After running a surplus in April thanks to tax day, the federal government was back to business as usual in May, spending massive amounts of money and charting another big budget deficit.
A 529 plan is a popular tool for saving for college expenses. When it comes to who maintains control over the 529 plan’s assets, in most cases, it’s the account owner. This is often a parent or grandparent. The owner also has the ability to make investment choices and manage withdrawals.
Given that the bill’s failure to reduce the deficit is due in part to its extension and expansion of the special tax treatment for non-corporate businesses that Johnson insisted on in 2017, which will cost an estimated $820 billion over the next decade, the senator does not make for the most credible of deficit hawks.
New strategies, shifting flows, and innovative technologies are driving a more dynamic and diversified marketplace in fixed income ETFs.
It's important to consider non-hardship 401(k) withdrawals carefully. Our Bill Cass explains why individuals should check plan eligibility and consider asset protection and tax implications.
When planning for future financial needs, take the time to understand the key differences between a 529 plan vs. IUL insurance. Both are valuable tools, but they serve different purposes and offer unique benefits.
In this article, Russ Koesterich discusses the recent performance of gold and its ongoing role as a store of value in investors’ portfolios.
A 529 plan can influence financial aid eligibility and the amount awarded. While these savings plans arevaluable for covering education expenses, they are considered parental assets on the Free Applicationfor Federal Student Aid (FAFSA).
Let’s talk about life expectancy. More specifically – should it play a role in retirement planning?You might be surprised to learn that the answer is: Absolutely not.
How do we give clients what they’re truly looking for — income certainty, simplicity, peace of mind —without triggering resistance that shuts the conversation down?
The ever-louder brouhaha surrounding BBD is much ado about nothing. It is expensive, dangerous, and likely to benefit only bankers and brokerage firms.
Blackstone Inc. hired Joseph Cassanelli, a banker who drove major Wall Street deals, as the private equity firm prepares to invest more in banks and insurers.
Lately, the “deficit narrative” has dominated much of the financial media, particularly those channels that are continual “purveyors of doom.” In this post, we will discuss the “deficit narrative,” the likely outcomes, and why the cure for the deficit may be found in Artificial Intelligence.
Tariff policy has clouded expectations for the second half of the year, but there are ways to navigate through the fog.
Just one day after Prime Minister Shigeru Ishiba likened Japan’s debt situation to that of Greece, the country faced its weakest demand for 20-year bonds since 2012.
A 529 plan can play a strategic role in estate planning, especially for families looking to reduce taxes while saving for education. Contributions to a 529 plan may be excluded from your taxable estate, potentially lowering future estate tax liability.
Alex Veroude, Global Head of Fixed Income, believes fixed income investors can prepare for an uncertain journey by recognising trends and diversifying across different assets.
Unlike most other US public retirement plans of its size, the Tampa Fire & Police Pension Fund doesn’t invest in hedge funds, private equity or private credit.
The US 2025 tax bill enhances certain deductions and includes provisions for business growth and development. Our Bill Cass shares the highlights of what is being debated on Capitol Hill and the impact on business owners.
If I told someone with even a little investing experience that I own an asset that pays like stocks but is stable like bonds, they would probably think I was a huckster or a fool. Yet many of the most sophisticated investors claim to own such a thing.
What's the debt ceiling? Learn how the debt ceiling works and how a default on federal debt could impact the U.S. stock market and economy.
This series has been updated to include the May release of the consumer price index as the deflator and the monthly employment update. The latest hypothetical real (inflation-adjusted) annual earnings are at $52,538, down 5.8% from over 50 years ago.
Back in 2016, Intercontinental Exchange Inc., the owner of the New York Stock Exchange, revealed that it was considering an offer for the London Stock Exchange Group Plc.
The global economy is continually evolving due to inflation, interest rates, and geopolitics. How could these and other factors influence the major asset classes over the coming decade?
If we lived in a world where mobile signals were visible, the sky would shimmer like a storm—layers of frequencies rolling over rooftops, crossing oceans and saturating valleys.
Advisors can help clients and their families plan for the rising costs of tuition and other educational expenses by knowing the benefits of 529 plans — and staying up-to-date on evolving rules around these investment vehicles.
Investors may revisit international exposure in their portfolios amidst reduced market reactions to tariff announcements, uncertain U.S. policy and lagging U.S. stock performance.
