfolio Management
December 2024
Formula Investing
Robeco
Research
13 pages Pages
Marcel Schwartz and Matthias Hanauer evaluated the effectiveness of four popular investing formulas—the F-Score, Magic Formula, Acquirer's Multiple, and Conservative Formula.
Portfolio Management
December 2024
Choosing the Right Diversifying Strategies for your Portfolio
NEPC
Research
14 Pages
NEPC looks at true diversifying strategies - those that utilize investment processes that produce returns driven by idiosyncratic risk rather than factor risk.
Markets
December 2024
10 for 10: Themes for the Next Decade
Man Group
Research
9 Pages
Man Group presents ten secular investment themes expected to shape markets over the coming decade, grounded in geopolitical shifts, structural economic changes, and technological disruption.
Global Macroeconomics
November 2024
A User’s Guide to Restructuring the Global Trading System
Hudson Bay Capital
Research
41 Pages
Stephen Marin, the new Chair of the Council of Economic Advisors, and the “Mar-a-Lago Accord” are being mentioned more frequently as of late.
Portfolio Management
November 2024
The rise of passive ownership across the S&P 500 and its impact on company valuation and performance
Goldman Sachs
Research
37 Pages
Goldman Sachs assesses the impact of passive investing on the stock market and says, "for stock pickers the share of passive ownership of a company is much less important for valuation multiples than fundamental attributes."
Asset Allocation
November 2024
Negative Correlations, Positive Allocations
PIMCO
Research
8 pages Pages
PIMCO discusses the resurgence of the inverse relationship between bonds and stocks, highlighting its potential to enhance risk-adjusted returns in multi-asset portfolios.
Markets
November 2024
Our Active Purpose: Lessons Learned From 100 Years of Investing
MFS
Research
8 Pages
MFS reflects on the firm's century-long investment journey, emphasizing the enduring value of long-term, fundamentals-driven active management.
Wealth Management
November 2024
Diversification properties and risk-adjusted performance of security lending
State Street
Research
29 Pages
State Street conducted a deep dive on securities lending, noting that while the returns may seem small on an absolute basis, it provides strong risk-adjusted returns, offers diversification benefits due to low correlation with other investments, and performs especially well during market crises.
Markets
November 2024
Pricing of Corporate Bonds: Evidence From a Century-Long Cross-Section
Research
48 Pages
This study presents a comprehensive corporate bond return database covering 128 years of U.S. financial history, offering insights into pricing patterns and risk factors that were previously obscured by shorter data samples.
Trend-Following
November 2024
Trend-Following and Long-Short Quality: Loading the Dice
Man Group
Research
7 Pages
Man Group examines the limitations of relying solely on trend-following strategies during sudden market volatility and proposes integrating long-short quality strategies to enhance portfolio resilience against sudden market volatility.
Markets
November 2024
The Asset Owner 100
Thinking Ahead Institute
Research
69 Pages
Explore the global asset management landscape through an analysis of the world’s 100 largest asset owners, uncovering their scale, influence, and the key themes reshaping the investment world today.
Global Macroeconomics
October 2024
Investing Around the Election and the Government Debt Problem
BlackRock
Research
10 Pages
Rick Rieder explores how U.S. economic resilience and rising government debt shape investment opportunities during and after the election cycle.
Portfolio Management
October 2024
Against Apathy
Man Group
Research
9 Pages
Man advocates for a balanced investment strategy that includes asset and regional diversification and selective market timing to manage risk and reduce potential losses during market downturns, challenging the idea that a purely passive, U.S.-focused stock approach is always best.
Global Macroeconomics
October 2024
Prejudice And China
Gavekal
Research
10 Pages
Louis-Vincent Gave highlights how Western leaders missed China’s leap in industrial growth due to travel restrictions, media bias, and cultural prejudice.
Markets
October 2024
Updating our long-term return forecast for US equities to incorporate the current high level of market concentration
Goldman Sachs
Research
37 Pages
Goldman Sachs predicts that the S&P 500 will deliver an annualized nominal return of 3% over the next decade, placing it in the 7th percentile historically, with high market concentration significantly contributing to the lower forecast.
Global Macroeconomics
October 2024
An Update from Our CIOs: Navigating the Limits
Bridgewater
Research
4 Pages
Bridgewater's CIOs say the macro environment is being shaped by how highly proactive policy makers navigate around economic and market limits.
Portfolio Management
October 2024
Buybacks for US, Dividends for EU
Verdad
Research
4 Pages
Verdad’s deep dive on shareholder yield finds it “does a relatively good job of spreading returns in a linear fashion, both in the US and abroad.”
Markets
October 2024
Diversify to Amplify
Goldman Sachs
Research
19 Pages
Peter Oppenheimer’s team says economic growth alongside lower policy rates creates a more favorable environment for equities, though high valuations and rising long-term rates may limit index-level gains, making alpha generation and diversification key drivers of future returns.
Markets
October 2024
What Does a Once-in-a-Generation Investment Opportunity Look Like?
Richard Bernstein Advisors
Research
8 Pages
RBA explains why they see a '“once-in-a-generation opportunity” in international, small caps, value stocks and inflation beneficiaries.
Portfolio Management
October 2024
A Second Opinion Is Just What the Doctor Ordered
GMO
Research
9 Pages
GMO shares where they see opportunity if you are willing to look different than a standard, capitalization-weighted 60/40 portfolio.
Alternative Assets
October 2024
The Additional Benefits of Trend-Following when Interest Rates are High
Quantica Capital
Research
13 Pages
Quantica Capital examines how elevated cash rates change the role of trend-following strategies in traditional portfolios.
Portfolio Management
October 2024
A Historic Opportunity in Deep Value Stocks
GMO
Research
3 Pages
GMO shares an update on deep value stocks, which is their highest conviction idea and are trading at a valuation in the bottom decile of its history relative to the overall market.
Wealth Management
October 2024
Mutual Funds & Unicorns
Morningstar
Research
22 Pages
This report examines mutual funds’ investments in private-company equities over the past decade, evaluating return potential, liquidity constraints, and structural inefficiencies.
Miscellaneous
October 2024
Ruminating on Asset Allocation
Oaktree
Research
9 Pages
Howard Marks outlines a foundational approach to asset allocation, emphasizing the core choice between ownership and lending, and how investors should consciously balance offense and defense based on their personal risk appetite and market conditions.
Trend-Following
October 2024
Just Buy The Index
Transtrend
Research
8 pages Pages
Transtrend examines the complexities of replicating Commodity Trading Advisor (CTA) index returns through exchange-traded funds (ETFs), highlighting the challenges and potential pitfalls of such strategies.
Portfolio Management
October 2024
Broad Strategic Asset Allocation: Sizing Allocations to Liquid and Illiquid Alternatives Alongside Traditional Assets
AQR
Research
21 pages Pages
AQR's Portfolio Solutions Group explores the integration of liquid and illiquid alternative investments into traditional portfolios, aiming to enhance diversification and improve risk-adjusted returns.
Global Macroeconomics
October 2024
Thoughts on Stocks for the 2024 Election
The Prudent Speculator
Research
13 Pages
The report advises investors to maintain a steady, long-term approach to investing, unaffected by the 2024 election’s political climate, while selectively highlighting potential stock opportunities influenced by either a Harris or Trump administration.
Markets
October 2024
Emerging Markets: The Biggest, Fastest Growing, and Arguably Least Understood Pool of Credit in the World
PIMCO
Research
11 Pages
Pimco published an overview of emerging market debt, which has surpassed U.S. corporate debt to become the world’s largest credit pool.
Markets
October 2024
Partisan Investing
Sparkline Capital
Research
13 Pages
Kai Wu explores how partisan political contributions by corporations and executives impact shareholder returns, showing that nonpartisan companies outperform their partisan counterparts with lower risk.
China
October 2024
Uncovering the rich tapestry of emerging markets
M&G Investments
Research
40 Pages
The third edition of M&G Investments’ Ampersand magazine delves into the diverse and dynamic nature of emerging markets, emphasizing the […]
Markets
October 2024
Measuring the Moat
Morgan Stanley
Research
104 Pages
Michael Mauboussin provides a comprehensive framework for evaluating a company's competitive advantage and its ability to sustain value creation over time.
Portfolio Management
October 2024
Concentrated Equity: Practice Versus Premise
Acadian
Research
12 pages Pages
Acadian critically examines the efficacy of concentrated equity strategies, which focus on a limited number of high-conviction holdings, to determine if they deliver superior active returns compared to more diversified approaches.
Markets
October 2024
Bear Market Guidebook
UBS
Research
22 Pages
UBS' guide for how to manage risk and harness opportunity in a market downturn answers three questions to help investors.
Portfolio Management
October 2024
Leveraging the Low-Volatility Effect
Robeco
Research
13 pages Pages
Robeco provides an explanation of the low-volatility effect and explores five use cases to leverage upon the low-volatility effect to unlock the full potential of this underutilized factor.
Markets
October 2024
How we cover equities
UBS
Research
11 pages Pages
UBS’ Ulrike Hoffmann-Burchardi shares her framework for equity analysis, integrating macroeconomic conditions, micro-level fundamentals, and structural transformations to enhance investment decision-making. She explains why these three perspectives—macro, micro, and transformational—serve as the pillars of her global equity framework.
Miscellaneous
September 2024
Quarterly Report
Baron Funds
Research
10 Pages
Ron Baron’s does a 50 year look back on why he liked McDonald’s in 1970 (so much so that he named his dog Big-Mac), along with his current thoughts on the impact of AI and the benefit of long-term compounding.
Markets
September 2024
The Less-Efficient Market Hypothesis
AQR
Research
23 Pages
Cliff Asness explains why he believes the stock market has become less efficient during the past 34 years.
Quarterly Global Valuations
September 2024
Global Valuations 🌎
Here are the global valuations as of September 30, 2024.
Portfolio Management
September 2024
Are private assets worth the effort? A study of their impact on endowments and foundations’ returns and spending
Fidelity Investments
Research
9 Pages
Fidelity’s analysis shows nonprofits can potentially both improve investment performance and reduce spending volatility by accessing above-median private market managers.
Portfolio Management
September 2024
The Great Rotation: Part II
Verdad
Research
3 Pages
This follow-up explores the historical context behind the current record-high U.S. market weight in global indices and highlights the growing imbalance between equity representation and economic output.
Markets
September 2024
US Exceptionalism: Drivers of Equity Outperformance and What’s Needed for a Repeat
Bridgewater
Research
15 Pages
Bridgewater analyzes the sources of U.S. equity market outperformance over the past decade and assesses the likelihood of similar conditions ahead.
Portfolio Management
September 2024
Risk Speedometers: What are allocators buying and selling?
Vanguard
Research
12 Pages
Vanguard analyzes allocators' risk appetite and what they’re buying and selling across more than 100 sub-asset classes, durations, styles, sectors, and thematic investment categories.
Markets
September 2024
Global Wealth Report 2024
UBS
Research
39 Pages
UBS examines shifts in household wealth across regions, generations, and asset classes.
Markets
September 2024
Latest in AI: Five clues to the future of AI in recent headlines
Deutsche Bank
Research
17 Pages
Deutsche Bank covers five AI themes and what they suggest about the future of AI.
Global Macroeconomics
September 2024
Is an AI Bubble Ahead of Us or Behind Us?
Bridgewater
Research
13 Pages
Greg Jensen suggests that the combination of breakthrough AI advancements and a ripe macroeconomic environment indicates the AI bubble may still be forming, rather than behind us.
Markets
September 2024
The lowdown on the risk of an(other) equity drawdown
Goldman Sachs
Research
24 Pages
Goldman Sachs says mixed macro momentum and rising policy uncertainty lead them to believe there is the risk of more equity drawdowns from here, and risk-adjusted returns for equities are likely to be lower into year-end.
Portfolio Management
September 2024
The Great Rotation: Part I
Verdad
Research
6 Pages
This research highlights the growing imbalance in U.S. equity allocations, arguing that emerging valuation risks could prompt investors to rebalance toward international markets.
Markets
September 2024
A severe case of COVIDIA: prognosis for an AI-driven US equity market
J.P. Morgan Asset Management
Research
14 Pages
Michael Cembalest covers the impact of AI on the U.S. stock market and what’s needed to justify the hundreds of billions in AI-related capital spending by big-tech.
Markets
September 2024
Activism at Scale in Japan
Verdad
Research
4 Pages
Verdad highlights the changes in capital allocation by Japanese companies since the Tokyo Stock Exchange issued a directive last year asking all companies with price-to-book ratios below 1x to issue a plan to get to 1x book.
Global Macroeconomics
September 2024
Change Required: Immigration Reform is an Economic Necessity
Research Affiliates
Research
8 Pages
Research Affiliates explains why immigration reform is necessary for the future success of the U.S. economy, noting that immigration of skilled workers in short supply boosts growth of the labor force and enhances productivity.
Global Macroeconomics
September 2024
Marriage Market Sorting in the U.S.
Federal Reserve Bank
Research
51 Pages
The Fed examined the shifts in the U.S. marriage market, assessing how online dating, demographic changes, and evolving societal norms influence mate choice and broader sorting trends.
Markets
August 2024
Mo’ momentum markets
UBS
Research
8 Pages
Jason Draho explains why markets are now more prone to rollercoaster swings between momentum pushing asset prices higher followed by sharp reversals, why he believes it will persist, and what the implications are for investors.
Markets
August 2024
Mind the Gap 2024
Morningstar
Research
20 Pages
This report examines how investor behavior—specifically, the timing of purchases and redemptions—creates a persistent gap between fund returns and investor returns.
Markets
August 2024
Investor Memo Q2 2024
Cornell Capital Group LLC
Research
12 Pages
Cornell Capital Group explains why they’re cautious about the market given various valuation and economic indicators.
Portfolio Management
August 2024
Nixed: The Upside of Getting Dumped
Research Affiliates
Research
11 Pages
This paper examines the long-term performance of stocks deleted from major cap-weighted indexes, finding that such "nixed" companies tend to outperform post-removal due to mean reversion and liquidity-driven mispricing.
Alternative Assets
August 2024
Total REIT Industry Tracker Results 2024 : Q2
Nareit
Research
33 Pages
Nareit provides an update on the U.S. listed REIT industry’s operating and dividend performance.
Markets
August 2024
CONCENTRATE! Is it like 2000 again?
GMO
Research
3 Pages
GMO compares the S&P 500 today to 2000, looking at market concentration, fundamentals and valuations.
Markets
August 2024
How Investable is Europe?
Goldman Sachs
Research
32 Pages
Goldman Sachs assesses whether Europe’s cyclical, political, and structural challenges are priced in.
Portfolio Management
August 2024
A guide to 130/30 loss harvesting
Apiero
Research
15 Pages
Apiero analyzes the effects of leverage on tax-managed public equity strategies by comparing 130/30 long/short portfolios to traditional long-only portfolios.
