Stocks and bonds delivered spectacular performance in the first six months of 2019. The S&P index of large-cap U.S. stocks returned 18.5% for the year through June 30, while the Barclays Aggregate index of investment-grade bonds delivered an equally impressive 6.1% return.
Over the past 40 years, creating and maintaining financial security has become more of a personal endeavor. Despite record aggregate levels of U.S. wealth, large portions of the population appear quite vulnerable.
Over the last 50 years, philanthropic giving in the U.S. has grown to $427.71 billion. And as philanthropists come to think of themselves as social investors, non-profits must also redefine themselves as “for-purpose” institutions. This must be more than a rebranding.
When a company is acquired, the buyer takes on new risks and exposure. In today’s M&A marketplace, EBITDA multiples are at peak levels. With valuations so high, it’s more important than ever to manage risks—known and unknown—that could affect ultimate returns.