In my latest President’s Letter, I provide an analysis of the investment industry’s performance for most of 2018 and a preview of what is to come. While the sector has experienced strong performance, the worrisome upward move in operating costs poses the greatest threat to dealer earnings and the viability of small dealers in the coming year. Consolidation trends will likely continue, affecting the competitive diversity of the industry and capital-raising for small and mid-sized businesses in public and private markets.

Read my latest Letter from the President.