Archives

Perspectives on active and passive (and the magnificent), commercial real estate, generating attribution commentaries, the Archegos unwind, hedge funds as “alpha-negative and beta-light,” optimization problems, and elephants in the IC meeting room.

Manager selection, deal-making, proxy voting, private markets adoption and governance, instant performance, raising capital, listed and unlisted real estate, “a question that can be asked about everything,” and several more ideas of note.

“AI corner,” bank losses, market sentiment and concentration, analyst ratings, public fund performance, diversity in asset management, ESG as a luxury good, limited partner advisory committees, and a few other things. Dig in!

Along with the title topics, this edition of the Fortnightly has items on whether to play the AI mania, endowment performance, banks in disguise, pod shops, stock comps, performance tests, a look back at a prescient early warning, and other stories worth reading.

In addition to the headline items, there are stories about the passing of a couple of legends, the effects of debt, catalysts, the changing nature of big tech firms, “the OCIO mirage,” the denominator effect, several more important topics, and some words from Jerry Seinfeld.

Each edition of the Fortnightly features a wide range of content from different parts of the investment world. There is something for everyone, especially since looking past your area of specialization can lead to fresh insights.

Among the topics covered in this issue: private credit, hedge funds, the activity cycle of asset owners (and their increased use of ETFs), AI replacing analysts, tributes to Daniel Kahneman, a variety of other articles, and a “vague but exciting” note of yore.

This edition has sections on AI claims by asset managers, alternative credit, private equity, and an untapped indicator. Plus, performance measurement in privates, fee comparisons, the equity risk premium, and many more great reads.

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.

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.

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.

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.

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.