A key tenet of summer is the languid pace owing to warm weather and days where sunlight lingers.
While summer has a reputation for lazy days, a pause for thought is anything but.
Robert R. TeeterManaging Director
Economic & market overview
In fact, The Economist notes in a book review that “Deep work is the killer app of the knowledge economy: it is only by concentrating intensely that you can master a difficult discipline or solve a demanding problem.” In a fast-paced world stocked with ample data, the motto of IBM founder Thomas Watson—Think—is instructive. In our work with this publication, we aim to slow down, ponder, think and provide insight.
Why do smart people continuously fall for financial frauds?
While seeking compelling risk-adjusted returns is a worthwhile objective, the true foundation of any investment begins with avoiding fraudulent situations. Our team shares insights drawn from the experience of performing this critical work.
What to make of private equity
Private Equity—Portfolio savior or flavor du jour? We review this important investment area and conclude—buy, but beware. In other words, there is opportunity to be had but choices must be made carefully.
Five good reasons to invest internationally
Silvercrest’s international value equity team discusses the benefits and risks inherent in venturing abroad to seek investment opportunity.
It wasn’t that volatile, was it?
Volatility is a word that is prone to being misinterpreted or misused. Within the framework of our risk analytic tools, we take a look at the true meaning(s) of volatility.
The importance of independent directors & good corporate governance for family businesses
Seán O’Dowd applies his vast experience in working with families towards a review of best practices in governance for family owned businesses.
Fed policy and inflation
Inflation, and sometimes the lack thereof, remains at the forefront of investing conversations. Here we examine some particulars around inflation measurement and possible implications.
Manager selection: follow the asset allocation
As we often say at Silvercrest, manager selection is an art and a science. However, step one is goal identification. Our team provides thoughts on how to find the right tool for the job and avoid having a portfolio full of mismatched, useless funds.
Economic & Market Overview
GDP Contributions: Quarterly
Source: BEA, as of March 31, 2019
The U.S. economy grew by +3.1% in the first quarter of 2019, surpassing expectations. Much of the outperformance, however, was due to a continued inventory build-up and a smaller trade deficit driven in part by falling imports. The domestic demand drivers of economic growth slowed to just +1.5%, down from +4.1% in the second quarter of 2018.
Joseph R. AgnelloVice President
Liliana V. Capatori, CFA, CPAAnalyst
Why Intelligent Individuals Can Still Fall for Financial Frauds: A Comprehensive Analysis
The renowned father of value investing, Benjamin Graham, once said, “The investor’s chief problem—and even his worst enemy—is likely to be himself.” There is a distinction between being intelligent and being rational. Our own experience tells us that we often make important decisions driven by emotion and based on intuition or impulse rather than through methodical in-depth analysis. It is much more exciting to invest in an “exclusive” deal or one that reportedly has made family, friends or people we admire, wealthy. The urge to “get in” takes precedence over prudence and due diligence.read the insight
Robert R. TeeterManaging Director
What to Make of Private Equity
Recently the Chief Investment Officer for CALPERS, Ben Meng, was quoted as saying with regard to private equity, “We would like to have as much as we can, as much as our liquidity profile can afford us.”read the insight
Christopher K. Richey, CFAManaging Director
Five Compelling Reasons to Include International Investments in Your Portfolio
The expansion of global equity investing over the past four decades is nothing short of remarkable. The 30x growth from $2.5 trillion in global market capitalization to over $75 trillion correlates with the rise in the number of listed companies from 17,273 to 43,036 today.read the insight
Mark MorrisSenior Advisor
It Wasn’t That Volatile, Was It?
“Markets were really volatile!” Headlines like this were common in the fourth quarter of 2018, especially in December. They highlight the need to revisit the idea of volatility, to ask what it means to say the markets were volatile, to assess whether they were, and to see how it matters.read the insight
Seán O'Dowd, CFAManaging Director
The Importance of Independent Directors & Good Corporate Governance for Family Businesses
When many people think of a business having a professional board of directors, they envision a large Fortune 500 corporation. But as many successful owners and leaders of family businesses already know, a business of any size can benefit from a board of directors with independent directorsread the insight
Patrick Chovanec, CPAEconomic Advisor
Fed Policy and Inflation
In response to shaky economic data at home and abroad, the Fed has signaled that it does not plan to raise interest rates for the rest of this year. In fact, the shape of the yield curve indicates that the market expects the Fed to cut rates by at least 50 basis points in coming months.read the insight
Martin LoeserSenior Vice President
Elinor Ouyang, CFA, FRMVice President
Manager Selection: Follow the Asset Allocation
Complicated tasks are often described as requiring a mix of artistic and scientific sensibility. That is certainly true for the process of selecting an investment manager for inclusion in a client’s portfolio.read the insight