Sustainable Investing

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.

In a rare moment of honesty, Federal Reserve Chairman Jerome Powell admitted he and his fellow central bankers don’t know what they’re doing as they wrapped up the May Federal Open Market Committee (FOMC) meeting.

Over years, the US cemented its position as an exceptional source of earnings growth that fueled outsize equity returns. Many investors are now questioning whether the US will retain its advantages as President Trump’s trade policies add uncertainty to the outlook across industries.

In investing, success is often judged by numbers—returns on investment, percentage gains, and the ability to outperform benchmarks like the S&P 500. However, some investors frequently pursue a peculiar set of “awards” without realizing the pitfalls they embody.

Sustainable adjustments to trade imbalances require supportive monetary and fiscal policies – not just currency intervention.

Small-caps have suffered in early 2025, but increased market breadth could support a recovery.

President Donald Trump’s recent executive order revives many of the SDI’s ambitions, albeit with a modern twist. His January 27 directive launched what he first called an “Iron Dome for America,” later rebranded as the “Golden Dome.”

In the Middle Ages, a common form of punishment was some form of mutilation, which included cutting off the nose of a prisoner or purposefully marring one’s own appearance before the arrival of conquering armies

The bond market has been extremely volatile the past couple of weeks since the introduction of global tariffs by the US. Bond yields have sold off almost 50 basis points, and today we'd like to examine why did that occur, what's next, and how should investors think about duration in this environment?

Despite mounting evidence of disinflation and a weakening economy, Chair Powell’s tone remains too hawkish—and I believe that’s a mistake. The latest inflation readings came in soft, money supply growth continues to undershoot, and even jobless claims are inching higher.

We’ve expected a recession for more than a year now. Simply put…the Era of Easy Everything is Over. Expanding deficits and easy money (that have lifted the economy since COVID) are no longer with us. At the same time, tariff negotiations have created an unbelievable amount of uncertainty.

Compare corporate and municipal bonds, including risks, returns, and tax benefits. Learn which bond type fits your investment goals.

U.S. defensives and international lead.a

President Trump’s tariffs bring déjà vu for the euro-area economy: it’s back to slower growth and lower rates.

Right now we are in an incredibly complicated environment with regard to U.S. tariff policy gyrations and its whipsawing impact on global equity markets. One thing we can confidently assert is that however the trade negotiations play out, there will be higher tariffs and this will be negative for U.S. growth.

Simply stated, the U.S. doesn’t save and invest enough. As a result, we pay for too many of our imports by borrowing from our trading partners.

As we write this, stocks have bounced back as Trump retreated from electronic tariffs from China. Nevertheless, this was a remarkable week for markets with Trump’s tariff policy taking center stage for market stress across stocks, bonds and currencies.

2025 has marked a striking reversal, with European stocks delivering exceptional returns that have handily surpassed US market performance.

We think it’s important for the Fed to move gradually. The US dollar has weakened lately, and, as a result, there is little case for a drastic loosening of monetary policy. The Fed could let up somewhat on bank regulations and capital requirements, which would help the struggling bond market.

After sparking the steepest plunge in financial markets since the global pandemic five years ago, President Donald Trump’s administration made another dramatic pivot in its trade war strategy on April 9: It paused for 90 days the “reciprocal” tariffs that had been in effect for less than 24 hours.

President Donald Trump announced on April 9 that he was pausing the majority of the “reciprocal” tariffs scheduled to go into effect the same day.

An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth.

China’s prolonged reliance on fiscal stimulus has distorted economic incentives, fueling a housing glut, a collapse in prices, and spiraling public debt. With further stimulus off the table, the only sustainable path is for the central government to relinquish more economic power to local governments and the private sector.

As volatility rises, staying invested is a strategic priority for capturing long-term return potential in a broadening market.

The stock market faces severe downside risk ahead, and the U.S. is constrained in the unsystematic monetary and fiscal expansion that both amplified that bubble and fueled record but wholly impermanent corporate profit margins. Meanwhile, the U.S. economy now faces an imminent recession, and if we fail to be vigilant, we, once united Americans, risk losing what is far greater and more valuable than money.

Social Security faces funding issues by 2035, but major changes to the program are unlikely in the near term.

An early-term recession, though difficult, can create strategic opportunities to push a bold and transformative agenda forward.

