U.K. Property: Patience Required
While prices are clearly more attractive than in the recent past, the massive debt overhang in the sector will not only hamper price recovery for some time, but could cause significantly more short-term pain.
Research Publications Archive
Is the Case for Commodities Still Intact?
Implementation headwinds for commodity futures are substantial today.
Spending Policy Changes: Endowments
In April 2009 a group of U.S. colleges and universities, museums and libraries, independent schools, and other institutions were invited to participate in a brief survey on spending policy as an update to a similar survey that was conducted in 2008. The survey asked about the policies in place, as well changes that were being…
Distressed Investing
The financial and economic crisis continues to create a broad and deep range of investment opportunities, many of which remain attractively valued, even after taking the recent rally into account. Given the risk that cheap assets will end up worthless, we emphasize the importance of careful manager selection across the board. Further, we caution that…
A Time for Secondaries?
Opportunities in the secondary market for non-marketable alternatives appear to have increased substantially, making it a propitious time to create or refine a private equity portfolio by adding/creating exposure to secondaries, especially for those with the scale and resources to buy exposure directly. For those utilizing funds, manager selection will be critical.
Investing in Latin American Hedge Funds
Provides investors with a background of hedge funds in the region as well as their current performance. A key question for investors considering an allocation to Latin America is whether hedge fund strategies constitute a better option than long only and/or offer a differentiated return stream. At this time, we consider Latin American hedge funds…
Can Municipal Bonds Get Up From the Canvas?
Muni bondholders were left in the cold in 2008 as liquidity premia soared and Treasury bonds became hot properties. Issuers are making their case in Washington for federal backing of their securities, but we believe defaults among upper-tier muni credits should remain low regardless.
The Trouble With Treasuries
With U.S. Treasury yields at their lowest levels in over 50 years, the effectiveness of Treasuries as a “deflation hedge” has been greatly diminished. While the current environment still demands that investors maintain deflation protection, investors should take advantage of the recent rally in Treasuries to rebalance allocations back to target and actively seek to…
Breaking Up Is Hard to Do
For all its flaws, the Eurozone is currently more beneficial than costly to member countries, and thus it is very unlikely the euro will break up anytime soon.
Spending Policy Changes: Colleges and Universities
In March 2009 a group of U.S. colleges and universities were invited to participate in a brief survey on spending policy as an update to a similar survey that was conducted in 2008. The survey asked about the policies in place, as well changes that were being implemented or were under consideration for future implementation….