Marc A. LeFebvre, CFA

If your school's finance committee is still using CPI as its primary inflation benchmark, this piece is worth sharing with them. The 2025 CSIS Viewpoint on inflation walks through why HEPI — which tracks the actual cost drivers for educational institutions — often tells a different story than the headline number. The gap between operating expenses and net tuition is real, and it's growing. Helpful framing for budget season. #IndependentSchools #CommonfundInstitute #SchoolFinance #NBOA

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What happens to inflation and growth when global chokepoints seize up? J.P. Morgan Wealth Management Global Investment Strategists discuss how global fragmentation can transmit shocks fast. Learn more in our 2026 Mid-Year Outlook: https://lnkd.in/gQQw2xcg

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With rates likely heading lower, how should investors think about reinvestment risk? Carter Griffin, Global Investment Strategist, explains more in today’s Top Market Takeaways. https://bit.ly/4mTN1OC

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Like them or loathe them, continuation vehicles, or "GP led" secondaries, are becoming a permanent fixture of the private funds market. Given the baked-in conflicts in these "sell to yourself" deals, it is critical investors understand what they are getting into. But this often means combing through hundreds of pages of briefing memos, LPAs and structure diagrams. A few of our clients asked us if AI could help, and yes was the answer! Send us the pile and we can extract the key data, presenting it in a beautiful UI, ready to discuss any points of concern and move forward. And yes, this whole post is just an excuse for more video fun with Veo 3. I still can't believe we get to play with this.

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The latest fact sheet for the Clough Select Equity ETF (NYSE: $CBSE) is now available. The attached document includes portfolio information, holdings, and performance data as of the most recent month-end. Please read our disclosures and a prospectus at www.cloughcapital.com/etfs before investing. The Clough Capital ETFs are distributed by Paralel Distributors, LLC. Paralel Distributors, LLC and Clough Capital Partners L.P. are not affiliated.

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Great research piece here again from Cerulli. I really like this graphic. In my opinion, when trends truly take off in asset management, it’s because the end clients of an advisor get a real benefit and someone is willing to take the risk of being early. Defined outcome ETFs are a great example of that right now. They’ve opened the door to accessing interesting derivative exposures in a structure that’s more liquid, more accessible, and often more sensible for end investors than the legacy products they compete with. They’re also lowering fees for clients, regardless of how the old guard of brokerage incentives operate in the industry. At Modelist, we like the careful use of defined outcome ETFs inside of models as long as they’re positioned correctly and fully understood. That sometimes means looking past the marketing appeal to evaluate what the product is actually delivering. It’ll be interesting to see whether this space grows at the pace Cerulli projects in the paper (over 6x). If so, we’re still early.

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There is a lot to be said on the topics of impact investing, socially responsible investing, and regenerative finance. An article from the University of Rochester, shared by Matt Johns, who is also the author of the Purpose Driven Capital podcast and the book by the same name, discusses how impact investing can sometimes backfire. It sheds light on the adjustments we might need to make in our approach. https://lnkd.in/gDAWq2dN #UniversityofRochester #MattJohns #PurposeDrivenCapital #RegenerativeFinance #WorldFoodBank #ImpactInvesting

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Fiduciary considerations before adding alternative investments to defined contribution plans. https://lnkd.in/gEMKFSxK #GFOA #DCALTA #NAGDCA #NAST #SPARK #retirement #alternativeinvestments #privateequity #privatecredit #hedgefunds #realestate #NREIT #DCplans #401k #457 #403b #pensions #investments #fiduciary

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Endowment campaigns can be game-changers for organizations—but only if the timing, structure, and community alignment are right. Check out this new article for the 2025 summer issue of HaYidion: The Prizmah Journal. Thank you Amy Schiffman of Evolve Giving Group for inviting me to help you outline the seven essential conditions that schools should evaluate before launching an endowment effort. We also unpack: - What makes endowment campaigns different from annual or capital campaigns? - How else can leaders thoughtfully approach long-term sustainability? Read the full article here:  https://lnkd.in/gunMj9FU #Endowments #EndowmentStrategy #SchoolSustainability #StrategicPlanning

