The sweeping 900-page tax and spending law signed on July 4 introduces a wide array of provisions that touch nearly every American in one way or another.
Volatility often evokes emotional responses from investors. Two big sell-offs in early 2025 reminded us why it’s important to fight those responses and stay invested through downturns.
Current volatility and optimism are some of the topics being discussed in this new roundtable from Royce Investment Partners.
The S&P 500 notched a new record high this week, its ninth of the year. The index ultimately finished the week up 0.6%, its third weekly gain in the past four weeks.
The yield on the 10-year note ended July 18, 2025 at 4.44%. Meanwhile, the 2-year note ended at 3.88% and the 30-year note ended at 5.00%.
Bitcoin is not “appropriate” for long-term investors. Also, digital assets are more a speculation and less an investment.
Conventional wisdom has it that the rise of robotaxis is bad for Uber Technologies Inc. and oh so good for Tesla Inc.
In a rare public embrace of the once-shunned world of crypto, the heads of America’s largest banks made one thing clear this week: stablecoins are no longer at the fringe of finance.
GE Aerospace just hit it out of the park on earnings.
When you have a significant underperformance period, investors have a good reason for wondering if you’ve lost your investing mojo.
As of June 2025, the relative valuation of the cheapest 50% of the U.S. stock market compared to the expensive half is at the 3rd percentile in our 40+ years of data.
Many advisors undercharge out of fear, but increasing fees to match your value strengthens client relationships and ensures you’re rewarded for the services you provide.
Last week, Nvidia—whose processors are a key driver of the AI wave—became the world’s first publicly traded company to hit $4 trillion in market value.
The second quarter featured a trade war, armed conflicts in the Middle East and Europe, and continued turmoil in Washington, yet markets continued to rally, likely due to an elevated money supply and an increase in passive investing.
Contrary to popular belief, investors can use TradFi best practices to analyze on-chain KPIs of DeFi networks and the underlying fundamentals of the tokens that drive them.
The capital markets have become an increasingly complex space for investors, complexities that are heightened by the sheer number of ways one can invest.
With inflation proving to be sticky, sovereign debt burdens escalating, and trust in institutions coming under scrutiny, investors are reassessing the role that hard assets play in protecting and preserving long-term purchasing power.
Not sure which to choose? Here are some things to consider about individual bonds vs. bond funds.
If owning a specific stock is keeping you up at night, then it’s time to sell.
As inflation concerns continue to influence 2025 market dynamics, investors seek equity-based strategies to provide rising-price protection.
Home values fell for a fourth straight month in June, according to the Zillow Home Value Index. However, after adjusting for inflation, real home values dropped for a 14th consecutive month, hitting their lowest level since April 2021.
Builder confidence received a slight boost in July with the passage of the One Big Beautiful Bill Act but remained near its lowest level in over 2.5 years.
The Census Bureau's Advance Retail Sales Report for June showed consumer spending was higher than expected, with headline sales rising 0.6%.
Goldman reported record equity trading revenue in second-quarter earnings on Wednesday and trounced its peers with a rebound in investment banking revenue that was fueled by a 70% jump in deal-making fees versus the same period last year.
The sharp division between public and private securities was a major bulwark of financial regulation from the New Deal in the 1930s to the end of the 20th century.
The S&P 500 Index finished within striking distance of all-time highs after whipsawing on whether President Donald Trump will fire Federal Reserve Chair Jerome Powell.
Swedish private equity group EQT AB reported better-than-expected underlying profit in the first half of 2025 as exit volumes jumped and all of its funds performed at or above plan.
Only a few years ago, the Biden administration declared export controls a “new strategic asset” to help the US maintain “as large a lead as possible” over China in advanced technology. President Donald Trump is now upending that approach.
Just four months into his tenure at the Pentagon, private equity billionaire Steve Feinberg has landed his first big deal: a $400 million bet on the US’s only miner of rare-earth elements, a key commodity in the rivalry with China.
June was a month of stabilization and subtle strength for preferreds.
