Commentary and Research Papers
2025
2025
In September 2025, Starlink stunned the satellite world when it agreed to acquire wireless spectrum from EchoStar to expand its direct-to-cell service. This $17 billion deal (half in cash and half in parent company SpaceX stock) spurred EchoStar’s stock price to climb nearly 15 percent. In part, this was because investors were given one of the few available routes to invest in Elon Musk’s private space launch and satellite vehicle.
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2025
2025
Equity market strength continued virtually unabated in Q3, supported by strong corporate earnings, rising expectations for a Federal Reserve rate cut (25 bp cut realized in September), and an increasing consensus that the massive AI investment boom will continue through at least 2026 without a slowdown. In a healthy indicator, market strength broadened out, as the small cap Russell 2000 Index expanded +12.4% as compared to the large cap S&P 500 +8.1%. A notable increase in corporate M&A activity was also evident, reflecting general confidence in the outlook for business activity. As for traditional market indicators, 2Q U.S. GDP growth was revised higher to a +3.8% annualized rate, with expectations for continued growth in Q3.
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2025
2025
The Small Capitalization Value Portfolio Composite was up 10.91%, net of fees, for the quarter, versus the 12.60% gain for the Russell 2000 Value Index and the 12.39% gain of the Russell 2000 Index.1 Year-to-date, the Portfolio Composite was up 12.74%, net of fees, versus the 9.04% gain for the Russell 2000 Value and the 10.39% gain for the Russell 2000 indices.
Read MoreRead MoreWatch NowCommentary and Research Papers
2025
2025
Stocks delivered another positive month in September, defying the historical weakness often associated with the month. The rally was fueled by expectations of Federal Reserve easing (including a 25-basis-point rate cut mid month), strong reported corporate earnings and increasingly positive earnings revisions, and continued investor appetite for technology stocks, especially those related to artificial intelligence (AI) and semiconductors.
Read MoreRead MoreWatch NowInstitutional - Commentary & Outlook
2025
2025
Over the past 20 years, the Cambridge Associates Private Equity Index has beaten public equity benchmarks by a wide margin. But, as the saying goes, past performance is no guarantee of future returns. Today’s market dynamics, marked by rising fees, waning liquidity and inflated valuations, make private equity a far less compelling choice for retail investors than it once was.
Read MoreRead MoreWatch NowInstitutional - Commentary & Outlook
2025
2025
On August 7, 2025, President Donald Trump signed an Executive Order allowing 401(k) investors to access alternative assets in their retirement plans. On the surface, this change looks like an excellent opportunity for retail investors to access the potential benefits of private equity exposure.
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