Adjusted for Risk: What Financial Advisors Should Know About Private Equity Investing
Wealth Management
APRIL 18, 2024
The questions advisors should ask when considering private equity investments for their clients.
investment equities 
Always Be Committing (an ABC for Private Equity Investing)
Wealth Management
SEPTEMBER 20, 2022
A combination of investment mechanics and the unpredictable nature of the economic and business environment means that attempts to time investments in private equity are highly unlikely to succeed, and will serve to undermine efforts to create a sustainable investment program.
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Does It Still Make Sense to Invest in Equities?
Wealthfront
OCTOBER 12, 2022
Wealthfront investors who have indicated a capacity and willingness to accept risk hold a portfolio that is heavily weighted toward equities. The post Does It Still Make Sense to Invest in Equities? While such a portfolio has yielded generous returns over time, recent results have been unsatisfactory. While bonds […].
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Research links: simplistic thinking
Abnormal Returns
FEBRUARY 13, 2024
Private equity What does the research say about private equity performance? morningstar.com) Why it's so hard to compare public and private investments. caia.org) Fund management How should we assess 'pedigree' when it comes to investment managers? insights.finominal.com) In high yield credit, yield does not equal return.
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Research links: frequent disappointments
Abnormal Returns
MARCH 5, 2024
papers.ssrn.com) Equity funds haven't gotten a boost by investing in venture capital deals. alphaarchitect.com) The 2024 UBS Global Investment Returns Yearbook is here! abnormalreturns.com) Research 'Safe equities' as an alternative to bonds. (marginalrevolution.com) Alts How fundraising affects PE fund decision making.
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Global Equity Investing: Focusing on Global Leaders
Brown Advisory
FEBRUARY 21, 2022
Global Equity Investing: Focusing on Global Leaders. The global equity universe offers a broad range of investment opportunities, allowing portfolio managers to be highly selective and pick quality businesses, unconstrained by geography or index composition. The case for global equities. Mon, 02/21/2022 - 08:13.
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Richard Ennis – The Modern Endowment Story: A Ubiquitous U.S. Equity Risk Premium (The Best Investment Writing Volume 6)
Meb Faber Research
JULY 22, 2022
Equity Risk Premium (The Best Investment Writing Volume 6) Author: Richard Ennis, CFA, managed money at Transamerica and pioneered quant investing in the early 1970s. He helped create the field of institutional investment consulting at A.G. Richard Ennis – The Modern Endowment Story: A Ubiquitous U.S. Becker & Co.
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Research links: the smallest argument
Abnormal Returns
MARCH 12, 2024
Private equity How has private equity performed outside the U.S.? alphaarchitect.com) On the growing importance of private equity secondary transactions. linkedin.com) Why do private equity firms allow co-investment? papers.ssrn.com) Does venture debt still have a future?
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Research links: better behavior
Abnormal Returns
APRIL 16, 2024
papers.ssrn.com) Research Is sector-neutrality a mistake in factor investing? institutionalinvestor.com) A round-up of recent research on the equity risk premium including 'Equity Premium Events.' (klementoninvesting.substack.com) Corporate finance Are family-controlled firms more at-risk of price crashes? mutinyfund.com)
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Climate-Focused Investing Two Approaches for Equity Portfolios
Advisor Perspectives
FEBRUARY 17, 2024
There's been a lot of focus, especially in the media, around things like renewable energy and electric vehicles. But if you think about the challenge of reducing emissions, we're going to have to do that across a diverse set of solutions, including things like heating and cooling, manufacturing, infrastructure, agriculture.
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Thursday links: analysts and accountants
Abnormal Returns
APRIL 25, 2024
wsj.com) Private equity Industry concentration is one reason why your vet bills are going up. theatlantic.com) How big private equity has built itself a moat. ft.com) What happens when private equity takes over your pension fund. axios.com) Investment consultants Nearly all U.S.
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Episode #442: David Rubenstein on Private Equity, Politics, Parenting, & The Art of Investing
Meb Faber Research
SEPTEMBER 13, 2022
Episode #442: David Rubenstein on Private Equity, Politics, Parenting, & The Art of Investing Guest: David Rubenstein is the Co-Founder and Co-Chairman of The Carlyle Group, one of the world’s largest and most successful private investment firms. Date Recorded: 8/24/2022 […]. Date Recorded: 8/24/2022 […].
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Research links: incremental risks
Abnormal Returns
FEBRUARY 20, 2024
Private equity Why niche private equity strategies outperform. institutionalinvestor.com) Why private equity managers tilt toward bigger, safer investments. aswathdamodaran.blogspot.com) Using ChatGPT to forecast corporate investment. blogs.cfainstitute.org) Does cross-asset momentum work?
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Reading the Room: Harnessing AI to Uncover Equity Investing Clues
Advisor Perspectives
APRIL 25, 2024
If investors are detectives seeking clues for outperformance in the US large-cap equity market, natural language processing is a team of tireless assistants.
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In The Long Run, Stocks Outperform Bonds… Or Do They?
