Usually, just as a holder’s desire to sell and asset increases (because he has become afraid to hold it), his ability to sell it decreases (because everyone else has also become afraid to hold it). Thus (a) things tend to be liquid when you don’t need liquidity, and (b) just when you need liquidity most,…

Video

I’ve spent the entirety of the post-crisis ZIRP period laboriously documenting trends in asset management and portfolio construction. I’ve written and talked about it all, in great detail, perhaps more so than any other market commentator in the world. I begin this way to give you a bit of background for what I’m about to say…

In today’s unforgiving credit climate and economic downturn, there are fewer and fewer ways to gain capital. Consumers and small business owners in need to relatively quick, short-term cash are looking to alternative avenues outside traditional financing channels. Borro, a leading luxury asset lender, gained instantaneous population among small business owners, who make up over…

My friend James Osborne and I go deep on the biggest topics in the investment business today – passive versus active, the rise of liquid alternative funds, investor behavior and more. This is me at my most honest in a forum where I can say what I really want to say. I hope you enjoy it…

Cartoon by Harley Schwadron

The good news is that Main Street has now gained a toehold in the new national pastime, throwing money at software programmers as they seek to disrupt every industry under the sun and roll out essential new services we can’t imagine living without (It’s like Uber, but for twisting the cap back on your Poland…