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Most Advisors don’t have an investment problem. They have a time and scale problem. The investment toolkit has expanded: • ETFs, direct indexing, alternatives • Custom portfolios at scale • Tax-aware strategies But more options haven’t simplified the job; they’ve made it more complex. In this conversation with Shannon Spotswood and Patrick Shaddow, we get into a more important shift: ➡️ Moving from product selection → portfolio architecture ➡️ Using institutional infrastructure without giving up control ➡️ Designing portfolios that scale with the business Because the real question isn’t: “What should I invest in?” It’s: “How should my portfolio process support growth, client experience, and enterprise value?” That’s where most Advisors get stuck. And it’s where better infrastructure creates real lift. If you’re thinking about how to scale without adding operational drag, this is worth your time. 🎧 Listen to the full episode. https://lnkd.in/ejzSZmV9

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During my time on the Adjusted For Risk podcast, Ryan Nauman and I talked about something I think our industry sometimes forgets: many of the tools we rely on (style boxes, factor tilts, Sharpe ratios, etc.) are great for organizing investments, but they’re not necessarily a philosophy for building portfolios for real people. When you’re constructing portfolios for individuals, I think the better starting point is simpler: what problem is this portfolio meant to solve? For most clients, that problem evolves over time — growing assets, protecting them, and eventually spending them. And as that objective changes, so does the definition of risk. Volatility may dominate the conversation early on. Near retirement, drawdowns and sequence risk matter far more. In retirement, the big risk isn’t standard deviation... it’s running out of money. Advisors play a critical role here. The value isn’t just in portfolio construction. It’s in translating a complex investment world into something clients can understand and have confidence in. Appreciate Ryan Nauman and the Zephyr team for the thoughtful conversation: https://lnkd.in/eVYKDrMw

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Behavioral finance series – Part 5 – Disposition effect and mental accounting The disposition effect and mental accounting are not abstract academic concepts. They are practical forces that shape everyday investment decisions. https://lnkd.in/dsBMs9aw 

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An Excerpt from today's Equity Leaders Weekly Report: The methods used by leading advisors within the SIACharts ecosystem consistently reflect a level of discipline that sets them apart. This goes far beyond portfolio construction. Strength is routinely identified. Sector exposure is adjusted with intent. Laggards are rotated out, not on instinct but with clarity and precision. Zone alerts are set to help detect downside risk early. Every trade and every rebalance is documented with Know Your Product rationale so that compliance is upheld and transparency is never in question. It’s not about reacting. It’s about anticipating. And it’s not just about performance. It’s about process. The advisors who lean into this structure most fully are often the ones who earn the most trust. Not by asking for it, but by building an experience that clients talk about. One that’s evidence driven, repeatable, and tailored to meet the moment. This is the difference SIACharts makes. It’s not just about navigating markets. It’s about leading clients through them. Access a one-week free trial here: https://lnkd.in/g8hPmPy3

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Today’s CPI report and the recent downward revision to jobs data send a clear signal: the Federal Reserve will almost certainly cut rates this fall. Shelter inflation, the largest component of CPI, is finally slowing, while AI-driven productivity gains are boosting corporate profits, especially in tech. With inflation easing, a moderating labor market, and rate cuts on the horizon in September, October, and December, conditions are aligning for a strong year-end market rally that could extend into 2026. Read my latest Forbes column on why the Fed has little choice but to act, and what it means for investors. https://lnkd.in/eM6a_rPN

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Endowment campaigns can be game-changers for independent schools (among other types of organizations)—but only if the timing, structure, and community alignment are right. In this new article for the 2025 summer issue of HaYidion: The Prizmah Journal, Amy Schiffman and Clare Golla outline the seven essential conditions that schools should evaluate before launching an endowment effort. We also unpack: - What makes endowment campaigns different from annual or capital campaigns? - How else can leaders thoughtfully approach long-term sustainability? Read the full article here: https://lnkd.in/eAXM68vn #Endowments #EndowmentStrategy #SchoolSustainability #StrategicPlanning

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