In investment management, conventional wisdom and research suggest that Asset Allocation is the single largest contributor to long-term returns. It is important to note that a key factor has been omitted from these analyses: taxes. When considering the effect of taxes, there is another factor of...

In January of 2022, we released a paper entitled, “The Myth of Liquidity”. Download our most recent article below to read our commentary one year...

The decades-long transition from defined benefit plans to defined contribution plans has opened a range of options and opportunities for individuals who have accumulated wealth from a lifetime of work. In this paper, we offer a different perspective on how to optimize these vehicles to replace...

Central bank policies to combat the negative economic impact of a Global Pandemic and, previously, the Global Financial Crisis have caused the markets to be “flush with liquidity.” These policies have driven equity valuations to historic highs, fixed-income yields near all-time lows, and credit...

As investors, we must constantly reassess the opportunities that are available in the public markets and beyond. Collectively, we tend to focus on the public markets as the primary destination for our capital. Both the public debt and equity markets are on constant display, providing immediate...

Alpha. It is a word that is often used by investment industry professionals to describe the “value-add” that they can deliver to their investors. It is the investor’s challenge to determine if the alpha being described is repeatable, reliable, and attributable to the factors that the investment...