We have a truly inspiring corporate leader among the companies in our portfolio. We don’t believe the global equity markets have realized it yet.
Three themes are worth emphasizing as we reach the midpoint of 2025: tariffs, interest rates, and global diversification. We emphasize these themes even amid recent heightened geopolitical tensions.
Global equity markets swung from steep losses to fresh highs during the quarter. In early April, President Trump imposed a baseline 10% tariff and reciprocal tariffs of up to 50% on dozens of trading partners, only to suspend most reciprocal tariffs for 90 days amid market panic.
Investors may be happy to shift some of their focus away from the ongoing tariff saga and back toward economic data and earnings reports.
Bitcoin’s 2025 ascent and the upside delivered by ETFs such as the CoinShares Valkyrie Bitcoin Fund (BRRR) has been attributed to a variety of factors, including increased adoption.
In this video, Chuck Carnevale, co-founder of FAST Graphs, aka Mr. Valuation, discusses Becton Dickinson (BDX), 53 years of dividend growth, a medical diagnostics company that has increased its dividend for 53 consecutive years.
The U.S. economy remains resilient despite headline volatility tied to shifting trade and tariff policies. Meanwhile, we continue to see a lot of volatility in the economic data as the world adjusts to these changing policies.
Here is a summary of the four market valuation indicators we update on a monthly basis.
Meeting AI is proving to be a great starting point for enterprise wealth management teams to gain instant productivity. Acting quickly offers the additional compounding of long-term productivity and data advantages.
Each month, this column will focus on issues related to advisor transition. One of the most difficult ones is working with your team as you determine how, when, and where to transition your firm.
Goldman Sachs Group Inc.’s stock traders posted the largest revenue haul in Wall Street history, as volatility sparked by the Trump administration’s trade war spurred a second straight record quarter for the unit.
President Donald Trump hailed more than $92 billion in investments in artificial intelligence and energy infrastructure during a visit to Pennsylvania, highlighting his efforts to bolster US competitiveness in the AI field.
Chief executive officers in the US and beyond are becoming accustomed to the policy swings of President Donald Trump and are deciding they can pursue growth ambitions regardless.
Low volatility exchange traded funds are a compelling solution for those looking to dampen risk while staying invested.
For many years, the pension plan has often been a drag on a corporation’s financial positions. Now that’s generally no longer the case, and it’s time to consider what’s next.
The RAFI™ Fundamental Index has a value tilt, but to characterize it as a value index would be an oversimplification that misses the important advantages that the fundamental index offers above standard “value” index approaches.
High yield bonds have historically delivered attractive long-term returns, and since the Great Financial Crisis they have also become higher quality, as weaker borrowers have departed the sector for the private credit and leveraged loan markets.
Drew O’Neil discusses fixed income market conditions and offers insight for bond investors.
A couple of years ago, I wrote about absolute versus relative returns. Given the latest market run, I am getting a lot of questions about chasing returns, and individuals comparing themselves to the S&P 500 index.
Emerging market (EM) countries are often generalized as all the same and driven by commodity prices. The reality can be very different. Here's what you should know about EM stocks now.
On Wednesday, Vanguard expanded its fixed income ETF selection with the launch of three new funds.
As 2025 progresses, investors and policymakers are navigating a highly complex economic landscape shaped by three powerful and interrelated forces: evolving trade policy, a cautious U.S. Federal Reserve (Fed), and growing concerns over U.S. fiscal discipline.
BlackRock Inc. pulled in $46 billion to its investment funds, and assets hit a record $12.5 trillion as clients rode out the volatility of President Donald Trump’s tariff policies in the second quarter.
JPMorgan Chase & Co.’s investment bankers eked out a surprise gain in the second quarter, signaling what may be the start of a dealmaking rebound after widespread hesitation tied to US tariff policies.
Apple Inc. has struck a $500 million deal to buy rare-earth minerals from MP Materials Corp., the US producer that just last week secured backing from the Pentagon.
Housing affordability has become a flashpoint in the US economy. How can the country be truly wealthy when the bulk of a rising generation can’t afford a home?
