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The world economy is evolving and investors will need to adapt. We look at how the investment landscape is likely to evolve, against a background of continued economic growth but sustained uncertainty around China, Europe, and elsewhere. It makes sense to stay invested, but hedge, with market volatility creating opportunities as well as risks. Over...

Investors may be feeling a bit skittish as talk has shifted to rising rates, slowing economic growth, and growing geopolitical risks. A neutral allocation to equities still seems appropriate for 2019, but the risks are rising. A key question going forward is whether the recent volatility marks an intermission of the nearly decade-long bull market o...

The year 2018 ended on a far different note than it started, with the economy stronger and markets weaker than most had projected at the outset. More perplexingly, underlying economic fundamentals remain quite strong with declining gas prices and interests, and steady jobs and wage growth. In keeping the focus much more “in the sunlight&rdquo...

The Tax Cuts and Jobs Act of 2017 created a new tax incentive, the Qualified Opportunity Fund (QOF), designed to encourage long-term investment in low income communities. The QOF has stirred substantial investor excitement, but the lack of guidance before the issuance of the Proposed Regulations has frustrated the investment bankers ...

For the investors who like the tax benefits of Section 1031 (aka “Like-Kind”) Exchanges, they should consider a new option for sheltering real estate capital gains: Qualified Opportunity Zone Funds (QOZF). These funds have arisen as a result of the Tax Cuts and Jobs Act of 2017, which designated Qualified Opportunity Zone...

In response to the proliferation of new private credit strategies and managers, a new set of benchmarks was developed to help limited partners assess the performance of new and existing fund managers (general partners or GPs). By focusing on the underlying risks assumed by a credit manager, the subordinated capital and broad credit opportunities be...

Private investments, particularly private equity and venture capital have provided the strongest relative returns for decades. For families with multigenerational wealth, they may be particularly well positioned to consider allocating 40% or more of their assets to private investments. Assuming these families have the requisite long-term time horiz...

Market volatility in late 2018 has investors wondering if 2019 will bring global recession and investment losses. Chief Investment Strategist Jim McDonald answers tough questions about the global economy and how markets should react. Chief Economist Carl R. Tannenbaum also shares his views on the nature of recessions.

One element of successful investing is assessing how investor expectations may change over time. We began warning in mid-2018 of a growth slowdown in 2019, which came to a head in the fourth quarter when growth concerns led to a significant reduction in risk appetite and valuations. Souring investor expectations set the stage for positive surprises...

Volatility has returned to risk asset markets and has investors asking: “Is this time different or is something else afoot”? In this dedicated Global Family Office investor letter, we cover the volatility and the importance of multi-asset portfolios; the power of diversification to offset ever-present market drivers; and evaluating...

Cannabis and industrial hemp are projected to be large disruptors across many industries that include agriculture, construction, energy, textiles, and law. The industry is also moving at an accelerated pace and has opened up global investment opportunities. How to participate in this sector and how to perform proper due diligence are the quest...

2018 was a tough year for investors, with most major asset classes finishing with flat-to-negative returns for the calendar year. Worries over monetary policy, economic growth, and trade wars are largely responsible for 2018's dismal results. Our view is that domestic economic growth will slow in mid-to-late 2019 but is unlikely to slip into a ...

Scientists warn of dire consequences to the environment due to climate change, from devasting droughts to massive flooding—effects we’re already starting to experience globally. In this context, it may be particularly important to look at an aspect of the issue which has received less attention: the nexus of gender and climate change. G...

At the start of 2019, the market’s perception of risks and the resulting volatility is high, a stark contrast to the complacency and strong growth expectations in the prior year. It is important to reflect on recent history, but it is also important to recognize how expectations can change and stay grounded in a broad understanding of the bus...

The 5G network puts us at the precipice of another change in technology with the potential to unlock brand new applications, many of which are still nestled deep in entrepreneurial minds. As the introduction of 5G networks looms over the horizon and continues its evolution of innovation, so do new technological possibilities, challenges, and opport...