Search Funds: A Strategic Investment in Underserved Markets
Investors seeking to diversify their holdings away from traditional private equity may want to look at search funds. Although these funds debuted in the mid-1980s, they have gained ...
Investment Topics
Short Squeezes: A Four-Factor Model
Anticipating and riding short squeezes has grown in popularity as an investment tactic in recent years. The GameStop short squeeze, galvanized by motivated retail investors on ...
DC Plan Sponsors: Seven Priorities for 2023
Defined contribution (DC) plans, among other retirement savings vehicles, are the most common ways that US workers save for retirement. DC plan programs in the United States totaled ...
More Realistic Retirement Income Projections Require Dynamic Adjustments
The following is based on “Redefining the Optimal Retirement Income Strategy,” from the Financial Analysts Journal. Last month, I explored how retirees typically have some ...
Debunking the Myth of Market Efficiency
Sixty years after it was first formulated, the core tenet of the efficient market hypothesis (EMH) — that stock prices fully reflect all available information — is still considered ...
Private Credit’s Surge Has Investors Excited and Regulators Concerned
Private credit has rapidly evolved from a niche asset class into a dominant force in the global lending ecosystem, now representing an estimated $2.5 trillion industry rivaling ...
Active vs. Passive Revisited: Six Observations
Two institutional managers I know — one at a Fortune 500 defined benefit pension fund and another at a municipal pension fund and later an endowment — believe in going all-in on ...
Think We’ve Seen the Last +1,000-BPS High Yield Spread? Think Again
Some high yield market participants claim the days of +1,000-basis-point (bps) spreads are behind us. Citing improved credit quality, aggressive Fed intervention, and a persistent ...
Commercial Real Estate Today: An Overview
Our primer on commercial real estate (CRE) investing explored the core components of real estate investing decisions. But what about CRE investing in the current environment? How has ...
Tariffs, Inflation, and Returns: How Investments Respond to Supply Shocks
Tariffs have reclaimed the economic spotlight. But with their timing and magnitude uncertain, investors are on edge. A fascinating history of tariffs and their effects on investment ...
The Benefits of Using Economically Meaningful Factors in Financial Data Science
Factor selection is among our most important considerations when building financial models. So, as machine learning (ML) and data science become ever more integrated into finance, ...
ChatGPT and Large Language Models: Syntax and Semantics
For more on artificial intelligence (AI) in investment management, check out The Handbook of Artificial Intelligence and Big Data Applications in Investments, by Larry Cao, CFA, from ...
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