Policy as a Catalyst for Market Divergence
In our annual letter last December, we introduced the concept of a policy-driven market regime, one in which government action plays a far more significant role in shaping asset pr
The Policy-Driven Market Regime
The policy-driven market regime A dominant market regime always dictates financial asset prices. The regime may be driven by a macroeconomic factor (e.g., inflation), monetary poli
Alternative Investments In a Portfolio Context
“The definition of genius is taking the complex and making it simple”. The wealth management industry offers an overabundance of financial services and products, with many of t