Portfolio Management
August 2024
A Rose by Any Other Name Would Smell as Sweet
GMO
Research
5 Pages
GMO explains why deep value stocks are their highest conviction long-only investment idea.
Portfolio Management
August 2024
Considerations for active fund investing
Vanguard
Research
17 Pages
Vanguard provides a framework for investors considering active fund strategies, emphasizing the importance of aligning such investments with specific market segments and individual goals.
Asset Allocation
August 2024
The Risk and Reward of Investing
Robeco
Research
44 Pages
Ronald Doeswijk and Laurens Swinkels analyze the risks and rewards of investing by constructing a comprehensive global market portfolio valued at $150 trillion, covering the period from 1970 to 2022.
Markets
July 2024
Which One Is It?
Morgan Stanley
Research
20 Pages
This report examines how public companies manage equity issuance and buybacks, highlighting the importance of aligning actions with intrinsic value. Firms engaging in both simultaneously may undermine shareholder returns if price and value diverge.
Markets
July 2024
The Lion in Winter
J.P. Morgan Asset Management
Research
14 Pages
Michael Cembalest covers every angle of small cap underperformance since 2010, noting that small cap stocks are at their cheapest levels in the 21st century.
Portfolio Management
July 2024
The Yieldy Put: To Infinity and Beyond Bonds
Man Group
Research
8 Pages
Man suggests that liquid alternative strategies, specifically trend-following and long/short quality stocks, could be viewed as the new bonds, providing both diversification and defensiveness.
Markets
July 2024
2024 EMW Conference
Coatue
Research
48 Pages
Coatue’s annual presentation explains how the macroeconomic landscape guides their view on both public and private markets. Notably, they are more bullish on GenAI than consensus and believe this is the start of a new supercycle.
Markets
July 2024
Obesity Market Review
Stifel
Research
340 Pages
Stifel published a huge research piece on the emerging market for pharmaceutical products for obesity, the consumerization of obesity drug buying via online telelhealth, and the secondary and tertiary effects of weight loss.
Markets
July 2024
What if history rhymes? Equity return scenarios for the next five years
Robeco
Research
9 Pages
Robeco forecasts five-year equity returns under three different CAPE ratio scenarios, and notes that defensive equities look attractive in a world of lower expected returns.
Portfolio Management
July 2024
The Art of Patient Investing
Meketa
Research
15 Pages
Meketa makes the long-term case for a diversified portfolio and explores various areas where investors may want to remain patient in the current market.
Markets
July 2024
Warning Signs
Lyrical Asset Management
Research
6 Pages
Lyrical flags the extreme performance gap between the S&P 500 and its equal-weighted counterpart as a historic red flag.
Global Macroeconomics
July 2024
The CEO Macro Briefing Book
UBS
Research
79 Pages
UBS offers an update on their “Roaring 20’s” thesis for the US economy, covering the cooling macro environment, the recent rotation in stocks, dealmaking activity in the second quarter, and an updated election outlook.
Portfolio Management
July 2024
Worth the Weight
S&P Global
Research
19 Pages
S&P Dow Jones Indices examines the S&P 500 Equal Weight Index’s historical outperformance, identifying the structural and factor-based drivers behind its returns relative to the traditional market-cap-weighted benchmark.
Quarterly Global Valuations
June 2024
Global Valuations 🌎
Here are the global valuations as of June 30, 2024.
Markets
June 2024
Introducing P-CAPE: Incorporating the Dividend Payout Ratio Improves Investors’ Favorite Estimator of Stock Market Returns
Elm Wealth
7 Pages
James White and Victor Haghani introduce P-CAPE, an enhancement to the traditional Cyclically-Adjusted Price Earnings (CAPE) ratio.
Portfolio Management
June 2024
Should Your Stock Portfolio Consider Your Career?
Morningstar
Research
35 Pages
Morningstar explores how investors can improve risk-adjusted returns by aligning stock portfolios with their nontradable wealth, such as human capital and restricted stock units.
Markets
June 2024
The Life Cycle of Market Champions
Bridgewater
Research
12 Pages
Bridgewater takes a historical look at how market champions of the past and if there are insights into how today’s market champions may perform in the next decade.
Alternative Assets
June 2024
A Century of Profitable Industry Trends
Optimal Momentum
Research
34 Pages
This evaluates the profitability of an industry-based long-only trend-following portfolio, utilizing 48 industry portfolios from 1926 to 2024.
Markets
June 2024
Stock Market Concentration
Morgan Stanley
Research
18 Pages
Michael Mauboussin looks at the concentration of global markets over the past 75 years and whether fundamental corporate performance supports the current increase in concentration.
Alternative Assets
June 2024
2024 Statistical Review of World Energy
The Energy Institute
Research
76 Pages
This annual report covers the record year for energy in terms of both production and consumption, providing overviews of different energy sources - oil, natural gas, coal, nuclear, electric & more.
Wealth Management
June 2024
How America Saves 2024
Vanguard
Research
114 Pages
Vanguard’s annual report analyzes retirement account trends across plan type, demographics, allocations and more.
Global Macroeconomics
June 2024
The roar is getting a little louder: Assessing the “Roaring ‘20s” outlook for the US economy
UBS
Research
47 Pages
This report assesses whether the U.S. economy is entering a new macroeconomic regime similar to the 1990s “Roaring 20s.”
Trend-Following
June 2024
The History of Managed Futures
RCM Alternatives
Research
16 Pages
RCM Alternatives delves into the evolution of managed futures, tracing their origins from the 1800s to their current prominence among major investment strategies.
Markets
June 2024
Opportunity Knocks Mid-Year Outlook for 2024
KKR
Research
71 Pages
KKR emphasizes the need for diversification given the increasing correlation between stocks and bonds, along with the importance of communicating that with partners.
Markets
June 2024
2024 Mid-Year Outlook: An Unstable Economic Equilibrium
Apollo
Research
28 Pages
Apollo’s mid-year update, authored by Chief Economist Torsten Sløk, evaluates macroeconomic conditions and market dynamics shaping the second half of 2024.
Portfolio Management
May 2024
Tapping Private Market Insights for Public Market Investments
Man Group
Research
11 Pages
This paper explores how data and frameworks from private equity markets can enhance public equity investing. It presents a methodology for extracting valuation insights from private transactions to inform factor exposures in public portfolios.
Markets
May 2024
Learn from Last Tech Bubble to Embrace GenAI Mania
Research Affiliates
Research
8 Pages
Research Affiliates studies the internet bubble of the 1990s as a guide for how to think about the AI craze today.
Markets
May 2024
200 Years of Market Concentration
Finaeon
Research
13 Pages
GFD looks at the rise of concentration in the U.S. stock market, analyzing 235 years of data.
Markets
May 2024
Emerging Market Equities without China
Meketa
Research
12 Pages
Meketa looks at the implications of removing China from the broader emerging markets group, analyzing country and sector composition, historical returns, valuations and more.
Markets
May 2024
Improving investing outcomes by minimizing investor bias
Vanguard
Research
5 Pages
Vanguard explores how cognitive biases can impede investment decision-making and offers strategies to mitigate their impact.
Portfolio Management
May 2024
Analysis of Large US University Endowment Outperformance
True North Institute
Research
29 Pages
Stan Miranda analyzed the performance of 12 large US university endowments and shares four key takeaways.
Alternative Assets
May 2024
The Managed Futures Ecosystem: The Rise of the Managed Futures ETF
AlphaSimplex
Research
12 Pages
Kathryn Kaminski walks through the history of publicly traded managed futures funds to date, the important characteristics to think about when allocating to the space, and the recent growth of publicly available products via ETFs.
AI
May 2024
What Machines Can’t Master: Humans in the Age of AI
Citi
Research
108 Pages
Citi explores how the rapid advance of artificial intelligence is reshaping the workforce, emphasizing the enduring value of human capabilities that machines cannot replicate.
Global Macroeconomics
April 2024
Generally Faster: The Economic Impact of Generative AI
Research
30 Pages
Andrew McAfee partners with Google to write about the benefits & challenges of AI on the economy.
Global Macroeconomics
April 2024
Exploring the Implications of Sub-Saharan Africa’s Demographic Explosion
Bridgewater
Research
9 Pages
This paper explores how sub-Saharan Africa’s rapidly expanding working-age population may shape the global economy over coming decades.
Markets
April 2024
Valuation Multiples
Morgan Stanley
Research
26 Pages
Michael Mauboussin published a deep dive on valuation multiples, covering what they miss, why they differ, and their link to fundamentals.
Miscellaneous
April 2024
The Indispensability of Risk
Oaktree
Research
4 Pages
Howard Marks shared how he thinks about taking, and not taking, risk.
Markets
April 2024
AI in Biopharma
Stifel
Research
288 Pages
Tim Opler goes over the basics of AI and then delves into key opportunities for the use of AI in drug discovery, clinical trials and other settings.
Wealth Management
April 2024
Guide to Retirement 2024
J.P. Morgan Asset Management
Research
53 Pages
The 2024 Guide to Retirement has great charts covering social security and Medicare, tax planning, withdrawal rates and more.
Alternative Assets
April 2024
Honey, I Shrunk the Trend-Following
Man Group
Research
8 Pages
This paper tries to answer the question, ‘how much trend following should I hold in my portfolio?’ while considering the real-world constraints of investor preferences, lookback window and tracking error.
Markets
April 2024
The Good, the Bad, and the Ugly
J.P. Morgan Asset Management
Research
11 Pages
This is a summary of a presentation by Michael Cembalest covering tech valuations, AI, energy and the US Presidential Election.
Global Macroeconomics
April 2024
Macro Pulse
New York Life Investments
Research
63 Pages
New York Life Investments shares their global economic, geopolitical and asset allocation views, noting they believe the next 3 months mark a major inflection point for global asset allocation.
Quarterly Global Valuations
March 2024
Global Valuations 🌎
Here are the global valuations as of March 31, 2024.
Portfolio Management
March 2024
FY2023 Ivy Report Card: Volatility Laundering and the Hangover from Private Markets Investing
Research
10 Pages
Fiscal year 2023 proved challenging for Ivy and elite endowments, which underperformed both smaller endowments and global benchmarks.
Portfolio Management
March 2024
2024 Diversification Landscape
Morningstar
Research
52 Pages
Morningstar offers a deep dive into the diversification potential of several major asset classes.
Portfolio Management
March 2024
The Cockroach Approach
Mutiny Funds
Research
86 Pages
The Mutiny team wrote a long paper on the cockroach portfolio, which shares their framework for portfolio construction to compound wealth in both boom and bust environments.
Portfolio Management
March 2024
Why capital allocation matters for companies and investors
T. Rowe Price
Research
6 Pages
David Giroux gives an overview of capital allocation, with examples from Danaher, GE & AutoZone, and explains why he believes finding companies that deploy capital well is still an inefficiency that can be exploited.
Markets
March 2024
Global Investment Returns Yearbook 2024 (GIRY)
UBS
Research
57 Pages
This annual report from UBS is a great guide to historical returns for, covering 35 markets and five composite indexes, with some dating back to 1900. It’s one of our favorite reads every year.
Markets
March 2024
Are We in a Stock Market Bubble?
Research
16 Pages
Ray Dalio uses a proprietary "bubble gauge" to assess whether the U.S. equity market is in a bubble, examining valuation, investor behavior, leverage, and sentiment.
Markets
March 2024
Outlook for Private Markets
Apollo
Research
101 Pages
Torsten Slok’s 100+ page deck covers every angle of private markets - private equity, real estate, private credit, venture capital and more.
China
March 2024
Where Chinese equities go, emerging-market stocks will follow
Fidelity Investments
Research
9 Pages
Fidelity argues that China remains the swing factor for emerging markets given its index weight and valuation reset.
Portfolio Management
March 2024
Record Highs…But We’re Still Excited
GMO
Research
2 Pages
This brief piece from GMO explains why an abundance of cheap assets and appealing valuation spreads within asset classes presents the best relative asset allocation opportunity they’ve seen in 35 years.
Market Reports
March 2024
Global Private Equity Report 2024
Bain & Company
60 Pages
Private equity faced a dramatically different environment in 2023, with fundraising, deal activity, and exits all contracting.
Markets
March 2024
The Great Paradox of the U.S. Market
GMO
Research
6 Pages
Jeremy Grantham’s latest piece digs into the U.S. stock market, bubbles and AI, real assets, and underrecognized long-term problems.
Markets
March 2024
Eye on the Market: Electravision
J.P. Morgan Asset Management
Research
56 Pages
Michael Cembalest reviews the progress and pitfalls in the global energy transition, particularly focusing on electrification, renewable deployment, and related infrastructure.
Markets
February 2024
Cost of Capital and Capital Allocation
Morgan Stanley
Research
23 Pages
Michael Mauboussin analyzes how U.S. public companies acted in the regime of easy money (2009-2021).
Portfolio Management
February 2024
Don’t Blame Indexing for Your Problems
Acadian
Research
6 Pages
Owen Lamont thinks the discussion about passive investing is misguided. He argues an increase in passive investing does not necessarily mean the market becomes less efficient.
Portfolio Management
February 2024
Top Three Investment Ideas to Consider for 2024
AQR
Research
4 Pages
AQR revisits their top three investment ideas from 2023 and explains why they still like the set up for all three in 2024.
Investor Letters
February 2024
Annual Letter to Shareholders
Berkshire Hathaway
Research
16 Pages
Warren Buffett reflects on Berkshire Hathaway’s strong 2023 performance, highlighting disciplined capital management, record cash levels, and the company’s readiness to act when opportunities arise.
Portfolio Management
February 2024
Where Can Investors Find Geographic Diversification Today?
Bridgewater
Research
9 Pages
Bridgewater investigates which countries outside the U.S. are most beneficial from a diversification standpoint. They highlight China, Japan, Brazil & India as four countries that can be valuable diversifiers to a US-centric portfolio.
Portfolio Management
February 2024
Risk Parity with Trend Following
LongTail Alpha
Research
17 Pages
This paper evaluates how augmenting traditional risk-parity portfolios with trend-following strategies—especially those incorporating carry filters—can improve risk-adjusted performance.
Portfolio Management
February 2024
Magnificently Concentrated: Your active managers are more competent than they look
GMO
Research
10 Pages
GMO's Q1 2024 letter discusses the extreme concentration of U.S. equities, particularly the dominance of the “Magnificent Seven,” and suggests this dynamic favors active managers who deviate from cap-weighted benchmarks.
Portfolio Management
February 2024
Regime-Based Investing
Man Group
Research
11 Pages
Henry Neville introduces a regime-based investment framework that segments macro conditions—like inflation levels, growth trends, yield curve shapes, and market sentiment—to help investors understand how various strategies and asset classes behave across different environments.
