“I am President & CEO of SciVantage, Inc. and also sit on the Board of irector for the company. Matt has been a great addition to our Board of Directors back in January 2004.”
About
Dr. Matthew Dearth is Associate Professor of Finance (Practice) at Nanyang Technological…
Experience
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Education
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Singapore Management University
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PhD (General Management). Dissertation topic "Industry Expertise Of Sell-Side Equity Analysts"
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Senior Thesis -- "Personal Rapid Transit: Will It Always Be A Transportation System Of The Future?"
Languages
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English
Native or bilingual proficiency
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Spanish
Professional working proficiency
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Salman Niaz
Thanks to Paul Allen of Bloomberg for a discussion on fixed income this week. The market continues to watch the Fed's policy stance in the context of US labor markets and inflation data. While spreads are tight by historic standards, attractive yields continue to support allocation into #fixedincome, which offers both structural and tactical opportunities for investors. A slowing but resilient US economy, cooling inflation, trade policy clarity and supportive global monetary policy, with the Fed in "wait-and-see" mode, provide a constructive backdrop for fixed income. Diversification and total return opportunities exist in different pockets within global fixed income including #EMFixedIncome, #AsiaHighYield, local rates and securitized markets. https://lnkd.in/d3-efVzk
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John L Bowman, CFA
In this new paper by CAIA Association board member and founder of Institute for Private Capital, Gregory Brown, finds that North American PE outperformed US public equities by 4.4% annually between 1988 and 2023 (non-US alpha is much higher). And just to calm rising blood pressures, this is cash on cash net returns---LPs actually ate these returns--no endless IRR debates needed and no time period cherry picking. This is slightly higher than the often cited Steve Kaplan PME study that found 3.6% excess return over the S&P 500 for 2000-2019 vintages. Three editorial comments from me: 1. While the last vintage they can study here is 2019 simply due to fund maturities, we all expect the COVID year vintages to be much more muted due to the multiples paid. 2. As more capital flows in to PE, particularly from the wealth and retail side and cost of money has structurally reset, I expect these excess returns to be squeezed in the coming decade. 3. Most importantly, while these are compelling numbers, I strongly contend the excess return should not be the primary reason you invest in private capital. It is access to uncorrelated portions of the global economy, risk factors, business drivers, emerging technologies not available in the public markets. Perhaps some alpha will persist but this is a beta play to start with. https://lnkd.in/gyGJtN2N
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