Bruce is Of Counsel to Sentinel Trust and provides ad hoc investment consulting advice.
Bruce was the firm’s first dedicated investment professional and, after building the firm’s institutional-quality investment platform, led Sentinel Trust’s investment strategy. Prior to joining Sentinel Trust, Bruce worked with several families involved in real estate development to diversify their holdings. Bruce has a special interest in real estate; he wrote his doctoral dissertation on Real Estate Investment Trusts.
With over thirty years of experience investing on behalf of wealthy families, Bruce speaks to family office and academic audiences including Rice University and the Stanford Graduate School of Business.
- Senior Managing Director and Chief Investment Officer, Sentinel Trust Company, LBA, Houston, TX (1998-2019) – Bruce was responsible for investment strategy including overseeing teams responsible for all asset classes, making tactical allocation decisions across all portfolios, and creating an investment platform around the unique needs of wealthy families.
- 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”
U.S. and European central banks promised to take precautionary “insurance” measures despite full-employment conditions in much of the developed world that could cause inflation. Their concern was that trade-war-related uncertainties might favor the deflationary forces of the ever-worsening global manufacturing recession over late-stage economic-expansion pressures, thereby threatening the vibrant services economy.
While the re-emergence of disappointing economic news suggested that global growth was decelerating, it was politics that spooked markets in May. It came in the form of an unexpected 9th inning breakdown in U.S./China trade talks and subsequent signs that President Trump might view bilateral tariff and company-specific threats as a core part of his expanded toolkit for “winning” (on both the employment and election fronts).
At one level, April developments are easily summarized: the combination of reassuring economic reports across leading economies, even more supportive central bank policies (a luxury made possible by quiescent inflation), and hopes for a finalization of a comprehensive U.S./China trade deal propelled risk assets to their fourth consecutive monthly gain.
The Federal Reserve Board (Fed) somehow managed to overshoot markets’ already dovish expectations by unexpectedly moving guidance directly from a rate hike bias to one of rate cuts without stopping at “pause.” This “miracle drug” not only drove a massive move downwards in global bond yields from already low levels, but anesthetized equity investors from concerns over fundamentals such as declining economic growth and corporate earnings.