<?xml version="1.0" encoding="UTF-8" ?>    <rss version="2.0"
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            <copyright> 2026</copyright>
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            https://bpsandpieces.com
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            <lastBuildDate>Thu, 26 February 2026 00:00:00</lastBuildDate>
            <pubDate>Thu, 26 February 2026 00:00:00</pubDate>

                <item>
                    <title>The Paper Trail: Such Great Heights</title>
                    <description><![CDATA[February&#39;s research roundup features:

Market peaks and drawdowns
Software due diligence in the age of AI
Private equity value creation
Factors influencing pricing in LP-led secondaries
The case for emerging managers
Underwriting discipline in private credit
Defining the U.S. middle market
Finding bargains in real estate
Performance measurement of evergreen funds
Base rates and growth assumptions
Modern-day conglomerates
Portfolio effects of equity market concentration
Holistic allocation vs. asset-class silos
The new math of private equity
 <a href="https://bpsandpieces.com/blog/posts/the-paper-trail-such-great-heights/">Continue reading</a>]]></description>
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                    https://bpsandpieces.com/blog/posts/the-paper-trail-such-great-heights/
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                    <pubDate>Thu, 26 February 2026 00:00:00</pubDate>
                </item>
                <item>
                    <title>The Paper Trail: Back to Basics</title>
                    <description><![CDATA[January&#39;s research roundup features:

The Five Ws of private debt
Moving beyond the &quot;Agg&quot; for core bond exposure
Fund size growth as a potential red flag in PE
Trend following performance in 2025
An examination of frontier markets
Expected returns of major asset classes
The electronification of fixed income trading
Liquidity management in interval funds
Understanding market (in)efficiency
AI capex and the U.S. economy
Biotech investing
The outlook for hedge funds
A record year for the secondary market
Small and mid-market buyout tailwinds&#160;
 <a href="https://bpsandpieces.com/blog/posts/the-paper-trail-back-to-basics/">Continue reading</a>]]></description>
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                    https://bpsandpieces.com/blog/posts/the-paper-trail-back-to-basics/
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                    <pubDate>Thu, 29 January 2026 00:00:00</pubDate>
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                <item>
                    <title>The Paper Trail: Fresh Snow</title>
                    <description><![CDATA[December&#39;s research roundup features:

Historical PE performance relative to public stocks
Opportunities in residential credit
Headlines vs. reality in private debt
It&#39;s complicated: the relationship between banks and non-bank lenders
GP financing solutions
An examination of &quot;buy the dip&quot; strategies
Risk management 2.0
2026: the year of small-cap stocks?
Stock market valuations and bubble concerns
Risk-reward tradeoffs in public market asset classes
The financing gap in professional sports
Market concentration, passive investing, and the future of capitalism
Signs of life in commercial real estate&#160;
 <a href="https://bpsandpieces.com/blog/posts/the-paper-trail-fresh-snow/">Continue reading</a>]]></description>
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                    https://bpsandpieces.com/blog/posts/the-paper-trail-fresh-snow/
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                    <pubDate>Mon, 29 December 2025 00:00:00</pubDate>
                </item>
                <item>
                    <title>The Paper Trail: Heretical Thinking</title>
                    <description><![CDATA[November&#39;s research roundup features:

Investing in natural resources
Farmland&#39;s similarities (and differences) with real estate
Making room for private equity and small-cap stocks
Replacing bonds with hedge funds
The symbiotic coexistence of public and private credit
Private equity&#39;s divergence from public markets
Settling the score between growth and value
The challenge of sticking with diversifying alternatives
A long volatility premium
Whether or not we&#39;re in a stock market bubble
A historical perspective of government debt
Self-storage real estate as an asset class
The significant risk transfer (SRT) market
Optimizing price momentum
Why stock market concentration ≠ increased risk
 <a href="https://bpsandpieces.com/blog/posts/the-paper-trail-heretical-thinking/">Continue reading</a>]]></description>
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                    https://bpsandpieces.com/blog/posts/the-paper-trail-heretical-thinking/
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                    <pubDate>Mon, 24 November 2025 00:00:00</pubDate>
                </item>
                <item>
                    <title>The Paper Trail: Capex Boom</title>
                    <description><![CDATA[October&#39;s research roundup features:

Best practices for structuring evergreen PE funds
International small-cap value stocks
Music royalties as an asset class
Strategies for diversifying concentrated stock
Factors influencing the shape of the yield curve
The middle market as the &quot;sweet spot&quot; in private equity
Implications of lower base rates for direct lenders
AI&#39;s capex boom
Evolution of the global market portfolio
Tail risk in modern markets
A primer on GP Stakes investing
Gold&#39;s recent hot streak and expected returns
Transitioning to a Total Portfolio Approach (TPA)
Bond fund common risk exposures
 <a href="https://bpsandpieces.com/blog/posts/the-paper-trail-capex-boom/">Continue reading</a>]]></description>
                    <link>
                    https://bpsandpieces.com/blog/posts/the-paper-trail-capex-boom/
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                    <pubDate>Thu, 30 October 2025 00:00:00</pubDate>
                </item>
                <item>
                    <title>The Paper Trail: Beyond Finger Painting</title>
                    <description><![CDATA[September&#39;s research roundup features:

