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SPOTLIGHT ARTICLE Why Private Infrastructure Matters Now - and What's Next May 2025
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Industry Insights
Why Private Infrastructure Matters Now - and What's Next
May 2025
The evolving tariff policy has caused significant market disruption in recent weeks. As the trade war has escalated, the US dollar has weakened, which is the opposite expected impact of protectionist policy. Resetting long-established trade relationships could have unintended side effects for the US dollar and highlights the importance of global diversification in portfolios.
What’s Next for the US Dollar?
April 2025
The evolving tariff policy has caused significant market disruption in recent weeks. As the trade war has escalated, the US dollar has weakened, which is the opposite expected impact of protectionist policy. Resetting long-established trade relationships could have unintended side effects for the US dollar and highlights the importance of global diversification in portfolios.
Navigating Tariffs in 2025
March 2025

The US has a long history of using tariffs for both economic and political purposes, with complex short- and long-term effects on consumer behavior, prices and economic growth. The impact on financial markets is often immediate, as reduced earnings visibility leads to higher market volatility.

2024 Review and Market Outlook
January 2025
Equity markets surged in 2024, propelled by the Fed rate cuts, Tech/AI spending and bullish expectations for Trump 2.0. Going forward, investors must balance their “fear of missing out” with the need for adequate downside protection.
When Will Real Estate Hit Bottom?
September 2024
Exit queues grew to record highs across core real estate in the second quarter. Looking ahead, multiple indicators signal an upcoming start to market clearing activity. ACG covers the impact of these recent shifts, the early signs of a real estate thaw, and how exit queues can quickly morph into entry queues.
2024 Presidential Election – Comparing Fiscal Agendas
April 2024
With both candidates having clinched their respective primaries, the 2024 Presidential election is set as a rematch between incumbent President Joe Biden and challenger Donald Trump. Given the unusual circumstances of both having already been President, each candidate now has a track record that provides insight into what a 2nd term agenda could look like.
Is Cash King?
February 2024
The Federal Reserve raised interest rates 5.25% over the last two years - an abrupt shift from previous zero-interest policy. Yields above 5% have attracted investors to money market funds as total assets grew ~20% in 2023 to more than $6 trillion. While holding more cash may help ease investors' concerns around short-term volatility, holding too much cash may actually increase the probability that a portfolio falls short of its long-term goals and objectives.
Japan - Can the Recent Equity Rally Continue?
January 2024
Japan has been a tough market for investors - with uneven historic GDP growth, deflation and low corporate productivity. Prior government policies (Abenomics) and recent initiatives by the exchanges are starting to show tangible progress. Given the strong performance in 2023, how should investors think about Japanese stocks going forward?
Is China’s Manufacturing Dominance Coming to an End?
November 2023
Over the last few decades, China has achieved its longstanding goal of becoming the “world’s factory” with key drivers such as low labor costs and rapid supply chain infrastructure development.  However, government policy, and rising geopolitical tensions pose potential headwinds to China’s manufacturing dominance. ACG discusses what led to China’s dominance, what has changed, potential beneficiaries, unintended consequences, and investment implications.
Where's the Recession?
October 2023
Investors have been anticipating a recession for some time now, but the labor market has remained strong and investment returns have been solid. Data and history provide insight on the future of the economy and markets, but the magnitude and timing of each cycle is very difficult to predict. ACG examines some of the key themes investors should be paying attention to.
The Fourth Industrial Revolution - The New Wave of Artificial Intelligence
August 2023
Innovation and technological advancements have fueled economic growth, shaping our modern world. Artificial intelligence (AI) is not a new concept, but recent innovations could have lasting impact. ACG discusses historical technological advances and their effects on the economy, the AI evolution, risks and concerns, and the potential winners and losers of innovation.
Market Volatility - No News is Good News
July 2023
Events over the last two years have been the source of near constant headlines and increased market volatility: COVID, Russia’s war with Ukraine, a global spike in inflation, deglobalization, mid-term elections, elevated US debt levels, an inverted Treasury yield curve, China reopening, and the instability of the US banking system. It is easy to immediately react to the news of the day. However, investors are often rewarded by avoiding reactionary decisions and adhering to strategic asset allocations.
US Banking System & The Economy – Are Things Getting Better or Worse?
May 2023
Bank failures, tighter monetary policy, and rising fear of a “hard landing” have heightened economic uncertainty. Despite indications of an impending recession, the stock market has rallied year-to-date, inflation has decreased, supply chains have improved, and the labor market has remained strong. In light of the recent market turbulence, investors are reacting to any news, positive or negative, in search of clarity about the future.
Viral Adaptation – Three Years of Market Evolution
March 2023
Three years since the inception of the Covid pandemic, market adaptation remains a work in process. Inflation and monetary policy drive daily volatility, but other risks could arise and investors should be prepared for additional challenges.
China - Healing Self-Inflicted Wounds?
