House Republicans narrowly passed President Donald Trump’s economic package after a series of all-night negotiations and 11th-hour compromises.
Someday, the dollar will cease to be the world’s reserve currency. But don’t hold your breath waiting; there is nothing even close to being able to take its role.
Investors should always be attuned to inflation risk, but it seems pronounced in this moment. How should your clients adjust behavior and investments?
Investors active today can be forgiven if the events of the past few months have been a bewildering experience.
As one of the world’s largest sovereign wealth funds warned this week that private equity is “very troubled” right now, a spate of recent buyout deals in Europe and the US points to a possible route out of the mire.
Best-in-class OCIO providers understand the importance of a deep relationship and will invest considerable time cultivating one.
529 plans offer tax-free savings for a variety of education expenses, including K-12 tuition, vocational training and apprenticeships. Our Bill Cass discusses the trends in 529 savings plans.
In a year dominated by multimodal marvels and reasoning breakthroughs, perhaps the most economically significant shift in AI went largely underplayed: cost collapse.
The shifting change in market leadership to international outperformance may call for a portfolio review to assess overexposure risks.
Innovative ETFs are making waves as investors look for fresh ways to navigate a market marked by rapid growth and ongoing volatility.
Bitcoin options traders are setting their sights on much higher prices while the largest cryptocurrency flirts with its fairly recent all-time high.
With mainstream investment products increasingly finding a second home on the blockchain, it’s a good time to ask what role central banks would play if everything they have learned while policing double-entry bookkeeping over the last 350 years becomes irrelevant.
As investors, we need to step back and examine the history of previous debt downgrades and their outcomes for the stock and bond markets. Let’s start with what Moody’s rating agency stated about its rating change.
Globalt remains conservatively positioned with an underweight in global equities, and neutral duration in fixed income.
In an investment landscape dominated by market-cap-weighted benchmarks, the Barron’s 400 ETF (BFOR) offers a different path through GARP.
Home values fell for a second straight month in April, according to the Zillow Home Value Index. However, after adjusting for inflation, real home values declined for a 12th consecutive month, hitting their lowest level in nearly four years.
Goldman Sachs Group Inc. is looking to open more offices and boost headcount in the Middle East, joining Wall Street peers expanding in the region to tap its deep pools of capital.
The 60/40 approach has not been what it was just a few years ago. Fortunately, there are alternatives.
President Donald Trump’s first overseas trip since returning to the White House is turning heads across the aerospace & defense and semiconductor industries.
With financial markets whipsawing on every tweet and press release, Maharrey urged listeners to step back, take a breath, and consider the big picture — particularly on the issues of debt, inflation, and de-dollarization.
Imagine an institutional investor that allocates a big chunk of its portfolio to illiquid private assets but then needs to sell some of those investments to raise cash. Or a fund company that makes a fortune on actively managed mutual funds for decades, but its investors move their money to low-cost index trackers.
The signal of announcing trade pacts is an important start.
Recent revisions to the IMF’s World Economic Outlook reflect a sobering message: the world economy is entering a more volatile and fragmented era.
Bitcoin was launched in 2008. It was the following year when it was initially used as an actual currency.
Over the past ten years, we’ve discussed this question with about 50 of our friends and clients, resulting in many animated and productive conversations.
Given the recent market volatility and the possibility of an adverse wealth effect, it's worth quantifying the relationship between stock returns and economic activity.
Don’t allow your middle-aged clients depending on their 401(k) plan to fool themselves. Markets can’t rescue a failure to save until it hurts. And don’t let them kid themselves that a smoother ride with bonds won’t come at the cost of increased shortfall risk.
As markets rebound from a brief but sharp correction, Journey’s investment team reflects on the impact of tariffs, global diversification, and the evolving role of alternatives in investor portfolios. With caution as the theme, this month’s commentary urges investors to revisit risk tolerance and stay grounded in disciplined, long-term strategies amidst ongoing economic uncertainty.
US stocks delivered their second-best weekly gain of the year on Friday, as Big Tech fueled a rally that brought the S&P 500 Index closer to an all-time high set nearly three months ago.
Chief Economist Eugenio J. Alemán discusses current economic conditions.
A recent Gallup poll shows gold just passed stocks as Americans’ favorite long-term investment. We explore why it might deserve the top spot.
Technology and trends have made individual investors an important part of the private market.
