Bruce is responsible for investment strategy at Sentinel Trust, overseeing teams responsible for all asset classes and making tactical allocation decisions across all portfolios. As the firm’s first dedicated investment professional, he created the investment platform around the unique needs of wealthy families.
He has a special interest in real estate and wrote his doctoral dissertation on Real Estate Investment Trusts. Prior to joining Sentinel Trust, he worked with several real estate development families to diversify their holdings.
Bruce has over thirty years of experience investing on behalf of wealthy families. He speaks to family office and academic audiences, including Rice University and the Stanford Graduate School of Business.
- Director of Non-Real Estate Investments, Hines (Gerald D.) Interests, Houston, TX (1987–1998) – First dedicated family office employee. Was responsible for investing assets outside of this family’s high-profile core real estate business. Invested tactically (and directly) in numerous asset classes, both traditional and alternative, including a full range of credit, international, derivative, and commodity based strategies.
- Director of Investments, Taubman Investment Co., Bloomfield Hills, MI (1985–1987)
- The Fay School, Former Trustee, Treasurer and Chairman of Finance and Search Committees
- Houston Committee on Foreign Relations, Member
- Harvard University Houston Schools Committee, Interviewer for admissions
- “Getting Started in Private Equity” – Opal Investment Forum
- “Confessions of a Mean-Reversionist” – Rice University, Center for Computational Finance and Economic Systems
- “A Family Office Perspective on Venture Capital Investing” – Mohr Davidow Annual Meeting
- “Real Estate Investment Opportunities: Putting the Pieces Together” – Marcus Evans Private Wealth Management Summit
- “Global Warming-Not Just Yet”
- “The Bubble Years: Were They Just a Dream, Dr. Greenspan?”
- “Capital Market Assets: Dead Men Walking?”
- “New Age Economics: Do You Believe?”
- “The New Carry Trade: Let’s Make a Deal”
- “And Then There was One”
- “Economic Recovery Plays OK, U.S. Equities Not the Way”
- “Sentinel Horizons”
- “Investment Themes for Year 2000 and Beyond”
A panoply of investors hope that the Fed’s dovish policy guidance could successfully affect a soft landing and PM Theresa May’s newest plan would eliminate the risk of a near-term no-deal Brexit. Also, a January spike in Chinese credit would cause growth to inflect and President Trump’s direct involvement in China talks would lead to a trade agreement combined to facilitate a continuation of January’s positive momentum for risk assets.
Markets staged a rare broad-based, V-shaped recovery from the deep December sell-off. Following a remarkably strong employment report and Fed guidance that surpassed even the most dovish expectations, equity investors quickly reversed their assessment of the risks U.S. recession and a Federal Reserve Bank (Fed) tightening overshoot. The hard data of moderating U.S. growth in the face of deteriorating conditions overseas merely confirmed pre-existing trends. Optimism that worst-case outcomes would be avoided with respect to Brexit and the U.S./China trade war contributed to the risk-on sentiment. Credit markets were the natural beneficiary of the renewed optimism: an 18% bounce in crude oil prices, and stable benchmark-Treasury yields with the high-yield market having its best month since 2011.
Global equity markets experienced their worst December in more than 50 years, with losses of more than 7%. Investors lost confidence that U.S. growth would remain resilient in the face of the continued slowdown in the rest of the global economy.
In the aftermath of October’s equity collapse, a nearly-two standard deviation outcome, November produced modestly positive equity returns of 1.5% after a late-month rally. The rally was spurred by dovish Federal Reserve Board (Fed) commentary on November 28, benign U.S. economic news and hopes for a temporary U.S./China trade truce. Despite the positive returns, risk assets failed to stabilize, with volatility remaining at elevated levels.