Insights

 
 

Insights

 
 

White Papers

A New Investment Frontier: An Introduction to Private Lending

A New Investment Frontier: An Introduction to Private Lending

Institutional and private investors are increasingly considering direct lending for their investment portfolios. This new investment frontier offers opportunities but also reason to move deliberately. This paper will discuss this new asset class, offering thoughts on the opportunity set as well as a primer on its underlying characteristics.

View/Download PDF
Diversification

Diversification

In a period of ever rising equity markets, the emotional appeal to concentrate one’s portfolio in what has worked lately is strong. This often proves to be a poor long-term investment decision, as discussed in this thought piece.

View/Download PDF
Executive Compensation: Design and Planning

Executive Compensation: Design and Planning

For an organization, compensation is best structured to reward employees for their efforts. For the executive team though, organizations should focus on alignment of its compensation plans with the performance of the organization and its executives, individually.

View/Download PDF
 

Economic Commentary

2019 Mid-Year Economic Review and Outlook

2019 Mid-Year Economic Review and Outlook

In the second quarter, only two sectors of the economy contributed positive growth, and deteriorating trends suggest our “Good but not great” growth outlook for the economy will come under pressure in coming quarters.  Slowing growth is one reason the Federal Reserve has shifted toward easier monetary policy, but importantly, U.S. central bankers are also responding more reasonably to slowing global macroeconomic conditions and persistently low inflation. With the Fed actively easing, our baseline forecast does not include an imminent recession, but the call is increasingly difficult to make as slower growth produces a fragile economy more susceptible to shocks.

View/Download PDF
2019 Q1 Economic Review and Outlook

2019 Q1 Economic Review and Outlook

Following a month-long delay due to the government shutdown, officials confirmed what economists and investors already suspected – the economy is slowing. We expect growth to continue to slow towards the 2.0% – 2.5% pace characterized by the post-Financial Crisis expansion, though we caution the potential for Q1 2019 growth to surprise to the downside. However, as we detail in the letter, the domestic economy is on reasonably sound footing, and the economic expansion has room to run if the Fed sticks to their new narrative of being patient.

View/Download PDF
2018 Mid-Year Economic Review and Outlook

2018 Mid-Year Economic Review and Outlook

We typically distribute this report at the time of the quarterly GDP release, but the delay worked to our advantage. In addition to reporting the fastest quarterly economic growth in four years, the Bureau of Economic Analysis revised several years of recent economic data and “found” $3 trillion of previously unreported income. The revision is a game-changer as it relates to perspectives on the status of the consumer, which is a critical input to future GDP growth.

View/Download PDF

Latest Blog Posts

How Much Does It Cost To Raise A Child?

October 13, 2019

On CBS, Karl discussed with Sharon Ko how much it really costs to raise a child.  The number may shock you.  Karl gives some practical tips on how to pay...

Read More

Trade War Truce

October 12, 2019

On this week's show, Karl discusses the back and forth of stocks this week all based on trade.  But, by the time the dust settled, a deal had been reached,...

Read More

It’s Not All Bad – Covenant’s Weekly Synopsis

October 7, 2019

In this week’s edition: Last Week Today – A summary of news impacting the financial markets and the economy. It’s Not All Bad – Survey data is weak, but hard...

Read More