Markets
February 2024
A Case for Investing in U.S. Mid Caps
Mawer
Research
8 Pages
This paper outlines why U.S. mid-cap equities present a compelling investment opportunity, offering an often-overlooked balance of growth potential, business quality, and liquidity.
Markets
February 2024
Principles for Investing Success
Vanguard
Research
32 Pages
Vanguard shares a guide to help investors focus on what’s important and give them the best chance for investment success.
Alternative Assets
February 2024
Capturing Unpredictability
Aspect Capital
Research
11 Pages
Aspect Capital highlights the attributes of trend following (adaptability, agility and resilience) and suggests it may be better to think of trend following as “unpredictability alpha” instead of “crisis alpha.”
Alternative Assets
February 2024
Crypto Factor Investing
Sparkline Capital
Research
9 Pages
Sparkline Capital applies a factor-based framework to digital assets, identifying four key factors—market, size, momentum, and intangible value—that have historically delivered excess returns.
Markets
February 2024
Capital Markets Expectations
Meketa
Research
135 Pages
This deck is full of fantastic charts supporting Meketa’s capital market expectations for various asset classes.
Miscellaneous
January 2024
The Intellectual Rot of the Industrially Necessary University
Research
29 Pages
Ben Hunt critiques the transformation of modern American universities into rigid, bureaucratic entities that prioritize institutional survival and status over intellectual vitality and public service.
Portfolio Management
January 2024
Value investing: “The reports of my death have been greatly exaggerated”
Robeco
Research
11 Pages
Robeco explores the resurgence of the Value factor since the Covid-19 vaccine announcement roughly three years ago, with insights from ten key graphs.
Global Macroeconomics
January 2024
GPTs are GPTs: An Early Look at the Labor Market Impact Potential of Large Language Models
Research
43 Pages
In Meb’s episode with Rick Rieder, Rick mentioned this was the most impactful paper he read last year. It investigates the potential implications of large language models (LLMs) on the U.S. labor market.
Alternative Assets
January 2024
Venture Capital: Shedding the “access class” label
Stepstone
Research
8 Pages
StepStone argues that venture capital is evolving beyond just access to elite firms—manager selection now plays a crucial role amid the industry's explosive growth and proliferation of new funds.
Markets
January 2024
1Q 2024 Guide to the Markets
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan published an updated Guide to the Markets to start 2024.
Markets
January 2024
Emerging Market Debt: A Once-in-a-Generation Opportunity
GMO
Research
6 Pages
GMO believes EM local currency debt deserves a prominent place in portfolios today due to relative value, diversification and potential alpha.
Portfolio Management
January 2024
The Quality Anomaly: The Weirdest Market Inefficiency in the World
GMO
Research
10 Pages
Ben Inker of GMO explores the enduring and puzzling “quality anomaly,” where higher quality equities and bonds—despite being lower risk—have historically delivered better returns.
Quarterly Global Valuations
December 2023
Global Valuations 🌎
Here are the global valuations as of December 31, 2023.
Markets
December 2023
Investing in China: Does the opportunity outweigh the risk?
FTSE Russell
Research
21 Pages
FTSE Russell examines whether Chinese equities still offer attractive opportunities given slower growth, policy uncertainty and geopolitical tension.
Global Macroeconomics
December 2023
From Abundance to Austerity: Why the Next Decade Won’t Be Like the Last
Research Affiliates
Research
9 Pages
Research Affiliates argues that investors are moving from an era of abundant liquidity to one defined by austerity and higher real returns.
Portfolio Management
December 2023
Inflation and Tax Efficiency
AQR
Research
3 Pages
AQR explains the relationship between inflation and taxes, and why tax-efficiency becomes more valuable as inflation rises.
Alternative Assets
December 2023
The Dispersion Delusion
Verdad
Research
8 Pages
Chingono and Rasmussen challenge the notion that private equity’s wide performance dispersion reflects persistent manager skill.
Global Macroeconomics
December 2023
The Evolution of Work From Home
Research
28 Pages
The authors examine how work from home has evolved from a marginal practice to a central feature of modern labor markets.
Real Estate
December 2023
Total REIT Industry Tracker Results 2023:Q3
Nareit
Research
33 Pages
Nareit presents its T Tracker Results for 2023 Q3, a quarterly view of the operating performance of United States listed REITs.
Markets
December 2023
Driving with the Rear-View Mirror: Will we see a repeat of the past decade of U.S. equity returns?
AQR
Research
14 Pages
AQR states the excess-of-cash return on the S&P 500 averaged 11.9% per year over the past decade, well above the 90th percentile of rolling ten-year performance across global developed equity markets since 1950.
Portfolio Management
December 2023
Constructing return-target portfolios: A time-varying, valuation-aware approach to asset allocation
Vanguard
Research
14 Pages
Vanguard presents a framework for building return target portfolios that link medium term return goals to evolving market valuations.
Wealth Management
December 2023
The State of Retirement Income: 2023
Morningstar
Research
30 Pages
Morningstar examines how safe retirement withdrawal rates have shifted after higher bond yields and lower inflation expectations.
Portfolio Management
December 2023
Endowment asset allocations: insights and strategies
Research
20 Pages
This paper highlights the importance of asset allocation in portfolio performance, along with the relevance of various asset classes (including International Equity, Real Estate, and Natural Resources) over time.
Markets
December 2023
Searching for Great Dividend Funds
Morningstar
Research
19 Pages
Morningstar analyzes various dividend strategies: dividend income, dividend growth, and dividend growth & income. Then they share a “how to” guide with what to focus on when trying to identify dividend funds that will perform well over the long run.
Markets
November 2023
Prime Time for Bonds
PIMCO
Research
8 Pages
PIMCO lays out its twenty twenty four asset allocation outlook arguing that bonds now deserve center stage in multi asset portfolios.
Market Outlooks
November 2023
Macro Outlook 2024: The Hard Part is Over
Goldman Sachs
Research
28 Pages
Goldman Sachs Global Investment Research sets out a relatively upbeat macro outlook for 2024, arguing that the difficult phase of disinflation is largely behind us.
Portfolio Management
November 2023
Pricing Power Everywhere
Research
16 Pages
Bloomberg Indices examines how corporate pricing power can be defined and measured across global equity markets.
Markets
November 2023
Total Shareholder Return: Linking The Drivers of Total Returns to Fundamentals
Morgan Stanley
Research
32 Pages
Morgan Stanley Investment Management explores how total shareholder return ties stock price, earnings, valuation and capital distributions back to fundamentals.
Alternative Assets
November 2023
Blinded By Bias
Efficient Capital Management
Research
6 Pages
Efficient Capital examines how hindsight and survivorship biases distort manager selection in managed futures, leading investors to chase past winners and underestimate failure risks.
Alternative Assets
November 2023
The Vintage Year Power Law
Stepstone
Research
6 Pages
StepStone Group investigates what the primary driver of strong performance is for an institution’s venture portfolio.
Portfolio Management
November 2023
Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice
Research
29 Pages
This paper challenges two central tenets of lifecycle investing — savers should diversify across stocks and bonds and the young should invest more heavily in stocks than the old.
Alternative Assets
October 2023
The State of U.S. Early Stage Venture & Startups: 3Q23
AngelList
Research
26 Pages
AngelList reviews how early stage venture finally showed signs of life after a long stretch of worsening performance.
Markets
October 2023
Japan: The Land of the Rising Profits
GMO
Research
12 Pages
GMO explores why Japanese corporate profits have risen so much without a full shift toward classic shareholder value culture.
Global Macroeconomics
October 2023
Certainly Uncertain
AQR
Research
11 Pages
AQR Capital Management examines how unusually high macroeconomic uncertainty is today and whether it is likely to fade or persist.
Markets
October 2023
Fewer Losers, or More Winners?
Oaktree
Research
13 Pages
Oaktree founder Howard Marks revisits his core motto that avoiding disasters is the foundation of strong records.
Portfolio Management
October 2023
Honey, the Fed Shrunk the Equity Premium
AQR
Research
18 Pages
AQR Capital Management examines how higher interest rate levels affect equity risk premia and strategic asset allocation.
Portfolio Management
September 2023
The Cross-Section of Factor Returns
Robeco
Research
33 Pages
Robeco Quantitative Investments analyzes more than 150 equity factors to understand how they behave across market environments.
Wealth Management
September 2023
Securities Lending Provides Value. But Is It Enough To Make a Bad Fund Good?
Morningstar
Research
9 Pages
Morningstar explains how securities lending works inside mutual funds and ETFs and what it means for investors who own those funds.
Markets
September 2023
The NVIDIA/AI Singularity: Breakthrough, Bubble, or Both
Research Affiliates
Research
10 Pages
Research Affiliates looks at Nvidia and the AI boom through the lens of past tech manias.
Market Outlooks
September 2023
Our investment and economic outlook, August 2023
Vanguard
Research
6 Pages
Vanguard outlines its August 2023 investment and economic outlook, emphasizing slowing yet resilient growth and moderating inflation.
Portfolio Management
September 2023
Valuations, economy may favor value stocks
Vanguard
Research
4 Pages
Vanguard argues that value stocks look notably cheap relative to growth after a long stretch of underperformance.
Markets
August 2023
The Difference of Dividends
WisdomTree
Research
6 Pages
WisdomTree analyzes how dividends have driven long run equity returns and how its dividend indexes compare with the S&P 500.
Portfolio Management
August 2023
Empirical evidence on the stock-bond correlation
Robeco
Research
57 Pages
The authors examine long run stock bond correlations across major markets to understand when bonds hedge or move with equities.
Markets
August 2023
The Light from the East
Carlyle
Research
11 Pages
Carlyle explains why Japan’s combination of strong operating earnings yields, very low financing costs, and corporate reform creates a distinctive opportunity set.
Alternative Assets
August 2023
The State of U.S. Early-Stage Venture & Startups: 2Q23
AngelList
Research
26 Pages
The authors analyze the state of United States early stage venture and startups in the second quarter of 2023 using AngelList and Brex data.
Markets
August 2023
Investing in AI: Navigating the Hype
Sparkline Capital
Research
17 Pages
Sparkline Capital examines how to invest in artificial intelligence while avoiding the boom bust patterns of past tech revolutions.
Global Macroeconomics
July 2023
Still Keeping It Simple Mid-Year Update 2023
KKR
Research
68 Pages
KKR Global Macro and Asset Allocation lays out a constructive mid year outlook built around its Keep It Simple framework.
Real Assets
July 2023
Real Assets Market Overview
Hamilton Lane
Research
96 Pages
Hamilton Lane maps the landscape of private real assets across infrastructure, real estate, energy, agriculture, mining and timber.
Global Macroeconomics
July 2023
Volume II – Real Assets Market Overview
Clocktower Group
Research
23 Pages
Clocktower Group examines how markets have processed the war in Ukraine and what the Wagner mutiny reveals about Russia.
Global Macroeconomics
July 2023
Volume 1 – Powell and Xi Learn All About Constraints
Clocktower Group
Research
18 Pages
Clocktower Group explores how material constraints shape policy choices for Federal Reserve Chair Jay Powell and Chinese President Xi Jinping.
Portfolio Management
July 2023
The Road Ahead: Of Rocks and Hard Places
Man Group
Research
7 Pages
Man Institute explores how long only equity and bond investors can navigate an unappealing valuation backdrop using portfolio construction tools.
Wealth Management
July 2023
How America Saves Lives 2023
Vanguard
Research
115 Pages
Vanguard analyzes how Americans save for retirement through defined contribution plans using detailed data from its recordkeeping platform.
Market Outlooks
July 2023
Guide to the Markets 3Q 2023
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management uses its Guide to the Markets U.S. to frame the current macro backdrop and market landscape.
Wealth Management
July 2023
Why Do People Hire Their Financial Advisors?
Morningstar
Research
8 Pages
Morningstar Behavioral Research explores why people decide to hire financial advisors and how emotions shape those choices alongside money issues.
Alternative Assets
July 2023
Asset-Based Finance: A Fast-Growing Frontier in Private Credit
KKR
Research
17 Pages
KKR Private Credit explains how private asset based finance has become a major part of the modern credit ecosystem.
Farmland
June 2023
U.S. farmland investment returns: continued gains in 2022
Manulife
Research
11 Pages
Manulife Investment Management reviews U S farmland investment returns and how continued gains in 2022 support the asset class.
Global Macroeconomics
June 2023
Odds of a Hard Landing Are Increasing
Research Affiliates
Research
6 Pages
Research Affiliates evaluates how Federal Reserve tightening and an inverted yield curve are raising the odds of a hard landing.
Portfolio Management
June 2023
Assessing Alternative Value Metrics
Dimensional
Research
16 Pages
Dimensional Fund Advisors investigates whether alternative valuation ratios add value beyond traditional price to book.
Markets
June 2023
Jump in The Deep End
GMO
Research
2 Pages
GMO highlights an opportunity in international deep value where very cheap non US stocks still have solid fundamentals.
Markets
June 2023
Value Does Just Fine in Recessions
GMO
Research
7 Pages
GMO examines whether value stocks are especially vulnerable in recessions or if history tells a different story.
Portfolio Management
June 2023
Intangible Value: A Sixth Factor
Sparkline Capital
Research
8 Pages
Sparkline Capital introduces the Intangible Value factor as an additional building block alongside market, size, value, quality and momentum.
Alternative Assets
June 2023
Are Private Equity Valuations Too High?
Stepstone
Research
5 Pages
StepStone Group examines whether private equity valuations are genuinely stretched or simply reflect different dynamics than public markets.
Portfolio Management
June 2023
The Quality Spectrum: Stability in an Unstable World
GMO
Research
7 Pages
GMO explores how quality companies and junk companies sit at opposite ends of the equity risk spectrum in a fragile macro backdrop.
Global Macroeconomics
May 2023
The Curious Incident of the Elevated Profit Margins
GMO
Research
10 Pages
GMO investigates why United States corporate profit margins have stayed unusually elevated for more than a decade.
Global Macroeconomics
May 2023
Certainly Uncertain
AQR
Research
11 Pages
AQR Capital Management examines how volatile macro conditions translate into uncertainty and what that means for asset allocation.
Portfolio Management
May 2023
Value investing: avoiding climate traps
Robeco
Research
12 Pages
Robeco discusses how traditional value portfolios can fall into climate traps when cheap looking companies face rising environmental costs.
Portfolio Management
May 2023
International Diversification— Still Not Crazy after All These Years
AQR
Research
12 Pages
AQR Capital Management revisits international equity diversification and argues it still makes sense even after a long stretch of US outperformance.
Global Macroeconomics
April 2023
An Update from Our CIOs: The Tightening Cycle Is Beginning to Bite
Bridgewater
Research
17 Pages
Bridgewater Associates explains how last year’s rapid tightening is now meaningfully constricting money, credit, and economic activity.