Our monthly workforce recovery analysis has been updated to include the latest employment report for May. The unemployment rate remained at 4.2%. Additionally, the number of new non-farm jobs (a relatively volatile number subject to extensive revisions) came in at 139,000.
May's employment report showed that 82.5% of total employed workers were full-time (35+ hours) and 17.4% of total employed workers were part-time (<35 hours)5
Investors nearing or in retirement who are currently defaulted into TDFs need to stop defaulting and move to safety now.
As small business clients look toward ambitious growth, advisors have the chance to offer something foundational: a term life insurance strategy that turns ambitions into a legacy.
Research trips are an integral component of our active, fundamental investment process. Our investment teams meet with different companies, attend conferences, and travel to new markets around the world, gaining insights for our clients and a deeper understanding of potential investments.
The federal government, financial markets and most Americans are all in a state of denial about interest rates.
The White House is seriously considering the proposal, at the behest of some of the country’s largest financial firms.
Kristofer Kraus, portfolio manager and co-lead of PIMCO’s asset-based finance business, charts the nuances behind the overall resilience of U.S. consumers – and explains how these insights shape lending and investment strategies.
Wall Street is cranking up the bond machine as US homeowners — finding that buying a new house is out of reach since mortgage rates started climbing in 2022 – are instead getting home equity loans and sprucing up their current properties.
Neuberger Berman has raised more than $4 billion for its latest general partner-led secondary fund, at a time when private equity firms are increasingly looking to monetize assets via continuation vehicles.
Since 2019 and the establishment of the ETF Rule, traditional active managers, armed with decades of expertise, have flocked to ETFs.
In the last three months tariff news has whipped financial markets around remarkably in response to President Trump’s ever changing tariff policies. The most pronounced reactions were concentrated in the US stock market.
Passive capitalization-weighted index funds now surpass active management in aggregate investor allocations.
On the trade front, investor uncertainty eased for a short time as President Donald Trump’s “Liberation Day” tariffs seemed to lose traction. Several key developments contributed, including a 90-day tariff pause with China, the signing of a US-UK trade agreement and progress on negotiations with other partners, including Europe.
Here are some important insights and good open-ended questions to ask your clients to make sure they are thinking through life decisions.
Market leadership is shifting and the once-dominant Magnificent 7 may no longer be so magnificent. Our latest report reveals why broader opportunities are emerging across sectors and regions, with quality, value, and growth converging in unexpected places.
The “sell and stay” approach in wealth management mergers and acquisitions (M&A) is a transformative trend reshaping how advisors approach their succession planning and business transitions.
Our role isn’t just to manage assets; it’s to help clients stay grounded. We remind clients that investing is a long-term journey, and short-term volatility doesn’t have to knock them off course.
Most of us are facing longer working lives, but that also means we need to remain healthier for longer. While linking the pensionable threshold to improving longevity is fair, up to a point...
Most clients are relatively conservative when it comes to determining how much they can afford to spend in retirement. All things being equal, clients would generally rather die with too much money than too little.
Goldman Sachs Group Inc. is embarking on its most ambitious effort yet to offer an exit ramp for investors trapped in buyout funds.
U.S. manufacturing growth picked up in May, but tariffs and trade policy continued to dominate the sector's landscape. The S&P Global U.S. Manufacturing PMI remained in expansion territory for a fifth straight month in May at 52.0. The latest reading was lower than the 52.3 forecast.
Today I’m going to highlight some speakers who added an equity market perspective to their big-picture views. Getting both right would be much easier if more investors behaved rationally. Alas, they don’t, which is why stock prices do incomprehensible things. Fortunately, you can succeed without catching every twist and turn.
While headlines scream about the latest deal or tariff suspension, Maharrey argues that investors are dangerously distracted from the real threat: America’s exploding national debt and the systemic consequences that follow.
The House passed a comprehensive tax bill to avoid an expiration of the 2017 Tax Cuts and Jobs Act (TCJA) at the end of the year.
Personal income (excluding transfer receipts) rose 0.4% in April and is up 4.3% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, real personal income (excluding transfer receipts) was up 0.3% month-over-month and up 2.1% year-over-year.
With the release of April's report on personal incomes and outlays, we can now take a closer look at "real" disposable personal income per capita. At two decimal places, the nominal 0.80% month-over-month change in disposable income comes to 0.70% when we adjust for inflation, the largest monthly gain since January 2024. The year-over-year metrics are 4.47% nominal and 2.27% real.
