Recently Published
Exponential Wealth: Centuries of Stock and Bond Returns
With Roger Ibbotson, PhD, and Laurence Siegel | Part 1 of 2
Conversations with Frank Fabozzi, CFA, Featuring Kari Vatanen
With Kari Vatanen, CFA
Some Unpleasant Total Return Arithmetic
With Bernhard Scherer, PhD
Private Credit Funds and the Retail Shift: Structural Vulnerabilities and Policy Responses
By Cheryll-Ann Wilson, PhD, CFA
Thematic Content
Capital Markets
Understanding the Growth of Private Markets: Structural Shifts in the Investment Industry
Private markets now shape capital formation, portfolio construction, and financial stability. This report examines private markets’ growth, risks, and implications for investors, policymakers, intermediaries, and the investment profession.
Technology
Artificial Intelligence and the Future of Finance: A Framework for Structural Change
This report addresses how artificial intelligence could reshape finance by changing how investors process information, allocate capital, manage risk, define professional skill, and preserve accountability in an increasingly automated system.
Industry Future
The Total Portfolio Approach (TPA): A Practical Guide for Navigating the Transition to TPA
Explore the total portfolio approach (TPA), its advantages over traditional asset allocation, and the governance, culture, technology, and leadership needed for adoption. Learn from leading asset owners and gain practical guidance for transitioning to TPA.
Sustainability
Investment Innovations Toward Achieving Net Zero
CFA Institute Research and Policy Center has convened net-zero thought leaders and investment luminaries to break down the big ideas around achieving net zero. They provide practical guidance for investors, asset managers, investment professionals, and regulators.
Blogs
Book Review: Investment Trusts Explained
Mick Gilligan’s Investment Trusts Explained offers a practical guide to these closed-ended funds. Their ability to trade at a discount or premium to net asset value, along with their income reserves, governance, leverage, and generally lower fees, may support long-term returns, writes reviewer Janet J. Mangano.
Digital Money’s New Plumbing
What happens when money moves onto digital rails? Jacob Su and Urav Soni examine how stablecoins and central bank digital currencies (CBDCs) are reshaping settlement and cross-boundary finance, with implications for banks, capital markets, with Hong Kong SAR at the center of a global competition for primacy of capital settlement.
The Housing Market's Paper Illusion
Are headline home prices masking what buyers actually pay? Thomas Smith, CFA reveals how mortgage-rate buy-downs and builder incentives are preserving reported prices while lowering a home’s effective cost—potentially leaving homeowners with an equity deficit they may not realize exists and distorting broader housing-market signals.
More
Conflicts of Interest in Continuation Funds: Part II in a Series on Ethics in Private Markets
Unlocking AGMs: From Votes to Voice in Asia-Pacific
Financial Analysts Journal, Third Quarter 2026, Vol. 82, No. 3
The Equity Risk Premium
Private Credit: Market Structure, Fund Design, and Retail Access
Conversations with Frank Fabozzi, CFA, Featuring Francesco Fabozzi
Infrastructure Debt: Alternative Credit to Finance the Future