We continue to believe we are seeing a rare opportunity in EM local debt, and our conviction has been strengthened by the Trump administration’s trade and economic policies, which suggest continued dollar weakness and relative strength for EM local currencies.
It is easy to invest when markets are rallying, but it can be tough for investors to stay in their seats when markets inevitably decline again.
As the second quarter earnings season kicks into gear, Wall Street analysts are forecasting modest earnings growth of 4.8% for companies in the S&P 500.
Every year around this time, we update our Periodic Table of Commodities Returns to reflect the performance of raw materials in the first six months. I’m biased, but few tools do a better job of providing a clear, interactive picture of the commodities landscape than ours.
The right level of regulation requires careful calibration.
Geopolitical flare-ups and a “wait-and-see” Federal Reserve stance have created plenty of noise, but markets continue to defy the headlines with a balanced global allocation and improving sentiment indicators.
Tokenization of real assets might make liquidity problems even more obvious. Making assets digital doesn't mean they'll be easier to sell or trade. It could just highlight how hard they really are to sell, and it won’t change the market demand either.
Eight of the nine indexes on our world watch list have posted gains through July 14, 2025.
We suspect that for many of our clients, converting to a Roth will make sense, either today or in the near future. We hope this note and our calculator will encourage many of you to give the conversion decision another look.
When I read Barry Ritholtz’s recent book, I agreed with it almost 100 percent. The main themes of Ritholtz’s book are, first, that nobody can predict anything, let alone the stock market, and that therefore, second, you should invest in a low-cost index fund.
US mega caps are attractive as they’re likely to be boosted by the fiscal spending bill as well as a robust earnings outlook, according to Morgan Stanley strategists.
Banks are looking to sell $2.25 billion of term loans and $2 billion equivalent of bonds for Boots, to help finance its acquisition by US private equity firm Sycamore Partners, according to people familiar with the matter.
The money behind Elon Musk’s trillion-dollar empire is increasingly flowing in one direction: toward artificial intelligence.
Apple Inc. is facing pressure to shake up its corporate playbook to invigorate its struggling artificial intelligence efforts.
Next week, the Q2-2025 earnings season will begin in earnest as a barrage of S&P 500 companies report, starting with the Wall Street money center banks on Tuesday and Wednesday. Since earnings drive the market by supporting investor expectations, what should investors expect? Let’s dig into the details.
Fixed income benchmarks have two fundamental flaws. First, their exposures prioritize the needs of borrowers rather than investors. Second, they tend to expose investors to the biggest risks at the worst times.
The resilient job market has supported stock gains, but Washington policy has been a primary market driver so far this year.
There’s a connection between our willingness to let the debt problem fester and investors throwing their money into a wildly overvalued stock market. In both cases, we’ve grown way too comfortable with uncertainty.
The second quarter’s rapid recovery from April’s market volatility reminds us how powerful a systematic rules-based approach to tax management can be.
ClearBridge Investments believes tariffs remain the key risk to corporate profits in the second half of the year and is less concerned about geopolitical events or the outlook for fiscal and monetary policy.
Last week, the iShares Flexible Income Active ETF (BINC) reached a significant milestone and became the latest member of the $10 billion of the active fixed income club.
At a private markets conference focused on the ultra-rich in London this week, the typically discreet sector was notably candid about its growing interest in private credit.
A multibillion-dollar capital markets experiment is unfolding on Wall Street, as entrepreneurs use blank-check companies and reverse mergers to take their holdings of digital assets public.
A full three months since President Trump’s “Liberation Day” tariff announcements sparked panic in financial markets, macro developments have been benign. The passage of the Big Beautiful Bill has brought clarity on the fiscal outlook, but uncertainty on trade negotiations remains. Franklin Templeton Fixed Income CIO Sonal Desai explains what this means for investors going forward.
Bitcoin options traders are already setting their sights on higher prices as the original cryptocurrency extends its record-breaking rally for a second day.
