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Discipline and Perspective Lay the Path to Success
Massive short-term volatility hit global stock markets in late August following the Chinese currency devaluation earlier in the month. Most stock markets around the world ended the third quarter in negative territory, with the MSCI All Country World Index falling nearly 10%. U.S. large cap stocks held up better than other risk assets, experiencing only mid-to-high single-digit declines, while the drop in small cap and non-U.S. equities was in the double digits.
Market Commentary: Third Quarter 2015
Arguably the two biggest events this quarter were the Chinese currency devaluation and the decision by the Fed to hold rates steady for the time being. Although not readily apparent on the surface, in our opinion, the two events were connected, or perhaps the former led to the latter...
August Research Review: Even Small Parties Leave a Mess
"While there are some similarities of today's market to 1999, we also recognize the growth and value cycle at play.." Think of the last party you attended—was it an outdoor summer BBQ? A glamorous wedding reception? A kid’s birthday party? A family holiday? Or, perhaps the recent chill in the air has you daydreaming about football tailgates? Regardless of the crowd gathered or the drink in hand, they all have two things in common: Parties are fun and parties result in messes.
2Q15 Private Capital Quarterly: The Stuff Cycles are Made of
What a difference a few years make. The venture capital industry hit new highs in fundraising, investing, and recent performance. Thomson One reported a median venture fund return for the one-year period of 22%, 1000 basis points ahead of a relatively robust public equity market. Three short years ago, venture was considered dead. We wrote at the time: “The ability of venture funds to generate returns that exceed public market returns continues to be a topic of debate. A number of large investors, including CalPERS, have recently thrown in the towel....This is the stuff cycles are made of!