TIME TO RETHINK CUSTODY SERVICES?

2024 | DECEMBER

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Crewcial Partners offers expert guidance on whether non-profits need custodians. Explore the benefits, costs, and alternatives to make informed financial decisions. Learn when custodians add value and when they might be an unnecessary expense for your organization’s unique needs and goals.  

TUOKPE AJUYA

2024 | EPISODE 004

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Conventional wisdom in the financial sector suggests a compromise exists between above-market returns and impact. We aspire for more. In this series, we speak to fiduciaries at the vanguard, who refuse to compromise between these two objectives, innovatively pursuing top-quartile performance inclusive of their unique missions.  

THE ILLUSION OF CERTAINTY

2024 | DECEMBER

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In a world where market confidence reigns, the allure of certainty can blind investors to hidden risks. This article explores the dangers of overconfidence, the cyclical nature of markets, and the importance of embracing uncertainty as a strength in navigating the complex landscape of investment opportunities.

WHAT IS TIER LIST RANKING?

2024 | DECEMBER

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A Tier List is a structured ranking system that can be used to categorize investments, strategies, or assets based on predefined criteria such as risk, return potential, and alignment with organizational goals. By visually organizing options into tiers, these lists can support informed decision-making by abbreviating longer form reporting into more readily digestible bites, enhancing clarity in investment discussions, and enabling investment committees to prioritize resources effectively in pursuit of their mission-driven objectives.

MAYHEM AS OPPORTUNITY

2024 | NOVEMBER

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With markets in flux and large price movements making headlines, it’s natural to feel some trepidation about what lies ahead. Yet, as we often remind ourselves, mayhem in the markets isn’t something to fear—it’s an ally for disciplined investors like us.

EASING OFF THE BRAKES

2024 | Q3

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Our recap of the global trends that drove markets through Q3 of 2024.

THE LAST WATCH : THE FALL OF ROME & THE DECLINE OF THE MAGNIFICENT SEVEN

2024 | Q3

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As Alaric’s Visigoths approach Rome, history echoes in today’s tech giants—the “Magnificent Seven.” Once unassailable, these companies face internal decay and external pressures reminiscent of Rome’s fall. Yet, like Byzantium, a few among them might endure by adapting, focusing on core strengths, and paving the way for new innovators.

CHINA'S BIG BET

2024 | NOVEMBER

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China’s recent stimulus aims to rejuvenate its economy, but lasting recovery depends on real economic benefits rather than mere sentiment. This blog examines the impact of these measures on Chinese equities and the broader emerging markets landscape.

(UN)CLEAR & PRESENT DANGERS

2024 | Q3

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In an era of soaring asset prices and concentrated market gains, non-profit institutional investors face critical challenges. While geopolitical tensions and fiscal policies dominate headlines, subtler threats like inflation and monetary tightening loom large. Crewcial Partners advocates for diversification and active management to safeguard endowments and seize under-appreciated opportunities. 

NAVIGATING THE CHANGING LANDSCAPE OF COMMERCIAL REAL ESTATE

2024 | SEPTEMBER

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As interest rates rise and post-pandemic challenges persist, the commercial real estate market faces a pivotal recalibration. From refinancing hurdles to evolving office space demands, sectors are adapting differently. Strategic investors who navigate these shifts with agility stand to seize emerging opportunities in this dynamic landscape.

COMMERCIAL REAL ESTATE PRIMER

2024 | SEPTEMBER

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Explore the diverse strategies in commercial real estate investment, from opportunistic to core approaches. This blog delves into how these strategies generate returns through property enhancements, occupancy increases, and operational efficiencies, guiding investors in navigating risks and maximizing potential in various market sectors.

INTEREST RATE CUTS BOTH WAYS

2024 | SEPTEMBER

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The Federal Reserve’s recent decision to cut rates marks a significant turning point in the US monetary policy landscape. At Crewcial, we see the potential risks outweighing the short-term benefits, particularly for non-profit investors.

THE GROWTH TRAP

2024 | SEPTEMBER

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In recent years, the dominance of major technology companies has been a point of both fascination and concern. However, as such firms reach maturity, maintaining the same level of exponential growth becomes not just difficult, but impossible.

