Archives

Is the Glass Half Full?

Avery Foster June 13, 2023 No Comments
Markets trade in cycles and, as most of you know, it is presently our view is that we are entering a challenging environment for risk assets. With that said, we…
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What Does Cost of Capital Mean?

Avery Foster March 13, 2023 No Comments
The concept of “cost of capital” is not just something financial analysts pay attention to. We also think it is useful and relevant for families to consider as they design…
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Greycourt Brief: Tax Update & Observations

Avery Foster September 22, 2021 No Comments
The House Ways and Means Committee advanced a proposal for new tax legislation. This investment brief summarizes our thoughts on the proposal and offers some considerations for investment portfolios. Download…
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Greycourt Brief: A Perspective on Inflation

Avery Foster June 22, 2021 No Comments
“Beware…inflation is coming!” warns virtually every market pundit and prognosticator. We agree that over the near term, inflation will be elevated, perhaps sharply so, as the world recovers from its…
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59: The Last, Best Tax Shelter Ever?

Dana Schmitt January 22, 2014 No Comments
As tax rates on high income taxpayers have risen – and are expected to continue to rise – families have begun to dust off a long-neglected tax shelter: investing via…
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40: Private Equity Investing (Revised 2014)

Dana Schmitt January 8, 2014 No Comments
Once an investor decides to allocate capital to private equity, the first question is: “How should I go about it?” Properly structured, private equity can be the most rewarding sector…
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58: Impact Investing

Dana Schmitt December 3, 2013 No Comments
Currently a $36 billion industry and growing, impact investing is increasingly significant in the investment marketplace. However, confusion still exists in our industry about what impact investing really is and…
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White Paper No. 57: Actively Passive

Dana Schmitt October 8, 2013 No Comments
Despite the fact that over the past decade most long-only active equity managers have failed to produce attractive returns (after taxes, fees and inflation), investors continue to hire and hold…
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45: Secondary Investing in Private Equity (Revised 2013)

Dana Schmitt March 22, 2013 No Comments
Secondary investments in private equity can be an attractive addition to primary private equity investments. They offer broad diversification across vintage years, industries, geographies, managers and investment strategies. Generally, capital…
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56: Being Rich

Dana Schmitt February 15, 2013 No Comments
Many members of wealthy families have a complicated relationship with their wealth, and this is often especially the case with young adults. This paper examines the issues faced by wealthy…
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55: Yale Versus Norway

Dana Schmitt September 6, 2012 No Comments
Most investors are well aware of the exceptional track record compiled by Yale University under the leadership of CIO David Swensen. But we suspect that far fewer investors are familiar…
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54: Investing When Fundamentals Don’t Matter

Dana Schmitt August 6, 2012 No Comments
Investing on the basis of fundamentals has long been a cornerstone for prudent investors. However, the rash of extreme geopolitical events over the past several years has tried investors’ patience,…
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52: The End of History (Again)

Dana Schmitt April 5, 2012 No Comments
The financial crisis that began almost five years ago is still with us and we are still dominated by the events unfolding in Europe. What are some of the root…
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51: Prudence Versus Returns

Dana Schmitt January 10, 2012 No Comments
Investors strive to act prudently and to generate good risk-adjusted returns. But what happens when these two objectives are in conflict? In this white paper Greycourt discusses the conditions under…
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50: No Gold Digging for Me

Dana Schmitt January 9, 2012 No Comments
This paper examines gold’s history, discusses the myths and facts about gold and considers the reasons (both irrational and rational) why investors buy gold in the first place. Download the…
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49: The Outsourced CIO Model

Dana Schmitt January 8, 2012 No Comments
Over the past decade, and accelerating rapidly in the last few years, the so-called “outsourced Chief Investment Officer” model for delivering financial advice has grown very rapidly. In the experience…
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48: Best Practices Trusts

Dana Schmitt January 7, 2012 No Comments
In White Paper No. 48, we recommend that families who use trusts (or who are considering establishing trusts) evaluate the advantages of “unbundling” the activities that have historically been bundled…
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47: The Real State of Real Estate

