Selected Publications

Publication Type:

Capital Ideas - Innovation is the New Moat

May 2021

The trajectory of innovation today provides a boundless basis for a new generation of discoveries that will support higher productivity, accelerating returns on capital, compelling environmental solutions and greater wellbeing for all. Transformative innovation ecosystems will define a new era enabled by “the convergence of exponential technologies.” read more ❯

Our View

April 2021

The first quarter was remarkably uneventful compared to one year ago. Equity market returns were positive while bond markets declined. The general narrative for investors has been that global economies are poised to rebound with vaccine rollouts generally on or ahead of schedule, historically high fiscal and monetary stimulus, consumer and business confidence improving, high savings levels, and pent-up consumer demand poised to be unleashed. All of which paints a favorable environment for taking risk. read more ❯

International Series - New Providence International Investment Strategy

January 2021

At New Providence, we use a variety of investment strategies to build comprehensive portfolios for our clients. We believe that strategic asset allocation combined with astute manager selection produces the greatest investment results. With respect to international markets, we have a number of principles that guide our manager selection and portfolio construction methodology. This paper outlines the key aspects of our international investment strategy. read more ❯

Our View

January 2021

If one had spent 2020 in a news vacuum, tuning in to review equity market performance only at the conclusion of the year (Table 1), one may have assumed a good and perhaps uneventful year, although nothing could have been further from reality. 2020 was indeed unforgettable, the global coronavirus pandemic radically interrupted and influenced how the world lives, works, communicates, and interacts. read more ❯

International Series - Investing Internationally in the Coronavirus Era

October 2020

The Coronavirus crisis will eventually subside and the world will return to normalcy. How should American investors allocate capital overseas in anticipation of the post-crisis era? Our international investment universe is split between countries that managed the health crisis effectively and followed conservative financial policies, and others that suffered major disruptions to their economies and were forced to cast aside financial orthodoxy. The former are mostly in developing Asia; the latter are mostly in the developed world. read more ❯

Our View

October 2020

The global equity markets continued to generate strong returns in the third quarter, especially in Asian markets such as India and China. The continued strength has seemed counter intuitive to some investors who have strictly focused on current valuations or negative pandemic and economic news. After two very strong quarters it is also normal for investors to think about taking some profits. Certainly, there is a list of common concerns including: economic growth prospects, central bank policy, and valuations. read more ❯

Capital Ideas - Pivoting Away from Traditional Fixed Income

October 2020

U.S. fixed income has been a reliable diversifying asset since the early 1980’s when the Federal Funds Target Rate reached 20% to combat rising inflation. Now, forty years later, fixed income yields are at a generational low and will not provide investors the return and diversifying benefits previously enjoyed. The immediate implication is that the commonly utilized 70/30 or 60/40 portfolio construct has substantially more risk than it has had in decades. read more ❯

Capital Ideas - Redefining Growth and Value Investing

July 2020

Investors of capital in 2020 must proactively confront and respond to the rapid convergence of technological innovation and disruption, and its impact on the reliability of historical investment tools, assumptions and lenses employed. A recalibration of core aspects of an effective investment management approach includes redefining the essential elements of “growth” and “value”. In addition, the value of future earnings and cash flow are fundamentally impacted by interest rates and inflation which are at the lowest read more ❯

Our Views published prior to 2019 are available upon request.