Practical analysis for investment professionals

Alternative Investments


Tricks of the Private Equity Trade, Part 2: Leverage

The essence of maximizing the internal rate of return (IRR) lies in the total amount of leverage contracted to finance a transaction.

Is the Euro Uninvestable? The FX Question du Jour

A reduction of the ECB's balance sheet and a serious effort to achieve positive real interest rates will be key to ensuring a turnaround in the fortunes of the EUR/USD.

New Breed of Private Capital Firms Will Face Performance Headwinds

A challenge awaits PE firms that amass funds to expand beyond their core competency.

Crypto Tokens: Does Security Selection Matter? 

What role does security selection play in cryptocurrency investing? Can token pickers demonstrate differentiated performance?

Not All NAVs Are Created Equal

How can investors price NAV valuations and efficiently transfer their eventual risk?

The Private Capital Wealth Equation, Part 2: The Economics Variable

The performance of alternative asset managers is encapsulated in the formula: Wealth = Controls + Economics. Here, we outline the economics component of the equation.

The Private Capital Wealth Equation, Part 1: The Controls Variable

Private capital fund managers have developed tools to reduce risk while protecting or even boosting their returns.

Higher Interest Rates: Some Hedge Fund Strategies May Benefit

Rising interest rates will provide a tailwind to three hedge fund strategies, in particular.

Drowning in the Private Equity Pool

What's most surprising about aggregated private market performance calculations? How deeply flawed they are.

Alternative Investments: Predictable Uncertainty in Private Markets

While analytical judgment is considered universal in science, in finance investment decisions are derived from mental heuristics.



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