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  • Morgan Housel on Greed and Fear, Frugality and Paranoia

    Morgan Housel on Greed and Fear, Frugality and Paranoia

    Morgan Housel’s highly anticipated new book, The Psychology of Money, opens with a quote from Arthur Conan Doyle’s Sherlock Holmes: “The world is full of obvious things which nobody by any chance ever observes.” It is a fitting introduction to a work from the Sherlock Holmes of financial writing. Like the famous fictional detective, Housel […] More

  • Option Traders and the 2020 Presidential Election

    Option Traders and the 2020 Presidential Election

    The year 2020 has been one of extremes. As individuals, governments, and industries cope with the direct and indirect effects of COVID-19, global securities markets are bracing for a high-stakes US presidential election that could differ dramatically from its recent predecessors. What can investors, asset managers, and traders reeling from the unprecedented volatility of February […] More

  • Roberto Campos Neto, CFA, on COVID-19, ESG, and an Inclusive Recovery

    Roberto Campos Neto, CFA, on COVID-19, ESG, and an Inclusive Recovery

    Roberto Campos Neto, CFA, became governor of the Central Bank of Brazil (BCB) in February 2019. Understandably, his tenure has been defined by the coronavirus pandemic and the bank’s response to the ensuing economic crisis. COVID-19 hit Brazil hard, and Campos Neto sought to leverage every tool the central bank had at its disposal to […] More

  • Marko Papic: Geopolitical Forecasting in Volatile Times

    Marko Papic: Geopolitical Forecasting in Volatile Times

    For more from Marko Papic, don’t miss his presentation, “Geopolitics for Investors,” with Caitriona MacGuinness, CFA, at the upcoming CFA Institute European Investment Conference on 15 and 16 November 2020. In the turbulent year 2020, Marko Papic’s book, Geopolitical Alpha: An Investment Framework for Predicting the Future provides some reassurance. Papic posits that investors can […] More

  • Who’s Afraid of Jerome Powell?

    Who’s Afraid of Jerome Powell?

    I see charts of central bank balance sheets everywhere. Maybe it’s because I am so adamant that quantitative easing (QE) isn’t going to create inflation that I notice them so much. But then again, there is a reason these charts pop up time and again. After all, the US Federal Reserve has increased its balance […] More

  • Time’s Up for the IRR: Resetting the Clock on Private Equity

    Time’s Up for the IRR: Resetting the Clock on Private Equity

    The internal rate of return is dead. Long live the IRR. “Hey, the IRR looks soooo close to the DaRC!” Michele observed. Michele is our chief technology officer at XTAL Strategies, and I had never asked him to compute and include private equity’s internal rate of return (IRR) in our lines of code before. I […] More

  • The Future Is Female: COVID-19 Fuels a Surge in Women Entrepreneurs

    The Future Is Female: COVID-19 Fuels a Surge in Women Entrepreneurs

    Amid all the tragedies of the pandemic, there has been one positive side effect: a global reset. A “pandemic pause” is giving the world the opportunity to reflect and recalibrate on such causes as diversity and the environment. We saw clear skies during lockdowns, and are asking how to make those permanent. #BLM is everywhere. […] More

  • Six Reasons to Start Your Own Investment Management Firm and Six Factors to Consider before You Do

    Six Reasons to Start Your Own Investment Management Firm and Six Factors to Consider before You Do

    The decision to embark on an entrepreneurial journey, especially in the hyper-competitive investment management industry, can be an overwhelming one. It is almost impossible to make all the right choices when starting your own investment management firm. But while such perfection is something we should strive for, we need to recognize that we may never truly […] More

  • Private Equity vs. Venture Capital: Opposite Investment Mindsets

    Private Equity vs. Venture Capital: Opposite Investment Mindsets

    Managers of private equity (PE) and venture capital (VC) firms have the same goal in mind: maximizing returns. Yet PE buyout and VC early-stage funds go about it in very different ways. Many prospective investors fail to appreciate that the two most popular alternative asset classes adopt often antithetical methods to drive performance. VC’s Deliberate […] More