Market Update: Two "No's," One "Yes" for Europe (September 19, 2014)
This past week saw several noteworthy votes in Europe, the most consequential being Scotland’s choice yesterday not to sever its 307-year tie with the United Kingdom. In this Market Update, Chief Investment Officer Rebecca Patterson discusses the implications of Scotland’s decision and explores several other European developments that highlight policymakers’ unique challenges in charting a path to growth.
Read the article

Market Update: The ECB and Europe’s Tug-of-War (September 4, 2014)
Europe’s central bank (ECB) on Thursday announced greater-than-expected monetary easing, including additional rate cuts and pledges of debt purchases. These monetary steps are the latest in a two-dimensional tug-of-war in Europe — between fiscal austerity and stimulus, as well as between monetary and fiscal policy. In this Market Update, Chief Investment Officer Rebecca Patterson examines the ECB’s latest response to these tensions and its impact on our outlook for Europe.
Read the article

Market Update: S&P 500 Tops 2,000 — Now What? (August 28, 2014)
The S&P 500 broke above 2,000 for the first time Tuesday, prompting a wave of "what's next" questions. In this Market Update, Chief Investment Officer Rebecca Patterson examines the macro backdrop and explains why we are still positive on equities.
Read the article

Of Minds and Money: The Donald Sterling Case and Mental Capacity
(August 19, 2014)

Recently, Los Angeles real estate mogul and billionaire Donald Sterling was forced to relinquish control of the L.A. Clippers basketball franchise when a California probate court ruled that he was mentally incapacitated. In this estate planning update, we explore the legal nuances of mental capacity through the lens of the Sterling case and offer practical tips on how to establish a clear plan in the event one’s cognitive abilities decline.
Read the article

A Closer Look: China, Firsthand (July 17, 2014)
Despite a much-documented slowdown in recent years, China’s importance to the global economy is only increasing. In this A Closer Look, two Bessemer investment professionals who recently conducted on-the-ground research in China examine four key themes playing out in the Asian nation today—and why they matter to you.
Read the article

Client Conference Call and Webcast—Quarterly Investment Perspective: Common "Cents" – All About the Dollar (July 17, 2014)
Chief Investment Officer Rebecca Patterson and Strategic Opportunities Fund Manager Greg Lester cover key questions surrounding the U.S. dollar, as well as a discussion around Bessemer’s broader market views looking towards 2015 and beyond. Listen to the webcast.
View the Presentation

Quarterly Investment Perspective: All About the Dollar (July 1, 2014)
In this edition, Chief Investment Officer Rebecca Patterson applies some common sense, or “common cents,” to key questions surrounding the U.S. dollar. What drives currencies in general and the dollar in particular? What is Bessemer’s forecast now for the U.S. currency, both short and longer term? And perhaps most importantly, how do foreign exchange trends impact other asset classes and our clients’ portfolios overall? Her discussion includes Bessemer’s market views and asset allocation, looking at the second half of 2014 and beyond, and how a stronger dollar impacts our positioning.
Read the article

A Closer Look: Portfolio Manager Roundtable (June 20, 2014)
The financial markets often take unexpected twists and turns, and 2014 is no exception. Year-to-date performance in various markets and asset classes, both in the U.S. and globally, has been surprising in a number of ways – both on the upside and the downside – presenting opportunities for portfolio strategies heading into the second half of the year. In this A Closer Look roundtable discussion, three senior members of Bessemer’s investment team offer their insights into the current state of the financial markets and some potential portfolio strategy implications.
Read the article

Market Update: Low Volatility Regime (June 16, 2014)
Media attention is increasingly focused on volatility in financial markets. In contrast to the usual fears about heightened market uncertainty, however, today the investor worries center around a lack of volatility across asset classes and what it might portend. In this Market Update, Senior Investment Analyst Amit Bortz presents the underpinnings for a possible low volatility regime and discusses potential portfolio implications.
Read the article

Market Update: The ECB and Unintended Consequences (June 5, 2014)
The European Central Bank has taken aggressive new steps to ease monetary policy. In this Market Update, Chief Investment Officer Rebecca Patterson offers our perspective on the central bank's latest easing measures and what they may mean for corporate earnings and our overweight exposure to equities.
Read the article

Creating a Smarter Philanthropic Marketplace (May 23,2014)
Trends in philanthropic giving are evolving, with non-profits, individual donors and family foundations playing an increasingly important role. In addition, attitudes about charitable giving are changing among members of the next generation. In a unique perspective on the philanthropic marketplace, Director of Philanthropic Advisory Services Paul Connolly offers insights into how larger institutional donors can work with up-and-coming players to help create a more efficient — and effective — marketplace for large and small donors alike.
Read the article

Asset Allocation Update: Moving Through the Economic Cycle (May 14, 2014)
With global economic momentum picking up and U.S. inflation beginning to turn, we have decided to make two modest shifts in our portfolios. In this Asset Allocation Update, Chief Investment Officer Rebecca Patterson explains the rationale behind these changes as well as other portfolio considerations on our minds.
Read the article

Separating News from Noise: Evaluating Key Indicators (May 9, 2014)
In today’s world, investors are constantly bombarded with financial news and data from traditional and social media, which prompts the question: How to sift through the constant influx of information to determine what’s meaningful to portfolios — and what’s merely noise? In this piece, we discuss select economic and market indicators and how they inform our portfolio and market views. (Wealth Management Conference 2014)
Read the article