CHAS BURKHART

2024 | EPISODE 003

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Conventional wisdom in the financial sector suggests a compromise exists between above-market returns and impact. We aspire for more. In this series, we speak to fiduciaries at the vanguard, who refuse to compromise between these two objectives, innovatively pursuing top-quartile performance inclusive of their unique missions.  

NAVIGATING STYLE DRIFT

2024 | AUGUST

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One of the most important attributes of a responsible investment manager is consistency. Any deviation can have significant implications, requiring careful monitoring by investment consultants to ensure alignment with client objectives.

UNCOVERING A MONEY MANAGER'S COMPETITIVE EDGE

2024 | AUGUST

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In the world of investing, much like in the NBA, a manager needs more than just a sound strategy; success

WHAT VALUE DO GPs BRING?

2024 | AUGUST

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Operational value creation is becoming more important as deal structuring commoditizes. It’s up to LPs and their trusted advisors to identify GPs with the talent and resilience for consistent success amid shifting cycles and marketing opportunism.

BAIN CAPITAL VENTURE'S MATT HARRIS

2024 | EPISODE 002

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Conventional wisdom in the financial sector suggests a compromise exists between above-market returns and impact. We aspire for more. In this series, we speak to fiduciaries at the vanguard, who refuse to compromise between these two objectives, innovatively pursuing top-quartile performance inclusive of their unique missions.  

HEY, WHERE'S MY RECESSION?

2024 | AUGUST

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For decades, the yield curve has been one of the most reliable economic indicators, but its predictive power may be shifting in today's ever-more-complex financial landscape.

HOLDING STEADY

2024 | Q2 

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Our in-depth analysis of the global trends that drove markets through Q2 2024.

ENDGAME?

2024 | Q2 

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If machines have surpassed humans in chess, they should be able to handily outperform us in the nominally numbers-driven arena of investing, right?

LATE EXPECTATIONS

2024 | Q2

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The first half of 2024 brought more of the same, as price and earnings momentum continue to drive gains for a small number of dominant businesses that vastly exceed those of virtually everything else across the broader market.

CHECK TIRE PRESSURE

2024 | JUNE

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Building confidence (and repeat business) comes down to reputation and the right incentive model. A similar process is inherent to developing and maintaining confidence in an investment manager.

DIVESTMENT OR BUST

2024 | JUNE

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The world is far more complicated than the marquee news, and knowing the right move is sometimes not as clear cut as it may seem.

WHO CRIES OVER SPILLED TEA?

2024 | JUNE

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Learn how the National Labor Relations Board’s (NLRB) recent decision on the enforceability of the non-disparagement clause impacts the workforce, particularly a workforce supportive of inclusion.

IS PAST PROLOGUE?

2024 | JUNE

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As investors, we’re all familiar with the standard disclosure "past performance is not indicative of future results". But it begs the question, Why are so many allocators driven by track record?

LET MY PEOPLE GO : THE TRAP OF NONCOMPETES

2024 | MAY

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Dive into the FTC's revolutionary ban on noncompetes, its implications on worker mobility, wage growth, and how it empowers the BIPOC community.

CLIMBING HIGHER

2024 | Q1 

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US economic growth remained on solid footing during the first quarter.  Increases in real wages and year-over-year downward trends in inflation rates helped the economy overcome tighter credit conditions and a drop in excess savings.  However, questions about inflation’s longer-term levels persisted through the quarter.

CRISIS NEGOTIATION

2024 | Q1 

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Crisis is never good when you least expect it. It implies panic and unpredictability, an undermining of well-laid plans. However, it is a steadfast companion to all human endeavor.

CRISIS NEGOTIATION SERIES | 4 OF 4

2024 | APRIL

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CRISIS ACTORS: Crewcial Investment Team; Approved Emerging Markets Manager

ISSUE: Investing through a geopolitical crisis

GOAL: Achieving favorable downside protection

CRISIS NEGOTIATION SERIES | 3 OF 4

2024 | APRIL

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CRISIS ACTORS: Crewcial Investment Team; Approved Venture Capital Manager

ISSUE: Client and manager alignment

GOAL: Sufficient internal capital commitment

CRISIS NEGOTIATION SERIES | 2 OF 4

2024 | APRIL

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CRISIS ACTORS: Crewcial Investment Team; Approved Value-Biased Managers

ISSUE: Extended unfavorable market (COVID-19)

GOAL: Renew conviction in long-term expectations

CRISIS NEGOTIATION SERIES | 1 OF 4

2024 | APRIL

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CRISIS ACTORS: Crewcial Consultants; Community Foundation Investment Committee

ISSUE: Poor performance from an out-of-favor investment manager

GOAL: Re-shifting and re-affirming committee thinking towards long-term outcomes

COMPLACENCY

2024 | Q1 

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Despite the clearly negative connotation, the word does not generally strike overt fear into those who hear it—therein lies its true power, as it is among the most dangerous of the behavioral tendencies that lead to poor/mediocre long-term outcomes.