If only Europe could offer property investors the kind of buffet the US provides. For now, its listed real estate sector is fragmented and dysfunctional, the raison d’etre seemingly to create cheap takeover targets for buyout firms.
In the latest report by the Census Bureau, building permits dropped to a seasonally adjusted annual rate of 1.412 million in April, the lowest level in almost a year. This marks a 4.7% decrease from March and a 3.2% decline compared to one year ago.
In the latest report by the Census Bureau, housing starts inched up to a seasonally adjusted annual rate of 1.361 million in April. This marks a 1.6% increase from March but a 1.7% decrease compared to one year ago.
While the CPI has dipped close to the mythical 2 percent target, core CPI remains elevated.
We maintain a focus on resiliency as elevated yields within high quality fixed income continue to offer attractive opportunities.
After a brief reprieve from all the recession talk while the Fed was raising rates to decades-old high watermarks, the ‘R’ word has come back into vogue once again post-Liberation day.
Alternative ETFs, which package exposures like commodities and digital assets, have experienced record-breaking adoption in the past year.
Builder confidence fell sharply in May as uncertainty stemming from elevated rates, tariffs, building costs, and the cloudy economic outlook dragged builder sentiment to its lowest level in 18 months.
Saudi Arabia is ramping up efforts to lure high frequency trading firms — a campaign that’s already brought in major players from Citadel Securities to Hudson River Trading — as it looks to bolster activity on the Middle East’s largest stock market.
Gold steadied as investors pulled away from risky assets and waited for more clues on the Federal Reserve’s rate path.
Our overarching theme for U.S. fixed income has been, and will continue to be, based on the premise that interest rates will stay at more historically “normal” levels, but that, within this backdrop, investors will face heightened volatility.
By the end of April, the S&P 500 rallied its way back, recovering nearly all the declines notched in the opening days of the month when President Trump's "Liberation Day" tariff plans tipped markets towards bear territory.
Emerging market equities and bonds could benefit if the US dollar weakens—a possible scenario amid tariff turmoil.
Equity investors pushed back into the market by a relentless rally are about to find out that the real challenge is just beginning.
Anyone betting on the end of the private credit boom has been on the back foot of late as the upstart $1.6 trillion asset class has notched up a string of wins. But the industry’s naysayers won’t be conceding defeat just yet.
Flows of gold into Asian ETFs exploded in April, driving global ETF gold holdings higher for the fifth straight month.
In 2025, liquidity is not a background variable — it's a front-line risk factor, one that’s being tested repeatedly as global markets navigate a web of geopolitical uncertainty and macroeconomic signals.
Companies are launching a number of debt deals designed to pay out a dividend to their private equity owners, at a time when buyout firms are under pressure to return money to clients.
It may seem risky to lend against recurring revenues, not earnings. With proper underwriting, it doesn’t have to be.
China and the U.S. conducted their first formal trade talks of 2025 over the weekend. And on Monday, May 12, they announced the outcome of their negotiations.
The April plunge in stocks ushered in a huge washout in investor sentiment, but more so on the attitudinal side as opposed to the behavioral side.
For my entire decades-long career in capital markets, I’ve made the case that gold is not just a shiny relic of the past, but a serious, strategic asset for modern investors. After years of pounding the table, it feels pretty good to say that the world’s central banks—and now the U.S. banking system—are finally catching up.
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research, Todd Rosenbluth, discussed the Unlimited HFGM Global Macro ETF (HFGM) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
As April’s volatility storm fades into memory, traders are left balancing calmer markets and the ever-present risk of a fresh round of headline shocks.
A KKR & Co. debt sale shows how far Wall Street is willing to go to keep leveraged underwriting business from slipping away to private credit after periods of turmoil.
With Wall Street kicking off another rally, American stocks are now trading like Donald Trump’s “Liberation Day” shock never happened.
I’ve been writing about tariffs for a couple of months now, focusing mostly on the macroeconomic harm and the costs they impose on small businesses. Today I want to consider something else: the new risks they are adding to the financial system alongside the old risks.
Warren Buffett opened his 60th—and final as CEO—Berkshire Hathaway annual meeting with the same understated clarity that has defined his career: "This is my 60th annual meeting... I think it'll be the best yet."
As the effects of US import tariffs begin to emerge, we shift our stance on equities to underweight.
Bonds and stocks falling together stirs painful memories of the 2022 inflation surge. This time, trade and tariff uncertainty is to blame, along with a dose of questioning the Fed’s independence.
