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Equal- vs. Market Cap-Weighted Portfolios in Stock Market Crashes

How have equal- and market-cap weighted US equity portfolios performed relative to one another during downturns?

Book Review: 21st Century Investing

William Burckart and Steve Lydenberg, CFA, argue persuasively that systemic issues have important implications for future returns.

Perpetual Debt Is Already Here

The costs and risks associated with debt have shifted from the borrower to the lender.

Revisiting Beta: How Well Has Beta Predicted Returns?

Are CAPM and beta effective predictors of future returns?

Two Sides of the ESG Debate Are Closer Than They Think

We support the formation of an ISSB because its “first principles” are important to the investment community and would address the full range of sustainability factors (i.e., beyond climate change alone) through which investors assess business performance. Crucially, the ISSB also would establish a global sustainability disclosure baseline, bringing coherence to a fragmented ecosystem in which investors have been forced to be multilingual.

Concentration Risk on the Buy-Side of Credit Markets: The Causes

What are the effects of buy-side concentration on the structure of the corporate bond market?

Towards Better Fund Liquidity Management During a Crisis

Assets under management with credit funds grew in India as long as their inflows exceeded outflows. It was only when the trend reversed that those funds had to face up to the task of selling in an illiquid market.

“Alpha-Flation”: A Private Market Syndrome

Why does investing in the "average" private market fund seem to go so poorly?

Book Review: Warren Buffett

This should not be a one-time read but rather a guide for the rest of one’s investing career.

ESG Asset Managers: Define the Why

Clients today want their investments to produce a genuine positive impact as well as a return. Asset managers need to define how they plan to do that.