The Premium Goes to Whoever Doesn’t Have to Sell
Wealth products assume clients cannot be patient. In private markets, the premium goes to whoever does not have to sell.
The founding publication
WMO’s founding working paper – The Kedrin™ Framework: The Anchor and the Alpha as a Single Portfolio System – sets an independent standard for reading a sophisticated portfolio as one system: the floor it secures, and the capital that reaches for return above it.
It establishes the Kedrin™ Framework – WMO’s analytical standard for how a portfolio’s floor is built and what it enables above it – the reference point for every publication that follows. Where existing research treats these two instrument classes in separate ecosystems, the framework establishes the common language required to analyze them as one portfolio problem.
What the paper establishes
A common language
One vocabulary for the floor and the capital above it, so every instrument can be described the same way.
Five portfolio functions
The functions that let the anchor and the alpha be judged on the same terms.
Read by function
Instruments are read by the role they play in a portfolio, whichever industry they come from.
The research foundation
The foundation of WMO’s analytical framework, on which the full research series is built.
Download the working paper
The working paper is available as a free download. Enter your email to receive the paper and future WMO research as it publishes.
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Insights
Writing from Wealth Management Outcomes, newest first. New pieces publish on WMO Research on Substack.
The Journey to Alpha Starts with the Floor
A well-built floor uses little of the risk budget, freeing the rest to pursue true alpha, especially in private markets.
Designing the Portfolio Floor
Managing toward an outcome starts with the portfolio floor: what it must deliver, what it can be built from, and three questions for choosing what goes in it.
For the Practitioner: The Portfolio Conversation that Lacks a Common Language
A plain-language tour of Kedrin™, the standard that reads any instrument by the floor it builds, and the five functions that let the anchor and the alpha be judged on the same terms.
Every Portfolio Is Built in Two Layers. Nothing Measures How They Work Together.
The relationship between the floor a portfolio holds and the capital that reaches above it is the one your tools were never built for. Introducing Kedrin™, the standard that reads it.
Private Equity Ownership of Life & Annuity Carriers: The Positive Case for PE-Owned Insurers
Part 2 of a two-part series: the conditions under which PE ownership creates real, durable value.
Private Equity Ownership of Life & Annuity Carriers: The Case for Net Concern
Private equity didn’t “break” insurance, but it did change how risk flows through the system.
The Capital-Light Revolution: How Smart Carriers Are Rewriting the Playbook on Product Development
In today’s life and annuity markets, the rules are changing, and fast.
Private Equity Investing in the Life & Annuity Industry
The life insurance and annuity industry has gone through dynamic changes since the early 1990s, especially in carrier ownership and structures.
A Focus on Outcomes and How We Get There
The research series ahead
The working paper is the first publication in WMO’s research series. Later work applies the framework to specific instruments, and to portfolio construction across client profiles. All research is independent. WMO has no affiliation with any asset manager or insurance company, and does not distribute investments.