It may come as a surprise to many that average disposable personal incomes have increased by 6.6 percent from February prior to the pandemic through August. This is down from a high of 9.8 percent in...
Few people would have predicted that U.S. equity markets would be higher today than at the start of 2020 if told that a virus would infect over 7.0 million people in the U.S., cause over 200,000...
Chairman Powell’s speech at Jackson Hole during the last week of August confirmed the Fed’s dovish policy stance, giving investors ample support in terms of low rates and a flexible inflation...
As we enter the new fiscal year, and Commonfund’s 50th year of operations, we leave behind what will likely be remembered as one of the most challenging and memorable fiscal years for the...
When investors open their second quarter investment reports, many will be shocked by the magnitude of stock market gains in the second quarter. Their surprise could be voiced by a rhetorical question...
We continue to monitor the level of social distancing as an indicator for business activity and improvement in consumer sentiment. Personal spending experienced the largest month-over-month drop on...
When will this crisis end? Following are three key issues fiduciaries should keep in mind concerning COVID-19 and this pandemic recession and recovery. The path and trajectory of COVID-19 This is...
The Federal Reserve is determined to support the economy and the normal functioning of capital markets during the COVID-19 pandemic. As of April 29th, the total asset size of the Fed’s balance sheet...
Commonfund CEO and CIO, Mark Anson, hosted Leland Miller, CEO of China Beige Book. Mr. Miller shared his proprietary research and insights in this exclusive session for Commonfund Forum registrants....
Commonfund convenes an expert panel to take on the short- and intermediate-term threats that higher education confronts in the face of a national emergency the likes of which have not been seen for...
It has been well documented that trying to avoid market downturns by selling out of stocks and moving to cash can be damaging to long-term portfolio values. And while there are strong behavioral...
There is no question that we are in unprecedented times and will likely remain so for longer than we anticipated even a few weeks ago. The speed at which a new reality has been imposed on all of us...
Oil prices declined over 21 percent on March 9, 2020, the largest single-day decline since January 1991 during the Gulf War[1]. There was optimism prior to the OPEC (Organization of Petroleum...
After a strong calendar year 2019, the S&P 500 reached its most recent all-time high on February 19, up nearly 5 percent since the year began. Now, a week later, the global equity markets have fallen...
World markets appeared to be returning to their upward trend in the beginning of February after a volatile start of the year. While concerns about global growth caused by the coronavirus outbreak are...
For the third year in a row, Commonfund Capital conducted a year-end annual survey of institutional investors to gauge their sentiment about private market investments. Survey responses totaled 267...
As we enter the 12th year of economic expansion since the Great Financial Crisis, investors continue to wonder whether 2020 will be the year when equity markets finally experience a correction....
Investment strategy influenced by altruistic intentions – broadly, impact investing – has long held sway in a small number of portfolios. Historically, impact investing has failed to gain significant...
The November non-farm payrolls report far exceeded investor expectation and bolstered the perception that the domestic economy continues to grow more than a decade into this recovery. Payrolls were...
U.S. equities reached an all-time high at the end of October as downside fears abated and risk-on sentiment improved. Among the positives, successful completion of “phase one” of the U.S. – China...
Summary Positive signs on trade drove recent new highs in the U.S. equity markets The Fed continues to be accommodative and employment is strong Growth is slowing but is supported by the consumer,...
An obscure but very large part of the financial markets caused a stir in late September. Lending rates spiked in the repurchase (repo) markets as institutions sought short-term liquidity. The rate...
Lately, there has been quite a bit of hand-wringing by the financial media about the yield curve inversion. It seems that many prognosticators believe that an inversion is a clear market signal that...
Commonfund recently hosted a panel discussion focused on the current state of private equity and venture capital, with an emphasis on the investor’s perspective of the industry today. The three...
The July Federal Open Markets Committee (FOMC) meeting signaled the end of central bank rate normalization with the first rate cut in more than a decade. The last time the FOMC cut rates was in...
Following the July FOMC meeting and with investors digesting the first rate cut since 2008 it is important to recognize that the domestic economy is now experiencing the longest period of economic...
The valuation premium (forward price/earnings) of defensive stocks versus cyclicals has climbed steadily over the last seven months. Limited risk appetite, slowing growth, low interest rates and...
The Bond markets’ expectations of U.S. Federal Reserve (Fed) rate cuts changed drastically last Friday on the news of President Trump’s intention to impose tariffs on Mexico, in an attempt to...
This month we turn our attention to the economy and, specifically, employment. As investors contemplate when this historically long period of economic growth might end, employment trends are one of...
How to think about tariffs, deficits, valuations, leverage, growth and other issues What signals should institutions be mindful of as they make portfolio decisions in the current environment? A panel...
Mark Anson, Commonfund Chief Executive Officer and CIO opens Forum 2019 with welcome remarks and a review of the global economy. Download the slides in this presentation.
Investors of all types, including those that represent institutions, are clearly feeling more uneasy than they have in years. It isn’t just the spike in stock market volatility that buffeted...
As we bid farewell to 2018 and head into 2019, I am pleased to provide you with an update on developments at Commonfund as well as our perspective on the markets and investing. Our roots as a...
The turbulent start to the New Year has led governing boards, investment committees and staff to question what’s next for the markets and what they should do about it. Below are the top five...
Chart of the Month | Recession Impacts on Employment and Wages