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

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

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

Are CAPM and beta effective predictors of future returns?

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.

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

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.

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

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

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.