JPMorgan Chase & Co. bosses grew curious last summer as they clocked an unusual number of absences at the training sessions that kicked off their ultra-competitive junior analyst program.
I have been a pension nerd since I was 20 years old. So I have been hearing for literally decades that there is a simple, magical solution to all our retirement funding problems: Just take more risk! When the investments pay off, the coffers will be replenished and all will be well.
Three ETF strategies that launched in June stand out, bringing something interesting to the table for investors.
The valuation of small-cap stocks relative to large caps remains historically attractive, and small-cap recoveries in the past have resulted in meaningful periods of outperformance.
Compelling bond yields and diverging equity returns offer building blocks for effective strategies.
Considering the spate of sizable inflows into spot bitcoin ETFs and the recent ebullience surrounding equities, some investors are vexed by recent lethargy displayed by the largest cryptocurrency.
As we reach the midpoint of 2025, we reflect on the notably volatile trajectory of bond yields so far this year, considering the potential opportunity for tax-aware fixed income investors to harvest losses.
After mid-level performance in Q1, financials sector earnings are seen slowing in Q2, according to analysts, though favorable signs like the yield curve could help margins.
We are in a period of market greed right now, even if you haven’t noticed it.
Capital Growth
Potential Fiscal Impact of the 'One Big Beautiful Bill Act'
The sweeping 900-page tax and spending law signed on July 4 introduces a wide array of provisions that touch nearly every American in one way or another.
Resisting Temptation in Volatile 2025 Markets
Volatility often evokes emotional responses from investors. Two big sell-offs in early 2025 reminded us why it’s important to fight those responses and stay invested through downturns.
US Small-Cap Forecast—More Volatility and Cautious Optimism
Current volatility and optimism are some of the topics being discussed in this new roundtable from Royce Investment Partners.
S&P 500 Snapshot: Another Record High
The S&P 500 notched a new record high this week, its ninth of the year. The index ultimately finished the week up 0.6%, its third weekly gain in the past four weeks.
Treasury Yields Snapshot: July 18, 2025
The yield on the 10-year note ended July 18, 2025 at 4.44%. Meanwhile, the 2-year note ended at 3.88% and the 30-year note ended at 5.00%.
Vanguard Goes Big on Crypto, Thanks to the Index-Fund Boom It Unleashed
Bitcoin is not “appropriate” for long-term investors. Also, digital assets are more a speculation and less an investment.
The Battle of the Robotaxis is Beginning
Conventional wisdom has it that the rise of robotaxis is bad for Uber Technologies Inc. and oh so good for Tesla Inc.
Wall Street Signals Stablecoin Fightback as Crypto Bills Advance
In a rare public embrace of the once-shunned world of crypto, the heads of America’s largest banks made one thing clear this week: stablecoins are no longer at the fringe of finance.
GE Aerospace Investors Don’t Realize They Have a Cash Machine
GE Aerospace just hit it out of the park on earnings.
We’re in Good Company
When you have a significant underperformance period, investors have a good reason for wondering if you’ve lost your investing mojo.
Value: That Was Then, This is Now
As of June 2025, the relative valuation of the cheapest 50% of the U.S. stock market compared to the expensive half is at the 3rd percentile in our 40+ years of data.
Change Your Price (and Keep the Change!)
Many advisors undercharge out of fear, but increasing fees to match your value strengthens client relationships and ensures you’re rewarded for the services you provide.
Beyond Nvidia: Are You Overlooking An AI Opportunity?
Last week, Nvidia—whose processors are a key driver of the AI wave—became the world’s first publicly traded company to hit $4 trillion in market value.
Third Quarter Strategic Income Outlook
The second quarter featured a trade war, armed conflicts in the Middle East and Europe, and continued turmoil in Washington, yet markets continued to rally, likely due to an elevated money supply and an increase in passive investing.
Revolution—Not Evolution: The Crypto Dilemma
Contrary to popular belief, investors can use TradFi best practices to analyze on-chain KPIs of DeFi networks and the underlying fundamentals of the tokens that drive them.
