The Paper Trail

October's research roundup features:

• Evergreen funds vs. drawdown funds
• Thoughts on asset allocation
• Negative sentiment in clean energy stocks
• Infrastructure's performance during the inflation storm
• Risk Parity
• Alternative risk premia strategies
• The perils of partisan investing
• American stock market exceptionalism 
• Private credit's next era
• Endowment model evolution

September's research roundup features:

• Investing amid election season
• Yield curve dynamics
• Equity market rotation
• Negative sentiment and private debt
• The private equity return premium
• NAV Lending
• Less-efficient markets
• Sizing alternatives allocations
• Secondaries and the efficient frontier
• Japanese small caps
• GP-Led Transactions

August's research roundup features:

• Valuation premiums for growth-stage private companies
• Portable alpha 
• Quant investing's renaissance
• The 'de-horning" of venture-backed Unicorns
• Deep value stocks
• The state of the American consumer
• Private credit's next act
• Index deletions
• AI financial analysts

July's research roundup features:

• Data science applied to LP-led secondaries
• Trend following and long/short quality as an alternative to bonds
• Life cycles of market leaders
• The difficulty of being a patient investor
• Building a hedge fund portfolio
• The case for small buyouts in PE
• Equity issuance vs. buybacks
• Holding companies
• Endowment performance
• And much more!

June's research roundup features:

• Meme stocks with high short interest
• India vs. China in EM portfolios
• Specialty finance
• Down rounds in venture capital
• The liquidity and exit environment in private equity
• Alternative investments in wealth management
• Professional sports as an asset class
• U.S. stock market concentration
• European direct lending

May's research roundup features:

• Gold prices - are they too high?
• The rising popularity of continuation funds
• Publicly-traded REITs
• Enhanced tax-loss harvesting through long-short extensions
• Recent hedge fund performance
• Illiquidity buckets for HNW investors
• Lower-middle-market PE investing
• Managed futures carry strategies
• Machine learning and market timing
• Parallels between the Dom Com bubble and today's AI mania

April's research roundup features:

• Generative AI and systematic investing
• Rightsizing an allocation to trend following
• Fixed income performance in election years
• Hedge funds and rising interest rates
• Private equity "dry powder"
• Intangible value investing in international stocks
• The limitations of valuation multiples
• Family office asset allocation
• A framework for allocating to cash
• And much more!

March's research roundup features:

• European buyouts
• Private market valuations
• NAV lending
• Cyber reinsurance
• Alternative risk premia strategies
• Private equity's liquidity crunch
• The Total Portfolio Approach (TPA) asset allocation framework
• Continuation fund performance 
• Avoiding value traps with quality and momentum screens
• Corporate behavior in periods of "easy money"

February's research roundup features:

• Private equity secondaries
• The diversification, or lack thereof, of equity hedge funds
• Active hurricane seasons and cat bond returns
• Tokenization of private markets
• The "magnificent" concentration of the U.S. stock market
• Perspectives on private equity NAV loans
• Factor investing in crypto
• Passive investing in bonds
• A 50-year retrospective of the endowment model of investing
• Redefining "gateway markets" and "core property types" in real estate
• And much more!

January's research roundup features:

• Perpetual investment vehicles
• Private equity excess returns
• Vintage timing/diversification myth-busting 
• Multi-strategy liquid alternatives 
• Japanese deep value stocks
• Natural capital investments
• Superstar brands
• Overlay strategies and long-term compounding 
• U.S. real estate outlook for 2024
• Asset-based specialty finance
• And much more!

December's research roundup features:

• Expected returns for U.S. equities
• The convergence of high yield bonds and leveraged loans
• Multi-manager hedge funds
• Portfolio liquidity decisions
• Small buyout funds
• Rising debt costs and corporate earnings
• Retail real estate fundamentals
• The quality anomaly
• Diversification in direct lending
• GP Seeding
• And much more!

November's research roundup features:

• Asset allocation tradeoffs between stocks and bonds
• Digital infrastructure
• Private credit secondaries
• Quality investing in equities 
• Vintage year diversification in VC
• The market environment for Hedge Funds 
• Derivative income funds and total returns
• Systematic extension strategies, i.e., 130/30
• Market timing and equity premiums
• A framework for individual investors and private markets
• And more!