Mark J Higgins

Mark J Higgins

Almost every institutional and individual investor believes private markets offer a foolproof way to enhance returns and/or reduce portfolio risk. This is despite mounting evidence that it is unlikely to be true in the future.
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Buyer beware: 7 red flags signal a reckoning in private markets

Retail investors should approach these increasingly accessible vehicles with a clear understanding of their true purpose and risks

The paradox of speculation has existed since the very first securities were traded on Wall Street, soon after the IPO of the First Bank of the United States.
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Understanding the past to forecast the future

Three principles and three excerpts from ‘Investing in US Financial History’

Investment consultants should let go of the obsession with portfolio complexity and the quixotic quest to outwit ruthlessly efficient markets.
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The unspoken conflict of interest at the heart of investment consulting

AFTER World War II, the portfolios of US institutional investment plans began growing rapidly. As at 2021, the total assets held by...

Though the eruption of Mount Tambora took place more than 200 years ago, the resulting land price bubble holds lessons for investors today.
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The first US land bubble and lessons from the Mount Tambora eruption

The volcano caused a year without summer – and drove many speculators to ruin

A bus stop display showing the US national debt. A standoff between the Republican-controlled House of Representatives, President Joe Biden and Democratic legislators could lead to a fiscal crisis.
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US debt ceiling: A nation divided and indebted cannot stand

That a default may occur in the future is a risk that must be addressed. But a voluntary default is the financial...

Cryptomania of the 2010s and 2020s fits the historical pattern of asset bubbles quite well.
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Six stages of asset bubbles: The crypto crash

Every bubble feels unique, but there are ways investors can protect themselves from the mania

Cryptocurrencies' supposed supply constraint is key to their value proposition. But crypto technology is so easily replicated; there are now around 12,000 varieties.
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The alchemist’s paradox, central bank sovereignty and the fate of crypto

Cryptocurrencies suffer from major and insoluble problems that make it doubtful they would ever supplant fiat currencies or be used as a...

On the floor of the NYSE in September, when the DJIA dropped 400 points. Historically 7 of the 10 worst trading days in the US stock market occur in October.
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Witch of October is here: Short-term pain leads to long-term gain

Investors need to steel their nerves, rebalance their portfolios, and trust that they will be rewarded in the long term