Cliffwater Research and Commentary

Market Commentaries

  
Cliffwater 2011 Hedge Fund Market Commentary Dec 2011
Hedge Fund Market Commentary Nov 2011
Hedge Fund Market Commentary Oct 2011
Hedge Fund Market Commentary Sep 2011
Hedge Fund Market Commentary Aug 2011
Hedge Fund Market Commentary Mid-Aug 2011
Hedge Fund Market Commentary Jun 2011
Hedge Fund Market Commentary May 2011
Hedge Fund Market Commentary Mar 2011
Hedge Fund Market Commentary Feb 2011
Quarterly Alternatives Commentary Feb 2011
Hedge Fund Market Commentary Jan 2011
Hedge Fund Market Commentary Nov 2010
Quarterly Alternatives Commentary Nov 2010
Hedge Fund Market Commentary Oct 2010
Hedge Fund Market Commentary Sep 2010
Hedge Fund Market Commentary Aug 2010
Quarterly Alternatives Commentary Aug 2010
Hedge Fund Market Commentary Jul 2010
Hedge Fund Market Commentary Jun 2010
Hedge Fund Market Commentary May 2010
Quarterly Alternatives Commentary May 2010
Hedge Fund Market Commentary Apr 2010
Hedge Fund Market Commentary Mar 2010
Hedge Fund Market Commentary Feb 2010
Quarterly Alternatives Commentary Jan 2010
Hedge Fund Market Commentary Dec 2009
Hedge Fund Market Commentary Nov 2009
Quarterly Alternatives Commentary Oct 2009
Hedge Fund Market Commentary Oct 2009
Hedge Fund Market Commentary Sep 2009
Hedge Fund Market Commentary Aug 2009
Quarterly Alternatives Commentary Jul 2009
Hedge Fund Market Commentary Jul 2009
Hedge Fund Market Commentary Jun 2009
Hedge Fund Market Commentary May 2009
Quarterly Alternatives Commentary Apr 2009
Hedge Fund Market Commentary Apr 2009
Hedge Fund Market Commentary Mar 2009
Hedge Fund Market Commentary Feb 2009
Cliffwater 2008 Market Review Jan 2009
Hedge Fund Market Commentary Dec 2008
Hedge Fund Market Commentary Oct 2008
Hedge Fund Market Commentary Jul 2008
Hedge Fund Market Commentary Jun 2008
Hedge Fund Market Commentary May 2008
Hedge Fund Market Commentary Apr 2008
Hedge Funds De-Leverage and Cut Risk Apr 2008
Hedge Fund Market Commentary Mar 2008
Hedge Fund Market Commentary Jan 2008
Hedge Fund Market Commentary Dec 2007
Hedge Fund Market Commentary Nov 2007
Hedge Fund Market Commentary Oct 2007
Hedge Fund Market Commentary Sep 2007
Subprime and the Libor-Tbill Yield Spread Sep 2007
Hedge Fund Market Commentary Aug 2007
Hedge Fund Market Commentary Aug 2007
Hedge Fund Market Commentary July 2007
 
 

Research Papers

Please note that documents listed with a key ( ) are available to clients.
 
 
2012 Asset Allocation Report:  More of the Same?
Jan 2012
Hedging Tail Risk
Oct 2011
Research Findings from European Hedge Fund Manager Due Diligence Trip
Sep 2011
Cliffwater Opportunistic Investments, Second Quarter 2011
May 2011
Constructing a Portfolio of Hedge Funds
Apr 2011
Allocations to Alternative Investments: 2011 Survey
Apr 2011
Survey of State Pension Fund Investments in Hedge Funds
Jan 2011
2011 Asset Allocation Report:  No Easy Money
Jan 2011
The Better Deal: Hedge Funds or Private Equity?
Nov 2010
Private Equity in Asia
Oct 2010
Investments in Private Energy Partnerships
Aug 2010
Asset Allocation Update
Jun 2010
Alternative Investments: Are they Worth the Price?
Apr 2010
2010 Asset Allocation Report: The Re-Engagement of Risk
Jan 2010
Asset Allocation Update
Oct 2009
Cliffwater Update on PPIP
Aug 2009
Asset Allocation Update
Aug 2009
Cliffwater Update on PPIP
Jul 2009
Asset Allocation Update
Jun 2009
Asset Allocation Update
May 2009
Update on TALF and PPIP Investment Opportunities
May 2009
Private Equity Secondary Market
Mar 2009
Asset Allocation: Where to from Here?
Mar 2009
Overview of Infrastructure Investing
Jan 2009
2009 Asset Allocation Report: Picking up the Pieces
Jan 2009
Navigating the Credit Crisis (Part 2): Asset Allocation
Nov 2008
Impact of the Credit Crisis on Wealth
Oct 2008
Credit Crisis Impact on Real Assets
Oct 2008
Private Equity Investing in Asia Pacific
Oct 2008
Navigating the Credit Crisis:  Where Do Investors Go From Here?
Sep 2008
Are Hedge Funds Living Up to Their Promise to Preserve Capital?
Sep 2008
Hedge Fund and Private Market Opportunities in Distressed Securities
Apr 2008
Portable Alpha-Using Hedge Funds to Beat Market Indexes
Apr 2008
2008 Asset Allocation Report: Paying for Yield
Jan 2008
130-30: Is It Working?
Dec 2007
Do Opportunistic Real Estate Partnerships Add Value?
Oct 2007
Investment Opportunities in Senior Bank Loans
Aug 2007
Hedge Fund Fees, Are They Worth It?
Feb 2007
2007 Asset Allocation Report: Is Beta Back?
Jan 2007
Private Equity: Too Much Money?
Jan 2007
Survey of State Retirement System Investments in Hedge Funds
May 2006
Hedge Fund Investing: Direct, Fund-of-Funds, or Both?
May 2006
2006 Asset Allocation Report: Alternative Investing
Jan 2006
2005 Asset Allocation Report: "Why Beta is Not Enough"
Jan 2005
Hedge Funds and Their Role within a Diversified Investment Portfolio
Nov 2004
The Role of Real Assets in a Diversified Investment Portfolio
July 2004
2004 Asset Allocation Assumptions Report
Jun 2004
 
  Other papers written by Cliffwater professionals are listed below. If you would like to receive copies of any of these papers, please contact us via e-mail at info@cliffwater.com to request a copy.
   
 
Benchmarks for Private Market Investments.
Stephen L. Nesbitt and Hal W. Reynolds. The Journal of Portfolio Management, vol 27, no. 4 (Fall 1997).
Buy High, Sell Low: Timing Errors in Mutual Fund Allocations.
Stephen L. Nesbitt, The Journal of Portfolio Management, Fall 1995.
Long-Term Rewards from Shareholder Activism: A Study of the CalPERS Effect.
Stephen L. Nesbitt, Journal of Applied Corporate Finance, Winter 1994.
Currency Hedging Rules for Plan Sponsors.
Stephen L. Nesbitt, Financial Analysts Journal, vol 47, no. 2 (March/April 1991).
Performance Fees for Investment Management.
Lawrence E. Davanzo and Stephen L. Nesbitt, Financial Analysts Journal, vol 43, no. 1 (January/February 1987).
 

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