Direct Indexing: An Innovative and Customizable Capital Markets Strategy
The capital markets have become an increasingly complex space for investors, complexities that are heightened by the sheer number of ways one can invest.
Bitcoin and Gold: Three Model Forecasts for 2030 and Beyond
With inflation proving to be sticky, sovereign debt burdens escalating, and trust in institutions coming under scrutiny, investors are reassessing the role that hard assets play in protecting and preserving long-term purchasing power.
Bonds vs. Bond Funds: Which Is Right for You?
Not sure which to choose? Here are some things to consider about individual bonds vs. bond funds.
Signs that Scream “Time to Sell”
If owning a specific stock is keeping you up at night, then it’s time to sell.
3 Equity ETFs Designed to Combat Inflation in 2025
As inflation concerns continue to influence 2025 market dynamics, investors seek equity-based strategies to provide rising-price protection.
Zillow Home Value Index: "Real" Home Values at Lowest Level Since April 2021
Home values fell for a fourth straight month in June, according to the Zillow Home Value Index. However, after adjusting for inflation, real home values dropped for a 14th consecutive month, hitting their lowest level since April 2021.
NAHB Housing Market Index: Builder Confidence Receives Slight Boost
Builder confidence received a slight boost in July with the passage of the One Big Beautiful Bill Act but remained near its lowest level in over 2.5 years.
Retail Sales Up 0.6% in June, Better Than Expected
The Census Bureau's Advance Retail Sales Report for June showed consumer spending was higher than expected, with headline sales rising 0.6%.
Goldman’s Big Hedge Fund Bet Was Perfectly Timed
Goldman reported record equity trading revenue in second-quarter earnings on Wednesday and trounced its peers with a rebound in investment banking revenue that was fueled by a 70% jump in deal-making fees versus the same period last year.
The Public Stock Market Isn’t Enough Anymore
The sharp division between public and private securities was a major bulwark of financial regulation from the New Deal in the 1930s to the end of the 20th century.
US Stocks Rebound After Trump Says No Plans to Fire Powell
The S&P 500 Index finished within striking distance of all-time highs after whipsawing on whether President Donald Trump will fire Federal Reserve Chair Jerome Powell.
EQT Underlying Profit Surges as Exits Climb to €13 Billion
Swedish private equity group EQT AB reported better-than-expected underlying profit in the first half of 2025 as exit volumes jumped and all of its funds performed at or above plan.
Trump’s U-Turn on Nvidia Spurs Talk of Grand Bargain With China
Only a few years ago, the Biden administration declared export controls a “new strategic asset” to help the US maintain “as large a lead as possible” over China in advanced technology. President Donald Trump is now upending that approach.
Feinberg Brings Wall Street Drive to Rare-Earth Minerals Push
Just four months into his tenure at the Pentagon, private equity billionaire Steve Feinberg has landed his first big deal: a $400 million bet on the US’s only miner of rare-earth elements, a key commodity in the rivalry with China.
Capital Relief and Lower Bond Yields Support Preferreds in June
June was a month of stabilization and subtle strength for preferreds.
Dead Investors Society
We have a truly inspiring corporate leader among the companies in our portfolio. We don’t believe the global equity markets have realized it yet.
Stretched Dollar, Equities Boost Diversification Case
Three themes are worth emphasizing as we reach the midpoint of 2025: tariffs, interest rates, and global diversification. We emphasize these themes even amid recent heightened geopolitical tensions.
Q2 2025 Commentary and Market Outlook International and Global Growth Equities
Global equity markets swung from steep losses to fresh highs during the quarter. In early April, President Trump imposed a baseline 10% tariff and reciprocal tariffs of up to 50% on dozens of trading partners, only to suspend most reciprocal tariffs for 90 days amid market panic.
Inflation Week on Wall Street Comes as Tariff Risk Re-Emerges
Investors may be happy to shift some of their focus away from the ongoing tariff saga and back toward economic data and earnings reports.