China drove the surge in retail investment demand, charting the second strongest quarter on record.
US equity investors will be watching closely as trade talks kick off between the Trump administration and China, with trillions of dollars hanging in the balance for American companies.
Major tech companies lobbying to salvage a tax deduction for research and development are warning they may pull back from high-profile pledges of new US investments if Congress doesn’t fully reinstate the break.
The culture clash between Bitcoin enthusiasts and gold bugs is about to be played out in the world of exchange-traded funds.
Central banks continued to stockpile gold in the first quarter.
Elite golf is a mental game as much as physical—and so is investing. This year’s Masters tournament was one of the most compelling I have ever witnessed, and Rory McIlroy’s long-awaited playoff victory contains a number of life lessons that are relevant for investors.
Once again, the Federal Open Market Committee (FOMC) decided to keep rates unchanged at today’s meeting, leaving the Fed Funds trading range at 4.25%-4.50%, keeping the level for overnight money 100 basis points (bps) below last year’s peak reading.
In the latest episode of ETF 360, VettaFi’s Kirsten Chang interviewed Bob Minter, ETF strategist for Aberdeen. They discussed all things commodities.
Blackstone Inc., Vanguard Group and Wellington Management Co are launching a fund that will invest in public equities, bonds and private markets, as part of their effort to expand private-market offerings to retail clients.
In technology, disruption can happen slowly and then all at once. Alphabet Inc.’s Google unit is praying for the former right now.
Currently, the Three Tactical Rules are a “flashing yellow light” - a roughly neutral rating which represents a slight downgrade.
After entering the year with a cautious outlook, managers have become more defensively postured as the U.S. tariff policy has increased uncertainty.
Market headlines may change daily, but the role of a financial advisor remains remarkably consistent: to be the calm in the storm, the strategist with a plan and—most importantly—the voice of reason when clients need it most.
When I was much younger, I worked as a bond salesman for a small regional bank in the southwest. I sold some short-term T-bills to yield 17% and some ten-year T-bonds to yield 14%. Paul Volcker, the Fed chairman at the time, had reduced inflation dramatically but the bond market had not yet accepted that new reality and kept interest rates very high for a while after Volker achieved his lower level of inflation.
Private equity transaction volumes remain limited despite predictions for a boom in 2025. With interest rates remaining elevated and the economic backdrop increasingly uncertain, executing acquisitions and IPOs is proving a challenge, leading financial sponsors to hold portfolio companies for longer.
This video provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
Valid until the market close on May 31, 2025
This article provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
A time-honored signal heeded by Wall Street’s credit industry — the weekly flow of money — is breaking down.
Bill Ackman said Harvard University’s endowment is heading for a painful financial reckoning as it weighs selling some of its private equity holdings while battling the Trump administration over federal research funding.
Sam Altman’s reputation for spin was out in full force this week in a published “letter to employees” announcing that he was abandoning plans to turn OpenAI into a for-profit company. Instead, it will “continue to be overseen and controlled” by its nonprofit board.
Trend-following strategies can offer attractive, positively skewed returns, with large positive outperformance often coinciding with large equity selloffs, thereby offering tail protection.
Over the past two weeks, the market has had a furious nine-day rally, the longest winning streak in 21 years.
Most economists and portfolio managers are cautious when discussing gold. Its handling and transaction costs are high, and it pays no interest or dividends.
Roughly a month on from Liberation Day one thing is clear: While actual tariff numbers may not be set, markets have certainly been liberated from complacency. S
Record gold prices drove first-quarter demand in 2025 to the highest level since 2016.
Morningstar Inc. has been rating stock and bond funds for everyday investors for years. Now it will award gold, silver and bronze medals to less-liquid private asset funds marketed to the masses.
A look back at the impacts of tariff announcements last quarter, and what we might expect from tariff negotiations during the 90-day implementation delay in Q2.
Alternative Investments
SALT Write-Off, Harvard Tax, Medicaid Cuts: What’s in Trump’s Bill
House Republicans narrowly passed President Donald Trump’s economic package after a series of all-night negotiations and 11th-hour compromises.
Death of the Dollar: An Eternal Tale
Someday, the dollar will cease to be the world’s reserve currency. But don’t hold your breath waiting; there is nothing even close to being able to take its role.
Portfolio Management as the U.S. Shifts Its Geopolitical Role
Investors should always be attuned to inflation risk, but it seems pronounced in this moment. How should your clients adjust behavior and investments?
