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Hindsight 2020

Historical analogs for 2020 asset class (and fund) performance are virtually non-existent. The speed by which many asset classes and economic activity deteriorated in the second quarter of 2020 is unprecedented. Value-at-risk models, ours included, were woefully unprepared for such a shock. It is during such Black Swan events that asset managers must be nimble, level-headed, and remain steadfast to their process in the face of fear and uncertainty.

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When the Rate Spike is Real

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