Wealth Management
April 2023
ETFs 2027: A world of new possibilities
PWC
Research
17 Pages
PwC examines how the global ETF market could develop by 2027 and where the next wave of growth may come from.
Markets
March 2023
Long-Term Shareholder Returns: Evidence from 64,000 Global Stocks
Research
89 Pages
The authors study long term shareholder outcomes for more than sixty four thousand global stocks from 1990 to 2020.
Global Macroeconomics
March 2023
Regime Change: The Role of Private Equity in the ‘Traditional’ Portfolio
KKR
Research
22 Pages
KKR Global Institute examines how private equity can reshape traditional portfolios in a new macro regime where stocks and bonds move together.
Alternative Assets
March 2023
Global Private Markets Review: Private markets turn down the volume
McKinsey & Company
Research
74 Pages
McKinsey & Company reviews how global private markets entered a more muted phase after years of rapid growth and easy capital.
Markets
March 2023
Re-Emerging Equities
AQR
Research
11 Pages
AQR Capital Management makes the case for revisiting emerging market equities now that expected long horizon returns look unusually attractive.
Portfolio Management
March 2023
Risk Mitigating Strategies (RMS) Framework
Meketa
Research
10 Pages
Meketa Investment Group lays out a risk mitigating strategies framework that groups defensive tools by how they behave in equity stress.
Market Reports
February 2023
Global Private Equity Report 2023
Bain & Company
Research
76 Pages
Bain & Company reviews how global private equity entered 2023 after an abrupt break in a decade long boom.
Investor Letters
February 2023
Shareholder Letter
Berkshire Hathaway
Research
10 Pages
Berkshire Hathaway reflects on business performance, capital allocation, and owner mindset, emphasizing endurance, discipline, and partnership.
Alternative Assets
February 2023
Private Equity’s Other Illiquidity Premium
Man Group
Research
14 Pages
Man Numeric examines how private equity’s appeal rests on smoothed returns, perceived diversification, and an illiquidity premium that may be overstated.
Portfolio Management
February 2023
A Century of Asset Allocation Crash Risk
Samonov & Sorokina
Research
56 Pages
Samonov and Sorokina analyze one century of asset allocation crash risk across popular portfolio frameworks.
Markets
February 2023
Global Investment Returns Yearbook 2023
Credit Suisse
Research
54 Pages
Credit Suisse Research Institute distills a century plus of global market history to frame realistic expectations for returns and risk.
Market Outlooks
February 2023
Top Three Investment Ideas to Consider for 2023
AQR
Research
AQR outlines three portfolio ideas suited to a higher dispersion, inflation sensitive backdrop.
Alternative Assets
February 2023
State of the Markets
Silicon Valley Bank
Research
33 Pages
Silicon Valley Bank analyzes the innovation economy’s reset in early 2023, emphasizing tighter funding, portfolio triage, and shifting exit paths.
Portfolio Management
January 2023
Don’t Lose Faith in the 60/40 Portfolio
Morningstar
Research
13 Pages
Morningstar reassesses the classic 60/40 mix and argues its core logic still holds.
Portfolio Management
January 2023
After a Timeout, Back to the Meat Grinder!
GMO
Research
10 Pages
GMO argues the first and easiest leg of a speculative bubble has burst, but risks remain.
Alternative Assets
January 2023
Cross-sectional Momentum in Cryptocurrency Markets
Starkiller Capital
Research
14 Pages
Starkiller Capital explores whether short term cross-sectional momentum exists in crypto and how to trade it sensibly.
Alternative Assets
January 2023
The State of U.S. Early-Stage Venture & Startups: 2022
AngelList
Research
29 Pages
AngelList and Silicon Valley Bank track early stage venture through a strong first half followed by a sharp cooldown and late year stabilization.
Market Outlooks
January 2023
The Bubble Has Not Popped
AQR
Research
2 Pages
AQR argues that despite the painful 2022 selloff, the late-cycle growth/tech bubble was only partially deflated.
Portfolio Management
January 2023
Quarterly Letter 4Q 2022
GMO
Research
9 Pages
GMO reviews how 2022 rewarded patience as speculative assets deflated and unfashionable exposures held up.
Markets
January 2023
Global Outperformers
Jenga Investment Partners
Research
287 Pages
Jenga Investment Partners maps what drives exceptional multi-year equity winners and how those businesses compound through different market regimes.
Wealth Management
January 2023
Vanguard’s guide to financial wellness
Vanguard
Research
52 Pages
Vanguard lays out a practical three step roadmap to improve household financial wellness, from budgeting and debt control to protection and long term saving.
Farmland
January 2023
The power of private real assets
Nuveen
Research
16 Pages
Nuveen outlines why private real assets across farmland, timberland, infrastructure and commercial real estate can improve institutional portfolios.
Portfolio Management
January 2023
Functional Allocation Framework
Meketa
Research
18 Pages
Meketa outlines a portfolio design that groups assets by what they do rather than by traditional labels.
Alternative Assets
January 2023
Decarbonization: The long view, trends and transience, net zero
Nat Bullard
Research
141 Pages
Nat Bullard maps the 2023 state of decarbonization through technology, capital, and policy lenses, focusing on what drives durable change.
Markets
January 2023
Emerging Market Small Cap: Good Things Come In…
Man Group
Research
10 Pages
Man Institute explains why EM small caps can improve diversification and capture more domestic growth.
Markets
December 2022
Guide to the Markets 1Q 2023
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management surveys equity, fixed income, inflation and macro trends to frame positioning for 2023.
Market Outlooks
December 2022
The Big Picture Global Asset Allocation 2023 Outlook
Invesco
Research
38 Pages
Invesco presents a 2023 global asset allocation outlook built around a transition from contraction toward recovery.
Markets
December 2022
Capital Allocation: Results, Analysis and Assessment
Morgan Stanley
Research
85 Pages
Morgan Stanley explains why capital allocation is the CEO’s most important job and a major driver of long term value per share.
Market Outlooks
December 2022
2023 Outlook: Recession, recovery, and rebound
Wells Fargo
Research
28 Pages
Wells Fargo Investment Institute maps a path from recession to recovery to rebound, arguing that the pain of tighter financial conditions can create clearer entry points.
Global Macroeconomics
December 2022
Bulls, Burst Bubbles And Bear Markets
Gavekal
Research
2 Pages
Gavekal argues bear markets serve a purpose: they break crowded narratives and rotate market leadership.
Global Macroeconomics
December 2022
The Path to a Pivot
3Fourteen Research
Research
13 Pages
3Fourteen Research lays out what would need to happen for the Fed to pause, and why bear market rallies can be seductive traps.
Portfolio Management
December 2022
Growth Versus Value: End of an Era?
Acadian
Research
9 Pages
Acadian Asset Management argues the 2022 value comeback story is messier than headlines suggest because common value benchmarks now embed big sector bets.
Alternative Assets
December 2022
Should Your Portfolio Protection Work Fast or Slow?
AQR
Research
16 Pages
AQR Capital Management compares protection that pays off quickly in crashes versus defenses built for long, grinding drawdowns.
Portfolio Management
December 2022
Part 1: THE VALUE OPPORTUNITY UPDATED After a Good Run, Value Looks Anything but Exhausted
GMO
Research
12 Pages
GMO revisits value versus growth and argues the value opportunity still looks unusually compelling, even after a strong relative run.
Alternative Assets
December 2022
Trend-Following: Why Now? A Macro Perspective
AQR
Research
17 Pages
AQR Capital Management explains why trend following may be well suited for a world where macro volatility is back.
Market Outlooks
December 2022
Outlook for 2023: Keep It Simple
KKR
Research
74 Pages
KKR lays out a pragmatic 2023 playbook: favor simpler, collateral-backed cash flows and be selective across risk assets.
Market Outlooks
December 2022
Vanguard economic and market outlook for 2023: Beating back inflation
Vanguard
Research
61 Pages
Vanguard lays out a 2023 macro roadmap centered on bringing inflation down—even at the cost of slower growth.
Global Macroeconomics
November 2022
History Lessons: How “Transitory” Is Inflation?
Research Affiliates
Research
9 Pages
Research Affiliates challenges the idea that inflation reliably cools on a quick schedule once it spikes.
Global Macroeconomics
November 2022
Risk Off, Yield On
PIMCO
Research
6 Pages
PIMCO makes the case that higher yields have changed the playbook, bringing bonds back as a serious portfolio option.
Annual Report
November 2022
The Great Reset: North American asset management in 2022
McKinsey & Company
Research
27 Pages
McKinsey & Company argues 2022 forced a reset in macro assumptions that asset managers relied on for a decade.
Portfolio Management
November 2022
Investing in Influence
Sparkline Capital
Research
14 Pages
Sparkline Capital argues political influence is an overlooked intangible asset that investors can quantify and potentially monetize.
Portfolio Management
November 2022
Quality Time in Small Cap
GMO
Research
6 Pages
GMO argues small cap quality is finally offering both long term appeal and near term valuation support.
Portfolio Management
November 2022
Investing Through a Structurally Inflationary Regime
Bloomberg
Research
23 Pages
Bloomberg examines how portfolio construction changes when inflation is structural rather than fleeting.
Alternative Assets
October 2022
The New Dynamics of Private Markets
PGIM
Research
52 Pages
PGIM explains how private markets are reshaping institutional investing across credit, equity, and real assets.
Markets
October 2022
Return on Invested Capital
Morgan Stanley
Research
44 Pages
Morgan Stanley explains how return on invested capital clarifies whether a firm creates value when it grows.
Annual Report
October 2022
Global Wealth Report 2022
Credit Suisse
Research
72 Pages
Credit Suisse reviews how household wealth and inequality shifted through 2021, and what higher inflation means going forward.
Global Macroeconomics
October 2022
The Times They Are A-Changin’
KKR
Research
30 Pages
KKR surveys endowment and foundation chief investment officers on how they are reshaping portfolios for a regime of higher inflation and tighter liquidity.
Global Macroeconomics
October 2022
The Fed Has to Keep Tightening Until Things Get Worse
Bridgewater
Research
6 Pages
Bridgewater Associates argues the Fed is boxed in by high inflation and an unusually tight labor market, so it keeps tightening until growth and markets crack.
Wealth Management
October 2022
Tracking Unicorn Companies in U.S. Mutual Funds
Morningstar
Research
24 Pages
Morningstar explains how U.S. equity mutual funds have increasingly owned private company shares and why that can backfire.
Global Macroeconomics
October 2022
35-Year Highs for the Dollar
GMO
Research
10 Pages
GMO explains why an overvalued U.S. dollar can quietly drag on U.S. equities while boosting markets with cheaper currencies.
Global Macroeconomics
October 2022
Aging, Deflation, and Secular Stagnation
Federal Reserve Bank
Research
9 Pages
The Atlanta Fed’s Policy Hub digs into the effects of rapid population aging on inflation, real interest rates, and GDP growth, which may be causing deflationary pressures and secular stagnation.
Portfolio Management
September 2022
Liquid Venture Capital
Sparkline Capital
Research
17 Pages
Sparkline Capital argues investors can capture much of venture capital’s innovation premium with liquid public equities, and complement blockchain exposure with crypto tokens.
Portfolio Management
September 2022
Is Value Just an Interest Rate Bet?
AQR
Research
7 Pages
AQR argues the popular idea that value is simply an interest rate trade is mostly wrong.
Wealth Management
September 2022
Investing for Retirement III: Understanding and Dealing With Sequence Risk
GMO
Research
15 Pages
GMO argues sequence risk is not an asset class property but a cash flow problem that forces selling low or buying high.
Global Macroeconomics
September 2022
Europe’s Stagflation is Different in Kind and Much Harder to Remedy
Bridgewater
Research
12 Pages
Bridgewater Associates argues Europe’s energy supply shock is creating stagflation that is tougher to fix than a standard demand slowdown
Alternative Assets
September 2022
The Raisons d’être of Managed Futures
AQR
Research
14 Pages
AQR explains why managed futures is intended to deliver two things: positive average returns and meaningful help in equity drawdowns.
Markets
September 2022
Entering the Superbubble’s Final Act
GMO
Research
6 Pages
GMO argues today’s market resembles a late stage superbubble, where a bear market rally can be a dangerous head fake.
Portfolio Management
August 2022
Why Fundamentals Matter
O’Shaughnessy Asset Management
Research
9 Pages
O’Shaughnessy Asset Management argues fundamentals reassert themselves when cheap money fades and narratives stop doing the heavy lifting.
Markets
August 2022
Dipping a Toe in the Water
3Fourteen Research
Research
13 Pages
3Fourteen Research argues the near 25% selloff has reset valuations enough to justify cautiously re entering risk.
Portfolio Management
August 2022
Alternative Thinking – New Rules of Diversification
AQR
Research
18 Pages
AQR looks at why 2022 felt like a “different kind” of recession risk, where inflation and tightening can pressure both stocks and bonds at once.
Global Macroeconomics
August 2022
Insights into the Inflation Print
Research Affiliates
Research
10 Pages
Research Affiliates unpacks why a better looking monthly inflation number can hide stickier underlying pressures.
Markets
August 2022
The Road Ahead: Riddles in the Dark
Man Group
Research
7 Pages
Man Institute uses long market history to frame what 2022 may rhyme with, focusing on 60 40 drawdowns, bear market rallies, and recession indicators.
Global Macroeconomics
July 2022
Business Retreats and Sanctions Are Crippling the Russian Economy
Research
118 Pages
This paper argues business withdrawals and sanctions are delivering a deeper hit to Russia than headline data imply.
Alternative Assets
July 2022
The State of U.S. Early-Stage Venture Capital & Startups: 2Q22
AngelList
Research
21 Pages
The authors review how early stage venture conditions shifted in 2Q22 as the broader market sold off.
Markets
July 2022
Finding a Bottom in Equities
DoubleLine
Research
9 Pages
DoubleLine Capital explains how bear market drawdowns relate to starting valuations and recession length when searching for an equity bottom.
Market Outlooks
July 2022
Walk, Don’t Run: Mid Year Update 2022
KKR
Research
56 Pages
KKR Global Institute argues markets have entered a new regime where inflation and supply constraints make the classic 60 40 playbook less reliable.
Portfolio Management
July 2022
Investing in Deflation, Inflation, and Stagflation Regimes
Robeco
Research
38 Pages
Robeco examines how stocks, bonds, and factor premiums behave across deflation, inflation, and stagflation regimes.
Portfolio Management
July 2022
The Stock/Bond Correlation
AQR
Research
18 Pages
AQR Capital Management explains why the stock and bond correlation may turn positive again and why that matters.
Alternative Assets
July 2022
Battery Metals Watch: The End of the Beginning
Goldman Sachs
Research
21 Pages
The authors argue the battery metals bull market has peaked, with supply growth set to outrun demand across lithium, cobalt, and nickel.