A Return to the 19th Century
Investors active today can be forgiven if the events of the past few months have been a bewildering experience.
Private Equity's Big Guns Are Tearing Up the Rules on Leverage
As one of the world’s largest sovereign wealth funds warned this week that private equity is “very troubled” right now, a spate of recent buyout deals in Europe and the US points to a possible route out of the mire.
Don’t Overlook the Human Element of OCIO
Best-in-class OCIO providers understand the importance of a deep relationship and will invest considerable time cultivating one.
529 Plans: Not Just for College
529 plans offer tax-free savings for a variety of education expenses, including K-12 tuition, vocational training and apprenticeships. Our Bill Cass discusses the trends in 529 savings plans.
The Real AI Revolution Is Accessibility
In a year dominated by multimodal marvels and reasoning breakthroughs, perhaps the most economically significant shift in AI went largely underplayed: cost collapse.
Why International and Why Now
The shifting change in market leadership to international outperformance may call for a portfolio review to assess overexposure risks.
First-of-Their-Kind Innovative ETFs Launched in 2025
Innovative ETFs are making waves as investors look for fresh ways to navigate a market marked by rapid growth and ongoing volatility.
Bitcoin Options Traders Eye $300,000 With Record High In Sight
Bitcoin options traders are setting their sights on much higher prices while the largest cryptocurrency flirts with its fairly recent all-time high.
What Will Central Banks do When Tokens Replace Money?
With mainstream investment products increasingly finding a second home on the blockchain, it’s a good time to ask what role central banks would play if everything they have learned while policing double-entry bookkeeping over the last 350 years becomes irrelevant.
Moody’s Debt Downgrade – Does It Matter?
As investors, we need to step back and examine the history of previous debt downgrades and their outcomes for the stock and bond markets. Let’s start with what Moody’s rating agency stated about its rating change.
Changing the World Takes Time
Globalt remains conservatively positioned with an underweight in global equities, and neutral duration in fixed income.
A Balanced Approach to U.S. Equity Through GARP
In an investment landscape dominated by market-cap-weighted benchmarks, the Barron’s 400 ETF (BFOR) offers a different path through GARP.
Zillow Home Value Index: "Real" Home Values Near 4-Year Low
Home values fell for a second straight month in April, according to the Zillow Home Value Index. However, after adjusting for inflation, real home values declined for a 12th consecutive month, hitting their lowest level in nearly four years.
Goldman to Boost Middle East Headcount, Eyes Wealth Fund Deals
Goldman Sachs Group Inc. is looking to open more offices and boost headcount in the Middle East, joining Wall Street peers expanding in the region to tap its deep pools of capital.
The Rebirth of the 60/40 Portfolio Has Been Greatly Exaggerated
The 60/40 approach has not been what it was just a few years ago. Fortunately, there are alternatives.
Trump’s Gulf Visit Ignites Record Military Sales and AI Infrastructure Boom
President Donald Trump’s first overseas trip since returning to the White House is turning heads across the aerospace & defense and semiconductor industries.
Beyond the Headlines: Why Gold Still Matters in a Debt-Soaked, Dollar-Weary World
With financial markets whipsawing on every tweet and press release, Maharrey urged listeners to step back, take a breath, and consider the big picture — particularly on the issues of debt, inflation, and de-dollarization.
Guess Where Harvard’s Private Equity Will Likely End Up
Imagine an institutional investor that allocates a big chunk of its portfolio to illiquid private assets but then needs to sell some of those investments to raise cash. Or a fund company that makes a fortune on actively managed mutual funds for decades, but its investors move their money to low-cost index trackers.
Trade Progress: Small Steps
The signal of announcing trade pacts is an important start.
Navigating the World of Tariffs: More Uncertainty, Slower Growth, & Investment Opportunities
Recent revisions to the IMF’s World Economic Outlook reflect a sobering message: the world economy is entering a more volatile and fragmented era.
Bitcoin Could Flex Inflation-Fighting Muscle
Bitcoin was launched in 2008. It was the following year when it was initially used as an actual currency.
The Most Revealing Question in Personal Investing…and How Warren Buffett Helps Us Answer It
Over the past ten years, we’ve discussed this question with about 50 of our friends and clients, resulting in many animated and productive conversations.
The Wealth Effect Is Not Always Virtuous
Given the recent market volatility and the possibility of an adverse wealth effect, it's worth quantifying the relationship between stock returns and economic activity.
