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Unseen Upside Podcast – Autonomous Ships and the Future of Naval Defense What does it take to build a ship designed to spend months at sea without a crew?Meet the people developing and backing a new generation of defense technology. At Blue Water Autonomy, a team led by Navy veteran Rylan Hamilton is testing the systems behind an autonomous vessel intended to extend the US Navy’s reach while reduc

Our latest Cambridge Conversations episode considers what it takes to prepare the next generation to steward family wealth. Listen here, on Apple Podcasts, or on Spotify. Host Willis Wilson is joined by Sam Bruehl, Co-Founder and Partner at Generation Transition Advisors, and Nicole Nava, Senior Investment Director in Cambridge Associates’ Private Client Practice. They discuss how families can nav

Across the GCC, approximately $1 trillion is expected to transfer between generations by 2030. Globally, only 3% of family businesses make it to the fourth generation. The stakes have never been higher, and the patterns of failure are remarkably consistent. These challenges are not unique to the Gulf. They are common across family enterprises globally, though their consequences can be amplified in

Why multi-generational families fail and the structural fixes that workHere is the uncomfortable truth about dynastic wealth: most of it disappears not because of bad markets, but because of bad family dynamics. The enemy of enduring wealth is rarely a crash or a recession. It is unexamined assumptions, unmanaged emotional conflict, and the attempt to force fundamentally different people to agree

Our latest Cambridge Conversations episode looks back at Benchmark’s early years: How did a new firm with an unconventional partnership model become one of venture capital’s most enduring names? Listen here, on Apple Podcasts, or on Spotify. Host Willis Wilson is joined by Bruce Dunlevie, co-founder of Benchmark, and Mike Larsen, Partner for Cambridge Associates’ Private Client Practice. Bruce sha

As endowments grow in size and complexity, institutions think about which investment capabilities should be built internally and which are better accessed through external providers. This consideration becomes even more pronounced as investment offices navigate accelerating technology developments. Artificial intelligence and a world awash in data introduce new risks of misinformation and governan

No. Sovereign bond yields across developed markets are likely to stay higher for longer given the macro, monetary, and fiscal backdrop, but a sustained, disorderly rise in yields looks unlikely. Yields largely reflect economic fundamentals and monetary policy expectations rather than acute fiscal stress. We believe investors should retain core high-quality fixed income exposure but broaden diversi

Yes. Investors should reassess the role of emerging markets (EM) equities because benchmark concentration has reduced diversification benefits and increased exposure to the same artificial intelligence (AI)–driven forces leading developed markets. That does not weaken the case for EM. It changes it. Investors should be more deliberate about what role they want EM to play and how they gain that exp

Our latest Cambridge Conversations episode looks at a core challenge for healthcare leaders: How can organizations plan for long-term growth while continuing to deliver high-quality care every day? You can listen here, on Apple Podcasts, or on Spotify. Featuring John L. Zabrowski, Senior VP, CFO & Chief Strategy Officer of VHC Health (CA client), and Bridget Sproles, Partner and Co-Head of the Hea

The impact of endowment spending goes beyond the annual budget; spending practices are key inputs to the long-term investment strategy because they affect the invest­ment portfolio’s risk tolerance and liquidity needs. Investment committees are often involved in setting the endowment spending policy, but the actual demands placed on the portfolio depend on more than the policy itself. Drawing on r

o. The medium-term case for holding quality remains sound, backed by healthy fundamentals, reasonable relative valuations, and quality’s diversifying properties, even if the current cyclical environment is not yet fully supportive. Investors should maintain exposure to the quality factor within equities, and those that saw their allocations fall due to recent underperformance should consider rebui

Amid an environment where tech companies reigned supreme, returns for US private equity and venture capital diverged from one another, with venture besting both public and private equities. For 2025, the Cambridge Associates LLC US Private Equity Index® returned 8.7% and the Cambridge Associates LLC US Venture Capital Index® returned 21.1%. Within the private equity cohort, growth equity (11.9%) o

No. Gold has fallen roughly 25% from its recent peak to around $4,000 per troy ounce, but we still see further downside. Several of the forces that drove gold higher have weakened or reversed in recent months. A more challenging real-rate backdrop, less supportive demand trends, and fading investor momentum still argue for caution.It’s easy to see why investors would expect gold to provide a safe

Our latest Cambridge Conversations episode explores a simple but important question: How do you recognize quality before it becomes obvious to everyone else? Featuring John W. Rogers Jr., Chairman and Co-CEO of Ariel Investments, and Jasmine N. Richards, Head of Diverse Manager Investing at Cambridge Associates, the conversation covers value investing in practice, why patience and conviction still

Yes. We continue to expect the US dollar to weaken relative to other major currencies over the next several years. The dollar remains expensive by historical standards, and over multi-year horizons that starting valuation has usually mattered more than the shorter-term narratives that can keep currencies misaligned for a time. Recently, these narratives have included the Iran War and US artificial

We live in an age of extraordinary technological abundance, and yet the global economy is increasingly running short of some the most fundamental components to function and thrive: reliable power, stable supply chains, skilled workers, clean water, and a predictable environment. These scarcities are exacerbated in an era of elevated disruptions. The artificial intelligence (AI) revolution, geopoli

A year ago, in our three-part series Navigating the AI Revolution, the central question for investors was where artificial intelligence’s (AI’s) disruptive potential would translate into meaningful economic and market change. That question now has a clearer answer. AI is already reshaping parts of the economy and market as capabilities improve rapidly, enterprise adoption broadens, and revenue gro

We're excited to bring you another episode of Cambridge Conversations, a 30-minute podcast which brings you inside the world of institutional investing, private family wealth, and portfolio management. The episode features Margaret Chen from Cambridge Associates and Maeesha Merchant from the Colburn School, an LA-based CA client. The episode explores what it takes to sustain mission-driven arts in

Yes. The expected mega-initial public offerings (IPOs) from SpaceX, OpenAI, and Anthropic will mark an important shift from private capital dominance toward broader public ownership, with implications for index composition, valuation, liquidity, and investor access to frontier technologies. Their significance lies less in their headline valuations than in what they reveal about the evolving bounda

At the London stop of Cambridge Associates’ Investment Leaders Exchange roadshow, chief investment officers, portfolio managers, and other investment leaders gathered to discuss the questions likely to shape portfolios over the next five years, from diversification and currency shifts to hedge funds, artificial intelligence, and the outlook for global equities.In this presentation from the Investm