- The Idea Farm
- Posts
- Growth Went Private
Growth Went Private
+ Campbell Harvey, Dan Ivascyn, Albert Edwards, Richard Bernstein & More
The Idea Farm
November 08, 2026
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Research
AllianceBernstein’s Inigo Fraser Jenkins argues demographics is a key attribute of a new investment regime as fertility collapses worldwide. He links the decline to falling rates of coupling and explores later retirement ages, lower return assumptions and the case for healthcare exposure.
Deutsche Bank asks why there has been no major financial crisis since 2008, crediting bank reforms, a shift of assets to nonbanks and faster policy responses. The authors also weigh AI leverage, private credit and stretched sovereign debt as candidates for the next one.
Morgan Stanley examines why growth investing has shifted toward private markets as top companies stay private longer. It covers the surge in late stage funding rounds, hidden churn among unicorns and AI startups reaching hundreds of millions in revenue within 12 quarters.
Man Group - Stagflation and Asset Management (35 pages)
Man Group examines how assets have performed across inflation and growth regimes using 107 years of US data. It contrasts stagflation with overheating and finds accelerating inflation has been especially hard on stocks and bonds, while gold, trend following and equity factors have offered diversification.
Goldman Sachs examines why the balance of risks to global growth has shifted to the downside heading into next year. It highlights rising energy prices, a fading AI boost and higher bond yields, which could subtract a cumulative 0.6% from GDP if sustained.
Bonus Content
Goldman Sachs revisits Music in the Air 10 years later and raises its industry outlook. Link
AEI’s James Pethokoukis revisits the 1960s automation scare and its lessons for AI job fears. Link
Vanguard’s latest How America Retires tracks what retirees actually do with their 401(k) savings. Link
Morningstar’s Jeffrey Ptak finds index funds beat their benchmarks more often than active funds. Link
Citadel's Scott Rubner argues returning buyers and light positioning favor US equities into year end. Link
Richard Bernstein argues dividend yield is everywhere even as market breadth has stayed narrow. Link
Have a messy, old, or concentrated portfolio? There may be an option worth considering.
Over time, investors have enjoyed a strong run in U.S. stocks. But as advisors know: what gets you wealthy may not keep you wealthy.
A Section 351 exchange may allow investors to consolidate their qualifying holdings into a single ETF and access professional management services, generally without recognizing capital gains at the time of the exchange, if specific rules and tests are met. Tax is deferred, not eliminated — the contributor's cost basis carries over to the ETF shares received.
Through years of practice, we have built the knowledge necessary to help advisors complete thousands 1 of contributed portfolios in different 351-exchange ETFs. That knowledge is now available through the Alpha Architect 351 Education Center, a dedicated hub featuring short videos, visual walkthroughs, and practical resources on all things 351.
To learn more about 351 exchanges and their various portfolio applications, visit https://funds.alphaarchitect.com/351educationcenter or schedule a call with us directly.
Investments in securities entail risks, including possible loss of principal and are not suitable for all investors. This material is for informational and educational purposes only and is not investment, legal, or tax advice. Section 351 treatment depends on satisfying specific requirements; investors should consult their own tax advisor regarding their particular circumstances.
Alpha Architect and affiliates. Reflects the number of portfolios contributed across prior 351 Exchanges. As of September 2026.
Podcasts
 10/20/2026 - 26 minutes | PIMCO’s Dan Ivascyn reflects on the global financial crisis, an early mortgage-backed securities underweight and taking risk during the recovery. |
 10/29/2026 - 35 minutes | David McWilliams walks through five scary economic numbers, from stock valuations and government debt to Treasury yields and oil. |
Meb’s Corner
 11/6/2026 - 53 minutes | SocGen’s Albert Edwards discusses AI-driven profit optimism, rising bond yields and why he sees Fed tightening as the biggest risk. |
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