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More than 70 business owners, investors, potential cultivators, and dispensaries attended a half-day seminar on legal considerations for cannabis companies. While there, they covered a number of issues from the conflict between state and federal law, what people need to know about forming companies and investing in the cannabis industry, real estat...

A confluence of factors is conspiring to lay the groundwork for conditions increasingly threatening an end to the current business cycle. In this issue of The Real Economy, we present a number of easy-to-use metrics and data visualizations for middle market businesses to formulate judgments related to economic outlook risks. These include an array ...

With over 500 million people and the fourth largest collective economic market in the world, the Mexican, Latin American, and South American markets hold great opportunity for investment and growth for multinationals. However, because of various incidences of political upheaval and economic changes, it’s important for C-Suite executives to un...

High-net-worth families are increasingly looking to direct investments, a strategy gaining popularity with institutional investors. Direct investments appeal to wealthy individuals and family offices because they not only eliminate the management fees charged by investment firms, but also because the investments can align more closely with the valu...

At the ArcView Cannabis Investment Forum, a panel of leading private fund managers and industry analysts evaluated the booming yet trepidatious cannabis capital markets and predicted the developments that will most significantly affect investors in 2019. While the hype surrounding the cannabis industry is palpable, institutional investors have rema...

In a rapidly changing environment, we all must learn to adapt our thinking about the optimal way to invest our capital for long-term success and that entails taking our cue from Charlie Kindleberger on the equity markets today and our cues from Charlie Noyes (and the other Crypto Charlies) about blockchain, crypto, and Bitcoin. Charlie Darwin ...

There is much wisdom about the folly of prediction. But the process of thinking about variant perceptions and alternative scenarios is valuable to our investment process. With a nod to Byron Wien, the former Morgan Stanley and Blackstone Strategist who originated the annual 10 Surprises idea, we begin with the first potential surprise for...

In this Around the World with Yusko (#ATWWY) webinar, we explain why it’s time for investors to load up on CARBS—China, Argentina, Russia, Brazil, and South Korea—in their investment portfolio.

The past couple of years have proven to be banner years for private equity and merger and acquisition activity, with no signs of slow down in 2019. With cash on hand to invest and the increase in Representation and Warranty Insurance policies, forecasters expect these trends to continue. Podcast host Michael Cohen is joined by Luca Salvi to discuss...

There is a growing acknowledgment that government and philanthropic sources of capital will likely fall far short of what is needed in the coming decades to solve the pressing social and environmental challenges of our time. Hence, many investors are eager to find ways to generate positive impact through their investments. In this Impact Report, we...

While hosting a daily morning meeting, Paul Chew at Brown Advisory was asked: What are the most important lessons you learned from managing through the technology bubble in 2000-2001 and the financial crisis of 2008-2009? Circling back to the question and to his early career when he was an equity research analyst, Paul shares the three most importa...

A hot U.S. economy will likely cool noticeably in 2019 as the combination of receding fiscal stimulus, higher interest rates, and rising annual operating deficit begin to increase the cost of doing business. In this issue of The Real Economy, we take a closer look at key economic factors to watch in 2019 such as employment, financial conditions, do...

The passage of the Tax Cuts and Jobs Act passed in 2017 overhauled several cornerstones of the Internal Revenue Code and introduced new tax law, including section 1400Z-1 and section 1400Z-2 which address the qualified opportunity zones (QOZs). The business community, specifically real estate investors, has viewed the QOZ as a possible turbocharged...

Investments into qualified Opportunity Zone Funds offer attractive tax benefits, while catalyzing capital inflows into economically distressed communities. However, prudence is necessary in evaluating these investment opportunities as they come to market. The tax benefits will not outweigh the negative consequences of a bad investment. While the pr...

The volatility in the markets at the end of 2018 raised concerns about the outlook for 2019. Investors may have worried that sources of support were “beyond the peaks”—peak liquidity and then, probably, peak growth in GDP and corporate earnings. Looking through the market noise and taking a macroeconomic outlook, the key investmen...