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.

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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.

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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.

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Economic Commentary

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.

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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.

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2018 Q1 Economic Review and Outlook

2018 Q1 Economic Review and Outlook

In the fourth quarter, the economy expanded by 2.6% bringing real, annualized GDP growth to 2.3% in 2017. In many ways, 2017 was a prototypical post-Financial Crisis year with regards to economic growth. A weak first quarter gave way to stronger growth in the back half of the year, resulting in a good, but not a great year for the economy.

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Latest Blog Posts

Covenant Weekly Market Synopsis for April 12, 2019

April 15, 2019

Synopsis 2019.04.12Last Week Today:  U.S. Trade Representative Robert Lighthizer proposed tariffs on $11.2 billion of European Union products (e.g., fish, cheese, wine, airplanes) in retaliation for subsidies paid to Airbus...

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Covenant Weekly Market Synopsis for March 29, 2019

April 1, 2019

Last Week Today. President Trump suggested he will nominate Stephen Moore to the Federal Reserve. A loyalist to the President, Moore called for Fed Chair Powell’s resignation after the Fed...

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Covenant Weekly Market Synopsis for March 22, 2019

March 25, 2019

Last Week Today. The U.S. announced it would maintain tariffs on Chinese imports for the “foreseeable” future to enforce the terms of a trade deal, but later appeared to backtrack...

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