Authored by: Eric Winig

Given Today’s Investment and Macroeconomic Environment, Is it Appropriate to Meaningfully De-Risk Portfolios?

In this edition of CA Answers, two members of our Global Investment Research team share their differing perspectives on whether investors should temporarily de-risk portfolios today. Sean McLaughlin argues that diversified portfolios incorporate shock absorbers already, and that temporarily boosting tilts to defensive assets is likely to be counter-productive. Eric Winig agrees that market timing…

Brexit: Outlier or Harbinger?

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Investors should take seriously the prospect that Brexit is different from the crop of recent crises. Given that a substantial (and growing) constituency across EU countries now supports a breakup, the risks of real departures from the Eurozone no longer seem so remote.

“Mind the Gap” in US Venture Capital Valuations

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Venture capital offers compelling returns for the stalwart long-term investor. The most relevant question for investors in any stage of venture is the potential impact of prevailing market conditions on ultimate returns. In this brief, we look at valuation data today and also use our proprietary data set of funds to review historical returns during periods when valuations reset.

Behavioral Risk

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In 2009, we published a paper titled “Behavioral Risk” that described the universal tendency to make poor investment decisions in times of crisis because individuals typically allow instinct and emotion to override objective analysis of the pertinent data. The ideas in the paper remain as pertinent as ever. To return investors’ attention to this important topic, we are republishing the paper with comments that reflect the ideas in light of the current environment.