Enrique Smith

Feeling privileged to be part of legacy that has helped shape modern New York and the banking industry. This article captures the essence of our journey. Give it a read!

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Last week, I had the pleasure of participating on the CIO panel at our 7th ETF Symposium at J.P. Morgan Asset Management's NY headquarters. Key takeaways for managing multi-asset portfolios, ETFs provide: 𝗘̲fficiency to strategically access alpha and beta 𝗧̲actical opportunity to express specific views 𝗙̲lexibility to adapt to today's ever changing market conditions

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In an era of unknowns, it’s important to embrace idiosyncratic opportunities that can boost alpha, especially when it comes to fixed income. Read our team’s top seven alternative strategies for boosting alpha in a fixed income portfolio: https://ow.ly/v28R30sCc8g

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BNY Investments is proud to be an LPL ETF NTF Partner,* providing access to our suite of ETF strategies to help meet your clients’ needs and ambitions. With BNY’s ETF lineup, you can take advantage of the following: - No transaction fees - Potential diversification through differentiated index and active ETF strategies - Intraday liquidity and possible tax efficiency benefits of an ETF wrapper Click here to learn more about our ETF strategies and read important disclosures: https://bny.mn/3A9uVog *LPL ETF NTF Partner Program is not affiliated with BNY. #IndexETFs #ActiveETFs #ModelPortfolios

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Private equity-backed portfolio bankruptcies continue to surge with no sign of slowing down. Howard Gutman, private equity strategy and coverage lead for MorganFranklin Consulting, recently spoke with Regulatory Compliance Watch about how firms can manage creditor tensions and developing effective turnaround plans. Check out the full article: https://lnkd.in/eDDAj8E3

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Unique insights gleaned through a fireside chat with ArcStone CEO, Michael Astone, espousing market trends, strategic partnerships, and current transactions the firm is leading. Please see below.

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Interesting article from Douglas Appell in Pensions & Investments about the post-ZIRP, “higher for longer” interest rate environment that boils down to advocating for the pursuit of satisfactory investment outcomes that are relevant to asset owners’ actual spending needs and goals, rather than continuing the historically common practice – and expected future folly – of tethering one’s equity beta to that of an equity benchmark whose performance from today’s elevated levels is widely expected to be sluggish and insufficient to fund minimum liabilities (ie: payout rates, actuarial hurdles, spending goals, etc.).   Quoting the inimitable Ben Phillips, “In that world, the relevant benchmark becomes the client’s required cash flows.”   Fresh perspectives and new ideas are warranted. Satisfactory outcomes not benchmarks.

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Great piece authored by my Pontoro colleague, Josh Pandolfi, "Why investors should introduce infrastructure bank loans into their portfolios", was just published as the headline article in AltAssets Private Equity News. Please see the link below. https://lnkd.in/eMpREB5s

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Where does the Polen Capital team see opportunities in generative AI? Watch Dan Davidowitz break down his view on cloud service providers and where he sees potential for repeatable, recurring revenue. https://lnkd.in/egvgY6K5

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This week's highlights discuss the still-rising equity volatility according to Axioma risk models, the continued impact of the biggest US names on risk, and the reversal of the reversal of the Size factor. https://lnkd.in/eauWGNFy

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One thing I value about Meradia is that I am always learning from my colleagues. This brief article by Ryan Bond, CFA, MBA, PMP reminding us about the value of collateral management is just another example of the expertise Meradia can bring to the table. #meradia

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All areas of commerce are benefitting from data analysis, and our industry is no different. And when it comes to hard data, Henry Schwartz is among the very best. Good, punchy interview here fresh from the OIC on many hot topics in the listed options space, including the rise of the "ProTail" customer using options strategically. #Options #OptionsStrategies #Cboe #SPX #VIX #XSP #OIC #0DTE

