With only a few brief downturns in an otherwise upward trend in the U.S. equity market since the Global Financial Crisis, declining interest rates have pulled forward the net present value of distant earnings and propelled growth stocks (and the market as a whole) higher.

Rebalancing is a case where inaction creates risk to policy in volatile times. One of the most critical rebalancing points of the past decade is ahead of us. So now what?

If beta is a racehorse, many investors often assume it takes care of itself in the race toward investment objectives. But doesn't the skill of the jockey matter as well?

Until early 2018, the market had been behaving in a consistent pattern for several years. Corrections were short-lived, as were spikes in implied volatility–as measured by the CBOE Volatility Index (the VIX)–from otherwise suppressed levels. While the correction in Q4 2018 was longer-lived, we have already bounced back from this drawdown, with the promise of prolonged monetary accommodation by the U.S. Federal Reserve (the Fed).