Sovereign Adoption Another Bitcoin Catalyst
Bitcoin’s 2025 ascent and the upside delivered by ETFs such as the CoinShares Valkyrie Bitcoin Fund (BRRR) has been attributed to a variety of factors, including increased adoption.
After 53 Years of Dividend Growth – Is This Stock Finally Worth Buying?
In this video, Chuck Carnevale, co-founder of FAST Graphs, aka Mr. Valuation, discusses Becton Dickinson (BDX), 53 years of dividend growth, a medical diagnostics company that has increased its dividend for 53 consecutive years.
Despite Economic Uncertainties and Wild Market Swings, U.S. Economic Fundamentals Refuse to Buckle
The U.S. economy remains resilient despite headline volatility tied to shifting trade and tariff policies. Meanwhile, we continue to see a lot of volatility in the economic data as the world adjusts to these changing policies.
Market Valuation: Is the Market Still Overvalued?
Here is a summary of the four market valuation indicators we update on a monthly basis.
Why You & Your Advisors Need AI-Powered Meeting Tools
Meeting AI is proving to be a great starting point for enterprise wealth management teams to gain instant productivity. Acting quickly offers the additional compounding of long-term productivity and data advantages.
Preparing Your Team for a Transition
Each month, this column will focus on issues related to advisor transition. One of the most difficult ones is working with your team as you determine how, when, and where to transition your firm.
Goldman Posts Best Stock-Trading Quarter in Wall Street History
Goldman Sachs Group Inc.’s stock traders posted the largest revenue haul in Wall Street history, as volatility sparked by the Trump administration’s trade war spurred a second straight record quarter for the unit.
Trump Hails $92 Billion in Investments for AI, Energy Projects
President Donald Trump hailed more than $92 billion in investments in artificial intelligence and energy infrastructure during a visit to Pennsylvania, highlighting his efforts to bolster US competitiveness in the AI field.
JPMorgan and Citi Clients Are Getting Comfortable With Chaos
Chief executive officers in the US and beyond are becoming accustomed to the policy swings of President Donald Trump and are deciding they can pursue growth ambitions regardless.
Weathering the Storm: Case for Low Volatility ETFs
Low volatility exchange traded funds are a compelling solution for those looking to dampen risk while staying invested.
Midyear Liability-Driven Investing Outlook: What’s Next for Corporate Pensions?
For many years, the pension plan has often been a drag on a corporation’s financial positions. Now that’s generally no longer the case, and it’s time to consider what’s next.
Must Value Be Anti-Growth?
The RAFI™ Fundamental Index has a value tilt, but to characterize it as a value index would be an oversimplification that misses the important advantages that the fundamental index offers above standard “value” index approaches.
Higher Quality High Yield: Addition by Subtraction
High yield bonds have historically delivered attractive long-term returns, and since the Great Financial Crisis they have also become higher quality, as weaker borrowers have departed the sector for the private credit and leveraged loan markets.
Callable Bond Considerations
Drew O’Neil discusses fixed income market conditions and offers insight for bond investors.
Relative Returns Or Absolute. What’s More Important?
A couple of years ago, I wrote about absolute versus relative returns. Given the latest market run, I am getting a lot of questions about chasing returns, and individuals comparing themselves to the S&P 500 index.
Benefits of Emerging Markets Diversification
Emerging market (EM) countries are often generalized as all the same and driven by commodity prices. The reality can be very different. Here's what you should know about EM stocks now.
Vanguard Unveils 3 New Fixed Income ETFs
On Wednesday, Vanguard expanded its fixed income ETF selection with the launch of three new funds.
Economic Crosscurrents in 2025: Inflation, Interest Rates, and Investment Strategy
As 2025 progresses, investors and policymakers are navigating a highly complex economic landscape shaped by three powerful and interrelated forces: evolving trade policy, a cautious U.S. Federal Reserve (Fed), and growing concerns over U.S. fiscal discipline.
BlackRock Hits Record $12.5 Trillion in Assets Amid Turmoil
BlackRock Inc. pulled in $46 billion to its investment funds, and assets hit a record $12.5 trillion as clients rode out the volatility of President Donald Trump’s tariff policies in the second quarter.