Not Your Grandfather’s Estate: Safeguarding Digital Assets (May 9, 2014)
In an increasingly online world, the concept of what constitutes an estate or asset is evolving. In recent years, “digital” assets — virtual content such as e-mail, e-books, Facebook accounts, frequent flyer miles, online photos, domain names, and more — have taken on increasing importance. In this paper, we explore the estate planning implications of this trend, discussing what the current law says, how fiduciaries can locate and dispose of these assets, and what practical steps individuals can take to ensure their wishes are met. (Wealth Management Conference 2014)
Read the article

Moneyball Philanthropy: How to Be More Strategic in Your Giving (May 9, 2014)
The subject of the best-selling book and 2011 film, “Moneyball” refers to an unconventional — and successful — numbers-driven strategy used in baseball. In this paper, we explore the merits and limitations of taking a similar analytical approach to philanthropy while offering five steps clients can take to be more strategic in their giving. (Wealth Management Conference 2014)
Read the article

Market Update: Is Europe Getting Ahead of Itself? (May 8, 2014)
Euro-zone economies are recovering but remain vulnerable. In this Market Update, Chief Investment Officer Rebecca Patterson offers our perspective on euro-zone capital markets and explains why we have incrementally reduced our European equity overweight.
Read the article

Estate Planning Update: Changes to the Taxation of New York Estates, Gifts, and the Income of Certain Trusts (April 28, 2014)
Recently, New York Governor Andrew Cuomo signed into law the New York State 2014-2015 Budget, which contains several important changes to the taxation of New York estates, gifts, and the income of certain trusts. In this Estate Planning Update, we discuss these changes and offer four planning tips for New York residents to consider in light of these new developments.
Read the article

Market Update: The Latest Equity Correction (April 15, 2014)
Recent weeks have seen another sharp equity correction, raising questions about the longer-term outlook for stocks. Chief Investment Officer Rebecca Patterson offers our perspectives on equity market drivers, as well as specific catalysts that could lead us to consider reducing our equity overweight in client portfolios.
Read the article

Quarterly Investment Perspective: Islands in a Storm (March 31, 2014)
In this edition, Chief Investment Officer Rebecca Patterson shares how the Investment Department analyzes contagion. When should an investor care about challenges in what seem to be insignificant parts of the world? How does contagion spread from small “islands in a storm” to global financial markets? She also discusses her macroeconomic and market outlook for the year ahead, as well as how Bessemer’s portfolios are positioned to successfully navigate contagion-fueled volatility along the way.
Read the article

Engaging the Next Generation Through Philanthropy (March 26, 2014)
Among the many concerns wealthy families face is finding a dynamic way to discuss family values and increase the financial acumen of younger generations. In this paper, Director of Family Wealth Stewardship Donna Trammell and Philanthropy Advisor Caroline Woodruff explore one of the most powerful means of addressing these challenges: family philanthropy.
Read the article

Market Update: Putting Ukraine in Context (March 5, 2014)
A recent escalation of tensions between Russia and the Ukraine has raised questions about the crisis’s implications for global markets. In this Market Update, Chief Investment Officer Rebecca Patterson offers our perspectives on the turmoil in Eastern Europe and explains Bessemer’s approach to evaluating investment decisions in light of such geopolitical events.
Read the article

Market Update: When Will the Fog Lift? (February 14, 2014)
Recent weeks have seen more than snow and ice blanket much of the country; they have also seen a fog cloud many investors’ outlooks for different parts of the global economy. In this Market Update, Chief Investment Officer Rebecca Patterson discusses the sources of investors’ concerns, and why Bessemer continues to believe that the figurative sun will return, helping equities higher over the coming year.
Read the article

Market Update: Bernanke’s Out, Emerging Markets Are Down (January 29, 2014)
In Fed chairman Ben Bernanke’s final policy meeting Wednesday, the U.S. central bank announced it would continue to “taper” its quantitative easing program. In this Market Update, Chief Investment Officer Rebecca Patterson discusses the implications of this policy move for the global economy—and why problems are mounting for emerging markets.
Read the article

Market Update: Selloff Thoughts (January 27, 2014)
After extraordinary gains in 2013, global equities and risk assets have had a disappointing start to 2014. In this Market Update, Chief Investment Officer Rebecca Patterson discusses the two biggest factors behind the recent correction—and what investors should watch most carefully in the period ahead.
Read the article

Market Update: Enjoying European Momentum, But Cautiously (January 23, 2014)
The first weeks of 2014 have seen continued gains from European equity and bond markets, made more striking given the lackluster January returns in the U.S. and Asia. In this update, we examine the drivers behind these constructive euro-area trends. We also ask at what point good news on European capital inflows might turn into bad news for the regional economy.
Read the article

Client Conference Call and Webcast—2014: The Year of Volatility (January 9, 2014)
Rebecca Patterson, Bessemer Trust’s Chief Investment Officer, and Peter Langas, Bessemer Trust's Head of Investment Strategies discussed the year ahead in financial markets. Listen to the webcast.
View the Presentation

Bessemer's Approach to Asset Allocation: Aligning Risk and Reward (January 6, 2014)
A thoughtful, diversified portfolio starts with longer-term, strategic weightings for key asset classes such as equities and fixed income. As we begin 2014, we are revising our strategic weightings to reflect the significant structural shifts in the global economy that impact our expectations for future market returns.
Read the article

Read past publications.