Other Alternative Investments - Articles & White Papers
Articles and research on other alternative asset classes (those outside of mainstream alternatives). Some alternatives within this section are insurance-related, so there are a number of white papers on catastrophe bonds, reports on reinsurance securities, and securities backed by life settlements (secondary market for life insurance policies). Is volatility an asset class? This is debatable, but we have included in this section papers on volatility as an asset class or "opportunity class", including the use of short volatility to... enhance portfolio returns. Master Limited Partnerships are another, relatively new alternative asset, and our listing includes white papers on MLPs, which provide relatively high income with stable cash flows. Other exotic alternatives include institutional investment in wine and institutional investment in art, with one paper examining the characteristics of art funds and their typical investments, while another examines the history of bubbles in the art market. PwC author a report on alternative investment asset classes which considers oil and gas MLPs and insurance flavored products, among others.
The Cryptoassets Taskforce report lays out the UK’s policy and regulatory approach to cryptoassets and distributed ledger technology in financial services. It provides an overview of cryptoassets and DLT, assesses the associated risks and potential benefits, and sets out the path forward with respect to regulation in the UK…
Initial coin offerings (ICOs) are a hot topic among legislators, regulators, and financial market professionals. This report discusses the principles that the Securities and Exchange Commission (SEC) and courts use to determine whether a transaction qualifies as an offering of “securities” under the Securities Act and the…
This report does not address whether virtual currency represents a sound investment decision. Rather, it aims to provide information on virtual asset trading platforms to customers who have used, or are considering using, those platforms to transact in virtual currency.
This report has been authored in collaboration with PwC and Stanford Woods Institute for the Environment. It focuses on the application of blockchain to address pressing environmental challenges such as climate change, biodiversity loss and water scarcity. It looks at emerging applications, including those that might be the…
This 18-page report by Aon Hewitt examines the state and outlook of the global reinsurance market. It focuses on the role of alternative capital within the market, demand, disaster losses, recent regulatory changes, and more.
This paper explores how entrepreneurs can use initial coin offerings - whereby they issue crypto tokens and commit to accept only those tokens as payment for their products - to fund venture start-up costs. We show that the ICO mechanism allows entrepreneurs to generate buyer competition for the token, giving it value. We…
In this article, Matthew Beck from Grayscale examines the rise of digital assets, offering insight and commentary into how this industry has grown and the impact it has had on the hedge fund investment landscape as a whole.
Catastrophe bonds provide an efficient route for insurers and reinsurers to access the capital markets. Investors traditionally considered this asset class for its stable return profile and historically low correlation with broader financial markets. Now, cat bonds are also emerging as a socially responsible investment. For…
Sandra Ro, founder and managing partner of Vector Crypto Capital, LLC, discusses answers to the following questions: What are crypto-assets and cryptocurrencies? What are the investment and trading implications of this new asset class? What are initial coin offerings (ICOs), and what impact do they have on traditional…
Cryptocurrencies are often thought to operate out of the reach of national regulation, but in fact their valuations, transaction volumes and user bases react substantially to news about regulatory actions. This report by the Bank for International Settlements assesses whether and how regulatory actions and communications…
This paper develops a nuanced approach that distinguishes between three archetypes of tokens: currency, investment, and utility tokens. It analyzes the differential implications of each of these types, and their hybrid forms, for EU securities regulation.
Crypto-assets, such as bitcoin and ether, reached an estimated total market capitalisation of $830 billion on 8 January 2018, before falling sharply in subsequent months. These markets remain small compared to the global financial system, and crypto-assets are not yet widely used for financial transactions, but markets are…
This is the third installment in the Cryptocurrencies series. It explores the structure, investment potential, and risks associated with initial coin offerings (ICOs). Previous editions covered the rise of decentralized money and the inner workings of blockchain technology.
Like death and taxes, natural disasters are unavoidable. Of course, of first and foremost importance when disaster strikes is the health and safety of those directly affected. In terms of investment risk, MFS strategists believe that careful bond selection and quantitative tools can help to mitigate any impact on muni bond…
As Canada ends the prohibition of recreational marijuana, our projections indicate a continuing black market and shortages of legal marijuana supply that will result in forgone tax revenues in the first year of legalization.
Pump-and-dump schemes (P&Ds) are pervasive in the cryptocurrency market. We study these events using trade-by-trade data and a sample of P&Ds with precisely identified starting times. We find that P&Ds lead to short-term cryptocurrency bubbles featuring dramatic increases in prices, volume, and volatility. Prices…
Now in our second decade of championing stewardship through ESG engagement and corporate responsibility, Pantheon is delighted to showcase our new interactive insights into these important areas of our daily life. “Investing Responsibly Today for a Sustainable Tomorrow” profiles the steps we take across our firm to achieve…
The Bank for International Settlements has attributed the volatility of the price of Bitcoin and other cryptocurrencies to the lack of a crypto central bank. This column examines the implications of this and the increasing, but bounded, supply of Bitcoin for the cryptocurrency’s price. It also discusses how the price of…
Cryptocurrencies are often thought to operate out of the reach of national regulation. This column argues that in fact their valuations, transaction volumes, and user bases react substantially to news about regulatory actions. Because they rely on regulated financial institutions to operate and markets are (still) segmented…
