The Long View
The Long View
Nov 25, 2020
Adley Bowden: Key Trends and Developments in Private Markets
Play • 55 min

Our guest this week is Adley Bowden. Adley is the vice president of market analysis at PitchBook, which is a Morningstar affiliate. In his role, Adley oversees PitchBook's voluminous research and editorial content on private markets, including private equity, private debt, venture capital, real estate, as well as the vehicles that invest in these areas. In addition, Adley is also a regular host at PitchBook's "In Visible Capital" podcast, which just kicked off its second season and is available on most popular podcast players. Adley first joined PitchBook in 2008 and has served in a number of roles prior to assuming this current post. He's a graduate of the University of Washington from which he earned his bachelor's degree in economics and international studies.

Background

Bio

Pitchbook

In Visible Capital Blog

Private Equity Investing

PitchBook Private Markets Guide

What Are the Private Markets?” PitchBook Blog, PitchBook.com, July 8, 2020.

Digging Into the Fine Print of LP Agreements,” PitchBook.com, Sept. 11, 2020.

What Is GP Stakes Investing?” PitchBook Blog, PitchBook.com, July 31, 2020.

What Factors Drive Risk and Return in GP Stakes Investing?” PitchBook.com, Sept. 29, 2020.

Private Markets

Fran Kinniry: Applying the Vanguard Approach to Private Equity,” The Long View Podcast, morningstar.com, April 1, 2020.

The Cons (and Pros) of Vanguard’s Decision to Offer Private Equity,” by John Rekenthaler, Morningstar.com, Feb. 25, 2020.

Private Equity’s Potential for Strategic Portfolios,” by Roger Aliaga-Díaz, Giulio Renzi-Ricci, Harshdeep Ahluwalia, Douglas M. Grim, and Chris Tidmore, Vanguard.com, Nov. 5, 2020.

The ‘Private for Longer’ Effect: Step-Up Valuations at IPO Declining for US VC-Backed Companies,” by Dana Olsen, PitchBook.com, Dec. 1, 2017.

Private vs. Public Market Investors: Who’s Reaping the Gains From the Rise of Unicorns?” by Adley Bowden and Andy White, PitchBook.com, June 19, 2018.

Private Market Interest and Performance

What Is Dry Powder?” PitchBook Blog, PitchBook.com, March 2, 2020.

Private Markets See All-Time Highs in Dry Powder,” PitchBook.com, Feb. 19, 2019.

How’d Active Funds Do in 2019? So-So,” by Jeffrey Ptak, Morningstar.com, Jan. 20, 2020.

Private Equity-Backed Bankruptcies Surged in May, But Future Might Not Be So Bleak,” by Adam Lewis, PitchBook.com, June 5, 2020.

Venture Capital Exit Values Achieved Second Highest Total Ever in Q3 Despite Continued Uncertainty,” PitchBook.com, Oct. 13, 2020.

Private Equity Risk and Public Equity Opportunity,” Dan Rasmussen and Ted Seides, Capital Allocators Podcast, Feb. 16, 2020.

Special Purpose Acquisition Companies

Private Equity Plays a Starring Role in 2020’s SPAC Boom,” by Adam Lewis, PitchBook.com, Oct. 17, 2020.

9 Big Things: 2020’s SPAC-tacular Keeps Getting Crazier,” by Kevin Dowd, PitchBook.com, Oct. 11, 2020.

Impact of the Pandemic

Live Coronavirus Updates: Coronavirus Effects on Private Markets,” PitchBook.com, Nov. 18, 2020.

Investors Are Cautious on Private Markets During Shutdowns, PitchBook Survey Shows,” by Alexander Davis, PitchBook.com, April 9, 2020.

Coronavirus Forces Venture Capitalists to Adopt New Script on Fundraising,” by James Thorne and Priyamvada Mathur, PitchBook.com, June 2, 2020.

Venture Capital Fundraising and Investment Dollars Remained Healthy Through 1H 2020 Amid Slowdown in Exits and Deal Count Due to Impacts of COVID-19,” PitchBook.com, July 14, 2020.

