The average risk-adjusted excess return across all active portfolios will be less than the risk-adjusted excess return of the market portfolio, before taking account of fees and trading costs.
The conventional wisdom is that lower interest rates stimulate economic activity, and higher rates dampen it. But new research casts doubt on this hypothesis.
Most of us probably spent the 2023 holiday season helping to break a record.
I wrote last week about how interest rate cuts in 2024 should boost cyclical areas of the economy that were already set to rebound, lifting economic growth.
Should retail investors partake of the very attractive yields promised by private credit fund managers?
A series of high-stakes deadlines this week will mark the culmination of a years-long push to launch exchange-traded funds backed by Bitcoin in the US.
Investors anticipating blockbuster profits in 2024 will be disappointed, according to Bloomberg’s latest Markets Live Pulse survey.
Traders betting on a 2024 bond rally are unfazed by the recent pullback, seeing it as a chance to seize on elevated yields before the Federal Reserve starts driving down interest rates.
Bill Harnisch, whose $1.5 billion hedge fund delivered a market-beating 31% gain last year, is betting the recent bout of euphoric stock buying will peter out.
Bitcoin stumbled on Friday as traders braced for an upcoming decision by the US Securities and Exchange Commission on whether to approve an exchange-traded fund tied directly to the world’s largest cryptocurrency.
Apple Inc. is off to its weakest start to a year since 2019, putting its long-standing status as the world’s most valuable stock by market value in jeopardy.
There’s no room for double-digit gains again. With less upside expected for global stocks this year than in 2023, Citigroup Inc. strategists say buy at times of weakness and don’t chase rallies.
Dueling economic reports whiplashed bond markets on Friday — for all the wrong reasons.
Investment bankers must at times bore themselves with their talk of “strong pipelines” and “active conversations,” the ever-present characteristics of even the worst markets.
I have news for you: The United States is becoming more redistributionist. Whether you like it or not.
A slump in Bitcoin on Wednesday saw the cryptocurrency erase almost all gains it had made in the first days of this year, bucking a long-running upswing that outperformed a global malaise in traditional assets.
Federal Reserve policymakers agreed last month that it would be appropriate to maintain a restrictive stance “for some time,” while acknowledging they were probably at the peak rate and would begin cutting in 2024.
US job growth picked up in December and wage gains exceeded expectations, diminishing prospects for a Federal Reserve interest-rate cut in March.
AlphaSimplex Group’s Kathryn Kaminski says her firm closed out a more than two-year short bet against US bonds, with its model signaling that it’s starting to become a time to buy as the market emerges from its worst rout in decades.
The US has yet to fully address one of the greatest weaknesses revealed by last year’s failure of Silicon Valley Bank and other regional lenders: Supervisors saw the problems, but they failed to compel action before it was too late.
Before 2023 began, few saw the rise of interest in investing in Japan, long considered the land that optimistic stock bets go to die.
The key economic question for 2024 is how to think about the interest rate cuts we’re likely to get from the Federal Reserve. Are they good news for the economy as borrowers catch a break, or a sign of impending recession as they were in 2001 and 2007?
Cathie Wood has started buying Tesla Inc. shares after selling them for most of last year. Her purchases come at a time when Wall Street’s outlook on the electric vehicle maker is darkening rapidly.
The US stock market had a great 2023 with the S&P 500 Index gaining 24% and the Nasdaq 100 Index having its best year since 1999, but mom-and-pop investors may have missed out on the excitement.
The Federal Reserve is trying to find the right time to start deliberating about how it will extract itself from its balance sheet unwind, a signal that the end might be closer than previously expected.
A largely invisible driver of the green transition is rapidly gaining backers among some of the world’s largest investors, even as other climate initiatives falter.
I spotlight the unique functions, methodologies, and values that coaches and consultants bring to the professional table.
My “1099 letter” value-add will streamline tax season for your office and clients.
Those facing the end of their lives often express regret about not pursuing their dreams and aspirations.
I’ll share my top 10 areas of focus where I see advisors receive the highest gain for achieving success and potential ideas for you and your team this coming year.
Can the Magnificent Seven retain its crown? Or will some subset of the 493 other S&P 500 stocks and their neglected sectors take the throne in 2024?
Economists are used to the idea that intervening in concrete ways — spending on development projects, for example, or on social services — can improve outcomes. But what about psychological interventions?
Recessions are notoriously difficult to predict. At the end of 2019, for example, many pundits were forecasting a recession simply because the boom had gone on for so long.
The dollar kicked off the new year with its biggest daily jump since March as traders pared back bets on the scale of the Federal Reserve’s 2024 interest-rate reductions.
One often-made argument in favor of stocks says investors should dive in before roughly $6 trillion of money-market cash gets redeployed into equity assets globally.
Traders hoping that a pan-markets year-end rally would pick up where it left off got the opposite on 2024’s first trading day, a session that featured one of the worst-ever concerted drops in stocks and bonds to start a year.
While overall economic inflation has slowed over the past 18 months, health insurance costs keep going up.
What would it take for your qualified prospects to feel so confident after an initial meeting with you that they felt it wasn’t necessary to see any other advisors and they were ready to hire you on the spot?
Economists did not believe it was possible, but they’ve been wrong a lot lately, and in their defense it has only ever happened once (or maybe twice) before: We may be witnessing that rare achievement known as a soft landing.
Here’s a look at some of the biggest winners and losers in 2023, plus a few investments that sat somewhere in the middle.
The surge in consumer prices that drove inflation way past central banker’s targets in recent years triggered a wave of interest-rate hikes.
One of the big surprises of 2023 was the resurgence of US growth stocks. The tech-heavy S&P 500 Growth Index outpaced its counterpart Value Index by 7.82 percentage points last year, including dividends, after trailing it badly in 2022.
Bitcoin surpassed $45,000 for the first time in nearly two years as anticipation of an approval of an exchange-traded fund investing directly in the biggest token intensified.
US stocks are likely to take a breather from their rapid gains before a potential fresh catalyst arrives in the form of the next earnings season, according to Oppenheimer Asset Management.
The US Treasury market posted its first annual gain since 2020 as slowing growth and inflation bolstered views that the Federal Reserve’s campaign of interest-rate increases is likely over.
Life insurance is one industry that has historically overlooked women’s buying power.
Tweedy Browne is one of the most respected value managers. In this wide-ranging interview with its investment team, they explain why the opportunity set they are seeing among stocks is the best in 20-plus years.
Ever since the world was hit by a once-in-a-century pandemic, there’s been a lot of talk about “normalization.”
The dollar is poised for its worst year since the onset of the pandemic as Wall Street bets the Federal Reserve is set to lower interest rates after reining in prices.
All across Wall Street, on equities desks and bond desks, at giant firms and niche outfits, the mood was glum. It was the end of 2022 and everyone, it seemed, was game-planning for the recession they were convinced was coming.
