Insurance companies, pension funds, sovereign wealth funds, endowments, foundations and family offices all have the ability to invest over inter-generational time spans. This is a unique competitive advantage in markets for long-term, illiquid assets, such as infrastructure. And yet, despite a...

The U.S. today experiences an expanding financial economy. Investors benefit as common stock prices rise. Moreover, the finance industry grows relative to other industries (called “financialization”). But at the same time, the real economy lags. Workers' pay and job opportunities stagnate as...

This short paper shows how excess global saving led to asset price inflation in U.S. stocks during 1981 to 2019. It compares stock PE ratios to corporate bond values to explain that investor exuberance for stocks enabled and enhanced the extent of the secular stock rise

This paper is a data-based analysis of how and why U.S. common stocks secularly rose in concert with falling interest rates. It finds that falling rates explained 76% of the increase in stocks between 1982 and 2019. Growth in financial wealth significantly outpaced growth in the real economy and...