Evergreen private equity fund performance
The dependability of long-term Treasuries
Harnessing diversification via capital efficient strategies
European small cap stocks
Gold&#39;s portfolio utility
The art and science of alternative investment portfolio construction
Commercial real estate opportunities
Bitcoin&#39;s expected return
A framework for private market implementation
Professional sports franchise valuation
Trend following and performance dispersion
Allocating across equity styles
 <a href="https://bpsandpieces.com/blog/posts/the-paper-trail-beyond-finger-painting/">Continue reading</a>]]></description>
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                    https://bpsandpieces.com/blog/posts/the-paper-trail-beyond-finger-painting/
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                    <pubDate>Mon, 29 September 2025 00:00:00</pubDate>
                </item>
                <item>
                    <title>The Paper Trail: Mind the Gap</title>
                    <description><![CDATA[August&#39;s research roundup features:

Vintage year diversification in private equity
&quot;Double discounts&quot; in international value stocks
Market forces driving direct lending expansion
The U.S. Treasury maturity wall
Megatrends fueling private infrastructure demand
Private credit secondaries
Getting off zero in crypto
The two-tiered market in the CRE office sector
Exceptionalism, or lack thereof, in U.S. stocks
Venture-backed unicorns and the full growth-opportunity set
Capital market assumption (CMA) best practices
Historical outperformance of small buyouts
Continuation vehicle misconceptions
Intangible assets and corporate cash management
The predictive value of the CAPE ratio
 <a href="https://bpsandpieces.com/blog/posts/the-paper-trail-mind-the-gap/">Continue reading</a>]]></description>
                    <link>
                    https://bpsandpieces.com/blog/posts/the-paper-trail-mind-the-gap/
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                    <pubDate>Mon, 25 August 2025 00:00:00</pubDate>
                </item>
                <item>
                    <title>The Paper Trail: Golden Opportunities</title>
                    <description><![CDATA[July&#39;s research roundup features:

Rearview-mirror return expectations in U.S. stocks
Emerging markets: with or without China?
Private equity exit activity
The spectrum of infrastructure assets
Evaluating risk mitigating strategies
Commercial real estate opportunities
Modernizing growth/value classifications
A return stacking approach to investing in gold
The evolution of Warren Buffett
Cyber risk in a catastrophe bond portfolio
Private asset-backed credit as a direct lending complement
Tail-end portfolios in PE
Asset allocation and the AI revolution
Living with trend following
 <a href="https://bpsandpieces.com/blog/posts/the-paper-trail-golden-opportunities/">Continue reading</a>]]></description>
                    <link>
                    https://bpsandpieces.com/blog/posts/the-paper-trail-golden-opportunities/
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                    <pubDate>Wed, 30 July 2025 00:00:00</pubDate>
                </item>
                <item>
                    <title>The Paper Trail: Truth or Trend</title>
                    <description><![CDATA[June&#39;s research roundup features:

Diversification within trend-following strategies
Growth equity in PE
The state of core real estate&#160;
Middle market misperceptions
Bond market signals&#160;
Continuation fund performance
Stagflation risk
Private equity&#39;s challenging exit/fundraising environment
Tax-aware long-short strategies
Second-order AI investment opportunities
Private capital and professional sports
Factor Timing
Europe&#39;s private credit moment
Performance persistence in private markets
 <a href="https://bpsandpieces.com/blog/posts/the-paper-trail-truth-or-trend/">Continue reading</a>]]></description>
                    <link>
                    https://bpsandpieces.com/blog/posts/the-paper-trail-truth-or-trend/
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                    <pubDate>Sun, 29 June 2025 00:00:00</pubDate>
                </item>
                <item>
                    <title>The Paper Trail: Store of Value</title>
                    <description><![CDATA[May&#39;s research roundup features:

The case for store-of-value assets
Enhancing Treasuries with merger arbitrage
Fixed income outside of &quot;the Agg&quot;
Private equity eating the small-cap premium&#160;
The many faces of growth investing
Evergreen PE funds
Public and private credit convergence
Investor behavior in stocks and bonds
Base rates for drawdowns and recoveries of individual stocks
Equity investing amid trade wars
Forecasted private markets growth
Private credit mythbusting
 <a href="https://bpsandpieces.com/blog/posts/the-paper-trail-store-of-value/">Continue reading</a>]]></description>
                    <link>
                    https://bpsandpieces.com/blog/posts/the-paper-trail-store-of-value/
                    </link>
                    <pubDate>Wed, 28 May 2025 00:00:00</pubDate>
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