JPMorgan’s Surprise Dealmaking Gain Shows Tariff Fear Easing
JPMorgan Chase & Co.’s investment bankers eked out a surprise gain in the second quarter, signaling what may be the start of a dealmaking rebound after widespread hesitation tied to US tariff policies.
Apple to Buy Rare Earths From Pentagon-Backed US Producer MP
Apple Inc. has struck a $500 million deal to buy rare-earth minerals from MP Materials Corp., the US producer that just last week secured backing from the Pentagon.
Can Wall Street Help Solve the US Housing Crisis?
Housing affordability has become a flashpoint in the US economy. How can the country be truly wealthy when the bulk of a rising generation can’t afford a home?
Still A Once-in-a-Generation Opportunity
We continue to believe we are seeing a rare opportunity in EM local debt, and our conviction has been strengthened by the Trump administration’s trade and economic policies, which suggest continued dollar weakness and relative strength for EM local currencies.
2025 Mid-Year Outlook: Stay Invested
It is easy to invest when markets are rallying, but it can be tough for investors to stay in their seats when markets inevitably decline again.
Q2 2025 Earnings Preview: Modest Growth Expected Amidst Economic Crosswinds
As the second quarter earnings season kicks into gear, Wall Street analysts are forecasting modest earnings growth of 4.8% for companies in the S&P 500.
Precious Metals Crushed Their Commodities Peers in the First Half of 2025
Every year around this time, we update our Periodic Table of Commodities Returns to reflect the performance of raw materials in the first six months. I’m biased, but few tools do a better job of providing a clear, interactive picture of the commodities landscape than ours.
Rethinking Bank Regulation
The right level of regulation requires careful calibration.
Ceasefires, Chairmen & Consumer Confidence: Navigating a Summer of Surprises
Geopolitical flare-ups and a “wait-and-see” Federal Reserve stance have created plenty of noise, but markets continue to defy the headlines with a balanced global allocation and improving sentiment indicators.
Tokenization Won’t Fix the Liquidity Problem, It Will Expose It
Tokenization of real assets might make liquidity problems even more obvious. Making assets digital doesn't mean they'll be easier to sell or trade. It could just highlight how hard they really are to sell, and it won’t change the market demand either.
World Markets Watchlist: July 14, 2025
Eight of the nine indexes on our world watch list have posted gains through July 14, 2025.
Size Matters in the Roth IRA Conversion Decision
We suspect that for many of our clients, converting to a Roth will make sense, either today or in the near future. We hope this note and our calculator will encourage many of you to give the conversion decision another look.
The Trial of Barry Ritholtz
When I read Barry Ritholtz’s recent book, I agreed with it almost 100 percent. The main themes of Ritholtz’s book are, first, that nobody can predict anything, let alone the stock market, and that therefore, second, you should invest in a low-cost index fund.
Morgan Stanley Says Tax Cuts and Earnings to Boost US Mega Caps
US mega caps are attractive as they’re likely to be boosted by the fiscal spending bill as well as a robust earnings outlook, according to Morgan Stanley strategists.
Banks Are Bringing Boots $4.25 Billion Buyout Debt to Market
Banks are looking to sell $2.25 billion of term loans and $2 billion equivalent of bonds for Boots, to help finance its acquisition by US private equity firm Sycamore Partners, according to people familiar with the matter.
Elon Musk Turns to Tesla and SpaceX to Fuel His AI Ambitions
The money behind Elon Musk’s trillion-dollar empire is increasingly flowing in one direction: toward artificial intelligence.
Apple Faces Calls to Reboot AI Strategy With Shares Slumping
Apple Inc. is facing pressure to shake up its corporate playbook to invigorate its struggling artificial intelligence efforts.
Q2-2025 Earnings Season Preview
Next week, the Q2-2025 earnings season will begin in earnest as a barrage of S&P 500 companies report, starting with the Wall Street money center banks on Tuesday and Wednesday. Since earnings drive the market by supporting investor expectations, what should investors expect? Let’s dig into the details.
