The Prudent Fiduciary Digest

This newsletter provides helpful information to those responsible for making investment decisions on behalf of others.

Please visit the sign-up page to receive upcoming issues or email Tom Brakke if you have questions.


Editions to date

#44 ~ active management ~ factor investing ~ organizational alpha ~ turnover

#43 ~ science or baloney ~ sustainable investing ~ phi ~ implications of MiFID II

#42 ~ active versus passive ~ pension plans ~ capacity management ~ endowment envy

#41 ~ unrealistic expectations ~ defined contribution plans ~ private equity ~ second opinions

#40 ~ on the horizon for asset owners ~ the HP allocation story ~ sustainable investing

#39 ~ smart beta ~ buy or build ~ climate change

#38 ~ countercyclical investment ~ organic finance ~ investment philosophy ~ RFPs redux

#37 ~ long-term portfolios ~ governance and best practices ~ investment costs ~ RFPs

#36 ~ DoDiligence ~ curing cancer ~ breaking from the pack ~ ESG ascends

#35 ~ agency problems ~ economic regimes ~ communication ~ structuring equity portfolios

#34 ~ time diversification ~ a mission of impact ~ ethics and compliance ~ meeting dynamics ~ tipping points

#33 ~ art or science ~ crowding and uncrowding ~ short-term focus ~ a new era?

#32 ~ gender questions ~ manager tendencies ~ the purpose of consultants ~ action at state plans

#31 ~ value added ~ value not added ~ passive versus active ~ liquidity

#30 ~ communicating with providers ~ investment principles ~ structuring for success ~ hedge funds

#29 ~ investment committees ~ policy statements ~ an evaluation framework ~ valuation beliefs

#28 ~ time horizon ~ manager evaluation ~ evaluating the story ~ improving the organization

#27 ~ performance chasing ~ alternatives ~ organizational design ~ the "people" dimension

#26 ~ Monk on fiduciary capitalism ~ expectations about fees ~ Marks on risk ~ evaluating shortfalls

#25 ~ Ellis on asset management ~ investment belief systems ~ predictive data ~ organizational architecture ~ polymaths

#24 ~ numbers and narratives ~ partnerships ~ the endowment model redux ~ the global portfolio ~ climate change

#23 ~ engrained truths ~ principal-agent problem ~ better equity investing ~ simple communication

#22 ~ high-frequency trading ~ types of ownership engagement ~ the asset management world ~ signals and noise

#21 ~ PIMCO situation ~ consultant relationships ~ risk management ~ fixed income challenges

#20 ~ all-in investment expenses ~ pet peeves ~ fixed income returns ~ low-volatility equity strategies

#19 ~ upside-down strategies ~ snake oil sold to you ~ destructive memes ~ asset management industry

#18 ~ new active strategies ~ governance and more from Jim Leech ~ infrastructure investments ~ hedge fund fees

#17 ~ asset management vulnerabilities ~ whiteboard project ~ behaving like owners ~ market structure for them

#16 ~ investment beliefs ~ herding behavior ~ principles of investment reporting ~ on the speaking circuit

#15 ~ the endowment model ~ the conventional model ~ investment philosophy ~ many dozen things

#14 ~ all eyes on active management ~ risk and governance ~ the fog of communication ~ Wien's lessons

#13 ~ fixing the loser's game ~ avoiding the culture of blame ~ cycles of value and momenturm ~ recent research puzzles

#12 ~ asset owners unite ~ selecting trustees ~ training trustees ~ voting proxies

#11 ~ consultants and consultants ~ ESG ~ 140 years of income ~ low volatility investing

#10 ~ the two-headed monster ~ evolving models ~ avoiding mistakes in alternatives ~ climate change

#9 ~ redefining performance ~ tactical? "impractical" ~ the new alpha ~ cash in managers' hands ~ deep reads

#8 ~ Yale versus Norway ~ the low rate environment ~ impact investing ~ stewardship

#7 ~ benchmarking ~ manager presentations ~ risk-taking behavior ~ investment beliefs

#6 ~ potential conflicts at Dartmouth ~ investment priorities ~ risk management ~ mutual fund boards

#5 ~ committee behaviors ~ due diligence ~ consultants and managers ~ CFA annual conferencee

#4 ~ Ashby Monk on venture capital, reliable information, and Muppets ~ checklists ~ Apple

#3 ~ Charles Ellis on best practices ~ making manager reviews work ~ assumption hunters (and the big one)

#2 ~ knowledge gaps at DC plans ~ selecting and monitoring consultants ~ independent reviews ~ lessons from Howard Marks

#1 ~ A Primer for Investment Trustees ~ BlackRock looks forward ~ an evolving market structure


tjb research