NACUBO ENDOWMENT LEADERSHIP SERIES ON SPENDING CONSIDERATIONS

2024 | APRIL

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In anticipation of our online NACUBO Endowment Leadership Series on Endowment Spending Considerations, Crewcial consultants (and session hosts) Charlie Georgalas and James Bell sat down to provide an overview of how to consider this nuanced topic more effectively.

WHEN ANDROIDS DREAM OF ELECTRIC BLACK SHEEP

2024 | FEBRUARY

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Representation matters. While this phrase has been bandied about so often recently as to be rendered almost a cliché, it nonetheless retains its intrinsic worth and basic truth. Many reading are of course aware of the recent controversy surrounding Google and its Gemini AI program.

CELEBRATING BLACK HISTORY MONTH

2024 | FEBRUARY

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In honor of Black History Month, we’d like to focus on two pressing truths in our industry. One truth is that Black professionals face numerous systemic and institutional barriers to success and advancement.  A second and less often discussed truth is...

MASTRY'S RUDY CLINE THOMAS

2024 | EPISODE 001

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Conventional wisdom in the financial sector suggests a compromise exists between above-market returns and impact. We aspire for more. In this series, we speak to fiduciaries at the vanguard, who refuse to compromise between these two objectives, innovatively pursuing top-quartile performance inclusive of their unique missions.  

LANDING

2023 | Q4 

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The recession forecasted by economists in late 2022 failed to materialize in 2023, as the US economy, carried by a resilient consumer sector, overcame a remarkable number of macroeconomic headwinds. The US ended the year in the remarkable position... 

CONTAINED

2023 | Q1 

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On March 10, 2023, Silicon Valley Bank (SVB) was closed by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation was named receiver. This was quickly followed by the closure of New York-based...

NATURAL CAPITAL : THE ULTIMATE ASSET CLASS

2023 | Q4 

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As defined by the Scottish Wildlife Trust, “Natural capital can be defined as the world’s stocks of natural assets which include geology [metal and minerals], soil, air, water, and all living things. It is from this natural capital that humans derive...

OPTIMISM, PESSIMISM, AND FUTURE RETURNS

2023 | Q4 

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The dominance of the Magnificent Seven has been well documented, although it is interesting to observe the degree to which a strong year-end advance left many areas with solid gains for the year.  Nevertheless, 2023 in many respects mirrored the trends of the last decade.

2023 AT A GLANCE

2023 | JANUARY

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With 2023 freshly wrapped up, it's a natural time for introspection—a moment to assess achievements, lessons learned, and the roads both traveled and left untread. In that spirit, I sat with Crewcial's Investment Committee Chair, Jonathan Goldberg, for a year-end review of successes, surprises, and lessons learned.

MANAGER DIVERSITY REPORT

2023 | Q3

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Crewcial’s search for talented investment managers and internal staff is informed by the belief that variant perception is the secret to investment success and that intellectual capital is abundant and evenly distributed across global populations.

ADJUSTING EXPECTATIONS

2023 | Q3 

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The US economy continued to show resilience, pushing through a wide variety of headwinds, including higher interest rates, geopolitics, and slowing global growth. Although financial 10% markets declined as investors adjusted their expectations for...

ONE MAN'S SHOVEL

2023 | Q3 

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You’re stuck at the bottom of a pit. Never mind how you got here. It’s currently sheltered from the sun and the three-day forecast doesn’t call for a storm, so the situation isn’t existentially threatening, at least not yet. In fact, it’s dry and...

FIGHT OR FLIGHT

2023 | MARCH 

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Generally speaking, only time and the relative calm between major crises allow us to gain a reasonable sense of the truth. Currently, in assessing the recent market environment, the answer will take a little longer to be revealed due to the SVB Financial...

