The content contained herein is purely for informational purposes and is neither an offer to sell nor a solicitation of an offer to purchase any securities. Such an offer will only be made to pre-qualified investors by means of a confidential private placement memorandum and related subscription documents.
Tom Cowhey, Hirtle Callaghan's Chief Strategist, often publishes reasearch relevant to current market trends and issues. His most recent research discusses how in the near term, macro factors are once again dominating the investment markets and psyche. In environments like these, it is easy to draw all sorts of conclusions from graphical and analytical interpretation of data. It is also just as easy to be misled, intentionally/unintentionally, by poorly specified or spurious relationships in the data.
At Hirtle Callaghan, we feel that valuation is a better tool for assessing the future return potential of an investment because current prices incorporate all that is "known" about the relationship between an investment and other variables.
Read Tom Cowhey's complete research article here.