An update to our October 2008 web publication, this paper revisits strategic questions and advises investors to think carefully about the economic and political dimensions of investment decisions.
The macroeconomic outlook remains extremely challenging as the long overdue global rebalancing begins; investors need to make sure they are prepared for what may be a prolonged period of volatility and the possibility of new lows in asset markets.
This paper reviews strategic questions and advises investors to think carefully about the economic and political dimensions of investment decisions.
While it is only natural to crave safety after periods of intense volatility, we do not believe investors should respond to recent market declines by panicking, scrapping their policy portfolio, and hunkering down in cash (with the obvious exception of excess cash necessary for near-term capital call, spending, and other liquidity needs).
This report discusses the upcoming implementation of the new “mark to market” (“fair value”) accounting standard. It provides a brief review of the broader accounting and auditing context and examines the probable effects of FAS 157 on long-only equity and fixed income managers, hedge funds, and non-marketable investment funds (private equity, venture capital, real estate)….
A summary of our views on the questions and issues which those responsible for managing an endowment must resolve if they are to invest the assets effectively.
Our letter to the Senate Finance Committee regarding their January 24, 2008, inquiry to large colleges and universities.
This expansive report discusses our approach to strategy allocation by providing the basic framework for allocation decisions, the key return drivers and investment backdrops in the core marketable alternative strategies, and recommendations for program construction. It also contains a performance review of the five core marketable alternative strategies: long/short equities, distressed securities, convertible arbitrage, merger…
In July 2006 the American Institute of Certified Public Accountants issued a “Practice Aid” to guide the auditors of institutions with investments in alternative assets. This report reviews the key elements of auditing alternative investments and provides advice on steps endowments should consider in their 2007 audit, which will most likely be more difficult than…
While virtually all asset classes look expensive, the decision to hold cash (or implement a derivatives-based hedge) is more complicated than it appears.