Are You Buying What They Selling? We’re Not—Here’s Why.
Fixed income benchmarks have two fundamental flaws. First, their exposures prioritize the needs of borrowers rather than investors. Second, they tend to expose investors to the biggest risks at the worst times.
On Firmer Ground?
The resilient job market has supported stock gains, but Washington policy has been a primary market driver so far this year.
Uncertain Moments
There’s a connection between our willingness to let the debt problem fester and investors throwing their money into a wildly overvalued stock market. In both cases, we’ve grown way too comfortable with uncertainty.
Tax Loss Harvesting Through the Volatile First Half of 2025
The second quarter’s rapid recovery from April’s market volatility reminds us how powerful a systematic rules-based approach to tax management can be.
US Equity Midyear Outlook: Looking Toward 2026 for Upside
ClearBridge Investments believes tariffs remain the key risk to corporate profits in the second half of the year and is less concerned about geopolitical events or the outlook for fiscal and monetary policy.
The $10 Billion Club: New Stars in Active Bonds
Last week, the iShares Flexible Income Active ETF (BINC) reached a significant milestone and became the latest member of the $10 billion of the active fixed income club.
Private Credit Lures the Ultra-Rich Sitting on $3.1 Trillion
At a private markets conference focused on the ultra-rich in London this week, the typically discreet sector was notably candid about its growing interest in private credit.
Crypto Treasury Firms Swarm Wall Street in SPAC, Merger Boom
A multibillion-dollar capital markets experiment is unfolding on Wall Street, as entrepreneurs use blank-check companies and reverse mergers to take their holdings of digital assets public.
Stop Me if You Think You’ve Heard This One Before
A full three months since President Trump’s “Liberation Day” tariff announcements sparked panic in financial markets, macro developments have been benign. The passage of the Big Beautiful Bill has brought clarity on the fiscal outlook, but uncertainty on trade negotiations remains. Franklin Templeton Fixed Income CIO Sonal Desai explains what this means for investors going forward.
Bitcoin Options Traders Eye $120,000 as Token Extends Record Run
Bitcoin options traders are already setting their sights on higher prices as the original cryptocurrency extends its record-breaking rally for a second day.
Big Banks Are Tired of Losing Recruits to Private Equity
JPMorgan Chase & Co. bosses grew curious last summer as they clocked an unusual number of absences at the training sessions that kicked off their ultra-competitive junior analyst program.
Social Security Needs More Than Risky Wagers
I have been a pension nerd since I was 20 years old. So I have been hearing for literally decades that there is a simple, magical solution to all our retirement funding problems: Just take more risk! When the investments pay off, the coffers will be replenished and all will be well.
June 2025’s Most Innovative ETF Launches
Three ETF strategies that launched in June stand out, bringing something interesting to the table for investors.
Are Small Caps Next in Line to Shine?
The valuation of small-cap stocks relative to large caps remains historically attractive, and small-cap recoveries in the past have resulted in meaningful periods of outperformance.
Multi-Asset Income Midyear Outlook: Income and Resilience Among the Bumps
Compelling bond yields and diverging equity returns offer building blocks for effective strategies.
Bitcoin Unusually Calm, But That Won’t Last Long
Considering the spate of sizable inflows into spot bitcoin ETFs and the recent ebullience surrounding equities, some investors are vexed by recent lethargy displayed by the largest cryptocurrency.
Active Tax Loss Harvesting in Fixed Income: Checking In at Midyear
As we reach the midpoint of 2025, we reflect on the notably volatile trajectory of bond yields so far this year, considering the potential opportunity for tax-aware fixed income investors to harvest losses.
Q2 Bank Earnings Preview: A Dimmer Light?
After mid-level performance in Q1, financials sector earnings are seen slowing in Q2, according to analysts, though favorable signs like the yield curve could help margins.
Stay Cautious as Markets Turn Greedy
We are in a period of market greed right now, even if you haven’t noticed it.