Global Macroeconomics
July 2022
Building a Beta Portfolio in an Environment That Looks Difficult for Assets
Bridgewater
Research
17 Pages
Bridgewater Associates explains how to hold beta when inflation and Fed tightening create headwinds across most assets.
Global Macroeconomics
July 2022
Wealth Preservation
Totem Macro
Research
13 Pages
Totem Macro argues markets are moving into a new regime shaped by tighter liquidity and shifting geopolitical incentives.
Global Macroeconomics
June 2022
New Business Boom and Bust: How Capitalism Experiments
Morgan Stanley
Research
12 Pages
Morgan Stanley frames industry booms and shakeouts as capitalism experimenting, then pruning what does not work, with investing outcomes skewed toward a few winners.
Alternative Assets
June 2022
Adapting to Endure
Sequoia Capital
Research
52 Pages
Sequoia Capital explains how founders can adapt to a higher cost of capital and a tougher fundraising climate.
Global Macroeconomics
June 2022
False Narratives Will Cost You Money
Clocktower Group
Research
29 Pages
Clocktower Group challenges popular macro stories, arguing recession certainty and simple Volcker comparisons can misprice markets.
Alternative Assets
June 2022
An Investor’s Guide to Crypto
Man Group
Research
29 Pages
The authors explain how investors can approach cryptocurrency allocations beyond bitcoin, focusing on what tokens do and how to own them responsibly.
Markets
June 2022
Views From the Floor: Bear market now, recession looming?
Man Group
Research
5 Pages
Man Institute uses a mid 2022 issue of Views From the Floor to ask whether a bear market in equities must be followed by recession.
Portfolio Management
June 2022
Growth Traps Snap Shut: More portfolio pain to come?
GMO
Research
5 Pages
GMO explains what growth traps are and why they have been especially painful for investors recently.
Portfolio Management
June 2022
Conservative investing stands the test of time
Robeco
Research
6 Pages
Robeco explains conservative investing as “winning by losing less” and tests it using a US stock database stretching back to 1866.
Portfolio Management
June 2022
Who Need TIPS When You’ve Got Friends Like This?
GMO
Research
9 Pages
GMO argues that resource equities can still help protect portfolios from inflation even after a powerful commodity rally.
Global Macroeconomics
May 2022
An Update from Our CIOs: What Was Coming Is Now Upon Us
Bridgewater
Research
10 Pages
Bridgewater’s investment leaders explain how aggressive policy stimulus created a surge in nominal spending that has morphed into persistent inflation.
Alternative Assets
May 2022
Public Natural Resource Equities
Meketa
Research
15 Pages
Meketa Investment Group examines whether public natural resource equities still provide meaningful protection against inflation in today’s economy.
Markets
May 2022
Japan: Value Stocks Versus Value Stocks
Man Group
Research
6 Pages
Man Group’s Japan team explores why Japanese value stocks have staged a comeback and why selectivity still matters.
Portfolio Management
May 2022
Long-Only Value Investing: Does Size Matter?
Alpha Architect
Research
29 Pages
Alpha Architect studies how firm size affects the value premium when investors hold long only portfolios rather than academic long short factors.
Portfolio Management
May 2022
Investing in Innovation
Sparkline Capital
Research
17 Pages
Sparkline Capital builds a long history of innovation investing using patent data and natural language processing to track emerging technologies.
Annual Report
May 2022
2022 Robo-Advisor Landscape
Morningstar
Research
45 Pages
Morningstar’s manager research team maps the evolving US robo advisor industry, comparing business models, portfolios, pricing and levels of human guidance.
Wealth Management
May 2022
Global Investor Experience Study: Fees and Expenses
Morningstar
Research
57 Pages
Morningstar assesses how mutual fund and exchange traded fund investors around the world fare on fees and expenses.
Global Macroeconomics
May 2022
State of Play: Global Macro Trends
KKR
Research
32 Pages
KKR’s global macro team outlines how the pandemic and the war in Ukraine have accelerated a regime shift toward higher inflation, more volatile growth and greater geopolitical tension.
Global Macroeconomics
May 2022
Putin’s Invasion Reminds Us That We Live in a Finite World
GMO
Research
4 Pages
GMO’s Jeremy Grantham uses the invasion of Ukraine as a lens on long running constraints in energy, metals and other natural resources.
Pension Funds & Endowments
April 2022
Endowments Record Their Best Performance Since 1989
Pictet
Research
5 Pages
Pictet Wealth Management examines why US university endowments delivered their strongest results in decades.
Pension Funds & Endowments
April 2022
Endowment and Foundation Annual Newsletter
Meketa
Research
9 Pages
Meketa Investment Group reviews the extraordinary 2021 market environment and how it translated into outcomes for endowments and foundations.
Pension Funds & Endowments
April 2022
2021 NACUBO-TIAA Study of Endowments
Nacubo
Research
16 Pages
TIAA and NACUBO analyze how US college and university endowments invested and performed in fiscal 2021.
Portfolio Management
December 2021
Time To Diversify – But Into What?
AQR
Research
9 Pages
AQR argues that traditional portfolios face structurally lower returns and explores where investors can realistically diversify beyond equities and bonds.
Portfolio Management
December 2021
Quarterly Letter 3Q 2021
GMO
Research
10 Pages
GMO examines why relying on historical returns can mislead investors, using bond markets to show how return components matter more than averages.
Market Outlooks
December 2021
Shooting The Rapids – The Investment Outlook For 2022
BNP Paribas Asset Management
Research
30 Pages
BNP Paribas Asset Management outlines a 2022 investment outlook centered on navigating a late-cycle global recovery marked by moderating growth and persistent inflation pressures.
Markets
November 2021
Irrational Exuberance In The U.S. Equity Market
GMO
Research
4 Pages
GMO examines the role of technology-driven growth within the equity market, focusing on how a narrow group of innovative companies has driven outsized returns and reshaped index concentration.
Portfolio Management
November 2021
The Great Inflation, Factors, And Stock Returns
O’Shaughnessy Asset Management
Research
16 Pages
O’Shaughnessy Asset Management examines how inflation regimes shape the relative performance of U.S. stocks and bonds over more than a century.
Portfolio Management
November 2021
The Role Of Income In Portfolios
Verus Investments
Research
11 Pages
Verus Investments explores how income versus price appreciation shapes portfolio construction, especially in a low-rate world where dependable cash flows have become more central to outcomes.
Global Macroeconomics
October 2021
A Factor-Based Approach To Currency Management
Insight Investment
Research
12 Pages
Insight Investment explores how a factor-based framework can improve currency management by capturing drivers like carry, value, and momentum.
Portfolio Management
October 2021
Life Cycle Investing
O’Shaughnessy Asset Management
Research
10 Pages
O’Shaughnessy Asset Management presents the Life Cycle Canvas, a framework for mapping decisions across an investment or project lifecycle from idea to execution.
Global Macroeconomics
October 2021
Who Will Prove Most Vulnerable To The Pullback In Liquidity?
Bridgewater
Research
10 Pages
Bridgewater Associates examines how the unwind of global liquidity is likely to expose vulnerabilities across equity markets, with a particular focus on the US.
Portfolio Management
October 2021
Cash Flows Matter For Tail Hedging Strategies
LongTail Alpha
Research
11 Pages
LongTail Alpha argues that traditional return metrics can misrepresent tail hedging by ignoring the timing and magnitude of cash flows, framing these strategies more like insurance than investments.
Global Macroeconomics
October 2021
How Does Quality Work?
Verdad
Research
6 Pages
Verdad examines why the quality factor has historically outperformed, focusing on profitability as the defining feature and questioning what truly drives excess returns.
Portfolio Management
October 2021
How Does Quality Work?
Verdad
Research
8 Pages
Verdad explores what drives the quality factor, arguing that persistent outperformance is less about stability and more about how profitability, growth, and reinvestment interact over time.
Portfolio Management
October 2021
When Stock-Bond Diversification Fails
AQR
Research
17 Pages
AQR Capital Management examines how stock and bond diversification can break down when inflation shocks drive both assets lower at the same time.
Markets
October 2021
Literally, A World Of Opportunity
Richard Bernstein Advisors
Research
9 Pages
Richard Bernstein Advisors explores how investor crowding into popular growth themes has narrowed opportunity sets, arguing that global equity markets outside the spotlight are delivering stronger returns.
Markets
September 2021
Guide To The Markets – US Q4 2021
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan’s Guide to Markets Q4 2021 provides a broad snapshot of global economic conditions, asset valuations, and market dynamics as investors navigate a post-pandemic environment.
Markets
September 2021
Navigating The Lowest-Yielding Bond Market In History
Man Group
Research
6 Pages
Man Group explores how investors can navigate what it calls the lowest-yielding bond market in history, where returns are structurally capped by yield levels.
Portfolio Management
September 2021
Dispelling Myths In The Value Vs. Growth Debate
GMO
Research
11 Pages
GMO examines the value versus growth debate, arguing recent growth leadership does not invalidate long term value investing.
Global Macroeconomics
September 2021
Part 2: What To Do in The Case Of Sustained Inflation
GMO
Research
11 Pages
GMO builds on its inflation framework by examining how asset returns may shift in a more inflationary regime, arguing that traditional portfolios may struggle if inflation settles above prior norms.
Portfolio Management
September 2021
Did I Miss The Value Turn?
Research Affiliates
Research
11 Pages
Research Affiliates examines whether investors missed the recent value rebound and what today’s extreme valuation spreads imply for future returns.
Markets
August 2021
Predicting Equity Returns With Inflation
Research Affiliates
Research
13 Pages
Research Affiliates explores how inflation dynamics can be used to predict future equity returns, focusing on whether inflation cycles and surprises contain useful signals for investors.
Portfolio Management
August 2021
Are Value Stocks Cheap For A Fundamental Reason?
AQR
Research
8 Pages
AQR Capital Management examines whether value stocks are cheap due to genuinely weaker fundamentals or simply mispricing driven by investor expectations.
Markets
August 2021
Everything Is A DCF Model
Morgan Stanley
Research
12 Pages
Morgan Stanley argues that all asset valuation implicitly relies on discounted cash flow thinking, reframing investing as estimating future cash distributions rather than relying on shortcuts.
Alternative Assets
August 2021
Gold As A Strategic Allocation
Meketa
Research
16 Pages
Meketa Investment Group explores whether gold deserves a permanent role in institutional portfolios, focusing on its behavior across inflation regimes, real yields, and market stress.
Global Macroeconomics
August 2021
Part 1: Inflation – Tall Tales And True Causes
GMO
Research
11 Pages
GMO examines the structural drivers of inflation, arguing that the disinflationary forces of the past few decades are reversing as demographics, globalization, and policy trends shift.
Alternative Assets
August 2021
Understanding Wine Grape Farmland Investing
Westchester
Research
8 Pages
Westchester explores wine grape farmland as an institutional asset, outlining why U.S. vineyards may offer attractive risk adjusted returns and portfolio diversification benefits.
Portfolio Management
July 2021
Mid-Year Letter For 2021
GMO
Research
7 Pages
GMO’s mid-year 2021 letter outlines a turning point in equity markets, arguing that the long-awaited reversal from Growth to Value has begun and could extend for years.
Alternative Assets
July 2021
2021 Farmland Report
Nuveen
Research
36 Pages
Nuveen’s Westchester farmland report explores how global agricultural land functions as an institutional asset, focusing on returns, diversification, and sustainability.
Markets
July 2021
What Will The Global Push To Net Zero Mean For Oil?
Bridgewater
Research
10 Pages
Bridgewater Associates explores how the global push toward net zero will reshape economies and markets, arguing the transition is less about a smooth shift and more about a disruptive reallocation of capital.
Markets
July 2021
Outlook On Emerging Markets
Lazard
Research
9 Pages
Lazard Asset Management explores the outlook for emerging markets, arguing that a synchronized global recovery, vaccine rollout, and supportive policy backdrop could drive stronger performance across equities and debt.
Alternative Assets
July 2021
Food Fight: An Update on Private Equity Performance vs Public Equity Markets
J.P. Morgan Asset Management
Research
26 Pages
J.P. Morgan examines the ongoing debate over whether private equity truly outperforms public markets, breaking down conflicting methodologies, benchmarks, and assumptions that drive very different conclusions.
Markets
July 2021
Guide To The Markets – US 3Q 2021
J.P. Morgan Asset Management
Research
83 Pages
J.P. Morgan explores how macro and quantitative signals can guide asset allocation, focusing on regime shifts, factor performance, and cross-asset positioning.
Annual Report
July 2021
The Next Normal: Are Investors Prepared For Post-Covid Markets?
Natixis
Research
15 Pages
Natixis Investment Managers explores how investor behavior and expectations have shifted coming out of Covid, focusing on the gap between return expectations and risk tolerance.
Markets
July 2021
Diversifying With Picket Fences – Single Family Rental Investments
Man Group
Research
8 Pages
Man Institute explores how single family rental housing fits into a diversified portfolio, focusing on its return drivers, correlation profile, and inflation sensitivity.
Markets
June 2021
4 Reasons To Invest Internationally
Diamond Hill Capital Management
Research
4 Pages
Diamond Hill Capital Management explains why international equities remain relevant despite a decade of US dominance, focusing on diversification, opportunity set, and valuation gaps.
Alternative Assets
June 2021
Trend-Following In Inflationary Environments
Man Group
Research
9 Pages
Man Group examines how different asset classes and strategies perform during inflationary regimes, using nearly a century of data across major markets.
Global Macroeconomics
May 2021
Testing The Limits Of Reflation
KKR
Research
28 Pages
KKR explores how aggressive fiscal and monetary policy are pushing the global economy into a reflationary regime, reshaping asset allocation and return expectations.
Alternative Assets
May 2021
U.S. Agriculture & Timber Market Update
PGIM
Research
35 Pages
PGIM Real Estate examines how COVID-era disruptions reshaped U.S. agriculture, farmland performance, and pricing dynamics across crop types and regions.
Markets
May 2021
“Room To Run” With US Small-Cap Value Stocks?
Bridgeway
Research
7 Pages
Bridgeway Capital Management examines whether the rebound in US small-cap value stocks signals a lasting shift or a short-term recovery.
Portfolio Management
May 2021
Spring Has Sprung For Value Investing
Robeco
Research
13 Pages
Robeco examines whether value investing is staging a durable comeback after years of underperformance, arguing that improving fundamentals and sentiment may signal a turning point.
Investor Letters
May 2021
Trying Too Hard
Batterymarch Financial Management
Research
9 Pages
Batterymarch Financial Management challenges the idea that better investing comes from more effort, information, or forecasting precision, arguing instead that investors may be overestimating their ability to predict outcomes.
Investor Letters
May 2021
Investing With Company Insight
Norges Bank Investment Management
Research
176 Pages
Norges Bank Investment Management explains how building company-level insight across a massive sovereign fund can drive consistent excess returns over time.