A 401(k) in Every Pot? The Glidepath to Nowhere
Don’t allow your middle-aged clients depending on their 401(k) plan to fool themselves. Markets can’t rescue a failure to save until it hurts. And don’t let them kid themselves that a smoother ride with bonds won’t come at the cost of increased shortfall risk.
Volatility, Valuations, and the Value of Staying the Course
As markets rebound from a brief but sharp correction, Journey’s investment team reflects on the impact of tariffs, global diversification, and the evolving role of alternatives in investor portfolios. With caution as the theme, this month’s commentary urges investors to revisit risk tolerance and stay grounded in disciplined, long-term strategies amidst ongoing economic uncertainty.
S&P 500 Notches Weekly Gain on Big Tech Strength, Trade Optimism
US stocks delivered their second-best weekly gain of the year on Friday, as Big Tech fueled a rally that brought the S&P 500 Index closer to an all-time high set nearly three months ago.
Better Tariff News, but Uncertainty to Limit Potential Benefits Near Term
Chief Economist Eugenio J. Alemán discusses current economic conditions.
Gold Gains in Gallup’s Latest Poll
A recent Gallup poll shows gold just passed stocks as Americans’ favorite long-term investment. We explore why it might deserve the top spot.
A Universe of Potential Opportunity Lies Beyond the Public Markets
Technology and trends have made individual investors an important part of the private market.
The Embarrassing Transatlantic Divide in Real Estate Stocks
If only Europe could offer property investors the kind of buffet the US provides. For now, its listed real estate sector is fragmented and dysfunctional, the raison d’etre seemingly to create cheap takeover targets for buyout firms.
Building Permits Drop 4.7% in April
In the latest report by the Census Bureau, building permits dropped to a seasonally adjusted annual rate of 1.412 million in April, the lowest level in almost a year. This marks a 4.7% decrease from March and a 3.2% decline compared to one year ago.
Housing Starts Inch Up 1.6% in April
In the latest report by the Census Bureau, housing starts inched up to a seasonally adjusted annual rate of 1.361 million in April. This marks a 1.6% increase from March but a 1.7% decrease compared to one year ago.
What Is the Current Inflation Situation?
While the CPI has dipped close to the mythical 2 percent target, core CPI remains elevated.
Income Fund Update: Focus on Stability Amid Turbulence
We maintain a focus on resiliency as elevated yields within high quality fixed income continue to offer attractive opportunities.
Are We Half-Way to a Recession?
After a brief reprieve from all the recession talk while the Fed was raising rates to decades-old high watermarks, the ‘R’ word has come back into vogue once again post-Liberation day.
ETFs Enhance Access to Alternative Investments
Alternative ETFs, which package exposures like commodities and digital assets, have experienced record-breaking adoption in the past year.
NAHB Housing Market Index: Growing Uncertainty Drags Down Builder Confidence
Builder confidence fell sharply in May as uncertainty stemming from elevated rates, tariffs, building costs, and the cloudy economic outlook dragged builder sentiment to its lowest level in 18 months.
Wall Street’s High-Frequency Traders Are Rushing Into Saudi Arabia
Saudi Arabia is ramping up efforts to lure high frequency trading firms — a campaign that’s already brought in major players from Citadel Securities to Hudson River Trading — as it looks to bolster activity on the Middle East’s largest stock market.
Gold Steadies as Risk Appetite Fades With Fed Rate Path in Focus
Gold steadied as investors pulled away from risky assets and waited for more clues on the Federal Reserve’s rate path.
Income Without the Volatility…or Credit Exposure
Our overarching theme for U.S. fixed income has been, and will continue to be, based on the premise that interest rates will stay at more historically “normal” levels, but that, within this backdrop, investors will face heightened volatility.
Is the Coast Clear Yet?
By the end of April, the S&P 500 rallied its way back, recovering nearly all the declines notched in the opening days of the month when President Trump's "Liberation Day" tariff plans tipped markets towards bear territory.
Would a Weaker US Dollar Support Emerging Market Assets?
Emerging market equities and bonds could benefit if the US dollar weakens—a possible scenario amid tariff turmoil.
Stock Rally Nobody Is Comfortable With Makes It Hard to Chase
Equity investors pushed back into the market by a relentless rally are about to find out that the real challenge is just beginning.
