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            <copyright> 2026</copyright>
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            https://bpsandpieces.com
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            <lastBuildDate>Mon, 29 June 2026 00:00:00</lastBuildDate>
            <pubDate>Mon, 29 June 2026 00:00:00</pubDate>

                <item>
                    <title>The Paper Trail: Stepping Into The Spotlight</title>
                    <description><![CDATA[June&#39;s research roundup features:

Public and private credit convergence
Direct lending characteristics across vintage years
Core plus real estate
Avoiding value traps in emerging markets
Catastrophe bonds as a diversifier
An overview of specialty credit
Lifting the veil on tail risk strategies
Credit secondaries at an inflection point
The present value of growth opportunities (PVGO) in stocks
Volatility as a structural feature of markets
Quantifying the historical tax drag on U.S. equity returns
Reflections on cross-asset drawdowns
Private equity&#39;s challenging distribution environment
Liquidity terms across evergreen fund types
Private capital&#39;s role in infrastructure investing
 <a href="https://bpsandpieces.com/blog/posts/the-paper-trail-stepping-into-the-spotlight/">Continue reading</a>]]></description>
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                    https://bpsandpieces.com/blog/posts/the-paper-trail-stepping-into-the-spotlight/
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                    <pubDate>Mon, 29 June 2026 00:00:00</pubDate>
                </item>
                <item>
                    <title>The Paper Trail: Wag the Dog</title>
                    <description><![CDATA[May&#39;s research roundup features:

Global diversification in a deglobalizing world
Private equity&#39;s distribution drought
The economic life of AI hardware&#160;
Redemption activity in semi-liquid private credit funds
AI picks-and-shovels in emerging markets
Looking for quality in GP-led secondaries
Geopolitical risk and managed futures
Alpha and tax-aware long-short strategies
Moats and value traps in software stocks
Inflation and stock-bond correlation
TPA and diversifying beyond the pie chart
Luck and skill in direct lending
The road to a trillion dollar secondary market
Real assets and the physical economy
Investing in the rearview mirror
 <a href="https://bpsandpieces.com/blog/posts/the-paper-trail-wag-the-dog/">Continue reading</a>]]></description>
                    <link>
                    https://bpsandpieces.com/blog/posts/the-paper-trail-wag-the-dog/
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                    <pubDate>Sun, 31 May 2026 00:00:00</pubDate>
                </item>
                <item>
                    <title>The Paper Trail: Simple Arithmetic</title>
                    <description><![CDATA[April&#39;s research roundup features:

Direct lending return drivers
Private credit loss math (frequency vs. severity)
Rethinking the endowment model&#160;
The case for municipal bonds
Hidden costs of passive investing
True alpha in macro strategies
Infrastructure as a core allocation
Private credit and financial stability
Quant crowding concerns
Market reactions to geopolitical shocks
Equity portfolio construction in a changing world
The duration of competitive advantages
Private assets and liquidity constraints
Sports franchises as an asset class
Realizations in GP stakes
 <a href="https://bpsandpieces.com/blog/posts/the-paper-trail-simple-arithmetic/">Continue reading</a>]]></description>
                    <link>
                    https://bpsandpieces.com/blog/posts/the-paper-trail-simple-arithmetic/
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                    <pubDate>Thu, 30 April 2026 00:00:00</pubDate>
                </item>
                <item>
                    <title>The Paper Trail: HALO Effect</title>
                    <description><![CDATA[March&#39;s research roundup features:

Emerging market strength
Hedge fund portfolio utility
The price of having fun with growth stocks
Private real estate consolidation
Investing in U.S. affordable housing
LP financing solutions
Changes in stock market industry composition
The HALO (heavy assets, low obsolescence) framework
Incentive fees in evergreen funds
Zombie funds in PE
A century of wealth creation in the U.S. stock market
Integrating value, quality, and momentum signals
The importance of pre-tax alpha in tax-aware long-short strategies
Layering diversification on top of equities
Opportunistic credit and the efficient frontier
 <a href="https://bpsandpieces.com/blog/posts/the-paper-trail-halo-effect/">Continue reading</a>]]></description>
                    <link>
                    https://bpsandpieces.com/blog/posts/the-paper-trail-halo-effect/
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                    <pubDate>Tue, 31 March 2026 00:00:00</pubDate>
                </item>
                <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>
                    <link>
                    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>
                </item>
                <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>
                    <link>
                    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>
                    <link>
                    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>
                    <link>
                    https://bpsandpieces.com/blog/posts/the-paper-trail-beyond-finger-painting/
                    </link>
                    <pubDate>Mon, 29 September 2025 00:00:00</pubDate>
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