Portfolio Management
May 2021
Asset Allocation: Private Markets In Global Multi-Asset Portfolios
Pantheon
Research
17 Pages
Pantheon explores how private markets can enhance a global portfolio by improving diversification, return potential, and resilience across cycles.
Alternative Assets
May 2021
Semi-Annual Managed Futures Rankings
RCM Alternatives
Research
16 Pages
This paper explores managed futures rankings and performance dispersion, focusing on how strategies and managers compare across cycles.
Market Outlooks
April 2021
Capital Market Assumptions – 10-Year Strategic and Longer-Term Secular Outlook for Asset Classes
Rockefeller Capital Management
Research
71 Pages
Rockefeller Capital Management outlines long-term capital market assumptions across major asset classes, focusing on expected returns, inflation, and interest rate dynamics.
Portfolio Management
April 2021
Countercyclical Investing – Foundations of a Cycle-Driven Approach to Asset Allocation
Verdad
Research
50 Pages
Verdad Advisors examines countercyclical asset allocation, arguing that disciplined rebalancing into underperforming assets can enhance long-term returns despite short-term discomfort.
Markets
April 2021
Guide to the Markets – US 2Q 2021
J.P. Morgan Asset Management
Research
86 Pages
J.P. Morgan provides a broad framework for understanding how different market environments shape asset returns, focusing on the interaction between growth, inflation, and policy.
Portfolio Management
April 2021
The Duration of Value and Growth – Much closer to each other than you’d guess
GMO
Research
9 Pages
GMO explores the duration characteristics of value versus growth stocks, arguing that growth equities behave like long-duration assets while value stocks are shorter duration and more sensitive to near-term cash flows.
Markets
April 2021
Tilting The Odds In Your Favour
Baillie Gifford
Research
11 Pages
Baillie Gifford argues global equity markets are shifting away from US dominance, with international opportunities expanding as capital, innovation, and listings disperse globally.
Alternative Assets
April 2021
A Year Of Disruption In The Private Markets
McKinsey & Company
Research
64 Pages
McKinsey & Company examines how private markets navigated the pandemic shock, highlighting a sharp but uneven recovery across asset classes and a shift in investor behavior.
Portfolio Management
April 2021
History Rhymes, Opportunity Knocks: Thoughts On Bubbles, Inflation, And Timely Allocations
Wellington Management
Research
12 Pages
Wellington Management examines how asset bubbles and rising inflation can emerge together, driven by prolonged monetary stimulus and excess liquidity.
Markets
March 2021
Asset Bubbles And Where To Find Them
Vanguard
Research
4 Pages
Vanguard examines the formation of asset bubbles through the lens of historical market cycles, investor behavior, and valuation frameworks.
Markets
March 2021
Big Market Delusion: Electric Vehicles
Research Affiliates
Research
9 Pages
IF examines the investment implications of electric vehicle adoption across autos, energy, and commodities, framing it as a long-term structural shift.
Portfolio Management
March 2021
The Long Run is Lying to You
AQR
Research
16 Pages
AQR challenges the idea that long run averages are reliable guides for investors, arguing that starting valuations and economic conditions heavily distort realized outcomes over practical investment horizons.
Markets
March 2021
Guide to Alternatives 1Q 2021
J.P. Morgan Asset Management
Research
51 Pages
J.P. Morgan Asset Management walks through the role of alternative investments in portfolios, framing them as tools for diversification, income, and return enhancement beyond the traditional 60/40 mix.
Alternative Assets
March 2021
Sustainable Farmland Investment In Brazil
Genesis
Research
35 Pages
Genesis examines sustainable farmland investing in Brazil, positioning it as a long-duration real asset with potential to benefit from global food demand and environmental constraints.
Portfolio Management
March 2021
Taxes – It’s Not What You Make, It’s What You Keep
BlackRock
Research
13 Pages
BlackRock outlines how investors should interpret fund distributions and tax documents, focusing on how income, capital gains, and return of capital flow through to taxable accounts.
International Markets
March 2021
Japan Value – An Island of Potential in a Sea of Expensive Assets
GMO
Research
4 Pages
GMO examines the opportunity set in Japanese value equities, arguing that persistent underperformance and corporate inefficiencies have created a deep pool of mispriced assets.
Wealth Management
March 2021
No Room on the ARK?
Morningstar
Research
11 Pages
Morningstar examines ARK Invest’s flagship strategy, questioning whether its innovation-driven approach can sustain performance given valuation levels and portfolio construction. The paper digs into concentration, turnover, and speculative growth assumptions, suggesting that past returns may not be a reliable guide.
Markets
March 2021
2021 Capital Markets Expectations
Meketa
Research
80 Pages
Meketa Investment Group outlines forward-looking capital market expectations across asset classes, focusing on return assumptions, valuation starting points, and the implications for long-term portfolio construction.
Annual Report
March 2021
Global Investment Returns Yearbook 2021 Summary Edition
Credit Suisse
Research
76 Pages
Credit Suisse Research Institute explores over a century of global market returns, with a particular focus on emerging markets and their evolving role in portfolios.
Markets
March 2021
What To Do With The 40
Northern Trust
Research
9 Pages
Northern Trust examines the role of fixed income in portfolios, questioning what investors should do with the “40” in a traditional 60/40 framework as yields remain historically low.
Global Macroeconomics
March 2021
Historic Turbulence Ahead
3Fourteen Research
Research
11 Pages
3Fourteen Research analyzes periods of historic market turbulence, focusing on how volatility regimes evolve and what they imply for future returns.
Miscellaneous
March 2021
2020 Shareholder Letter
Berkshire Hathaway
Research
14 Pages
Berkshire Hathaway reflects on its investment philosophy and long term performance, emphasizing disciplined capital allocation and the power of compounding over decades.
Portfolio Management
March 2021
Value Investing is Dead? No, Long Live Value!
DoubleLine
Research
21 Pages
DoubleLine Capital examines the case for a potential revival in value investing after a prolonged period of growth dominance. The paper argues that extreme valuation spreads and rising inflation expectations could tilt the playing field, though timing remains uncertain.
Alternative Assets
March 2021
Permanent crops and investment opportunity
Manulife
Research
13 Pages
Manulife Investment Management explores the investment case for permanent crops, positioning them as a long-duration real asset tied to global food demand and sustainability trends.
Markets
February 2021
Stock Market Bubble?
Bridgewater
Research
8 Pages
Bridgewater examines the nature of market bubbles through a framework that distinguishes between early stage and late stage excess, arguing that not all bubbles are inherently dangerous.
Miscellaneous
February 2021
Annual Investor Presentation
Pershing Square Holdings
Research
57 Pages
Pershing Square presents its annual investor update outlining portfolio positioning, performance drivers, and the firm’s concentrated investment philosophy.
Market Outlooks
February 2021
Outlook – US Resilient
Goldman Sachs
Research
116 Pages
Goldman Sachs explores the resilience of the US economy and equity market, arguing that structural advantages such as innovation, profitability, and policy flexibility continue to support its global leadership.
Alternative Assets
February 2021
The Case For Private Equity At Vanguard
Vanguard
Research
16 Pages
Vanguard examines private equity returns and the drivers behind their historical outperformance relative to public markets, focusing on leverage, sector exposure, and selection effects.
Portfolio Management
February 2021
Russell Growth and Value Indexes: the enduring utility of style
FTSE Russell
Research
30 Pages
Russell examines the long standing cycle between growth and value investing, arguing that extreme valuation spreads may signal a potential turning point.
Market Outlooks
February 2021
Our 2021 Global Outlook
Bridgewater
Research
7 Pages
Bridgewater lays out its 2021 outlook through the lens of shifting economic regimes, emphasizing how policy coordination between fiscal and monetary authorities is reshaping market dynamics.
Markets
February 2021
Emerging Markets Crisis Investing
Verdad
Research
56 Pages
Verdad argues that emerging markets may offer a compelling opportunity as valuations, demographics, and capital flows shift in their favor after a prolonged period of underperformance.
Portfolio Management
February 2021
Is Diversification Dead?
Research Affiliates
Research
17 Pages
Research Affiliates questions whether diversification still works in a world where asset class correlations have risen and valuations are elevated across markets.
Markets
February 2021
Bubble, or Structural Imbalance? – Capital Market Line
PineBridge
Research
10 Pages
PineBridge examines whether the traditional capital market line still holds in a low yield world, questioning if the risk return tradeoff remains linear when starting yields are compressed.
Markets
February 2021
A tale of two decades for U.S. and non-U.S. equity: Past is rarely prologue
Vanguard
Research
10 Pages
This paper examines how structural shifts across markets are reshaping expected returns and portfolio construction, with a focus on changing correlations, policy dynamics, and investor behavior.
Global Macroeconomics
February 2021
7 reasons for a weaker US dollar and stronger international stocks
Invesco
Research
18 Pages
Invesco examines how US dollar movements influence the relative performance of international equities, arguing that currency trends are often an overlooked driver of returns.
Market Outlooks
January 2021
2021: Another Voice
KKR
Research
46 Pages
KKR presents a macro outlook shaped by structural regime shifts, arguing that investors may be entering a period defined by lower returns, higher volatility, and greater dispersion across assets.
Market Outlooks
January 2021
2021 Best Ideas – The Future in Focus
PGIM
Research
17 Pages
PGIM explores how structural forces like demographics, debt, and productivity are shaping long-term capital market expectations,
Alternative Assets
January 2021
Managed Futures 2020 – Strategy Review
RCM Alternatives
Research
11 Pages
RCM argues that managed futures can play a critical role in portfolios by providing crisis alpha and diversification, especially when traditional assets struggle.
Alternative Assets
January 2021
Real estate stocks: A wedge in the dividend yield totem
Robeco
Research
6 Pages
Robeco explores the case for high dividend yield real estate equities, arguing that income-focused REIT strategies may be misunderstood and can offer attractive risk-adjusted returns beyond just yield.
Markets
January 2021
Strategic Asset Allocation | December 2020 The case for outperformance of non-US assets
Oxford Economics
Research
12 Pages
Oxford Economics makes the case for increasing exposure to non-US assets, arguing that global diversification may be more important as US valuations and concentration risks remain elevated.
Markets
January 2021
It’s Not a Bound; It’s an Opinion
AQR
Research
12 Pages
AQR examines how today’s low interest rate environment shapes expected returns across asset classes, arguing that rates are a dominant driver of long-term investment outcomes.
Markets
January 2021
Top Stocks for 2021
SumZero
Research
83 Pages
SumZero compiles top investment ideas from its buyside community into a curated set of high-conviction stock pitches across regions and market caps.
Portfolio Management
January 2021
Design Choices and Risk Factor Performance
Two Sigma
Research
21 Pages
Two Sigma explores how subtle construction decisions materially change the performance of risk factor strategies, even when targeting the same factor.
Portfolio Management
January 2021
Five Reasons To Invest In Value Equities
Prospector Partners
Research
9 Pages
Prospector Partners argues value equities may be poised for a comeback after years of lagging growth, framing the opportunity around valuation dispersion and income potential.
Markets
December 2020
The Wisdom Of Buying Absurdly Expensive Stocks
Man Group
Research
8 Pages
Man Group explores whether buying extremely expensive stocks can still generate strong returns, challenging traditional valuation logic.
Markets
December 2020
Guide to the Markets – U.S. 1Q 2021
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management lays out a data-driven snapshot of the global economy and markets entering 2021, focusing on recovery dynamics, valuations, and policy support.
Portfolio Management
December 2020
A Gut Punch
AQR
Research
11 Pages
AQR looks at why a multi factor quant portfolio still struggled even as value finally bounced in late 2020.
Markets
December 2020
25th Annual Edition – Long-Term Capital Market Assumptions
J.P. Morgan Asset Management
Research
130 Pages
J.P. Morgan Asset Management outlines how shifting economic regimes marked by higher inflation, stronger growth, and rising rates reshape long-term asset returns and portfolio construction.
Portfolio Management
December 2020
Quarterly Letter 3Q 2020
GMO
Research
20 Pages
GMO argues that value stocks are trading at historically extreme discounts after their worst 12-month stretch on record, setting up a potential reversal versus growth.
Wealth Management
December 2020
The Role of Taxes in the Rise of ETFs
Research
148 Pages
This paper argues that a lesser-known yet economically significant tax-deferral feature of ETFs’ security design is crucial to their success.
Alternative Assets
December 2020
A half-century of trend-following: How CTAs make money in different yield curve regimes
Quantica Capital
Research
11 Pages
Quantica Capital examines how diversified trend following CTAs have made money across different yield curve regimes over nearly fifty years.
Market Outlooks
December 2020
2020 Private Equity Outlook
Verus Investments
Research
42 Pages
Verus examines the rise of GP-led secondary transactions in private equity and how they are evolving into a core liquidity tool rather than a niche solution.
Wealth Management
December 2020
How America Invests 2020
Vanguard
Research
58 Pages
Vanguard analyzes how over 5 million retail households actually invest, focusing on portfolio construction, trading behavior, and responses to market stress.
Wealth Management
December 2020
Custom Indexing: The Next Evolution Of Index Investing
O’Shaughnessy Asset Management
Research
9 Pages
O’Shaughnessy Asset Management explores how custom indexing could reshape portfolio construction by replacing one-size-fits-all funds with personalized, software-driven portfolios.
Portfolio Management
November 2020
Diversifying Diversification
LongTail Alpha
Research
19 Pages
LongTail Alpha explores how combining multiple diversification strategies can improve downside protection in equity-heavy portfolios.
Markets
November 2020
The Armageddonists, Revisited
J.P. Morgan Asset Management
Research
8 Pages
J.P. Morgan examines the rise of “Armageddonists” after the Global Financial Crisis and the cost to investors who acted on persistent bearish forecasts.
Portfolio Management
November 2020
The Risk Report
Northern Trust
Research
19 Pages
Northern Trust Asset Management examines why institutional equity portfolios often fail to deliver intended outcomes, focusing on hidden risk exposures and portfolio construction decisions.
Markets
October 2020
CAPE And The COVID-19 Pandemic Effect
Barclays
Research
18 Pages
Barclays examines how CAPE ratios behaved across major global equity markets during COVID-19 and what that implies for future returns.
Market Outlooks
October 2020
The Road Ahead
KKR
Research
26 Pages
KKR examines the post-COVID macro regime, arguing that structurally lower rates, higher fiscal spending, and rising geopolitical tension will reshape asset allocation for years.
Alternative Assets
October 2020
Think Real Assets
Nuveen
Research
16 Pages
Nuveen explores how real assets fit into portfolios as inflation risks re-emerge, framing them as a potential diversifier across real estate, infrastructure, and natural capital.