Private Credit’s Latest Golden Moment Is Hiding the Cracks
Anyone betting on the end of the private credit boom has been on the back foot of late as the upstart $1.6 trillion asset class has notched up a string of wins. But the industry’s naysayers won’t be conceding defeat just yet.
A Surge of Gold into Asian ETFs Drove Global Holdings Higher in April
Flows of gold into Asian ETFs exploded in April, driving global ETF gold holdings higher for the fifth straight month.
Liquidity Risk in 2025: A Strategic Priority, Not a Side Concern
In 2025, liquidity is not a background variable — it's a front-line risk factor, one that’s being tested repeatedly as global markets navigate a web of geopolitical uncertainty and macroeconomic signals.
Buyout Firms Ramp Up Debt Deals to Pay Dividends
Companies are launching a number of debt deals designed to pay out a dividend to their private equity owners, at a time when buyout firms are under pressure to return money to clients.
Software Recurring Revenue Lending: Flexibility and Skill Required
It may seem risky to lend against recurring revenues, not earnings. With proper underwriting, it doesn’t have to be.
Giant Step in U.S./China Tariff Talks Sends Stocks Soaring
China and the U.S. conducted their first formal trade talks of 2025 over the weekend. And on Monday, May 12, they announced the outcome of their negotiations.
Hate It or Love It: Sentiment's Message
The April plunge in stocks ushered in a huge washout in investor sentiment, but more so on the attitudinal side as opposed to the behavioral side.
Basel III Makes It Official: Gold Is Money Again
For my entire decades-long career in capital markets, I’ve made the case that gold is not just a shiny relic of the past, but a serious, strategic asset for modern investors. After years of pounding the table, it feels pretty good to say that the world’s central banks—and now the U.S. banking system—are finally catching up.
Unlimited HFGM Global Macro ETF (HFGM)
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research, Todd Rosenbluth, discussed the Unlimited HFGM Global Macro ETF (HFGM) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
Traders Eye Longer-Term Options to Hedge Post-Tariff Shock Rally
As April’s volatility storm fades into memory, traders are left balancing calmer markets and the ever-present risk of a fresh round of headline shocks.
Wall Street Plays Long Game as Deals Go Private
A KKR & Co. debt sale shows how far Wall Street is willing to go to keep leveraged underwriting business from slipping away to private credit after periods of turmoil.
‘Buy America’ Sweeps Across Global Markets After Trade Talks
With Wall Street kicking off another rally, American stocks are now trading like Donald Trump’s “Liberation Day” shock never happened.
The Federal Reserve Reserves the Right to Change Its Mind
Chief Economist Eugenio J. Alemán discusses current economic conditions.
Tension in the Sandpile
I’ve been writing about tariffs for a couple of months now, focusing mostly on the macroeconomic harm and the costs they impose on small businesses. Today I want to consider something else: the new risks they are adding to the financial system alongside the old risks.
Buffett Steps Back, His Insights Remain
Warren Buffett opened his 60th—and final as CEO—Berkshire Hathaway annual meeting with the same understated clarity that has defined his career: "This is my 60th annual meeting... I think it'll be the best yet."
Barometer: Equities Set for Further Falls as Tariffs Bite
As the effects of US import tariffs begin to emerge, we shift our stance on equities to underweight.
You Can Run, But You Can’t Hedge
Bonds and stocks falling together stirs painful memories of the 2022 inflation surge. This time, trade and tariff uncertainty is to blame, along with a dose of questioning the Fed’s independence.
Global Gold Bar and Coin Demand Rose in Q1 But Not in the U.S.
China drove the surge in retail investment demand, charting the second strongest quarter on record.
Traders’ Guide to US Stocks Most Affected in China Trade Talks
US equity investors will be watching closely as trade talks kick off between the Trump administration and China, with trillions of dollars hanging in the balance for American companies.
Tech Industry Warns US Investment Pledges Hinge on Research Tax Break
Major tech companies lobbying to salvage a tax deduction for research and development are warning they may pull back from high-profile pledges of new US investments if Congress doesn’t fully reinstate the break.
Wall Street Brings the Bitcoin-Versus-Gold Clash to ETF Masses
The culture clash between Bitcoin enthusiasts and gold bugs is about to be played out in the world of exchange-traded funds.
Central Banks Continued Stockpiling Gold in Q1
Central banks continued to stockpile gold in the first quarter.
Risk, Reward, and Rory at the Masters
Elite golf is a mental game as much as physical—and so is investing. This year’s Masters tournament was one of the most compelling I have ever witnessed, and Rory McIlroy’s long-awaited playoff victory contains a number of life lessons that are relevant for investors.
