 |
|
Our Investment Management Team has written a number of White Papers touching on timely investment topics and describing Cornerstone's investment approach. Click on the white paper of interest to download the file in PDF format.
|
|
|
 |
|
Congress Passes 2010 Tax Bill Compromise
The 2010 Tax Relief Act gives taxpayers some certainty in tax planning for the next two years, especially concerning the individual income tax rates, capital gains/dividend tax rates and the estate tax. However, the provisions are temporary and the new law pushes the ultimate fate of the Bush-era tax cuts to 2012, a presidential election year. Our tax memo summarizes the provisions of the bill, which we believe are applicable to most of our clients.
Portfolio Builder: 4th Quarter 2010
Learn how our investment team is utilizing risk factor analysis and allocation alongside asset allocation to set reasonable investment expectations and proactively address and manage the risks and opportunities for our clients.
Portfolio Builder: 3rd Quarter 2010
The prospect of higher interest rates, potential inflationary pressures and heightened uncertainties about the creditworthiness of municipalities and sovereign states may be creating some concern among those investors who depend on bond investments for regular income. Learn more about the role of bonds in a diversified portfolio, and how Cornerstone is proactively addressing the uncertainties, risks, and opportunities for our clients in today's economic landscape.
Portfolio Builder: 2nd Quarter 2010
This paper discusses some of the key modifications we have made to client portfolios in order to improve its ability to respond to the turbulent periods that we expect to confront in the future, improve its position in relation to major macro-economic shifts, and improve its flexibility to take advantage of opportunities created during periods of heighted uncertainty.
Cornerstone's Public Equity Investing Approach
To help clients achieve their long-term financial objectives, Cornerstone often recommends that U.S. and international public equity be part of their portfolio. Cornerstone’s unique, risk-controlled public equity investing approach manages risk while delivering the potential for index-beating returns.
Impact of FAS 157 for Investors
In the wake of the most serious financial crisis in the United States since the Great Depression, much has
been written about the requirement that companies write-down financial and other non-publicly traded
investment assets to extraordinary levels. FAS 157 is the accounting pronouncement that established the
rules to determine if a write-down is necessary. The purpose of this White Paper is to provide some
background on what FAS 157 is and what it was designed to do, as well as to shed some light on its impact to
investors. |
|
|
 |
|
Portfolio Builder: 3rd Quarter 2011
There is no doubt that fresh waves of concerns over the health of the global economy have ushered in a rise in market volatility over the past several months. Many of these concerns are not new; rather they are issues and uncertainties that have persisted throughout the economic rebound of the past few years and are likely to persist for some time to come. The implications of this reality are many, including continued elevated market volatility and a lack of economic and political clarity. This whitepaper addresses the issue of durable portfolio construction and management during periods of extended market volatility.
Portfolio Builder: 2nd Quarter 2011
In the Spring of 2009, at the trough of the global market sell-off, Cornerstone introduced a new complementary asset class to client portfolios designed to perform well in reflationary and inflationary environments. This mix of assets was labeled Real Assets with a target total portfolio weight of six percent. Included in the allocation were diversified commodities, energy transmission, and inflation protected bonds. This white paper addresses the potential risks and opportunities for those clients who are invested in this asset class.
Portfolio Builder: 1st Quarter 2011
At Cornerstone, alternative investments have been recognized both for their usefulness as portfolio diversifiers and as drivers of return potential for more than 20 years. But to be a successful investor in alternative investments, a distinctive approach is required for not only risk management and manager selection, but also operational review and monitoring versus traditional asset class selection.
To be sure, alternatives are not for everyone, as this asset class tends to be more complex and illiquid than stocks and bonds and requires long holding periods and careful planning for other sources of cash and current cash flow. This white paper addresses manages these risks and opportunities for those of our clients who are invested in these non-traditional asset classes and strategies.
Got a Financial Plan? Don't Get Caught Barefoot When Life Happens
There is an old saying that cobbler’s
children have no shoes. Don’t put yourself and your family at risk by having everything in place for your business’success yet no emergency reserves, retirement plan, adequate insurance protection, or current estate plan. Use the outlined action plan to begin tackling these important issues and set dates for completion. Then set up an annual review, so that when “life happens,” you aren’t caught barefoot. This article first appeared in Vol. 12, No. 3 of Enterprising Women magazine (www.enterprisingwomen.com) and is being reprinted with permission from the publisher. All rights reserved.
Private Equity: 2011 Investing Opportunities
Private equity firms focus on non-public company investments. Because private equity asset class has historically delivered volatile performance, many advisors believe it is appropriate only for aggressive investors. At Cornerstone, however, we believe our prudent, risk-aware approach enables many investors to allocate a portion of their portfolio to this asset class. We seek to capture private equity’s return potential while, at the same time, manage the portfolio risk.
Commercial Real Estate: 2010 Investing Opportunities
As the US stock market recovers from the “Great Recession,” investors in commercial real estate
(CRE) are experiencing a severe and historic downturn in the pricing of assets. Although market
conditions continue to be extremely challenging, the CRE environment is beginning to open great
opportunity for new capital. As Warren Buffett said, “Price is what you pay. Value is what you get.”
The discounted prices for CRE assets are creating significant opportunities. As it is with other capital
markets, many CRE investors will wait for clear signs of a recovery, however it is important focus on
value, as a “bottom” is only clearly evident in hindsight.
Investing as a Fiduciary 101: What Every Board Member Should Know
As an Executive Director or member of the governing Board of Directors for a nonprofit organization, you automatically exercise authority or hold control over the management, administration or disposition of assets for which someone else is the beneficiary. While you likely joined the Board because you are personally supportive of its mission, this article highlights the issues and helps you to understand how you can better manage your investment responsibilities as a fiduciary of the organization.
Cornerstone's Municipal Bond Investing Approach
Many advisors suggest passive approaches to managing municipal bond investments. However, Cornerstone believes that active, quality institutional management is superior. This paper seeks to describe our rationale. |
|
|
|
|
|
|
