With more and more companies now privately held, investors have shifted their focus to how they can exit these investments and get their money back.
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.
Michael Cembalest's timely commentary offers views on the economy, markets and investment portfolios.
Investors are concerned about the deterioration of corporate debt quality, marked by lower credit ratings and a large share of covenant-lite issuance in the loan market.
LTCMA 2019 Theme: The evolution of market structure. Managing illiquidity risk across public and private markets.
Michael takes a close look at the question of rising committed and unspent capital in private equity, and implications for investors.
Assessing the impact and possible evolution of Fed policy
Michael discusses how short covering, rather than real money, has driven the fastest recovery on record following a bear market, and looks ahead at slowing earnings growth.