Archives

The next posting in this series shifts gears considerably from the first one, focusing on capital allocation principles at the company level.

In addition to the three two-word title items, there are sections on a factor dustup among researchers, the venture capital pig(s) in the python, an interesting risk management case, and explosions on Wall Street. Plus ten other topics.

The first posting in this series covers a how-to book for asset owners authored by the chief investment officer of a private foundation, who uses the analogy of climbing a mountain to describe the path to investment success.

In addition to the headline stories: crypto factor investing, definitions of quality, PE secondaries and NAV loans, the Canadian Model, cognitive diversity, securitized credit, performance pressures, and more.

Bridgewater is a fascinating case study of leadership and organizational behavior. While it is unique in many ways, questions about judging the firm apply equally to others.

The passive/active debate, stock concentrations, endowments as levered 70/30, private (and public) credit research, CIO jobs, a host of other readings of note, and a look back at independent research’s big moment.

This wide-ranging posting gives perspective to the challenge of determining an asset manager’s “pedigree” and how assessments of it can go awry.

In addition to the title topics: problematic private equity, some interesting research papers, and items on private credit, AI, value investing, venture capital, and other topics of interest.

Short items and great links for matters of importance to investment professionals, including really knowing an asset manager, and stories about asset classes, investment products, and the bottom-line effects of the rise in interest rates.

Among the many topics in this edition are defined benefit investing, rethinking due diligence, small buyout funds, AI concerns, risk parity, bad benchmarking, pod shops, auditors, and culture issues.

Change is an inevitable part of the investment landscape, yet stability of approach is common among organizations. A look at some worthwhile principles regarding the need for ongoing innovation.

Along with the headline items, this issue addresses return assumptions, key person valuation, interviewing, lessons from covering the markets, family offices, commercial real estate, limited partner advisory committees, and (maybe) Michelangelo.

A simple question can reveal embedded expectations regarding future performance. Regular use of it can improve manager selection processes.

Among the many articles of interest in this edition are ones on low probability games, Vanguard, big ideas in tech, allocation challenges, subscription lines, the ESG evolution, and important questions to ask.

This second posting about the work of Richard Ennis focuses on some of his out-of-the-mainstream views about institutional investment practice, prompting some important questions for fiduciaries.