The Bull Market in Everything – Signs of a Top?

  Public Market Update Global markets delivered positive returns during Q3 2017, with most asset classes rising in value. These results were positive for public market investors who saw balances in their accounts rising. Over the medium term, however, global market have still been rather lackluster since we warned of overvaluations in May 2014. With [...]

By | October 13th, 2017|Investment Strategy|

Lotus Club: Private Investment Update Q3-2017

Another 90 days in the books and a lot to report on! We activated another $9.0MM of client investments, including the addition of two new private LP investments. Mid-market lending with an immediate 11.1% return, and subsequent 7.77% annual cash flow. A roll-up of the waste management industry, currently paying out 8.7%, and targeting 15%+ [...]

By | September 1st, 2017|Investment Strategy, Lotus Club, Private Investments|

Public Market Musings – Mid Q3 2017 Update

Global Economy and Corporate Profits Remain Relatively Healthy Economic growth continues to be modestly healthy. While US GDP has been hovering within an anemic 0-2% growth range, a recent 3% result was posted in July (see Chart I below) Chart I - US GDP Growth Rates For Past Six Calendar Quarters Will this 3% growth [...]

By | September 1st, 2017|Investment Strategy|

Sifting for Gold Flakes in the Pan

Greetings from Switzerland I am writing this quarterly investment blog post from my family vacation in Switzerland. Every few years we take a trip back to my late-mother's homeland to reconnect with family and friends. Not to mention, the forced rest and relaxation is good for me and my crew. One huge benefit of travel [...]

By | July 12th, 2017|Investment Strategy|

Lotus Club: Private Investment Update Q2-2017 (25% GROWTH IN LAST 90 DAYS!)

Lotus Club Program Highlights (90 day progress) 73 Club Members with $0.7 billion of net worth (9 new Members) 398 total private placements (97 new placements) $40.6 million of private investments ($10.3 million added)* $9.7 million of backlog cash available for new private investments (up $0.5 million) $4.51 million of annual Club cash flow (up $1.04 million) $62K [...]

By | June 1st, 2017|Investment Strategy, Lotus Club, Private Investments|

Reluctant Investors – Could “This Time Be Different” Again?

The Fearless Public Equity Market US equity markets have continued to defy the critics, steadily climbing higher on lower and lower volatility. Every bit of bad news is routinely ignored, while good news is cheered on. Interestingly, while the bulk of investing since the 2009 bottom has been done by institutions... ...a heavy shift to [...]

By | May 31st, 2017|Investment Strategy|

A Tale of Two Markets – Red Light / Green Light

LGA is constantly evaluating the universe of investment options in both the public and private markets. We continue to see a major disparity in valuations between these two choices. We discuss this disparity below, along with our practical recommendations for clients: Public Markets (Red Light) Private Markets (Green Light) Public Markets (Red Light) We have [...]

By | April 12th, 2017|Investment Strategy|

Animal Spirits (Q1 Mid-Quarter Public Market Update)

 “The thought experiment of Adam Smith correctly takes into account the fact that people rationally pursue their economic interests. Of course they do. But this thought experiment fails to take into account the extent to which people are also guided by noneconomic motivations. And it fails to take into account the extent to which they [...]

By | March 1st, 2017|Investment Strategy|

Lotus Club: Private Investment Update Q1-2017 (Continued Exponential Growth!)

  Lotus Club Program Highlights (90 day progress) 64 Club Members with $0.65 billion of net worth (10 new Members) $30.3 million of private investments ($7.7 million added)* $9.2 million of backlog cash available for new private investments (up $0.8 million) $3.47 million of annual Club cash flow (up $0.8 million) $54K of annual cash flow per Member [...]

By | February 28th, 2017|Investment Strategy, Lotus Club, Private Investments|

The Last Pin Standing

We first began warning clients of market overvaluations nearly three years ago (May 2014). At that point, we began moving tactical clients into more defensive positioning, while reducing expectations among fully invested clients. Since that time, most asset classes have indeed declined, some massively....which we have highlighted in our quarterly blog posts since then. In this [...]

By | January 12th, 2017|Investment Strategy|