Nerd's Eye View
APRIL 10, 2024
Every document that considers the facts around any particular asset class will invariably include that disclaimer, but constructing a portfolio consisting of a mix of equities, fixed income, and other assets requires investors and advicers to make some fundamental assumptions around long-term expected returns and correlations between assets.
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Understanding Hedged Equity: Protecting Investments in Volatile Markets
Wealth Management
OCTOBER 27, 2023
Advisors at Nitrogen's Fearless Investing Conference describe how they're helping their clients invest fearlessly.
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Flexible Equity Strategy: Portfolio Manager Maneesh Bajaj Discusses His Investment Approach
Brown Advisory
FEBRUARY 23, 2022
Flexible Equity Strategy: Portfolio Manager Maneesh Bajaj Discusses His Investment Approach. The strategy has a flexible approach to investing, that is why we have flexible in our name. We like to refer to our investment approach as having a “value philosophy”, which is distinct from a “value style” of investing.
Escalating Uncertainty is Laying Bare the Dangers of Passive Equity Investing
Brown Advisory
OCTOBER 31, 2022
Escalating Uncertainty is Laying Bare the Dangers of Passive Equity Investing mhannan Mon, 10/31/2022 - 12:48 With history's longest bull market now in the rearview, passive investors are left highly exposed to an over-concentrated stock market that is on a collision course with a highly complex backdrop.
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Should You Invest in the United States or Foreign Equity Markets?
Ron A. Rhodes
OCTOBER 20, 2023
The Spirit of Entrepreneurship I’m a big fan of the United States, the future of its economy, and, as a result, to possessing a home bias with respect to U.S.…
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Why your investing strategy may inadvertently be harming women’s equity!
Envision Wealth Planning
MARCH 1, 2022
Are you inadvertently harming women’s equity with your investing strategy? If you are investing to get the returns of the S&P 500 without considering how these investments affect women, then the answer is yes. Why does your investing approach matter from an investor’s perspective? stock market.
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Research links: crowdsourced bias soup
Abnormal Returns
APRIL 2, 2024
Lists Cullen Roche's top ten pet peeves including 'Passive investing will destroy the world.' disciplinefunds.com) 11 things that don't make sense to Cliff Asness including 'We believe even modest amounts of leverage is risky…but large concentrated bets like being 100% in equities are just peachy keen.'
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MiB: Ed Yardeni on the Roaring 20s
The Big Picture
APRIL 26, 2024
This week, we speak with Dr. Ed Yardeni, President of Yardeni Research , a provider of global investment strategies and asset-allocation analyses and recommendations. He previously served as Chief Investment Strategist of Oak Associates, Prudential Equity Group, and Deutsche Bank’s US equities division in New York City.
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Top clicks this week on Abnormal Returns
Abnormal Returns
APRIL 7, 2024
(axios.com) 11 things that don't make sense to Cliff Asness including 'We believe even modest amounts of leverage is risky…but large concentrated bets like being 100% in equities are just peachy keen.' aqr.com) On the benefits of keeping an investment journal. radreads.co) Luck matters a lot when it comes to generational home buying.
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MiB: Andrew Slimmon, Morgan Stanley Investment Management
The Big Picture
FEBRUARY 23, 2024
This week, we speak with Andrew Slimmon , managing director at Morgan Stanley Investment Management , where he leads the Applied Equity Advisors team. He began his career at Morgan Stanley in 1991 as an adviser in private wealth management, and later served as chief investment officer of the Morgan Stanley Trust Co.
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Three reasons to invest in private equity
Advisor Perspectives
OCTOBER 11, 2023
Private equity has become an increasingly viable option for many individual investors seeking to diversify their portfolios and mitigate volatility. Here are a few reasons to consider PE as part of a strategic allocation to alternatives.
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The 60/40 Portfolio is Back! *after not going away
The Big Picture
APRIL 19, 2023
Check out these recent headlines about the classic 60/40 investment strategy 1 : The 60-40 Investment Strategy Is Back After Tanking Last Year BlackRock Ditches 60/40 Portfolio in New Regime of High Inflation Why a 60/40 Portfolio Is No Longer Good Enough The 60-40 portfolio is back Sorry, but all of these headlines utterly miss the point.
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Three reasons to invest in private equity
Advisor Perspectives
SEPTEMBER 12, 2023
Private equity has become an increasingly viable option for many individual investors seeking to diversify their portfolios and mitigate volatility. Here are a few reasons to consider PE as part of a strategic allocation to alternatives.
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Research links: regime changes
Abnormal Returns
JANUARY 9, 2024
ERP Does new data put the idea of equity superiority, over bonds, into doubt? equity portfolio, not least of which are behavioral. advisorperspectives.com) A review of "Investing in U.S. morningstar.com) The risks that come along with a 100% U.S. alphaarchitect.com) Crowded trades increase crash risks.
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Home Equity Investments Explained
Wealth Management
SEPTEMBER 2, 2022
A brief guide to equity sharing agreements.