Matching assets to long-term liabilities without compromising on return potential can be a challenge for insurers with long-duration liabilities.
Markets have recovered from their post-Liberation Day sell-off. Investors are feeling better about the outlook. But there are still clouds on the horizon.
529 plans do not earn interest like a traditional savings account. However, they offer strong growth potential through a range of investment options.
I worked with a large mutual fund company years ago to develop a program on succession planning for advisors. I’ll share insights and considerations if you are thinking about making a transition, or are working with an advisor who is doing so.
In this article, I focus on five essential age-based milestones and life events that collectively present more than 40 million advice opportunities, enabling financial advisors to showcase their care and expertise beyond traditional investment strategies.
Over many years of educating investors about direct indexing, we have noticed a common misunderstanding—conflating the economic value of harvested losses with the investment return on the performance statement.
Let’s unpack the state of the markets today, explore where opportunities lie and review several strategies to navigate the months ahead.
How do you make sure your nest egg lasts as long as you do? Figuring out a safe withdrawal rate is tricky, because life is unpredictable. Markets and inflation rise and fall, tax laws change, and political philosophies come and go.
The Republican tax bill contains flashy goodies for families with kids. The flashiest: savings accounts for children — branded Trump Accounts — created and initially funded by the Treasury Department. These will consist of $1,000 in invested assets for each American citizen born through 2028, plus whatever funds parents later add.
There are plenty of reasons to be concerned about the direction of the US economy right now.
Without proper financial guidance and planning, the end of their career could be followed by serious financial difficulties. While every athlete’s legal, tax, and financial picture is different, here are some of the topics that should be reviewed with athletes.
My next few letters will share some initial thoughts from SIC organized around the major topics. Today we’ll start with inflation, and specifically the sharply different views of David Rosenberg and Jim Bianco, then balance them with some thoughts from other speakers.
Private credit firms are seeing an opportunity to finance everything from public transit systems to local utilities as the federal government and banks pull back on funding.
529 plans and Roth IRAs are two tax-advantaged accounts designed to help you save for future expenses.
Your financial requirements are multifaceted, necessitating strategies tailored to your specific needs. Tailored lending can be a valuable addition to a high-net-worth individual’s financial plan, helping you optimize cash flow, maximize tax efficiency and realize important estate planning goals.
Long-term interest rates have become much less predictable, and that means volatile prices for long bonds.
House Republicans narrowly passed President Donald Trump’s economic package after a series of all-night negotiations and 11th-hour compromises.
Investors should always be attuned to inflation risk, but it seems pronounced in this moment. How should your clients adjust behavior and investments?
As AI capabilities continue to advance, we can expect even more sophisticated financial planning tools to become accessible to the average person, potentially improving retirement outcomes for many.
America’s fiscal woes are nothing to sneeze at, but they’re also nothing new. Which is why we expect markets to largely shrug off the latest credit-rating cut.
The wise minds at Moody’s Investors Service finally acknowledged last week what the other two main credit rating agencies did years ago.
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 shifting change in market leadership to international outperformance may call for a portfolio review to assess overexposure risks.
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.
Most investors would jump at the chance to add more money to their portfolio, but they often fail to consider the hidden costs associated with it.
Last week I talked about the upward sloping Treasury yield curve, a welcome change from the inverted yield curve that lingered for years. The upward sloping curve means that investors are rewarded more for taking on duration.
Stephen Hemsley never fully dropped the reins when he stepped down as UnitedHealth Group Inc.’s chief executive officer eight years ago. With the health giant in crisis, he’s taking back his old job – and confronting one of the toughest turnaround tasks any executive has ever faced.
By incorporating growth CDs into a diversified retirement plan, retirees can take advantage of equity market growth, protect their lifestyle, and avoid the fear of market downturns diminishing their savings.
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.
Recent revisions to the IMF’s World Economic Outlook reflect a sobering message: the world economy is entering a more volatile and fragmented era.
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 shareholder meeting began to be streamed about ten years ago, but that has had no impact on attendance. This is one reason why I think Buffett is at peace with the idea of no longer presiding at the meeting – people will still come to Omaha the weekend before Mother’s Day.
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.
Retirement Income
Business as Usual: Another Big Budget Deficit in May
After running a surplus in April thanks to tax day, the federal government was back to business as usual in May, spending massive amounts of money and charting another big budget deficit.
