College endowments spearheaded the use of hedge funds and alternative investments throughout the 90s and into the early 2000s. This paper, written in 2010, examines that trend and the fallout that many endowments encountered from the financial crisis. There are more than a few “rhymes” with the current environment.
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THE ROLE OF A CONSULTANT RELATIONS TEAM
Asset managers looking to expand their business look to investment consultants, the gatekeepers for institutional asset pools, as a means to leverage their sales effort to reach numbers of clients that their own direct sales team cannot. Asset managers will develop Consultant Relations (CR) sales teams to tap into this network of advisors that have access to the largest pools of money in the world.
LET’S SEE ACTION
I love the game of baseball, but I don’t think I have watched a complete regular season baseball game in many years. Stadiums are theme parks now and real fans are ageing out.
BIG CYCLE, LITTLE CYCLE, OR NO CYCLE?
The improving economy and rising interest rates have helped boost value stocks. If history is any guide, this cycle has a long way to play out.
Since 1980, there have been 15 drawdowns of 10% or more (eight greater than 19%). Three of these occurred in the decade prior to 2020, in the midst of a ten-year expansion.
FOLLOW THE FUNNY MONEY
This picture fairly sums up what is going on with markets. Last spring, the Federal Reserve and U.S. Treasury combined to inject a record amount of cash into the U.S. economy. An amount some have suggested would have been more appropriate in 2008-9. But with little institutional knowledge, at that time, of how to dealContinue reading “FOLLOW THE FUNNY MONEY”
WHERE WE STAND: A QUANTITATIVE ASSESSMENT
May 2020 An unprecedented intentional shutdown of the U.S. economy has brought the market into uncharted territory. Unlike the three most recent major market meltdowns (Crash of 1987, Tech Bubble and Global Financial Crisis), the current crisis was not initiated from within financial markets. While it is still too early to tell the lasting effectsContinue reading “WHERE WE STAND: A QUANTITATIVE ASSESSMENT”