White Papers

Concepts of Portfolios– A comprehensive description of the elements of what we call the 4×4 Principle, the four sources of return within an investment portfolio, and the four conceptual goals that drive the decisions of managers.  This is written as a foundational work for understanding the framework behind any investment portfolio.

The Financial World 101 – Originally written as part of a lecture for a graduate school audience at Johns Hopkins, this paper outlines the conceptual structure of the financial world and the four major classes of players (Capital Markets, Banks, Insurance Companies and Businesses).  The information has also been presented in continuing education formats for both accountants and lawyers.  It is intended to be a basic primer for those not previously familiar with the financial world, or those experienced but interested in hearing it described from another point of view.

Investing in Distressed Assets – A discussion of the special pricing dynamics and the behavioral characteristics of participants which are often found when external circumstances keep markets from operating in a “normal” or efficient manner.  Special emphasis on contrasting these elements from functioning markets, and outlining the expectations and issues that investors often face when operating in such environments.