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You Won’t Detect The Next Fraud
In the fall of 1998, I sat down with famed value investor Michael Price and asked what he learned from having invested in the accounting fraud perpetrated by “Chainsaw” Al Dunlap at Sunbeam Corporation. He responded, “Absolutely nothing!”
A Token Of His Extreme
The outcome of tokenization is likely to end in a transfer of wealth from unsophisticated investors, initially to the more sophisticated sponsors, and ultimately to distressed investors. 
Convertible Bonds: Opportunities In A More “Bond-Like” Asset Class
The ongoing debates around the probability of a U.S. recession, the depth and duration of any slowdown to come, and what outcomes might already be “priced in” across assets have all been headwinds to risk markets.
When There’s No L In LBO
Despite a few quirks in terminology, high-yield bonds and their cousin, leveraged loans, supported a surge in private equity activity over the last thirty years. Returns on those deals far surpassed investor needs.
Navigating Option Skew: When The Smile Turns Into A Smirk
If you asked people to draw a picture of this year’s markets, many would likely try to capture volatility that stocks have delivered—like a jagged saw-toothed line. But option skew, or S&P 500 volatility skew, is at its flattest level in 10 years.
Rising Interest Rates & Yields: What This Means For Your Farmland Portfolio
With most estimates placing the year-end benchmark rate above 3% by year-end, let’s explore what happens to the economy when the Fed raises interest rates and how this can impact your farmland portfolio.
NFT Wine: Just A Fad Or A Smart Investment?
NFTs have recently caught the attention of the wine world as an alternative method of bringing investment wines into non-traditional channels. NFT wines also offer winemakers access to new financial markets. But are NFT wines a good investment?
Five Key Insights From Reviewing The Public Disclosures Of 75 Leading Global Funds
While we applaud funds that go over and above to disclose information, stakeholders would continue to benefit from more organized and indexed information.
Why Getting Risk Right Is Wrong
Many investment professionals who use risk models make a common mistake.
Long-Term Private Equity Performance: 2000 To 2021
Press coverage of private equity focuses almost exclusively on second order concerns over disclosure, fees, layoffs, debt, and an occasional scandal. Rarely is attention given to the first order benefit of high risk-adjusted returns.
SPACs Add To US Listing Path For Chinese Companies
For decades, the process for going public in the US was basically one size fits all, and that size was the IPO. Many Chinese companies have taken this path. Today, a company seeking to go public in the US can select from multiple processes.
Responsible Investment: Are You Saying What You're Doing And Doing What You're Saying?
As the SEC issues an enforcement action for misstatement of ESG practices, we explore what should be disclosed in a Responsible Investment Policy.
The Future Of The Indian Market
India has an estimated 26,000 startups, making it the third-largest startup ecosystem in the world, recording consolidated inflows of over $36 billion in the past 3 years.
The Death Of Risk Premia Is Greatly Exaggerated
We believe that factors, or “risk premia” are a powerful mechanism for predicting returns and building diversifying strategies. And though there are challenges, we propose a simple solution.
Dear IRR: It’s Not You, It’s Me
An investor’s defense of a maligned metric.
Inflation - Got Milk? Using Alternative Data To Take A Look Inflation
As we enter the ‘inflation common knowledge game’ - I’ve been thinking about what we can learn from alternative data as we chart this next journey in the world.
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