Markets
September 2020
Guide To The Markets – US Q4 2020
J.P. Morgan Asset Management
Research
79 Pages
J.P. Morgan Asset Management’s Guide to the Markets compiles macro, valuation, and market cycle data to frame how investors should interpret the post-COVID rebound and elevated equity valuations.
Market Outlooks
September 2020
Brave Real World: 5-Year Outlook 2021 – 2025
Robeco
Research
109 Pages
Robeco lays out a five-year outlook arguing that markets are distorted by central bank policy and elevated asset prices, creating a “hall of mirrors” where signals are harder to interpret.
Portfolio Management
September 2020
Sales And Distributions
Verdad
Research
8 Pages
Verdad examines what actually drives equity returns by breaking companies into growth and value creation buckets, arguing that distributions matter more than investors assume.
Portfolio Management
September 2020
Upside-Down Markets: Profits, Inflation and Equity Valuation in Fiscal Policy Regimes
O’Shaughnessy Asset Management
Research
94 Pages
O’Shaughnessy Asset Management explores how aggressive fiscal policy can flip traditional market logic, creating “upside-down” markets where bad news drives gains and good news can weigh on equities.
Wealth Management
September 2020
Global ETF Survey 2020
TrackInsight
Research
108 Pages
TrackInsight’s Global ETF Survey explores how professional investors used ETFs during the COVID-driven market shock, focusing on liquidity, portfolio construction, and shifting demand across strategies.
Portfolio Management
September 2020
Risk and Reward: Research And Investment Strategies
Invesco
Research
37 Pages
Invesco explores how traditional risk metrics can mislead investors and introduces “Internal Portfolio Risk” as a better way to understand true return potential in a low-rate, low-volatility world.
Annual Report
September 2020
The Family 1000: Post The Pandemic
Credit Suisse
Research
40 Pages
Credit Suisse examines how family-owned businesses differ from peers, focusing on performance, governance, and long-term value creation across a global dataset of 1,000 firms.
Alternative Assets
September 2020
The Market Environment For Trendfollowing
Abbey Capital
Research
29 Pages
Abbey Capital examines why trend following struggled in the past decade and what could drive a turnaround.
Alternative Assets
August 2020
Global Timber Outlook 2020
Gresham House
Research
60 Pages
Gresham House explores how climate change, urbanization, and decarbonization are reshaping global timber demand, with a focus on structural wood like coniferous sawnwood.
Alternative Assets
August 2020
Public To Private Equity In The United States: A Long-Term Look
Morgan Stanley
Research
82 Pages
Morgan Stanley examines the long-term shift from public to private equity markets in the U.S., exploring why capital, companies, and returns have increasingly migrated away from public listings.
Alternative Assets
August 2020
Investing In Agriculture
PGIM
Research
25 Pages
PGIM explores how agriculture fits within institutional portfolios, positioning farmland as a real asset with income, diversification, and inflation-hedging characteristics.
Portfolio Management
August 2020
Risk Parity: Methods And Measures Of Success
Resolve Asset Management
Research
21 Pages
ReSolve Asset Management explains how risk parity aims to build portfolios that can perform across different economic regimes by balancing risk rather than capital.
Alternative Assets
July 2020
Tail Risk Hedging: Contrasting Put And Trend Strategies
AQR
Research
16 Pages
AQR examines how investors should hedge extreme market downturns by comparing option-based protection with trend-following strategies.
Portfolio Management
July 2020
2019 Endowment Update
Yale
Research
32 Pages
Yale Investments outlines its endowment strategy, emphasizing long-term investing, illiquid assets, and disciplined spending to balance growth with stability.
Global Macroeconomics
July 2020
Grappling With The New Reality Of Zero Bond Yields Virtually Everywhere
Bridgewater
Research
28 Pages
Bridgewater Associates examines the implications of a world where bond yields are near zero across major economies, reframing how investors should think about risk, return, and portfolio construction.
Markets
July 2020
Extreme Stock Market Performers, Part IV: Can Observable Characteristics Forecast Outcomes?
Arizona State
Research
20 Pages
Hendrik Bessembinder examines whether observable firm characteristics can predict which stocks will deliver extreme long-term outcomes, using U.S. data from 1960–2019.
Markets
July 2020
Extreme Stock Market Performers, Part III: What Are Their Observable Characteristics?
Arizona State
Research
22 Pages
Hendrik Bessembinder examines what separates the stock market’s extreme long-term winners from the rest, focusing on observable firm characteristics across decades.
Markets
July 2020
Extreme Stock Market Performers, Part II: Do Technology Stocks Dominate?
Arizona State
Research
15 Pages
Baillie Gifford examines whether technology stocks truly dominate long-term stock market outcomes, using decades of U.S. equity data to break down which industries actually drive extreme winners and losers.
Markets
July 2020
Extreme Stock Market Performers, Part I: Expect Some Drawdowns
Arizona State
Research
13 Pages
Hendrik Bessembinder examines how a small subset of stocks drives the majority of long-term market wealth creation, challenging the idea that broad diversification alone captures outsized returns.
Portfolio Management
June 2020
Factor Investing Has Changed
Instinet
Research
17 Pages
Instinet examines how factor investing has evolved as crowding, structural shifts, and changing market dynamics weaken traditional premia and challenge static implementations.
Market Outlooks
June 2020
Global Macro Outlook: Virus Curve Flattening, Markets Stabilizing, Slow Recovery
Deutsche Bank
Research
200 Pages
Deutsche Bank explores how COVID-driven shocks are reshaping markets, arguing the recovery will look more like a drawn-out “swoosh” than a sharp rebound.
Markets
June 2020
Guide to the Markets – US 3Q 2020
J.P. Morgan Asset Management
Research
72 Pages
J.P. Morgan Asset Management walks through the macro and market backdrop following the COVID shock, highlighting the disconnect between economic damage and asset prices.
Market Outlooks
June 2020
Capital Market Line
PineBridge
Research
9 Pages
PineBridge Investments outlines how its Capital Market Line framework translates forward-looking return and volatility assumptions into asset allocation decisions across global markets.
Market Outlooks
June 2020
Quarterly Capital Markets Outlook
Epoch
Research
23 Pages
Epoch Investment Partners explores whether the post-COVID recovery is truly “normal,” arguing markets face a mid-cycle environment shaped by slowing policy support, persistent inflation uncertainty, and accelerating digital transformation.
Alternative Assets
June 2020
Private Markets 2020
BlackRock
Research
52 Pages
BlackRock explores how private markets are becoming a core component of modern portfolios as public markets shrink and capital formation shifts toward private assets.
Portfolio Management
June 2020
The COVID-19 Crash And The Abandonment Of The Pensioner
Research Affiliates
Research
14 Pages
Research Affiliates examines how the COVID-19 market shock exposed and accelerated structural weaknesses in pension systems, particularly through collapsing interest rates and rising liabilities.
Portfolio Management
June 2020
The Big Picture – Eyes Wide Shut
Invesco
Research
39 Pages
Invesco examines how markets may be misreading the post-COVID environment, arguing equities are pricing in recovery while overlooking a severe earnings collapse.
Portfolio Management
June 2020
Quarterly Letter 1Q 2020
GMO
Research
11 Pages
GMO’s Q1 2020 quarterly letter explores the disconnect between collapsing economic fundamentals and sharply rebounding financial markets during the early pandemic.
Portfolio Management
June 2020
A Quick Survey Of “Broken” Asset Classes
Research Affiliates
Research
11 Pages
Research Affiliates explores why asset classes labeled “broken” after weak performance often aren’t structurally impaired but simply experiencing normal cycles.
Portfolio Management
June 2020
Re-examining Diversification: 20/20 Perspective
Acadian
Research
8 Pages
Acadian Asset Management revisits diversification, arguing that despite recent disappointment, it remains essential but widely misunderstood in modern portfolios.
Global Macroeconomics
May 2020
Global Macro Shifts – Navigating Uncertain Waters: Preparing For A Post-Pandemic World
Franklin Templeton
Research
30 Pages
Franklin Templeton examines how COVID reshapes the global economy, arguing this downturn could be far deeper than 2008 and leave lasting structural shifts.
Portfolio Management
May 2020
Is (Systematic) Value Investing Dead?
AQR
Research
18 Pages
AQR Capital Management challenges the idea that systematic value investing is “dead,” arguing that recent underperformance reflects an unusual disconnect between prices and fundamentals rather than a structural breakdown.
Portfolio Management
May 2020
The Facts Behind Factor Performance
Invesco
Research
12 Pages
Invesco examines how major equity factors behaved through recent market cycles, focusing on their persistence, cyclicality, and diversification benefits across regimes.
Alternative Assets
May 2020
Real Estate Outlook US
UBS
Research
17 Pages
UBS examines how COVID-19 is reshaping US real estate markets, focusing on short-term disruption versus longer-term recovery dynamics.
Alternative Assets
May 2020
What’s In Your Real Asset Portfolio?
PGIM
Research
16 Pages
PGIM explores how a diversified real asset portfolio can deliver inflation protection and more resilient returns across cycles.
Portfolio Management
May 2020
Value And Interest Rates: Are Rates To Blame For Value’s Torments?
AQR
Research
30 Pages
AQR Capital Management examines whether low interest rates actually explain value investing’s long stretch of underperformance.
Markets
May 2020
A Historic Opportunity In Small Cap Stocks
O’Shaughnessy Asset Management
Research
6 Pages
O’Shaughnessy Asset Management explores the opportunity in small cap value stocks during market dislocations, arguing that combining value with quality screens can improve outcomes.
Alternative Assets
April 2020
An Investment Only A Mother Could Love: The Tactical Case
GMO
Research
8 Pages
GMO argues that natural resource equities, despite being deeply out of favor, offer a compelling opportunity driven by extreme undervaluation and long-term structural tailwinds.
Markets
April 2020
Status Update: Coronavirus And EM Fixed Income In 2020 And Beyond
Ashmore
Research
11 Pages
Ashmore examines the rapid evolution of emerging markets fixed income, highlighting how the asset class has scaled into a meaningful share of global bond markets while remaining underrepresented in indices.
Alternative Assets
April 2020
Venture Capital Positively Disrupts Intergenerational Investing
Cambridge Associates
Research
10 Pages
Cambridge Associates analyzes US venture capital performance through its benchmark data, focusing on how returns, dispersion, and vintage year outcomes compare to public markets over time.
Markets
April 2020
Rebuttal To Carmen Reinhart And Kenneth Rogoff’s Proposal That Emerging Markets Suspend Debt Payments
Ashmore
Research
4 Pages
Ashmore examines whether emerging market sovereigns can sustain external debt payments amid the COVID shock, arguing solvency concerns are overstated despite sharp spread widening.
Portfolio Management
April 2020
Crisis Investing: How To Maximize Return During Market Panics
Verdad
Research
77 Pages
Verdad analyzes how investors can systematically exploit market panics by studying every major U.S. crisis since 1970, focusing on which assets and factors drive returns during extreme drawdowns.
Miscellaneous
April 2020
Baupost Annual Letter
Baupost Group
Research
17 Pages
Baupost Group reflects on how the pandemic shock exposed structural market fragility, while unprecedented policy responses distorted risk pricing and investor behavior.
Global Macroeconomics
April 2020
Keep Calm And Carry On
KKR
Research
20 Pages
KKR examines how Covid-19 is hitting a highly leveraged global system at a moment of peak margins, arguing the shock exposes structural fragilities rather than creating them.
Portfolio Management
April 2020
It’s Always Darkest Before The Dawn
GMO
Research
6 Pages
GMO explores how bear markets unfold and why deeply discounted assets may offer opportunity even during extreme volatility.
Portfolio Management
April 2020
Equity Styles And the Spanish Flu
Robeco
Research
5 Pages
Robeco analyzes how equity factor styles behaved during the Spanish Flu alongside World War I, using extended historical data to study market stress before modern datasets.
Annual Report
April 2020
Global Investor Study: Under Pressure: Investors’ Response To Crisis
Schroders
Research
24 Pages
Schroders explores how global investors are behaving during crisis conditions, focusing on return expectations, advice sources, and financial knowledge gaps.
Portfolio Management
April 2020
Benefits Of Global Diversification
Cambridge Associates
Research
10 Pages
Cambridge Associates examines whether global diversification still works when markets become more synchronized and dominated by US assets.
Markets
March 2020
Guide To The Markets – US 2Q 2020
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management outlines the economic and market shock from COVID-19, framing it as a sudden stop recession followed by an uneven recovery across sectors and regions.
Market Outlooks
March 2020
Eye On The Market Outlook 2020
J.P. Morgan Asset Management
Research
35 Pages
J.P. Morgan examines how the US China trade war disrupted global growth, earnings, and capital spending heading into 2020, arguing that markets may already reflect much of the expected recovery.
Markets
March 2020
Fear And The Psychology Of Bear Markets
GMO
Research
4 Pages
GMO explores how fear-driven psychology shapes investor behavior during bear markets, arguing that emotional responses often override rational decision-making at the worst possible times.
Portfolio Management
March 2020
Examining Share Repurchasing and the S&P Buyback Indices in the U.S. Market
S&P Global
Research
27 Pages
S&P Dow Jones Indices examines how share repurchases evolved into the dominant corporate payout method and how related indices behave.
Portfolio Management
March 2020
Dare To Be Different
GMO
Research
7 Pages
GMO argues traditional portfolios are unlikely to meet investor return expectations, pushing the case for contrarian investing and global diversification.
Portfolio Management
February 2020
Value Is In The Eye Of The Beholder
Man Group
Research
9 Pages
Man Group explores how traditional value investing struggles in modern markets, arguing that intangible assets and accounting distortions may obscure true company value.
Portfolio Management
February 2020
When Equity Factors Drop Their Shorts
Robeco
Research
30 Pages
Robeco examines whether equity factor investing really needs short positions, breaking down factor returns into long and short components across decades of data.
Annual Report
February 2020
Summary Edition Credit Suisse Global Investment Returns Yearbook 2020
Credit Suisse
Research
48 Pages
Credit Suisse explores over a century of global asset returns, focusing on ESG investing, long-term performance, and factor strategies across 23 markets.
Markets
February 2020
2020 Long-Term Capital Market Assumptions
Invesco
Research
68 Pages
Invesco’s 2020 Long-Term Capital Market Assumptions outlines a lower-return, higher-volatility decade ahead, challenging the effectiveness of traditional portfolio construction.
Portfolio Management
February 2020
The Factor Archives: Value
O’Shaughnessy Asset Management
Research
10 Pages
O’Shaughnessy Asset Management explores the long history and empirical foundation of value investing, arguing that price remains one of the strongest predictors of future returns.
Markets
February 2020
The Passive Aggressive Agg, Revisited
GMO
Research
8 Pages
GMO explores whether the rise of passive investing has meaningfully altered market behavior, focusing on efficiency, valuation distortions, and opportunities for active managers.
