There’s a great deal of confusion over cash, enhanced cash & investment grade funds. Let’s clarify the purpose & underlying securities of each type of fund.
The US high yield market has grown larger and riskier since the financial crisis. More debt, of lower quality, with weaker covenants means the coming downturn will be bigger, longer and uglier.
The old saying that history doesn’t repeat but often rhymes sums up the fervour surrounding cryptocurrencies and blockchain.
With so many fund managers overcharging and underperforming it’s no surprise that there’s a trend towards internalising funds management. However, Harvard’s experience shows that internalising is far easier said than done.