DEMYSTIFYING LONG-TERM INVESTING

2023 | OCTOBER 

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In the realm of finance, success often lies in simplicity, yet navigating the ever-evolving investment climate requires more than just a basic roadmap. However, adhering to certain key elements can propel you towards financial success.

WHY BOTHER...INVESTING IN ASIA?

2023 | OCTOBER 

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In a world of ever-growing complexity defined by geopolitical tension, does looking further afield to Asia for investment opportunities make sense?

HALF EMPTY OR HALF FULL

2023 | Q2 

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It has been over a year since the Federal Reserve (the Fed) made its historic shift from Quantitative Easing (QE) to Quantitative Tightening (QT), yet the recession highly anticipated by pundits has yet to take hold in the US. Economic growth was...

BRACE FOR IMPACT

2023 | Q2 

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Through history, human progress and stagnation have been the twin results of our striving to simply survive in the face of both expected and unexpected perils. But beyond simply making it from one day to the next, what does it mean to persevere—more...

DEFINING YOUR DOUBLE BOTTOM LINE: PHILANTHROPY AND THE INVESTMENT LANDSCAPE

2023 | MAY 

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Philanthropy, from the Greek philanthrōpia, meaning “love of humankind, especially as evinced in deeds of practical beneficence and work for the good of others,” today describes the myriad ways in which organizations help others, primarily expressed...

WHEN ANDROIDS DREAM OF ELECTRIC SHEEP

2023 | Q1 

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The ability to assimilate and optimize newer technologies and approaches to innovation define the ultimate winners and losers across all broader economic cycles. Those who do not adapt are left behind, period. This has been true of every market from...

ACCOUNTABILITY

2023 | JANUARY 

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The shift in market conditions underway is not surprising—cyclicality, valuation, and the dangers of popularity and overconfidence are well-documented forces only ignored at one's peril. As we've discussed with our clients countless times, the problem...

MORE QUESTIONS

2022 | Q4 

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Global equity markets recovered some ground during the fourth quarter with the S&P 500, MSCI EAFE and MSCI Emerging indices posting gains of 7.6%, 17.3%, and 9.7%, respectively. However, they still ended the year in negative territory with declines of...

PERCEPTION

2022 | Q4 

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Perception makes us who and what we are. It shapes ideas and beliefs, influencing every facet of our lives, impacting both logic and reason. It is a way of seeing, interpreting, and acting on the information and facts that comprise our world.

UNITED STATES

2022 | Q3 

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The overall US economic picture remained mixed. ISM manufacturing and service sector PMIs remained in expansionary territory,
showing resiliency in the face of climbing costs. In retail, US consumers continued to shop as wage gains and savings overcame...

F/OMO

2022 | Q3

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ARE RISING RATES A CERTAINTY?

2022 | AUGUST 

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Most research supports the argument that, for developed and open economies, actual and expected rates of inflation primarily determine the level and change in interest rates. This argument intuitively makes sense, as the real growth rate, which is inextricably...

CLOUDY OUTLOOK

2022 | Q2

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Global equity markets sold off during the second quarter, with the S&P 500, MSCI EAFE, and MSCI Emerging indices posting declines of 16%, 14.5%, and 11.5%, respectively. Equities and bonds experienced their worst first half of the year since the 1970s...

IT'S WAITING THERE FOR YOU

2022 | Q2 

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When considering an investment focused on this one particular region of the world, it’s impossible to ignore the risk it brings today, not to mention the risks observed over the years. While identified as an area of great progress and achievement...

CONFLUENCE OF RISKS

2022 | Q1 

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Global-equity markets sold off during the first quarter with the S&P 500, MSCI EAFE, and MSCI Emerging indices posting declines of 4.6%, 5.9%, and 7.0%, respectively. A confluence of risks, including war, global supply chain disruptions, pandemic-related...

LINGUA FRANCA

2022 | Q1 

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Humans, it is argued, became the dominant species on earth because of our superior capacity for language, which allowed us to socialize and, more importantly, cooperate. As tribes fanned out and societies grew increasingly multi-cultural, language...

MANAGER DIVERSITY REPORT

2022 | Q1

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The most compelling outcomes are achieved by investors with long time horizons, an in-depth understanding of their portfolio companies, and a perspective that varies from that of other market participants. The last of these is often overlooked but is no less significant.