Explores how institutional investors should reconfigure portfolio allocations/strategies in a world of low returns.
A brief note on the latest price action in equity markets, how business cycles end, and how markets are being left to fend for themselves without central bank intervention for the first time in 20 years.
Michael takes a close look at the question of rising committed and unspent capital in private equity, and implications for investors.
Eye on the Market: The Verdict
2018 has been another year of American exceptionalism in equity markets.
2018 has been another year of American exceptionalism in equity markets, with our enthusiasm tempered by the tech-dependence of equity returns, high valuations, fading stimulus and constitutional/tariff risks.
In this year’s Holiday Eye on the Market, Michael records a note to his spouse on her father, the 2020 US Presidential election, and what might be the widest ideological divide in 100 years.
Michael looks at the midterms: GOP gains in the Senate, an historic loss in the House given economic and market conditions, and what it means for investors.
For the first time in 20 years, markets will have to survive without support from central banks.