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Nov
2019
By Matt Lui, CFA, CAIA
On November 4, 2019, the S&P 500 closed at an all-time high of 3,078.27. It has been over a decade since the market crash of 2008. Since then, the index has climbed higher and higher, overcoming a wall of worries along the way. Invariably, investors are wondering whether to continue riding the bull, or to step aside be…

Oct
2019
By Poorvi Parekh, CFA
As one of the longest economic expansions in U.S. history persists, the news of the third quarter of 2019 focused on the financial impact of continuing trade wars, a potential global slowdown, geopolitical unrest, an inverted yield curve, central bank monetary policies, currency depreciation, market volatility, risk of…

Sep
2019
By Erick Podwill
Private equity managers have increasingly been utilizing subscription lines of credit to manage capital calls from limited partners. This results in a delay of capital called from investors, which increases the fund’s internal rate of return (IRR) while lowering the multiple of invested capital (MOIC) due to interest p…