U.S. Equity Valuations: Improving But Not Enough
Using normalized earnings to value U.S. equities suggests they remain overvalued.
Research Publications Archive
Where’s the Economy Heading?
Although the current slowdown has thus far been more moderate than other postwar slowdowns, further weakening could precipitate unusually harsh consequences.
Europe’s Diverging Economies
While inflationary pressures simmer in the United Kingdom, Continental Europe faces another year of economic stress.
Timberland
This report analyzes the current environment for timberland investments, including sources of return and a breakdown of global supply and demand issues. Also included is a discussion of the relative merits of the four primary vehicles for timberland investment: commingled accounts, separate accounts, direct investing, and REITs and MLPs.
Assessing Strategic Strengths: An Introduction
This primer describes 12 key financial indicators useful in monitoring a college or university’s ability to provide for future generations of students.
Commodities: An Introduction
A primer on commodities including the policy argument for an allocation, sources of return, investment vehicles, correlations with other asset classes, and benchmarks.
An Introduction to Venture Capital
A primer on venture capital including the economic basis of return, financing stages, investment strategies and concerns, partnership terms, manager evaluation, and the secondary market.
Emerging Markets 2002 Roundup: Drivers and Landmines
Currency and regional/country bets were the key investment calls for emerging markets equities in the year through November.
U.S. High-Yield Bonds: Head Fake or Bull Market?
Will high-yield bonds post outsized gains as they did in 1991 when they returned nearly 50%?
U.S. Buyouts Investing
This report examines the recent market environment for buyout investing using the following criteria: fund raising and commitments, financing, valuations, and exit opportunities. Exhibits cover capital commitments, LBOs, M&As, and returns to limited partners of private equity firms.