Who Maintains Control Over a 529 Plan’s Assets?
A 529 plan is a popular tool for saving for college expenses. When it comes to who maintains control over the 529 plan’s assets, in most cases, it’s the account owner. This is often a parent or grandparent. The owner also has the ability to make investment choices and manage withdrawals.
Why Cutting Federal Spending to Pre-Pandemic Levels Is So Hard
Given that the bill’s failure to reduce the deficit is due in part to its extension and expansion of the special tax treatment for non-corporate businesses that Johnson insisted on in 2017, which will cost an estimated $820 billion over the next decade, the senator does not make for the most credible of deficit hawks.
5 Themes Defining Bond ETF Investing Today
New strategies, shifting flows, and innovative technologies are driving a more dynamic and diversified marketplace in fixed income ETFs.
Key Considerations for Evaluating Non-Hardship 401(k) Withdrawals
It's important to consider non-hardship 401(k) withdrawals carefully. Our Bill Cass explains why individuals should check plan eligibility and consider asset protection and tax implications.
529 Plans vs. Indexed Universal Life (IUL) Insurance
When planning for future financial needs, take the time to understand the key differences between a 529 plan vs. IUL insurance. Both are valuable tools, but they serve different purposes and offer unique benefits.
Hold Onto Your Gold
In this article, Russ Koesterich discusses the recent performance of gold and its ongoing role as a store of value in investors’ portfolios.
Will a 529 Plan Affect Financial Aid Eligibility or Amount Awarded?
A 529 plan can influence financial aid eligibility and the amount awarded. While these savings plans are
valuable for covering education expenses, they are considered parental assets on the Free Application
for Federal Student Aid (FAFSA).
Life Expectancy: The (F)Law of Averages
Let’s talk about life expectancy. More specifically – should it play a role in retirement planning?You might be surprised to learn that the answer is: Absolutely not.
Giving Retirees More Income Security — Without Triggering Annuity Aversion
How do we give clients what they’re truly looking for — income certainty, simplicity, peace of mind —without triggering resistance that shuts the conversation down?
Buy, Borrow, Die: Why This Popular Tax Strategy for the Rich Doesn’t Work
The ever-louder brouhaha surrounding BBD is much ado about nothing. It is expensive, dangerous, and likely to benefit only bankers and brokerage firms.
Blackstone Taps Ex-Lazard Top Dealmaker, Aims to Back More Banks
Blackstone Inc. hired Joseph Cassanelli, a banker who drove major Wall Street deals, as the private equity firm prepares to invest more in banks and insurers.
The Deficit Narrative May Find its Cure in Artificial Intelligence
Lately, the “deficit narrative” has dominated much of the financial media, particularly those channels that are continual “purveyors of doom.” In this post, we will discuss the “deficit narrative,” the likely outcomes, and why the cure for the deficit may be found in Artificial Intelligence.
Schwab Market Perspective: 2025 Mid-Year Outlook
Tariff policy has clouded expectations for the second half of the year, but there are ways to navigate through the fog.
Asset Allocation Bi-Weekly: The Japan Problem
Just one day after Prime Minister Shigeru Ishiba likened Japan’s debt situation to that of Greece, the country faced its weakest demand for 20-year bonds since 2012.
How 529 Plans Are Treated for Estate Planning and Taxes
A 529 plan can play a strategic role in estate planning, especially for families looking to reduce taxes while saving for education. Contributions to a 529 plan may be excluded from your taxable estate, potentially lowering future estate tax liability.
Fixed Income Outlook: A Not-so-Random Walk
Alex Veroude, Global Head of Fixed Income, believes fixed income investors can prepare for an uncertain journey by recognising trends and diversifying across different assets.
The Florida Pension Fund Managers Who've Beaten the S&P 500 Over 50 Years
Unlike most other US public retirement plans of its size, the Tampa Fire & Police Pension Fund doesn’t invest in hedge funds, private equity or private credit.
What Business Owners Need to Know About the New Tax Bill
The US 2025 tax bill enhances certain deductions and includes provisions for business growth and development. Our Bill Cass shares the highlights of what is being debated on Capitol Hill and the impact on business owners.
Harvard and Yale Will Finally Lift the Veil on Private Assets
If I told someone with even a little investing experience that I own an asset that pays like stocks but is stable like bonds, they would probably think I was a huckster or a fool. Yet many of the most sophisticated investors claim to own such a thing.
