JUNE 2018

Lies, Damned Lies, and Statistics

Metrics such as a the newly developed “Marx Ratio” can be helpful components to ESG measurement, but they can also be overly simplistic. It’s time for investors to be equipped with a broad array of metrics to evaluate ESG factors.

JUNE 2018

Investing for Climate Impact: Opportunities for Advancing Clean Energy

In a recent panel discussion hosted by Athena Capital, asset owners, financial advisors, policy researchers, and business entrepreneurs identified opportunities for investors interested in the transition to a less carbon-intensive energy economy.

JUNE 2018

The Key Risks to Synchronous Global Growth

In an investment world where history tends to repeat itself, we can be certain the ongoing synchronous global economic expansion will eventually come to an end. Here are the five key risks that are most likely to derail the markets.



Investing in Gender Equality

A practitioner’s perspective on gender lens investing and the construction of gender inclusive investment portfolios

JUNE 2017

Alice's Adventures in Volatility-land

Managing portfolios according to Modern Portfolio Theory directs us to find investment portfolios with the highest level of return for a given level of risk. In this paper we examine the nuances of volatility and risk measurement to better inform decision-making in investment portfolios.

APRIL 2017

Building Impact Portfolios

A framework to building diversified portfolios that balance the objectives of maximizing risk-adjusted financial return and generating social and environmental impact.


MAY 2018

Interim Market Update - 2Q18

Mid-way through the second quarter of 2018, the markets have experienced a robust earnings season, rising US interest rates, higher inflation, a stronger USD, oil at its highest level since 2014, and the resurgence of potential tail risk in select emerging markets and the European Union.

APRIL 2018

Market Overview - 1Q18

After building throughout 2017, investors’ bullish sentiment reached a crescendo this quarter with solid performance across asset classes, in particular in US equity markets.


Interim Market Update - 1Q18

After years of low inflation, accommodative monetary policy, and low volatility, we believe we are now in a period of market transition. The new environment features tightening/less accommodative monetary policy, including the unwind of quantitative easing, excess fiscally-driven economic growth, increases in volatility, and the prospect for rising inflation.


APRIL 2018

Evaluating Potential China Trade Tariffs

The escalating trade rhetoric between the US and China has recently garnered headlines as the countries have announced or enacted tariffs. We believe these actions mark a shift in the trade relationship between the US and China—from one of tolerance to one of engagement.


Introduction to Blockchain and Cryptocurrency

Cryptocurrencies such as Bitcoin have garnered significant attention due to their astronomical 2017 returns and the lack of consensus on their true value among prominent market strategists. While Athena Capital classifies cryptocurrencies as speculative assets with a high degree of volatility, we continue to evaluate this evolving market and the implications of its underlying technology, blockchain.


Affordable Housing

Housing satisfies the basic human need for shelter, but its influence on social welfare is far more complex. Research indicates that stable access to quality, affordable housing is a determining factor in the physical, emotional, economic, and environmental welfare of individuals, families, and communities. Yet, the US is struggling with an affordable housing crisis.