I found the outlook interesting.
Can someone put this in laymans terms for me? I understand some parts of it but some of the language seems overly verbose and descriptive to the point that my understanding isn't too solid.
Here's my read of the outlook: First and second paragraph says volatility is due to regulations that are reducing liquidity. It's tough to match buyers when selling pressure is high. Third paragraph says that unicorns are fantasy creatures, and reality might visit many of them soon. Fourth paragraph asks if QE and near zero rates could bring a subprime-like fall out when rates are increased. A number of voices are saying that the bond market has a liquidity problem that could bring a systemic shock. Finally, the last two paragraphs say that they are moving to cash and looking for expertise to help them short the current situation or identify good long term bets to weather what is coming. In short, I see Blyth saying that this bull run is over, and they are taking down the sails and battening the hatches.
"We're trying to make money. We do a pretty good job of it. We wish we could do better. I miss teaching." Nobody gives a shit about Harvard. The one everybody wants to emulate is Yale's. Of course, you'll never match David Swensen because with $239 billion under management, they can do obnoxious shit like buy forests when they think commodities are hot.