America Is Undergoing a Massive Debt-for-Equity Swap

Published on July 30, 2026

The arithmetic of doom on America’s debt and budget shortfalls has been a favorite parlor game for fiscal conservatives since 1971, when Richard Nixon removed the last constraint on federal borrowing by ending the dollar’s convertibility to gold.

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AI and Alpha: Why Technology Alone Won’t Be Enough

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Artificial intelligence is a transformative new technology, but we believe that it’s likely to follow a familiar pattern. From spreadsheets to the internet, innovations have historically given early adopters an edge—for a time. In our view, the ability to maintain that advantage depends much more on how effectively an asset manager integrates it throughout the organization.

Private Equity for Individual Investors: What the Minimums Really Mean

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Private equity has become easier than ever for individual investors to buy. Founders, executives, physicians, and business owners now regularly see private funds offered through banks, wealth platforms, feeders, evergreen vehicles, or registered interval funds. However, just because these funds are more readily available, and at lower minimums, does not mean they should immediately be invested in.