The Emperor Has No Clothes
Why the “Passive vs. Active” Investment Debate is the Wrong Issue
The investment industry is embroiled in a “great debate” concerning which investment philosophy is best: active vs. passive management.Read More
How is a targeted return like UBER?
A trustee would not get into an Uber until they defined the destination for their ride. A trustee would not hire an employee without describing at some level the work the employee was being hired to do.Read More
A Business Manager’s Duty to Monitor the Risk and Return of their Clients’ Investment Portfolios
The Problem: You are a business manager and it is either explicitly or implicitly the case that you are responsible for monitoring the activities of the investment managers that have been entrusted with your clients’ capital.Read More
Trust But Verify: Do Private Equity and Hedge Funds Deliver Superior Risk-adjusted Returns?
For several decades, the investment industry has promoted the virtues of hedge funds and private equity funds for large instructional investors and ultra high net worth individuals. But over the last few years these products have come under increased scrutiny because the hoped-for benefits have, for the most part, not materialized.Read More
Bank v RIA as Investment Advisor: A Cost-Benefit Analysis
Many investors ask, “Is it better to have a big bank (Goldman Sachs, for example) as my investment advisor or a Registered Investment Advisor (Bel Air, for example) to manage my money?”Read More
Investment Governance Best Practices for Business Managers (How to Watch the Hen House)
You are a business manager, and it is either explicitly or implicitly the case that you are responsible for monitoring the activities of the investment managers that have been entrusted with your clients’ capital.Read More