Money

Is Everything That Didn’t Work Worthless? Part IV

We began this series of posts by examining the sorry state of value investing. We then moved on to making unfashionable arguments on behalf of hedge fund fees and performance. We’ll close the series by looking at the important role hedge funds — and, for that matter, value investing — play in the long-​term…

Is Everything That Didn’t Work Worthless? Part III

by Greg Curtis
We’re talking about nobody’s favorite subject, hedge funds. Last week we dispensed with the ugly topic of hedge fund fees, and this week we’ll take a deep breath and tackle the even more noxious topic of hedge fund performance.

Is Everything That Didn’t Work Worthless? Part II

by Greg Curtis
In my last post, we discussed the sorry state of value investing following seven years of rigged markets courtesy of our central bankers. In this post we’ll turn to another category of investing that sits right near the top of so many investors’ Sh*t Lists: hedge funds.

Is Everything That Didn’t Work Worthless?

by Greg Curtis
For reasons best known to themselves and their (not very robust) consciences, America’s central bankers concluded that the best way to drag the US economy out of the Financial Crisis was to make rich people richer and poor people poorer. They therefore adopted policies — QE1, QE2, QE3 — that drove up the prices…

The Illusion of Control, Part III

by Greg Curtis
In my last post I pointed out that, contrary to the claims of Modern Portfolio Theory, families who own businesses aren’t at all uncomfortable with the “single stock risk” they are taking. (I’m not counting startup companies, which mostly fail.) I also pointed out that, once a family sells its…

The Illusion of Control, Part II

by Greg Curtis
When I was writing my last book, Family Capital, my objective was to make it appealing — well, tolerable — for people who didn’t care much for investment issues but who knew they really should learn something about them. Adult children, for example. But also spouses, cousins, attorneys, accountants, bankers, trustees and others who…

The Illusion of Control

by Greg Curtis
“Tell me, sweet lord, what is’t that takes from thee/​Thy stomach, pleasure, and thy golden sleep? *** In thy faint slumbers I by thee have watched,/And heard thee murmur tales of iron wars.” —From Lady Percy’s soliloquy in Henry IV, Part I

Getting Rich in a Poor Market, Part VI

by Greg Curtis
In a low return environment, investors need to do things differently if we want to have any hope of growing our capital. Many of these different things – the ones I’ve already talked about – have to do with playing offense in a smarter way. We’ve examined using more aggressive…

Getting Rich In a Poor Market, Part V

by Greg Curtis
In my recent posts we’ve looked at various strategies investors might turn to if we find ourselves mired in a long period of unacceptably low investment returns. We’ve evaluated higher equity allocations, taking better advantage of the return premium associated with illiquid investments, and departing from indexing to try to…

Getting Rich In a Poor Market, Part IV

by Greg Curtis
We’ve looked at two options for our portfolios if, as seems likely, we are entering into a period of historically low returns: more aggressive allocations to equities, and taking better advantage of illiquid assets. We now turn to the question of alpha.

Getting Rich In a Poor Market, Part III

by Greg Curtis
We are speculating about possible strategies investors might use if, as seems likely, we find ourselves mired in a long period of unacceptably low investment returns.

Getting Rich in a Poor Market, Part II

by Greg Curtis
If we are, in fact, facing a prolonged period of subpar returns in both stocks and bonds, as seems likely, there are almost limitless ways this future could play out. We might, for example, simply experience long years of generally positive – but low – returns, interspersed with down years.…

Getting Rich In a Poor Market

by Greg Curtis
Virtually every thoughtful observer of the stock and bond markets has concluded that investment returns in the future are likely to be well below recent returns and even well below long-​term norms. This situation is reminiscent of the late 1990s. In 1999, following an almost uninterrupted 17-​year bull market, investors…

The Interest Rate Dilemma

Each year in our summer issue, we ask a group of the region’s leading wealth managers to help our readers navigate financial waters by responding to a question. Their answers follow in reverse alphabetical order. If you were the Federal Reserve Board Chair, when and how would you raise interest…

Zero Interest Rate Zone

by PQ Staff
Each year in our summer issue, we ask a group of the region’s leading wealth managers to help our readers navigate financial waters by responding to a question. This year, the question is: In your opinion, what will be the ultimate impact of the Federal Reserve’s zero interest rate policy…
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