Global Macroeconomics
February 2020
The Idea Multiplier: An Acceleration In Innovation Is Coming
Vanguard
Research
20 Pages
Vanguard explores how idea generation and knowledge sharing drive productivity, introducing the “Idea Multiplier” as a leading indicator of innovation and economic growth.
Markets
February 2020
Going Global In Equities
MFS
Research
10 Pages
MFS explores why investors should think beyond domestic markets and consider global equities as a core portfolio component, arguing that opportunity sets and diversification benefits are structurally larger outside a single country.
Markets
January 2020
The Power Of Free Cash Flow
TrimTabs
Research
9 Pages
TrimTabs Asset Management outlines a free cash flow driven equity strategy centered on identifying high quality companies with strong cash generation and disciplined capital allocation.
Markets
January 2020
Dispersion And Alpha Conversion
Morgan Stanley
Research
17 Pages
Morgan Stanley explores how stock return dispersion shapes the opportunity for active managers to generate alpha, arguing that skill only pays off when dispersion creates meaningful differentiation.
Annual Report
January 2020
Big Ideas 2020
ARK Invest
Research
81 Pages
ARK Invest’s Big Ideas 2020 explores how disruptive technologies across AI, energy, biotech, and fintech could reshape global markets and economic growth.
Market Outlooks
January 2020
Real Estate Outlook: US – Annual Outlook 2020
UBS
Research
28 Pages
UBS Asset Management outlines its 2020 US real estate outlook, focusing on a late-cycle environment marked by slowing growth, modest income gains, and rising uncertainty across property sectors.
Global Macroeconomics
January 2020
Global Macro Trends: Play Your Game
KKR
Research
60 Pages
KKR explores how COVID-19 is accelerating existing macro trends, reshaping growth, policy, and asset allocation.
Portfolio Management
December 2019
The Presumed End Of The Value Premium
StarCapital Research
Research
8 Pages
StarCapital examines whether the long-standing value premium has structurally disappeared, questioning one of investing’s most durable anomalies.
Alternative Assets
December 2019
Startup Growth And Venture Returns
AngelList
Research
26 Pages
AngelList analyzes thousands of startup investments to model how timing impacts venture returns, focusing on how growth rates evolve across a company’s lifecycle.
Miscellaneous
December 2019
Berkshire Hathaway 2019 Annual Report
Berkshire Hathaway
Research
144 Pages
Berkshire Hathaway’s 2019 annual letter centers on how accounting distortions, capital allocation discipline, and long-term equity optimism shape how investors should interpret performance.
Markets
December 2019
Guide to the Markets – US Q1 2020
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management compiles a data-heavy snapshot of global markets, arguing that resilient growth and concentrated equity leadership are shaping the current cycle.
Alternative Assets
December 2019
Fundamental Trends and Dislocated Markets
AQR
Research
28 Pages
AQR explores how combining systematic trend-following with opportunistic macro strategies can improve global macro investing outcomes.
Alternative Assets
December 2019
You Can’t Always Trend When You Want
AQR
Research
14 Pages
AQR examines why trend-following strategies have struggled in the past decade, arguing the issue is not structural but driven by unusually small market moves across asset classes.
Alternative Assets
December 2019
The Illiquidity Discount?
AQR
Research
4 Pages
Cliff Asness challenges the conventional belief that illiquid assets should offer higher returns, arguing instead that extreme illiquidity may lead investors to accept lower expected returns in exchange for smoother, less visible volatility.
Global Macroeconomics
December 2019
Does Corporate America Have a Debt Problem?
UBS
Research
15 Pages
UBS examines the structural buildup of US debt across households, corporations, and government, arguing that rising leverage is less about an imminent crisis and more about long-term economic drag and reduced policy flexibility.
Portfolio Management
December 2019
The Factor Archives: Momentum
O’Shaughnessy Asset Management
Research
9 Pages
O’Shaughnessy Asset Management explores how momentum investing works in practice, focusing on how behavioral biases and trend persistence can be systematically captured in equity portfolios.
Market Outlooks
December 2019
Vanguard Economic And Market Outlook For 2020: The New Age Of Uncertainty
Vanguard
Research
48 Pages
Vanguard examines how a “new age of uncertainty” driven by trade tensions and policy risk could shape a slower global economy and more muted market returns.
Market Outlooks
November 2019
Expected Returns – Escaping the Hall of Mirrors
Robeco
Research
117 Pages
Robeco outlines a five-year outlook focused on expected returns across asset classes in a world transitioning away from ultra-loose monetary policy.
Portfolio Management
November 2019
It’s Time For A Venial Value-Timing Sin
AQR
Research
16 Pages
AQR Capital Management examines whether interest rates are responsible for value investing’s prolonged underperformance, ultimately arguing the relationship is weaker and less reliable than many assume.
Markets
November 2019
2020 Long-Term Capital Market Assumptions
J.P. Morgan Asset Management
Research
12 Pages
J.P. Morgan Asset Management outlines long-term return expectations across asset classes, arguing investors face structurally lower returns in a low-rate, late-cycle world.
Markets
November 2019
2020 Long-Term Capital Market Assmptions
J.P. Morgan Asset Management
Research
116 Pages
J.P. Morgan Asset Management lays out its 2020 long-term capital market assumptions, focusing on how ultra-low yields and late-cycle dynamics reshape portfolio construction over a 10–15 year horizon.
Global Macroeconomics
November 2019
The U.S. Dollar at A Crossroads: Estimating Fair Value
Vanguard
Research
6 Pages
Vanguard examines whether the U.S. dollar is misaligned with fundamentals and what that means for global markets and portfolios.
Portfolio Management
November 2019
The Science And Art Of Risk Management
Guggenheim Investments
Research
20 Pages
Guggenheim Investments explores how risk management frameworks can help investors navigate late-cycle markets, emphasizing downside protection as valuations stretch and volatility regimes shift.
Portfolio Management
November 2019
The Factor Archives: Shareholder Yield
O’Shaughnessy Asset Management
Research
7 Pages
O’Shaughnessy Asset Management explores shareholder yield as a more complete lens for evaluating equity returns, combining dividends, buybacks, and debt reduction to better capture how firms return capital.
Portfolio Management
November 2019
Chasing Your Own Tail (Risk), Revisited
AQR
Research
23 Pages
AQR Capital Management challenges the widespread use of tail-risk hedging, arguing that buying downside insurance is structurally costly and often counterproductive for long-term investors.
Markets
November 2019
Africa’s Public Markets: Issues For Investors
Ashmore
Research
14 Pages
Ashmore examines the long term investment case for emerging markets, arguing they remain structurally underallocated despite stronger growth, improving policy frameworks, and expanding capital markets.
Global Macroeconomics
October 2019
Global Macro Trends: Wisdom in Curiosity
KKR
Research
28 Pages
KKR explores how negative interest rates, slowing global growth, and private market dynamics are reshaping asset allocation decisions.
Alternative Assets
October 2019
Global Real Estate Securities: Quarterly Update
Principal Asset Management
Research
14 Pages
Principal examines how liquidity conditions and short-duration fixed income positioning are shaping portfolio construction in a higher-rate environment.
Alternative Assets
October 2019
Venture Pulse Q3 2019
KPMG
Research
103 Pages
KPMG explores global venture capital trends, highlighting resilient investment levels despite rising uncertainty and a noticeable slowdown in Asia.
Alternative Assets
October 2019
Macro Timing with Trend Following
Newfound Research
Research
12 Pages
Newfound Research explores whether macro and momentum signals can improve factor rotation, testing adaptive multi-factor allocation strategies against a simple equal-weight approach.
Portfolio Management
October 2019
Appraising Home-Bias Exposure
FTSE Russell
Research
54 Pages
Russell Investments examines how home bias shapes portfolio outcomes, focusing on the tendency for investors to overweight domestic equities despite global diversification benefits.
Markets
October 2019
Emerging Market Stocks: Getting Comfortable With The Uncomfortable
GMO
Research
5 Pages
GMO argues that the real opportunity in emerging market equities comes from illiquidity rather than size, challenging the traditional small cap premium narrative.
Wealth Management
October 2019
What Is A Mutual Fund Worth?
Vanguard
Research
8 Pages
Vanguard examines how much value mutual funds actually create by quantifying the benefits of diversification versus concentrated stock picking.
Markets
September 2019
Guide to the Markets – US Q4 2019
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management’s Guide to the Markets lays out a data-heavy snapshot of global economic trends, asset class returns, and valuation dynamics to frame the current investing backdrop.
Portfolio Management
September 2019
The Art and Science of Knowing What You Own
Magnetar
Research
22 Pages
Magnetar explores how investors can better understand the true risks embedded in modern portfolios as financial innovation expands investment complexity.
Wealth Management
September 2019
Assessing The Value of Advice
Vanguard
Research
12 Pages
Vanguard introduces a framework for measuring the value of financial advice, arguing it extends beyond portfolio returns into financial outcomes and emotional benefits.
Portfolio Management
September 2019
What To Do When Nothing Looks Attractive?
Rocaton
Research
7 Pages
Rocaton explores how investors should respond when traditional asset classes all appear unattractive, emphasizing that discomfort is often a feature of markets rather than a signal to disengage.
Markets
August 2019
International Equities – Are They Still Worth It?
Acadian
Research
7 Pages
Acadian Asset Management explores the case for international equities and why persistent valuation gaps may create opportunities outside the U.S.
Markets
August 2019
Credit Versus Equities: Investing Across The Capital Structure
PIMCO
Research
12 Pages
PIMCO explores how diverging corporate fundamentals are shaping outcomes across credit and equities, arguing that investors should think less in broad asset class terms and more in issuer-specific opportunities.
Portfolio Management
July 2019
Value Is Dead, Long Live Value
O’Shaughnessy Asset Management
Research
20 Pages
O’Shaughnessy Asset Management explores the long history and empirical strength of value investing, arguing that price remains one of the most reliable predictors of future returns despite long periods of underperformance.
Markets
July 2019
Bubble, Bubble, Toil and Trouble
Research Affiliates
Research
10 Pages
Institute for Family Business explores financial market bubbles by breaking down how they form, persist, and ultimately unwind across history.
Alternative Assets
July 2019
Hedging The Real Risk Of Private Equity
Man Group
Research
9 Pages
Man Group challenges the perceived advantages of private equity, arguing that much of its appeal stems from valuation smoothing rather than true diversification or superior risk-adjusted returns.
Portfolio Management
June 2019
Junk or Jewel? Assessing The Role of High-Yield Bonds in a Diversified Portfolio
Vanguard
Research
17 Pages
Vanguard examines whether high-yield bonds deserve a place in diversified portfolios, framing them as a hybrid between equities and traditional fixed income.
Alternative Assets
June 2019
Blitzscale And Hope
Epoch
Research
9 Pages
Epoch examines the rise of unicorns and what their proliferation signals about private market valuations and investor behavior.
Miscellaneous
June 2019
Russell US Indexes – 40 Years Of Insights
FTSE Russell
Research
31 Pages
FTSE Russell walks through the evolution of its US equity indexes, explaining how a rules-based, comprehensive framework reshaped benchmarking and passive investing.
Markets
May 2019
Morningstar Revenue Atlas
Morningstar
Research
7 Pages
Morningstar’s Revenue Atlas explores how global companies actually generate revenue, challenging the idea that stock markets cleanly reflect domestic economies.
Wealth Management
April 2019
Investor behaviour: Do People Have Control Of Their Personal Finances?
Schroders
Research
19 Pages
Schroders explores how investor behavior often contradicts long-term investing principles, focusing on confidence gaps, unrealistic return expectations, and reactive decision-making.
Portfolio Management
March 2019
Reconsidering Returns
Research
66 Pages
Investors' perception of performance is biased because the relevant measure, returns, is rarely displayed. Major indices ignore dividends, inducing mechanical underperformance on ex-dividend days.
Portfolio Management
March 2019
Misperceptions Surrounding Corporate Cash Spending Priorities and The Economics of Share Repurchases
Goldman Sachs
Research
16 Pages
Goldman Sachs explores the mechanics, timing, and market impact of corporate buybacks, framing them as one of the most influential yet misunderstood drivers of equity performance.
Markets
March 2019
2019 Capital Market Assumptions 10-Year Strategic Outlook For Major Asset Classes
Rockefeller Global Family Office
Research
62 Pages
Rockefeller Global Family Office examines how shifting market dynamics and investor behavior are reshaping long-term return expectations and portfolio construction.
Markets
February 2019
How To Increase The Odds Of Qwning The Few Stocks That Drive Returns
Vanguard
Research
20 Pages
Vanguard explains how stock distributions function and why investors often misinterpret them as true returns rather than a reshuffling of value.
Portfolio Management
January 2019
Is Volatility A Friend Or A Foe?
Research
10 Pages
Intech explores whether volatility is truly captured by standard deviation and why that assumption may mislead investors.
Portfolio Management
March 2018
Is Your Alpha Big Enough to Cover Its Taxes?
Research Affiliates
Research
27 Pages
Rob Arnott looks back at his famous paper, which says taxes are the single largest source of portfolio management inefficiency, often far outweighing the benefits of active management.
Markets
November 2017
The Rate of Return on Everything, 1870–2015
Federal Reserve Bank
Research
123 Pages
The study investigates historical returns across major asset classes since 1870, finding that both housing and equities have generated similar returns, though housing shows lower volatility. It also highlights that, globally, the weighted rate of return on capital was twice as high as the growth rate in the past 150 years.
Markets
October 2017
The Many Colours of CAPE
Barclays
Research
25 Pages
Barclays explores how the CAPE ratio can be used to systematically allocate across equity sectors, aiming to capture value while managing risk through diversification and volatility controls.
Global Macroeconomics
April 2017
Narrative Economics
Research
43 Pages
Professor Shiller address considers the epidemiology of narratives relevant to economic fluctuations.
Portfolio Management
November 2016
The Dividend Disconnect
Research
56 Pages
Many individual investors, mutual funds and institutions trade as if dividends and capital gains are disconnected attributes, not fully appreciating that dividends result in price decreases.
Portfolio Management
October 2015
Keys to improving the odds of active management success
Vanguard
Research
20 Pages
Vanguard examines whether active management is becoming more successful, arguing that shifting market conditions may be improving the odds for active managers after a long period of underperformance.
Portfolio Management
October 2014
Juicing the Dividend Yield: Mutual Funds and the Demand for Dividends
Research
49 Pages
This paper presents evidence consistent with a subset of mutual funds engaging in significant trading to artificially increase their dividend yields, by buying stocks shortly before ex-dividend dates and selling them afterwards.
Portfolio Management
October 2012
The Dividend Month Premium
Research
55 Pages
We document an asset-pricing anomaly whereby companies have positive abnormal returns in months when a dividend is predicted. The premium is consistent with price pressure from dividend-seeking investors.