What Is the Debt Ceiling and Why Does It Matter?
What's the debt ceiling? Learn how the debt ceiling works and how a default on federal debt could impact the U.S. stock market and economy.
Real Middle Class Wages as of May 2025
This series has been updated to include the May release of the consumer price index as the deflator and the monthly employment update. The latest hypothetical real (inflation-adjusted) annual earnings are at $52,538, down 5.8% from over 50 years ago.
London’s Incredible Shrinking Stock Market
Back in 2016, Intercontinental Exchange Inc., the owner of the New York Stock Exchange, revealed that it was considering an offer for the London Stock Exchange Group Plc.
What's the 10-Year Outlook for Major Asset Classes?
The global economy is continually evolving due to inflation, interest rates, and geopolitics. How could these and other factors influence the major asset classes over the coming decade?
The Infrastructure That Lets the Future Happen
If we lived in a world where mobile signals were visible, the sky would shimmer like a storm—layers of frequencies rolling over rooftops, crossing oceans and saturating valleys.
It Can Be Tricky to Navigate 529 Plan Rules, But Advisors Can Help
Advisors can help clients and their families plan for the rising costs of tuition and other educational expenses by knowing the benefits of 529 plans — and staying up-to-date on evolving rules around these investment vehicles.
Mid-Year Outlook: International Stocks and Economy
Investors may revisit international exposure in their portfolios amidst reduced market reactions to tariff announcements, uncertain U.S. policy and lagging U.S. stock performance.
U.S. Workforce Recovery Analysis: May 2025
Our monthly workforce recovery analysis has been updated to include the latest employment report for May. The unemployment rate remained at 4.2%. Additionally, the number of new non-farm jobs (a relatively volatile number subject to extensive revisions) came in at 139,000.
A Closer Look at Full-time and Part-time Employment: May 2025
May's employment report showed that 82.5% of total employed workers were full-time (35+ hours) and 17.4% of total employed workers were part-time (<35 hours)5
401(k) Podcast Warns Baby Boomers in Target Date Funds to Get Out
Investors nearing or in retirement who are currently defaulted into TDFs need to stop defaulting and move to safety now.
Employee of the Month: Term Life Insurance
As small business clients look toward ambitious growth, advisors have the chance to offer something foundational: a term life insurance strategy that turns ambitions into a legacy.
Investing Expeditions: The Ripple Effects of Trade Uncertainty
Research trips are an integral component of our active, fundamental investment process. Our investment teams meet with different companies, attend conferences, and travel to new markets around the world, gaining insights for our clients and a deeper understanding of potential investments.
Financial Repression Won’t Make Interest Rates Lower
The federal government, financial markets and most Americans are all in a state of denial about interest rates.
Private Equity in 401(k)s Isn’t as Smart as It Seems: The Editorial Board
The White House is seriously considering the proposal, at the behest of some of the country’s largest financial firms.
Charting the U.S. Consumer with Kristofer Kraus
Kristofer Kraus, portfolio manager and co-lead of PIMCO’s asset-based finance business, charts the nuances behind the overall resilience of U.S. consumers – and explains how these insights shape lending and investment strategies.
Home Remodeling Bond Sales Surge as Americans Avoid Moving
Wall Street is cranking up the bond machine as US homeowners — finding that buying a new house is out of reach since mortgage rates started climbing in 2022 – are instead getting home equity loans and sprucing up their current properties.
Neuberger Berman Raises $4 Billion for New Secondary Fund
Neuberger Berman has raised more than $4 billion for its latest general partner-led secondary fund, at a time when private equity firms are increasingly looking to monetize assets via continuation vehicles.
Active EM ETF Offers Access to a Time-Tested Strategy
Since 2019 and the establishment of the ETF Rule, traditional active managers, armed with decades of expertise, have flocked to ETFs.
From Tariff Angst to Optimism
In the last three months tariff news has whipped financial markets around remarkably in response to President Trump’s ever changing tariff policies. The most pronounced reactions were concentrated in the US stock market.
2025 Mid-Year Outlook: Global Stocks and Economy
Investors may revisit international exposure in their portfolios amidst reduced market reactions to tariff announcements, uncertain U.S. policy and lagging U.S. stock performance.
Passive Aggressive: The Increasing Risks of Passive Dominance
Passive capitalization-weighted index funds now surpass active management in aggregate investor allocations.