January 2023
After rapid growth in recent decades, China now seeks to steer its economy toward a slower, more sustainable growth path. Recent policy initiatives have pummeled China’s consumer confidence and stock prices. In late 2022, the Chinese government eased some of its more restrictive policies in efforts to catalyze future growth. Given this change, how should investors be positioned?
Restoring the Foundation in Fixed Income
December 2022
The rise in US Treasury yields in 2022 resulted in sizable losses for fixed income investors.  The silver lining is that fixed income assets can now provide a more meaningful contribution to portfolio results going forward.
2022 US Mid-Term Elections
September 2022
US Mid-term elections are set for November 8th, with Democrats holding narrow control of Congress and the Presidency. All of the House of Representative seats and one third of the Senate seats are up for re-election. ACG discusses the history of mid-terms and their impact on the markets, and the key market considerations and potential outcomes of these upcoming elections.
Real Estate in a Rising Interest Rate Environment
July 2022
Real estate can play an important role in diversified portfolios by acting as a hedge against rising prices. However, like other income producing asset classes, rising interest rates can put downward pressure on real estate valuations. Can real estate offer investors inflation protection if the Federal Reserve continues to raise rates to combat higher prices?
End of Globalization?
June 2022
Decades of globalization have led to the developed world relying more on foreign nations, sometimes with competing interests. The pandemic and recent geopolitical events have shifted attention to the challenges inherent in an increasingly connected world. As nations - and companies - reconsider their cross-border relationships, how does this impact investors?
Fixed Income - Short-Term Drawdown, Long-Term Opportunity
June 2022
Equity and fixed income markets have benefitted from a secular decline in interest rates over the last 40 years – until recently. While volatility is likely to remain in 2022, diversified, actively-managed fixed income portfolios with long-term horizons are in a better position to navigate income opportunities as they arise and serve as a ballast to investment portfolios.
Interest Rates, Inflation and US Dollar - Oh My!
June 2022
Fear of several interest rate hikes by the Federal Reserve this year has led to a sell-off in global equities. Interest rate/balance sheet normalization, inflation, war, and the impact of a strong US dollar is a lot for investors to digest. Timing the market is a difficult and costly exercise; ACG believes that adhering to long-term, strategic asset allocation targets is the best way to navigate this challenging environment.
Deploying Cash into a Volatile Market
May 2022
Liquidity soared in 2021, in part due to record amounts of dry powder in the private equity system and an accommodative IPO market.  Investors often debate whether to reinvest cash all at once or stage in over time, and this can be further complicated during periods of heightened market volatility.  History suggests investors are better off deploying capital immediately, but in truth there is no one-size-fits-all solution for everyone.
The Growing Opportunity in Alternative Real Estate
March 2022
Alternative real estate property types are a growing area of interest due to their strong historical returns and diversification benefits. ACG explains the opportunities and risks associated with this asset class as well as the importance of identifying managers with the necessary scale and expertise to outperform.
Russia/Ukraine Conflict
February 2022
After weeks of escalating tensions, the Russian military invaded Ukrainian borders. As risk assets decline and emotions run high, investors should be cautious about making drastic portfolio changes.
US Equities Win Again – Time to Abandon Non-US Equities?
February 2022
US large caps have outperformed non-US equities over the past decade, fueled by sector concentration and a small subset of stocks. Investors and allocators alike are faced with the question – what needs to happen for non-US equities to outperform US equities?
2022 Market Outlook
January 2022
2021 was another disruptive year driven by the ongoing pandemic, but despite all of the uncertainties, equity markets generally performed well. With the potential for recent policy tailwinds to become headwinds, ACG discusses investment implications and considerations going forward.
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Webcasts
FOXCast: Rationalizing the Family Investment Portfolio
September 2023
Daniel Tarlas, Senior Managing Director, was recently interviewed by Peter Moustakerski, Family Office Exchange CEO, for the FOXCast episode. Dan and Peter discuss the importance of implementing a comprehensive investment plan and capturing opportunities to optimize family investment programs.
Are Investors Becoming Complacent?
February 2022
Risk assets have continued their rally in 2021 as investors discount an end to the pandemic and a surge in global economic growth. Valuations across traditional stocks and bonds remain elevated. More complex segments of the financial markets, including crypto-currencies and SPACs are being inflated by speculation and social media momentum. Are investors becoming complacent?
Shorting Education
January 2022
Shorting stocks has been a popular topic in the media recently. In this webcast, ACG explains what it means to short a stock, why someone might want to short and the potential benefits vs risks.
The Election is Over – Or is it?
January 2022
Joe Biden surpassed 270 electoral votes to become President-Elect, but legal proceedings and key Senate races could delay definitive results. A new Biden administration will likely pursue several policy changes relating to taxes, spending, regulations, climate, etc. ACG highlights policy issues most likely to be in focus under the administration and the anticipated impact on markets.

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