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QT is a fundamental shift in the macro-economic framework, and comes at a time when almost all government and corporate debt levels are at historic highs. It demands re-evaluation of portfolio construction precisely because it is not, and cannot, be accounted for by standard investment formulas and models. Full article PDF

Stephen L. Kessler Award
The research is clear: private equity typically generates better returns than the public markets. Full article PDF

Stephen L. Kessler Award “Modern” Portfolio Theory doesn’t account for central bank actions, geopolitical surprises, extreme duration risk… or many other factors affecting today’s markets. Here’s what to do about it. Full article PDF

“Wall Street Turns to ETFs to Sidestep Illiquidity in Bond Market” ran a recent Bloomberg headline. Because the ability to trade individual bonds is degrading, the story reported, investors are piling record dollars into global bond ETFs. So Wall Street, in its wonderful way, has invented a…Full article

For several years of steadily rising prices across all asset categories, investing was like bowling with gutter guards: Everyone showed solid scores in every frame. Monotonous gains pushed measured volatility to historic lows. But Full article

Stocks have been murdered, and China seems to have been caught red-handed. But some financial luminaries are pointing to a surprising defendant: the risk-parity strategy pioneered by hedge fund manager Ray Dalio. Who’s guilty? Full article