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CAIA Association Welcomes New SEC Chair Gary Gensler

CEO William J. Kelly and Senior Managing Director John L. Bowman, CFA  wrote to newly confirmed SEC Chairman Gensler on behalf of the Association and investors globally on how to properly balance access and safeguards.

"Since last January, we have witnessed an escalated use of private capital exits through the special purpose acquisition company (SPAC) mechanism, accelerated adoption of digital assets, technology and infrastructure, increased tokenization of idiosyncratic and collectible assets, and a necessitated reliance on alternative investments to meet investor outcomes as expected capital market assumptions drop to generational lows. Proper training and education must be at the heart and soul of a careful response to this disruptive and structural shift in product offerings and wealth solutions." 

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The Evolution of Private Equity Fund Value  

On average, venture capital and buyout funds experience a performance falloff after seven to eight years, while the cross-sectional dispersion among them increases. Read “The Evolution of Private Equity Fund Value,” published in the spring edition of CAIA's official Member publication The Journal of Alternative Investments. We're pleased to make this content available to the public for a brief time.

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Analyzing 60/40 Portfolios Without Bonds

John Maynard Keynes famously asked, “When the facts change, I change my mind—what do you do, sir?” If this question was directed at global pension funds and their fixed income allocation, then the answer would have to be, “Not much.” Given that the expected return of a bond is highly related to its starting yield, the fact there there has been little change over the past 20 years has made fixed income in the U.S. less attractive and unattractive in Europe and Japan where yields are negative. The facts have changed, so why not allocations?  CAIA Member and regular AllAboutAlpha contributor Nicolas Rabener, CAIA, of FactorResearch explores this thinking. 

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