Dana Schmitt January 5, 2012 No Comments
White Paper No. 47 describes the current real estate environment and provides investors with a road map to identify and evaluate potential opportunities in the sector. As everyone knows, market…
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43: Credit Crunch Q & A

Dana Schmitt January 1, 2012 No Comments
Presented as a series of questions and answers, we explore what a credit crunch is, why it happened, how it morphed into the mess we find ourselves in today, and…
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39: Auditing Alternative Investments

Dana Schmitt December 28, 2011 No Comments
The purpose of this paper is to review the background behind the AICPA Practice Aid, to examine some of the mischief that implementation of the Aid has caused, and to…
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37: Investing in Oil & Gas

Dana Schmitt December 26, 2011 No Comments
Energy is a topic that is on the minds of many investors these days. The enclosed white paper, “Investing in Oil & Gas,” is a primer on the techniques, opportunities…
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36: Hedge Funds get “Swensened”

Dana Schmitt December 25, 2011 No Comments
Many investors are steering clear of hedge funds because of recent, widely-reported scandals, lower-than expected returns, and the drubbing hedge funds have taken from, among others, Yale’s David Swenson. In…
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34: Portable Alpha Strategies

Dana Schmitt December 23, 2011 No Comments
This paper explains what portable alpha strategies are and why they are important, but also identifies a series of important challenges associated with employing portable alpha strategies in real-world portfolios.…
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33: Much Ado About Bonds

Dana Schmitt December 22, 2011 No Comments
Many investors have expressed alarm over the impact that rising rates may have on their existing bond portfolios. In the enclosed white paper, Greycourt examines the impact of rate rises…
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22: Corporate Crooks and Investor Trust

Dana Schmitt December 15, 2011 No Comments
It’s gotten to the point where we’re afraid to turn on the news or pick up a newspaper. Like most investors, Greycourt has been deeply disturbed by the chicanery and…
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17: Taming Your Trust

Dana Schmitt December 12, 2011 No Comments
When families consider the prospect of having to establish appropriate provisions in trust instruments for spouses, children or future generations, they naturally approach the matter with trepidation. There is, first…
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16: Family Investment Partnerships

Dana Schmitt December 11, 2011 No Comments
Many wealthy families are familiar with family limited partnerships used to discount the value of intra-family gifts. But limited partnerships can also be used as investment vehicles, and this strategy…
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15: Total Return Trusts

Dana Schmitt December 10, 2011 No Comments
From the time the concept of the trust was first developed in the late Middle Ages until about the 1950s, trust assets tended to produce far more income than capital…
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12: Conflicts of Interest: Do They Matter?

Dana Schmitt December 8, 2011 No Comments
Private investors today have more choices than ever before. The explosive growth in private wealth in the last decade has caught the attention of every major bank, brokerage firm and…
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11: Affinity Groups: Resources for Wealthy Families

Dana Schmitt December 7, 2011 No Comments
Clients often ask us if we can recommend resources for wealthy families concerned about establishing family offices, investment strategies, philanthropy and similar issues. While there are innumerable organizations offering assistance…
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7: Combining Estate Planning with Asset Allocation

Dana Schmitt December 4, 2011 No Comments
Although estate planning has long played a critical role in preserving wealth for future generations, this area has been dominated by attorneys and trust administrators. Investment professionals, however, can benefit…
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4: Soft Dollars: Greycourt’s Position

Dana Schmitt December 1, 2011 No Comments
Clients, money managers, investment bankers and brokers often ask why Greycourt adamantly refuses to accept soft dollar payments for its consulting services. This white paper explores the issue of soft…
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White Paper No. 33: Much Ado About Bonds

Avery Foster April 11, 2004 No Comments
Many investors have expressed alarm over the impact that rising rates may have on their existing bond portfolios. In the enclosed white paper, Greycourt examines the impact of rate rises…
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White Paper No. 24: A Modest Proposal

Avery Foster February 12, 2003 No Comments
The problem of financial conflicts of interest is a perfect example of our ability to understand a concept intellectually but fail to grasp its full significance. This white paper explores…
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