Fed Watch: Still Waiting
Once again, the Federal Open Market Committee (FOMC) decided to keep rates unchanged at today’s meeting, leaving the Fed Funds trading range at 4.25%-4.50%, keeping the level for overnight money 100 basis points (bps) below last year’s peak reading.
ETF 360: Aberdeen Goes Deep on Gold, Commodities
In the latest episode of ETF 360, VettaFi’s Kirsten Chang interviewed Bob Minter, ETF strategist for Aberdeen. They discussed all things commodities.
Blackstone, Vanguard, Wellington to Launch Private Markets Fund
Blackstone Inc., Vanguard Group and Wellington Management Co are launching a fund that will invest in public equities, bonds and private markets, as part of their effort to expand private-market offerings to retail clients.
Apple’s Wandering Eye Is Good for Everyone But Google
In technology, disruption can happen slowly and then all at once. Alphabet Inc.’s Google unit is praying for the former right now.
Tactical Rules Move to Neutral
Currently, the Three Tactical Rules are a “flashing yellow light” - a roughly neutral rating which represents a slight downgrade.
Tariff Risks Reshape Manager Positioning
After entering the year with a cautious outlook, managers have become more defensively postured as the U.S. tariff policy has increased uncertainty.
When Markets Shake, Advisors Steady the Ship
Market headlines may change daily, but the role of a financial advisor remains remarkably consistent: to be the calm in the storm, the strategist with a plan and—most importantly—the voice of reason when clients need it most.
Bonzai Bonds: Could 14% Treasury Bonds Return?
When I was much younger, I worked as a bond salesman for a small regional bank in the southwest. I sold some short-term T-bills to yield 17% and some ten-year T-bonds to yield 14%. Paul Volcker, the Fed chairman at the time, had reduced inflation dramatically but the bond market had not yet accepted that new reality and kept interest rates very high for a while after Volker achieved his lower level of inflation.
Gridlock
Private equity transaction volumes remain limited despite predictions for a boom in 2025. With interest rates remaining elevated and the economic backdrop increasingly uncertain, executing acquisitions and IPOs is proving a challenge, leading financial sponsors to hold portfolio companies for longer.
Moving Averages of the Ivy Portfolio and S&P 500: April 2025
This video provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
Moving Averages of the Ivy Portfolio and S&P 500: April 2025
Valid until the market close on May 31, 2025
This article provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
Citi Says Fast-Money ETFs Are Shaking Up Flows Across Credit
A time-honored signal heeded by Wall Street’s credit industry — the weekly flow of money — is breaking down.
Ackman Predicts Private Equity Pain for $53 Billion Harvard Endowment
Bill Ackman said Harvard University’s endowment is heading for a painful financial reckoning as it weighs selling some of its private equity holdings while battling the Trump administration over federal research funding.
OpenAI Can't Have Its Money Both Ways
Sam Altman’s reputation for spin was out in full force this week in a published “letter to employees” announcing that he was abandoning plans to turn OpenAI into a for-profit company. Instead, it will “continue to be overseen and controlled” by its nonprofit board.
Walking the Tightrope: Trend Following’s Tricky Tradeoffs
Trend-following strategies can offer attractive, positively skewed returns, with large positive outperformance often coinciding with large equity selloffs, thereby offering tail protection.
“Resistance Is Futile” – For Both Bulls And Bears
Over the past two weeks, the market has had a furious nine-day rally, the longest winning streak in 21 years.
Gold Has Many Buyers
Most economists and portfolio managers are cautious when discussing gold. Its handling and transaction costs are high, and it pays no interest or dividends.
A Tariff-Centric World Takes Shape
Roughly a month on from Liberation Day one thing is clear: While actual tariff numbers may not be set, markets have certainly been liberated from complacency. S
First Quarter Gold Demand at Highest Level Since 2016
Record gold prices drove first-quarter demand in 2025 to the highest level since 2016.
Morningstar Will Now Call Out Lackluster Private Investments
Morningstar Inc. has been rating stock and bond funds for everyday investors for years. Now it will award gold, silver and bronze medals to less-liquid private asset funds marketed to the masses.
Tariffs: Q1 Impacts and Q2 Negotiations
A look back at the impacts of tariff announcements last quarter, and what we might expect from tariff negotiations during the 90-day implementation delay in Q2.