Locking up capital has pros and cons
In theory, closed-end funds should outperform over long horizons – they can avoid forced sales. But in practice, lack of monitoring and alignment can lead to agency costs and underperformance.
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Growth dynamics define sustainability
Will long-term GDP growth behave like bacteria in a petri dish or rabbits on a deserted island? The answer has implications for investors attempting to construct sustainable portfolios.
Beware the hidden dangers of exotic ETFs
When an exchange-traded fund isn’t closely matched by its underlying components, liquidity can dry up, credit risks can emerge, and other factors can eat away at expected returns.
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