History & Geopolitics
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When Tariffs Hit: Stocks, Bonds, and Volatility
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It’s been only a little more than a month since the US Presidential election, and already analysts’ heads are spinning over the potential ...

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A Guide for Investment Analysts: Toward a Longer View of US Financial Markets
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Understanding the historical context of financial markets is crucial for investment professionals seeking to make informed decisions in ...

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Editor’s Picks: Top 3 Book Reviews of 2024 and a Sneak Peek at 2025
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The brief descriptions below are of my three favorites among the book reviews published in 2024 in Enterprising Investor. Throughout the year, ...

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Top 10 Posts from 2024: Private Markets, Stocks for the Long Run, Cap Rates, and Howard Marks
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Asset owners have dramatically increased their allocations to private markets over the past two decades, driven largely by a mistaken ...

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When the Equity Premium Fades, Alpha Shines
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For more than a century, the equity risk premium (ERP) — the excess return from stocks over bonds or cash — has been the backbone of ...

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A Guide for Investment Analysts: The Prehistory of the US Markets
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Before the Civil War, the US financial markets operated in a world far removed from today’s fast-paced trading floors. Auctions were held only ...

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How Tariffs and Geopolitics Are Shaping the 2025 Global Economic Outlook
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As the second quarter of 2025 approaches, the global economy advances with a mixture of resilience and unease. Though inflation is easing and ...

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Investing Through Uncertainty: 5 Lessons in Emotional Discipline
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In times of geopolitical tension, market volatility, and economic uncertainty, emotions can become a hidden liability for investors. The ...

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Europe Rearms: What Defense Spending Means for Markets
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Europe is rearming at an unprecedented pace — and the investment implications are just beginning to unfold. After decades of post–Cold War ...

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Big Funds, Small Gains: Rethinking the Endowment Playbook
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Despite posting a 9.6% return in fiscal 2024, large US college and university endowments once again fell short of market benchmarks — by a ...

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Book Review: The Making of Modern Corporate Finance
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The Making of Modern Corporate Finance. 2025. Donald H. Chew, Jr. Columbia University Press, Available February 2025. Donald Chew’s ...

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Women and Finance: How Embracing Risk Can Unlock Greater Success
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Risk is an inherent part of both investing and career growth. While being cautious can protect against losses, avoiding risk altogether comes ...

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