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Barings Chairman & CEO, Mike Freno, joins the #StreamingIncome podcast to discuss recent developments in the firm’s Global Private Finance platform, the strong momentum in its public and private assets businesses, and where he and the Barings team see opportunities for growth ahead. Listen or watch now: Barings: https://ow.ly/VFYv30sCOhT Apple Podcasts: ow.ly/caQn30sCOhF Spotify: ow.ly/Qz1r30sCOhG YouTube: ow.ly/YITz30sCOhH Episode Segments: 01:51 – Recapping two strong years of growth for Barings 04:17 – Mike’s perspective on recent developments in Barings’ Global Private Finance platform 13:49 – The opportunity and growth ahead in private asset classes 17:00 – Serving PE sponsors with broad-based solutions 20:45 – The momentum in public markets from high yield to EM to CLOs 23:40 – Where public and private markets converge 27:53 – Barings’ continued focus & growth in the insurance channel 30:16 – Organic and inorganic growth opportunities ahead 34:43 – Final thoughts #Barings #InvestingTogether #PrivateCredit #DirectLending #HighYield

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I had the privilege of launching my equity investments career as an analyst at Fidelity Investments (London) supporting Anthony Bolton’s Special Situations Fund, which over 28 yrs returned almost 20% cagr vs. 14% for its benchmark. Anthony was not only an excellent investor, but a kind and patient mentor to me and dozens of others - above and beyond what was necessary or expected. This recent podcast interview is a great summary of his ‘lessons learned’ as a value investor. #valueinvesting #Fidelity #freecashflow #investmentmanagement #capitalallocation #btbs

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I was surprised to learn that the small investor is still making silly mistakes like inputting the wrong symbol for what they were buying or should I say wanted to buy. According to Rutgers University finance professors Vadim Balashov and Andrei Nikiforov, they estimate that one percent of all trades or about $3.5 billion per day are done in error. My dad used to tell me to pay attention and slow down when I was working on important tasks. Well, that’s the problem with these traders, they’re in such a rush trying to get their trades in that they don’t pay attention and either hit two keys at once or didn’t bother to check the correct symbol for what they wanted to buy. I wasn’t surprised to see that many of them don’t blame themselves. They blame the companies for having their symbols too close to others. I just love nowadays how some people want to blame everybody else for their mistakes and not take responsibility. I’m quite confident this won’t lead to companies changing their symbols to make it easier for people who lose money due to their own errors. Hopefully these traders will learn their lesson and slow down and pay attention to what they’re doing. And not just in trading, but in life in general. #investing #investors #stocks #stockmarket #finances #trading #smartinvesting #longterminvesting #investingchoices

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Congratulations to Salim Ramji, Vanguard's incoming CEO! We view Ramji's recruitment as "in line with recent trends: elevating well-rounded executives with 'multidimensional skills' in areas such as strategy and technology for the top spots at asset management firms. That’s in contrast to earlier generations of leadership, dominated by investment or sales professionals." See our recent whitepapers on skills rotation and leadership transitions (links in comments). Great reporting by Douglas Appell! #assetmanagement #leadership #recruitingtrends https://lnkd.in/eAWU2u78

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Tamarack Global closes a second Opportunity II fund at $72 million #Tamarack Global, an early-stage deeptech #VC firm based in Darien, Connecticut, and Los Angeles, has successfully closed its Opportunities II fund at $72 million. This new fund is more than twice the size of their flagship fund and brings the firm's total assets under management to over $211 million. Led by Founder and Managing Partner John McCormick, Managing Partner Jamie Lee, and General Partner Austin Bishop, Tamarack Global specializes in investing in seed and Series A companies that are advancing solutions in areas like energy transition, defense technology, the space economy, robotics and automation, AI, and more. The Opportunities II fund has already started deploying capital into notable companies such as Figure.ai, Impulse Space, CHAOS Industries, Rainmaker Technology Corporation, Rilian Technologies, Terminal, Blue Energy, Fuse Energy, and EARTH AI. The article on #VCwiretech in the first comment.

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