PitchBook Analyst Note: COVID-19’s Influence on Private Market Strategies and Allocators,” by James Gelfer, Dylan Cox, Hilary Wiek, and Wylie Fernyhough, Pitchbook.com,  

PitchBook Analyst Note: The Great Unlocationing,” by Paul Condra, PitchBook.com, April 30, 2020.

Bogleheads On Investing Podcast
Bogleheads On Investing Podcast
bogleheads
Episode 029: Frazer Rice, host Rick Ferri
Frazer Rice is the author of “Wealth, Actually: Intelligent Decision-Making for the 1%”, host of the “Wealth, Actually” podcast, creator of the "Wealth, Actually" blog, and a Northeast Regional Director for Pendleton Square Trust Company. Frazer is an attorney and experienced trust officer. His wealth management career has included serving for over 15 years as a Managing Director at Wilmington Trust Company. We cover a lot of ground in this episode including estate planning, reasons for using trusts, selecting trustees, family dynamics, investing for 1%'ers, and much more! This podcast is hosted by Rick Ferri, CFA, a long-time Boglehead and investment adviser. The Bogleheads are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization supports a free website at Bogleheads.org, and the wiki site is Bogleheads® wiki. Since 2000, the Bogleheads' have held national conferences in major cities around the country. There are also many Local Chapters in the US and even a few Foreign Chapters that meet regularly. New Chapters are being added on a regular basis. All Bogleheads activities are coordinated by volunteers who contribute their time and talent. This podcast is supported by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation to the Bogle Center is appreciated.
1 hr
Sound Investing
Sound Investing
Paul Merriman
2021 ETF & mutual fund recommendations and 8 Q&A
Paul announces Chris Pedersen's Best In Class ETF Recommendations for 2021 and Paul’s updated Mutual Fund recommendations for Vanguard, Fidelity, T. Rowe Price and Schwab. In anticipation of next week’s Zoom call to discuss the new portfolios and fund recommendations, Paul Merriman, Chris Pedersen and Daryl Bahls are soliciting questions from you, our listeners. If you have questions related to this work, please submit them to info@paulmerriman.com with subject line: ETF/MUTUAL FUND QUESTION. They will try to address them in next week’s recording. Paul answers these recent questions from our readers and listeners: * How should I invest $160,000 for my 66-year-old mother who doesn’t need the money to live on? 12:28 * What are the advantages and disadvantages of the Ultimate Buy and Hold Strategy and 2 Funds for Life for a 57 year old? 18:39 * What is the most tax-efficient way to rebalance an All-Equity portfolio? 26:39 * Should I pay off a mortgage or invest in my retirement accounts? 29:45 * Why are your large-cap value index higher than the large-cap value at Vanguard? 33:12 * How is having $300,000 at age 65 a million dollar advantage? 42:55 * Why do you think index funds are better than owning an investment in real estate property? 48:45 * I want to put money into a Roth IRA. Should I use your tax-deferred or taxable portfolio recommendations? 58:54 Don McDonald’s Talking Real Money Minute — “Cryptocurrency: yes or no?" Don McDonald, Co-Founder and co-host of the "Talking Real Money" podcast, produces the “Money Minutes” often featured on “Sound Investing” podcasts. Don also produced the soon-to-be-released audio version for our latest book, We’re Talking Millions!.
1 hr 2 min
Money For the Rest of Us
Money For the Rest of Us
J. David Stein
Are You Underweight Chinese Stocks? Pros and Cons of Investing in China
Most global stock ETFs, funds and indices have only about 5% invested in China even though China has the second-largest economy in the world. What are the pros and cons of increasing your allocation to Chinese stocks. Topics covered include: * Why has China's economy rebounded faster than other countries * What are Chinese A-share stocks * How large are China's economy and stock market * What are four threats that could derail the performance of Chinese stocks * How individuals can invest in China's stock market including A-shares Thanks to SmartAsset for sponsoring the episode. Show Notes Chinese shares: should you increase the amount in your portfolio? by Sam Dickens—IG Group China A-Shares Definition by Troy Segal—Investopedia China’s Economy Powers Ahead While the Rest of the World Reels by Stella Yifan Xie, Eun-Young Jeong and Mike Cherney—The Wall Street Journal China Still Grew and Fueled Its Rise as Covid-19 Shook the Global Economy by Jonathan Cheng—The Wall Street Journal With Americans Stuck at Home, Trade With China Roars Back by Ana Swanson—The New York