Investors just can’t get enough of ETFs, and issuers are more than happy to oblige. Through the middle of last week—still with a handful of days left in the quarter—208 new U.S. ETFs were launched in Q1, according to Wall Street Horizon data.

The global economy is undergoing an unprecedented wave of industrial and infrastructure expansion, driving relentless demand for commodities across energy, metals and agriculture.

Emerging markets offer the potential for long-term diversified investment returns but they can endure challenging periods of volatility and uncertainty. Head of Portfolio Strategy David Dali maps out the issues to consider when constructing and managing a portfolio for emerging markets.

Green bond issuers tend to excel at reducing greenhouse gas emissions, per a Bank for International Settlements study.

Despite NVIDIA’s stock flashing a bearish “death cross”—its 50-day moving average slipped below the 200-day moving average for the first time since January 2023—the energy at the conference was electrifying. Every major industry was represented, from health care to defense, signaling that artificial intelligence (AI) is expanding at a white-knuckle clip.

Despite recent pullbacks, history shows that periods of market fear often present opportunities, as seen with Amazon, Apple and Nvidia in past downturns.

The Fed held the federal funds rate steady and signaled two rate cuts this year, despite expecting inflation to remain elevated.

It's been full steam ahead for active ETFs, with total assets now rapidly approaching the $1 trillion milestone.

Since our last update of our ‘Three Tactical Rules’ on February 4, equity markets have been under pressure as the S&P 500 has retraced more than 23% of the rally that started October 2023.

Value investing and emerging markets are not often associated with one another. Conventional wisdom says that emerging markets, with their rapidly developing economies and rising consumer classes, are naturally the hunting ground of growth-oriented investors.

Customization is an integral part of direct indexing. The technology behind it can make or break the experience for clients and advisors alike. We dive into the features and functions that make the best tools.

The U.S. housing market has been a critical factor in the broader economic landscape, and its trends have profound implications.

The recent sell-off has certainly sparked concerns with investors but the NYSE advance-decline line is an important technical measure to watch. However, what is it, and why does it matter?

March came in like a lion, much to the bears’ delight. The S&P 500® plunged from its February 19 high on the heels of stern tariff talk and phrases like “a little bit of an adjustment period” from President Trump and the economy entering a “detox period,” as Treasury Secretary Bessent said last week.

In a world of rich valuations and heightened geopolitical uncertainties, we believe Japanese equities are well positioned to deliver attractive returns.

Global investment themes are shifting toward infrastructure, cybersecurity and energy expansion as demand outpaces supply in key sectors.

At the start of the year, our Investment Strategy Committee outlook was positive for both the economy and the equity market, supported by strong consumer, labor market, and corporate fundamentals.

There’s a lesson for financial advisors in this story. If you demonstrate a genuine intention to engage and connect with your female clients, it will build relationships that could drive the growth of the business for years to come.

I will again join forces with Ed Easterling of Crestmont Research to explore this data more deeply. Currently we have several powerful trends that have combined to create a nirvana-like market.

The European Central Bank will likely continue to cut interest rates, but future decisions could be more contentious.

Cambria Investments CIO and founder Meb Faber explores David Swensen’s legendary investment strategy at Yale’s endowment, comparing its long-term performance to traditional portfolios and examining whether individual investors can replicate its success.

Opportunities have increased significantly in frontier markets debt as more countries have made a conscious effort to open their capital markets to international investors and currencies have become more fairly valued.

Though the new US policy focus is on oil and gas, wider opportunities still beckon.

We view quarterly earnings season as a critical checkup on how markets are handling current challenges.

The AI breakthrough spotlights some of China’s distinctive features that deserve closer attention from investors.

Just recently, S&P Global released its 2026 earnings estimates, which, for lack of a better word, have gone parabolic. Such should not be surprising given the ongoing exuberance on Wall Street. Unsurprisingly, rationalizations justify illogic when too much money is chasing too few assets.

More than a century ago, then-Representative William McKinley pursued an aggressive tariff strategy that sought to protect American industry and reduce reliance on foreign imports. The McKinley Tariff Act of 1890 raised import duties to an average of 50%, one of the highest levels in U.S. history.

Portfolio Manager Andrew Mattock, CFA, explains the importance of assessing U.S. tariffs as a component among external variables that can influence, rather than drive, investment returns.