The Economy, Not Kevin Warsh, Will Drive Fed Policy
Kevin Warsh became chair of the Federal Reserve on May 15. His appointment is unlikely to drive a major near-term policy shift.
US
VantagePoint: The Rearview Mirror Problem
The conditions that rewarded concentrated exposure to US growth and technology stocks for much of the past decade are becoming less dependable. With valuations stretched and macro and geopolitical risks less benign, investors may be better served by reducing crowded exposures and rebuilding diversification across a broader set of opportunities.
US Private Families Should Revisit How Munis Fit Within a Broader Diversification Strategy
We believe US private families should continue to anchor the portion of the portfolio intended to diversify equity risk with munis, while being more selective about allocations to cash, Treasuries, and other taxable fixed income, given the shift in after-tax trade-offs.
Germany’s Fiscal Boost Remains a Tailwind Despite Near-Term Risks
German equities entered 2025 with strong momentum, supported in part by a sharp shift in Germany’s fiscal outlook. After years of underinvestment, the government announced materially higher spending on infrastructure and defense. However, that momentum faded through 2025 into 2026, and German equities stalled.
Endowments Quarterly: Fourth Quarter 2025
Our quarterly report summarizes asset allocation and total investment performance for 394 of Cambridge Associates’ US endowment and foundation clients.
US Manager Universe Statistics: Fourth Quarter 2025
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.
Will the Trump Administration’s Affordability Policies Jump-Start the US Residential Real Estate Sector?
No. The proposed policies are unlikely to swiftly resolve the challenges facing US residential real estate.
Review of Market Performance: Calendar Year 2025
Global economic growth hovered near trend in 2025. The dollar weakened sharply, while global equities and commodities posted strong gains. Bond returns improved as rates and credit spreads eased.
Have Tail Risks to the US Economy Increased?
Yes. The range of possible outcomes for the US economy has widened, with greater chances of both positive and negative tail events.
Under the Microscope: Private vs Public Company Operating Metrics for US Companies
Our 2024 US private equity operating metrics analysis highlights the key levers and value drivers in private equity, and explores a risk and return comparison between private equity and public equity.