Portfolio for the Future™

Research, Analysis, and Opinions for Better Investor Outcomes

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Displaying 2026 - 2040 of 2353
Arbitrage 101: When Voting Has Negative Value
Twentieth-First Century Fox Inc. has two classes of common stock, non-voting and voting. Normally, if there…
Manager Selection, Hedge Funds
Debates Over Bayesianism Take Cartoon Form
Has the sun just gone nova? If we’re unsure, should we contact a Bayesian or a frequentist? (Or a…
Risk Management
Meditations on the Eurozone and Secession
How, if at all, might the break-up of the Eurozone be accomplished non-catastrophically? Just a year ago…
Asset Allocation
Recent Russian Investment History: Misty Water-Colored Memories
Ah, the mid 1990s. Memories. The Soviet Union was no more, and fashionable academics were writing books about…
Hedge Funds, Asset Allocation
Should Governments Slow Trading Down by Taxing It?
Could a small financial transactions tax improve the health of financial markets by rendering unprofitable a…
Hedge Funds, Access to Alternatives
Basel Committee’s Latest Progress Report: Buy IT
One investment play suggested by the latest news out of Basel, Switzerland: Buying into the companies that…
Access to Alternatives
Crowdfunding: In the Gun Sights of Patent Plaintiffs
A company founded in 2001, Alphacap Ventures, has filed a patent infringement lawsuit against the operators…
Emerging Asset Classes, Access to Alternatives
Stifling Debate on Classified Boards: Je Suis Charlie!
Here’s an old question. I’m sure you’ve heard it before. What are the consequences of alpha-seeking…
Hedge Funds, Access to Alternatives
The Danger of Indices
By Andrew Beer We’re surrounded by investment products that track indices. S&P index funds seek to…
Manager Selection, Hedge Funds
Financing For Knights in Shining, or in Sooty, Armor
What will the market for acquisition financing look like in another five years? I submit (as a best guess)…
Risk Management, Private Equity, Access to Alternatives
Pension Funds as Alternative Investors Get Some Advice
The Alternative Investment Management Association and the CAIA Association have together published an…
State of the Industry, Hedge Funds, Asset Allocation
Who Is Yanis Varoufakis? And Does it Matter?
According to his twitter account, Yanis Varoufakis has been “quietly writing obscure academic texts for years…
State of the Industry, Asset Allocation
Prize to Sannikov: Scholar of Friction and Moral Hazard
The American Finance Association has awarded its 2015 Fischer Black Prize to Yuliy Sannikov, of the Princeton…
State of the Industry, Hedge Funds, Asset Allocation
Competing Bankruptcy Filings for Caesar’s: Third-Party Releases
On Monday, January 12th, second lien noteholders, notably including David Tepper’s hedge fund Appaloosa,…
Private Equity, Access to Alternatives
How Bad is the Cash Drag on Open-End Private Equity Real Estate Funds?
By Brad Case, Ph.D., CFA, CAIA More than 46 basis points per year on average. That’s a pretty hefty drag,…
Real Estate, Private Equity