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Research links: noisy, unreliable data
Abnormal Returns
MARCH 26, 2024
papers.ssrn.com) How neuroticism and openness help explain the propensity to invest in equities. (papers.ssrn.com) Private credit seems to have a lower recovery rate than syndicated loans. businesstimes.com.sg) Water risk matters for muni bond risk and yields. alphaarchitect.com)
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MiB: Joe Barratta, Blackstone’s Global Head of Private Equity
The Big Picture
APRIL 15, 2023
This week, we speak with Joseph Baratta , who since 2012, has served as Global Head of Private Equity at Blackstone – the world’s largest alternative asset manager, with $975 billion in assets under management. He is an entrepreneur, attorney, consultant, and advocate for independent investment advisers, which is a $97 trillion industry.
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Three reasons to invest in private equity
Advisor Perspectives
JUNE 19, 2023
Private equity has become an increasingly viable option for many individual investors seeking to diversify their portfolios and mitigate volatility. Here are a few reasons to consider PE as part of a strategic allocation to alternatives.
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Adviser links: diverse talent
Abnormal Returns
FEBRUARY 12, 2024
Podcasts Brendan Frazier talks with Sten Morgan, the founder of Legacy Investment Planning, about better communicating with clients. wiredplanning.com) Michael Kitces talks with David Savir who is the Co-Founder and CEO of Element Pointe Family Office, about crafting an employee equity program.
Personal finance links: an IOU to the IRS
Abnormal Returns
FEBRUARY 14, 2024
Podcasts Peter Lazaroff talks all things equity compensation with Derek Jess. peterlazaroff.com) Barry Ritholtz talks value investing with Jeremy Schwartz of WisdomTree Investments. ritholtz.com) Carl Richards talks with Jamie author of "Confessions of a Sociopath: A Life Spent Hiding in Plain Sight."
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Tuesday links: the likelihood of FOMO
Abnormal Returns
MARCH 5, 2024
microcapclub.com) Being fearful is no way to invest. caia.org) On the growing importance of private equity secondary transactions. abnormalreturns.com) The 2024 UBS Global Investment Returns Yearbook is here! Markets Industrials are leading. allstarcharts.com) Congratulations, goldbugs.
MiB: Gretchen Morgenson on Private Equity
The Big Picture
JUNE 17, 2023
She (and coauthor Joshua Rosner) recently published “ These Are the Plunderers: How Private Equity Runs―and Wrecks―America.” She discusses how the four largest private equity firms — Apollo Global Management (APO), The Blackstone Group (BX), The Carlyle Group (CG), and KKR & Co. taxpayers 180 billion dollars per decade.
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Research links: persistent investment factors
Abnormal Returns
DECEMBER 19, 2023
advisorperspectives.com) A history of quant investing and the state of the factor zoo. equity performance in the next decade? advisorperspectives.com) Can you use alternative measures to invest across countries? Factors Timing returns factors is tempting, but difficult in practice. papers.ssrn.com) Star analysts hit the road.
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Investing Beyond the Headlines 3Q 2023 Equity Outlook
Advisor Perspectives
JULY 12, 2023
Global equity markets have had a very strong first half of the year, but it’s a pretty unusual time because, on the one hand, equities are contending with a pretty difficult macro backdrop.
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Wednesday links: selling certainty
Abnormal Returns
FEBRUARY 21, 2024
downtownjoshbrown.com) Don't invest in alternatives unless you are in it for the long run. morningstar.com) Private equity Private equity distributions are way off their highs. finance.yahoo.com) Private equity has a growing interest in the child care industry. (ft.com) Strategy Certainty sells. Nuance is what matters.
The Dangers of Private Equity Investing
Advisor Perspectives
AUGUST 21, 2023
The performance of PE funds has been disappointing. New research explains why this happened: Instead of driving operational efficiencies (as PE investors typically claim they do), those funds relied heavily on increasing the debt burden for the companies they bought.
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MiB: Aswath Damodaran: Valuations, Narratives & Academia
The Big Picture
APRIL 8, 2023
He has also written several books on corporate finance and equity valuation and has published widely in journals. His next book, “The Corporate Lifecycle: Business, Investment, and Management Implications,” will be published in December. In the 2000s, he helped establish the firm’s private equity business in Europe.
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MiB: Michael Fisch, American Securities
The Big Picture
DECEMBER 2, 2023
This week, we speak with Michael Fisch , CEO and co-founder of American Securities , a $27-billion dollar private equity firm. He is a managing member of the general partners of the American Securities Partners’ series of private equity funds and a member of the investment committee of AS Birch Grove.
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Research links: an obsolete model
Abnormal Returns
JANUARY 30, 2024
Momentum Does the distance between 21- and 200-day moving averages help predict equity returns? morningstar.com) ESG investment as a luxury good. papers.ssrn.com) Equities High beta stocks see a lot of action on big macroeconomic announcement days. papers.ssrn.com) Counterparty risk is real in markets and sports betting.
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Top clicks this week on Abnormal Returns
Abnormal Returns
OCTOBER 15, 2023
(blogs.cfainstitute.org) The key to successful investing is patience. wsj.com) Ted Seides, "NAV loans strike me as a canary in the coal mine signaling the end of the private equity boom." blog.validea.com) Good luck getting a good handle on this stock market. theirrelevantinvestor.com) Private credit is the new bank.
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