March 8, 2021— Special purpose acquisition companies (SPACs) have been around for decades but gained wide recognition in 2020 as an increasingly popular, alternative method of going public following a surge in initial public offering (IPO) and merger activity. In 2020, 248 new SPACs came to market, encompassing 53% of all IPOs for the year, and raised a cumulative $83 billion—more than five times 2019’s volume (Figure 1).
March 1, 2021—Some of our advisors and clients have asked whether the Investment Committee (IC) might make a tactical allocation to emerging markets U.S. dollar (EM USD) bonds. No doubt these questions are motivated by the fact that EM USD bonds offer higher yields than U.S. investment-grade bonds and involve return streams that are only partly correlated to those of other asset classes.
February 17, 2021—Bitcoin bulls gained another dose of credibility with the recent announcement that Tesla had bought $1.5 billion worth of bitcoin and would start accepting payments for its products in bitcoin.1 Just a few days later, BNY Mellon announced it would hold, transfer, and issue cryptocurrencies on behalf of asset management clients.