Political Noise Continued to Dominate Headlines in May
On the trade front, investor uncertainty eased for a short time as President Donald Trump’s “Liberation Day” tariffs seemed to lose traction. Several key developments contributed, including a 90-day tariff pause with China, the signing of a US-UK trade agreement and progress on negotiations with other partners, including Europe.
Questions to Ask Clients About Key Milestones
Here are some important insights and good open-ended questions to ask your clients to make sure they are thinking through life decisions.
The Mag 7 Becomes the Mid 7
Market leadership is shifting and the once-dominant Magnificent 7 may no longer be so magnificent. Our latest report reveals why broader opportunities are emerging across sectors and regions, with quality, value, and growth converging in unexpected places.
Beyond the Exit: Why More Financial Advisors Are Choosing to Sell & Stay
The “sell and stay” approach in wealth management mergers and acquisitions (M&A) is a transformative trend reshaping how advisors approach their succession planning and business transitions.
Turning Client Anxiety Into Opportunity During Volatile Markets
Our role isn’t just to manage assets; it’s to help clients stay grounded. We remind clients that investing is a long-term journey, and short-term volatility doesn’t have to knock them off course.
Working Until 70 Isn’t so Bad Provided you Feel 55
Most of us are facing longer working lives, but that also means we need to remain healthier for longer. While linking the pensionable threshold to improving longevity is fair, up to a point...
Use the Funded Status Metric & A ‘Surplus Bucket’ to Increase Spending in Retirement
Most clients are relatively conservative when it comes to determining how much they can afford to spend in retirement. All things being equal, clients would generally rather die with too much money than too little.
Goldman Eyes Biggest Fund Yet to Snap Up Discarded Buyout Stakes
Goldman Sachs Group Inc. is embarking on its most ambitious effort yet to offer an exit ramp for investors trapped in buyout funds.
S&P Global US Manufacturing PMI™: Growth Picked Up in May
U.S. manufacturing growth picked up in May, but tariffs and trade policy continued to dominate the sector's landscape. The S&P Global U.S. Manufacturing PMI remained in expansion territory for a fifth straight month in May at 52.0. The latest reading was lower than the 52.3 forecast.
Bullish Highlights
Today I’m going to highlight some speakers who added an equity market perspective to their big-picture views. Getting both right would be much easier if more investors behaved rationally. Alas, they don’t, which is why stock prices do incomprehensible things. Fortunately, you can succeed without catching every twist and turn.
Why the Real Threat to Your Wealth Isn’t Tariffs — It’s the Exploding U.S. Debt
While headlines scream about the latest deal or tariff suspension, Maharrey argues that investors are dangerously distracted from the real threat: America’s exploding national debt and the systemic consequences that follow.
Special Tax Alert Update: House Passes Tax Bill
The House passed a comprehensive tax bill to avoid an expiration of the 2017 Tax Cuts and Jobs Act (TCJA) at the end of the year.
The Big Four Recession Indicators: Real Personal Income Up 0.3% in April
Personal income (excluding transfer receipts) rose 0.4% in April and is up 4.3% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, real personal income (excluding transfer receipts) was up 0.3% month-over-month and up 2.1% year-over-year.
Real Disposable Income Per Capita Up 0.7% in April
With the release of April's report on personal incomes and outlays, we can now take a closer look at "real" disposable personal income per capita. At two decimal places, the nominal 0.80% month-over-month change in disposable income comes to 0.70% when we adjust for inflation, the largest monthly gain since January 2024. The year-over-year metrics are 4.47% nominal and 2.27% real.
Renewable Energy and Insurers: Tailor Made?
Matching assets to long-term liabilities without compromising on return potential can be a challenge for insurers with long-duration liabilities.
Are the Bond Vigilantes Ready to Ride Again?
Markets have recovered from their post-Liberation Day sell-off. Investors are feeling better about the outlook. But there are still clouds on the horizon.
Does a 529 Plan Earn Interest?
529 plans do not earn interest like a traditional savings account. However, they offer strong growth potential through a range of investment options.
Making a Transition into Retirement for Advisors
I worked with a large mutual fund company years ago to develop a program on succession planning for advisors. I’ll share insights and considerations if you are thinking about making a transition, or are working with an advisor who is doing so.
40 Million Opportunities to Lead With Advice
In this article, I focus on five essential age-based milestones and life events that collectively present more than 40 million advice opportunities, enabling financial advisors to showcase their care and expertise beyond traditional investment strategies.