Times Buffett Indicator: China Stock Market Valuations and Expected Future Returns—GuruFocus.com MSCI Deletions Trigger Rush to Sell Chinese Telecom Stocks by Jeanny Yu and Sofia Horta e Costa Executive Order on Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies—The White House Non-SDN Communist Chinese Military Companies List as of January 08, 2021—U.S. Department of the Treasury MSCI ACWI Index (USD) December 31, 2020—MSCI How China Lost Patience With Jack Ma, Its Loudest Billionaire by Lulu Yilun Chen and Coco Liu—Bloomberg China Clampdown on Big Tech Puts More Billionaires on Notice by Zheping Huang and Coco Liu—Bloomberg China’s College Graduates Can’t Find Jobs. The Solution: Grad School. by Vivian Wang
20 min
Stansberry Investor Hour
Stansberry Investor Hour
Stansberry Research
What's Wrong With the Hedge Fund Industry?
Despite the multitude of problems facing our country, stocks keep moving higher and higher, leading more people to question if we're currently in a bubble. This leads Dan to explore two important questions. What do you do with your money when you know you're in a bubble? And what do you do if you know that bubble can last for years before popping? Then Dan invites Andrew Beer, Managing Member at Dynamic Beta Investments, on to the show to answer some questions about the world of hedge funds. Andrew joined the hedge fund industry in 1994 as a portfolio manager at Baupost for the legendary Seth Klarman. In recent years, Andrew's focus has been on how the hedge fund model can be improved based on liquidity, access, and cost perspectives. Dan and Andrew discuss his start in the industry and how things have changed over the past 3 decades. Andrew shares some of the reasons hedge funds have declined in popularity over the years.... and how his firm, Dynamic Beta Investments, is looking to change that. And finally, on this week's mailbag quite a few listeners write in to give their perspective on what living through a coup is really like. Some agree with Dan while some others take exception with how Dan spoke about the situation. One even accuses Dan of being a Trump cultist! Listen to Dan's fiery rebuttal to this email and more on this week's episode. Interested in more from Stansberry Research? Check out the American Consequences podcast here: https://podfollow.com/americanconsequences
1 hr 19 min
The Contrarian Investor Podcast
The Contrarian Investor Podcast
Nathaniel E. Baker
The Biden Administration and Risks to Global Growth
This episode is brought to you by Merk Research. Visit this link to take advantage of the offer presented on the podcast. To listen without ads or announcements, become a premium subscriber. Barry Knapp of Ironsides Macroeconomics rejoins the podcast to discuss his view on "policy tremors" that could upend economic and risk asset growth in 2021. (Barry's dog Oliver makes a brief appearance as well). Content (Spotify users can skip directly to the segment by clicking on the timestamp) * The current reflation theme is part of a recovery from what was actually a two-year recession in global manufacturing, trade, and capital spending (4:19); * The Federal Reserve will initially be pleased with rising inflation, having slayed the deflation boogeyman. This will eventually morph into discomfort (first from regional bank presidents) and concerns that inflation is moving "too far, too fast" (11:43); * Once this happens, Fed officials will begin discussing "policy normalization" and real rates will start to move, triggering a risk-off event (13:19); * The Georgia elections the first week of the year were a kind of "sneak preview" of this event, but look to mid-year for the real McCoy (16:37); * Another important indicator: Watch house prices through the spring selling season (20:40); * Two details of President-elect Biden's $1.9 trillion stimulus proposal that are not fully appreciated by the market (21:41); * The Democrats will likely ask for more than Republicans are willing to give, triggering reconciliation that would be a rude awakening for the market (28:38); * If the $1400 stimulus checks go through it may lead to another "speculative blow off" (30:50); * There is no indication President-elect Biden is willing to roll back tariffs on China, though he could re-engage in TPP. But anybody expecting a broader unwinding of the trade war "is pretty off-base" (33:00); * Look for further USD weakness, particularly against the yen and the euro (37:57); * Favorite asset classes for 2021 (41:09) More About The Guest * Website: IronsidesMacro.Substack.com * Twitter: @BarryKnapp * Podcast Not intended as investment advice.
49 min
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