The ADP employment report revealed that 77,000 nonfarm private jobs were added in February, the fewest amount since July. The latest reading was lower than the expected 141,000 addition.
Unlike most of the rest of the world, I will attempt to minimize all there is to say about the beginning of the next 4 years, as the persistent yack and what to make of it reverberates in all corners of the financial globe.
According to Research Affiliates’ Asset Allocation Interactive (AAI) online capital market expectations tool, U.S. large-cap equities are expected to yield 3.4% annually over the next 10 years compared to 9.1% for EM equities and 7% for REITs. This left many webinar participants wondering, How does this extra return square with these assets having similar betas?
A holistic approach may help insurance investors navigate an expansive opportunity set.
In this primer we define small cap growth funds, provide practical suggestions on how to invest in them, and explain why we believe they are a strategically important asset class.
Differing sales tax regimes can appear unfair.
While investors were fixated on inflation data Friday, the most significant surprise came from the advanced trade balance, which posted an unprecedented $37 billion deterioration
February’s market turbulence saw investors pivot toward defensive strategies as policy uncertainty intensified, driving a broad market rotation from mega-cap tech stocks to bonds, gold, and international equities.
With Morningstar’s recent categorization of these funds, having a firm understanding of how they work and how to differentiate them is critical for investors. Join the experts at Swan Global for an educational exploration of options-based investing.
We detail some key factors driving the recent market volatility and provide our perspective on how we believe these events may unfold and impact the economy and financial markets.
Heightened economic uncertainty—propelled mainly by trade policy—has unearthed weakness in the equity market, with most pain felt under the market's surface.
Ultra-wealthy investors have unique needs and goals. While a typical high net worth client is focused on the next dozen years, these more deep-pocketed clients – like their institutional counterparts – have a much longer time horizon.
The Q Ratio is the total price of the market divided by the replacement cost of all its companies. The latest Q-ratio is at 1.81, down from 1.84 in January.
President Trump’s nomination of Paul Atkins as the next SEC Chair signals a potential sea change in regulatory approach, one that could dramatically reshape the landscape of alternative investments.
Pause and ask yourself a question: If I was not bound by the obsolete routines of the dinosaur age of assembly-line manufacturing, how would I structure my work to be the best investor I could be?
At the end of February, the inflation-adjusted S&P Composite Index was 178% above its long-term trend, up from 177% in January and just below its record high of 185% in December.
Many major stocks connected to artificial intelligence have lost their luster of late, but perhaps none more so than Microsoft Corp.
US Treasuries are now outperforming stocks since Donald Trump was elected President, and some strategists say there’s room for those gains to run.
Traders added to bets on interest-rate cuts from the Federal Reserve amid concern about the impact of US trade tariffs on global economic growth.
The Chinese artificial intelligence startup that rocked global markets earlier this year with its low-cost and high-performance AI models has outlined a potential path to major profitability.
Alternative investments including hedge funds and real estate will disappear from the portfolios of pension funds and endowments over the next 10 to 20 years, well-known institutional investment consultant Richard Ennis concludes in a recent report.
We wrote in last month's letter that the U.S. stock market had to meet lofty earnings expectations to maintain its strong performance relative to global benchmarks, while the latter had a lower bar because of considerably cheaper valuation multiples and higher dividend yields.
Russ Koesterich discusses the risk of higher interest rates and the potential impact (both positive and negative) such a move could have on markets.
The AI breakthrough spotlights some of China’s distinctive features that deserve closer attention from investors.
It’s not U.S. tariffs we need to be fixated on to gauge China’s economic growth trajectory but the ability of its leadership to rebuild confidence among entrepreneurs and consumers.
Eggs add to perceptions of high inflation.
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.
Is the US already in recession? Probably not. But in the first quarter, real GDP is very likely to have a minus sign in front of it. Yes, a negative reading for real growth!
After a record year for fixed income ETFs in 2024, investors are turning to ultra-short bond ETFs, the safest fixed income ETFs available.
On this episode of the “ETF of the Week” podcast, VettaFi’s head of research, Todd Rosenbluth, discussed the CoinShares Valkyrie Bitcoin Miners ETF (WGMI) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
We understand that in the business world the word ‘monetization’ of a service a company provides has become one of the most important words as, if successful, this monetization increases the valuation of that company’s stock price.
The central question we want to address in this note is how to quantify how “price sensitive” insurance buyers should be, and in the context of insurance, what is the “price” they should be sensitive to?
By acknowledging that we are not always rational and are subject to cognitive biases, we can better understand market anomalies and develop strategies to mitigate – and even take advantage of – their impact.
The future is impossible to predict, but looking at the patterns around price/earnings ratios can provide some insight about what one might expect.
There’s an old Wall Street saying that “the stock market is not the economy.” That’s usually true. But, in this economic cycle, stock market gains have become an increasingly important driver of consumer spending, helping to fuel growth as other areas of the economy cool.
Today we are going to revisit that matrix updated through 2024. We will see what we got right and wrong, what further inferences we can now make and why I think it confirms my general shift in market strategy over the past few years.
President Xi Jinping heads into China’s biggest political huddle of the year with his economy finally getting back some swagger. Donald Trump’s rising tariffs will test Beijing’s ability to sustain that momentum.
The 10-year Treasury yield has experienced dramatic fluctuations, ranging from a peak of 15.68% in October 1981, during the height of the Volcker era, to a historic low of 0.55% in August 2020, amidst the economic uncertainty of the pandemic. As of February 28, 2025, the weekly average stood at 4.31%.
For more than half a century, Warren Buffett has penned annual letters that chronicled economic and market shifts while underscoring Berkshire Hathaway's steady philosophy yet ever-evolving outlooks. With Buffett's 2024 letter freshly published, we take this opportunity to contrast his latest views with the remarkable continuity of his investment philosophy.
They’re a tempting proposition for anyone getting worried about the bull market’s longevity: exchange-traded funds that keep you from losing money — should stocks suddenly go south.
For some time now, there have been plenty of reasons to worry about Big Tech stocks. Stretched valuations after a big run up, heavy spending on artificial intelligence and lofty expectations for future growth. For months, though, none of it seemed to matter.
Taiwan Semiconductor Manufacturing Co. plans to invest $100 billion in chips plants in the US over the next four years, a move President Donald Trump is set to announce at the White House later Monday, according to a person familiar with the matter.
The Institute for Supply Management (ISM) manufacturing purchasing managers index (PMI) came in at 50.3 in February, indicating marginal expansion in U.S. manufacturing for a second straight month. The latest reading was worse than the forecast of 50.6.
The U.S. manufacturing sector grew at its fastest rate since June 2022 in February. The S&P Global U.S. Manufacturing PMI rose for a second straight month to 52.7, exceeding the 51.6 forecast.
Despite GDP figures indicating continued expansion, weakening consumer confidence and persistent inflation concerns speak to uncertainty.
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.
Starting in 2025, many non-spouse beneficiaries of inherited retirement accounts must begin taking annual minimum distributions. Our Bill Cass details several strategies and explains why it’s important to seek advice.
With major US policy change unfolding, flexibility across and within asset classes will be critical.
Many independent firms and Registered Investment Advisors aspire to move upmarket, targeting wealthier clients who demand more sophisticated financial solutions.
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.