Why Tax Losses Are Only Part of the Investment Return Story
Over many years of educating investors about direct indexing, we have noticed a common misunderstanding—conflating the economic value of harvested losses with the investment return on the performance statement.
First Do No Harm: Strategies for Investing in a Turbulent Market
Let’s unpack the state of the markets today, explore where opportunities lie and review several strategies to navigate the months ahead.
Making Your Nest Egg Last As Long As You Do
How do you make sure your nest egg lasts as long as you do? Figuring out a safe withdrawal rate is tricky, because life is unpredictable. Markets and inflation rise and fall, tax laws change, and political philosophies come and go.
Trump Accounts? Republicans Have Had Better Ideas
The Republican tax bill contains flashy goodies for families with kids. The flashiest: savings accounts for children — branded Trump Accounts — created and initially funded by the Treasury Department. These will consist of $1,000 in invested assets for each American citizen born through 2028, plus whatever funds parents later add.
The Silver Tsunami Is Keeping the US Economy on Track
There are plenty of reasons to be concerned about the direction of the US economy right now.
Wealth Planning in a League of Its Own: Guidance for Professional Athletes
Without proper financial guidance and planning, the end of their career could be followed by serious financial difficulties. While every athlete’s legal, tax, and financial picture is different, here are some of the topics that should be reviewed with athletes.
Inflation Standoff
My next few letters will share some initial thoughts from SIC organized around the major topics. Today we’ll start with inflation, and specifically the sharply different views of David Rosenberg and Jim Bianco, then balance them with some thoughts from other speakers.
Private Credit Eyes Gap in US Infrastructure as Federal Funding Dips
Private credit firms are seeing an opportunity to finance everything from public transit systems to local utilities as the federal government and banks pull back on funding.
529 Plan vs. Roth IRA
529 plans and Roth IRAs are two tax-advantaged accounts designed to help you save for future expenses.
Tailored Lending: A Strategic Tool for Sophisticated Individuals
Your financial requirements are multifaceted, necessitating strategies tailored to your specific needs. Tailored lending can be a valuable addition to a high-net-worth individual’s financial plan, helping you optimize cash flow, maximize tax efficiency and realize important estate planning goals.
Scared of Long Bonds? Get Used to Them
Long-term interest rates have become much less predictable, and that means volatile prices for long bonds.
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.
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?
Using AI to Create a Monte Carlo Retirement Simulation
As AI capabilities continue to advance, we can expect even more sophisticated financial planning tools to become accessible to the average person, potentially improving retirement outcomes for many.
Credit Downgrade: Markets Poised to Shake it Off
America’s fiscal woes are nothing to sneeze at, but they’re also nothing new. Which is why we expect markets to largely shrug off the latest credit-rating cut.
America’s Debt Problem is Also a Retirement Problem
The wise minds at Moody’s Investors Service finally acknowledged last week what the other two main credit rating agencies did years ago.
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.
Why International and Why Now
The shifting change in market leadership to international outperformance may call for a portfolio review to assess overexposure risks.
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.
The Case for International Equities in Target-Date Funds
Most investors would jump at the chance to add more money to their portfolio, but they often fail to consider the hidden costs associated with it.
Growing U.S. Debt – Trouble Ahead?
Last week I talked about the upward sloping Treasury yield curve, a welcome change from the inverted yield curve that lingered for years. The upward sloping curve means that investors are rewarded more for taking on duration.
The Man Who Built UnitedHealth Into an Industry Giant Now Has to Turn It Around
Stephen Hemsley never fully dropped the reins when he stepped down as UnitedHealth Group Inc.’s chief executive officer eight years ago. With the health giant in crisis, he’s taking back his old job – and confronting one of the toughest turnaround tasks any executive has ever faced.
Growth CDs: Access Stock Market Appreciation With FDIC Protection
By incorporating growth CDs into a diversified retirement plan, retirees can take advantage of equity market growth, protect their lifestyle, and avoid the fear of market downturns diminishing their savings.
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.
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.
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.
Warren Buffett and the Berkshire Hathaway Paradox
The shareholder meeting began to be streamed about ten years ago, but that has had no impact on attendance. This is one reason why I think Buffett is at peace with the idea of no longer presiding at the meeting – people will still come to Omaha the weekend before Mother’s Day.
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.