Search for Less Competitive Games

The Bifurcation Economy (h/t)

The 40 Year Super Cycle — Declining Interest Rates

Source: CapitalIQ as of 7/1/2020
Sources: CapitalIQ as of 7/1/2020 & www.capinv.com/rule-of-20/ (1980–2000)
Sources: Kaplan & Stein (1993), Acharya, Franks, & Servaes (2007), MS Equity Research, Bain Global PE Reports

The Rise of Indexation

Source: Morningstar via https://361capital.com/blog-posts/factor-valuation-and-passive-investing/
Source: CapitalIQ as of 7/1/2020

Changing Markets Create Opportunity

Publicly Traded Alternatives (PTAs)

(See the appendix for additional detail on these opportunities)

Edge — Stay Small, Think Long, Be Flexible

Appendix — Examples of Publicly Traded Alternatives

Investor

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