The term 'digital gold' is often used by cryptocurrency enthusiasts to describe Bitcoin, Ethereum, and similar assets. However, our latest research shows they behave differently in portfolios. We look at how liquidity and uncertainty drive returns, and why that matters for positioning.
The U.S. government shutdown is about to enter its second month. We did not rush to comment on it, because we didn’t think that it would have much of an economic impact. But the risk that lasting damage will be done is rising.
The market has become much less cyclical over time, and valuations have increased alongside growth and quality.
As global rate pressures ease and fundamentals strengthen across key economies, conditions appear increasingly favorable for EM local bonds and currencies.
Everyone is wondering if we’re in another tech bubble. Tech companies are breaking valuation records, with Nvidia Corp. leading the charge. On Wednesday, it became the first company ever to reach a $5 trillion market cap.
For the second straight meeting, the Fed cut the federal funds rate by a quarter percent on Wednesday. In an even more aggressive move toward monetary easing, the FOMC also announced balance sheet reduction will end in December.
Wall Street is riding this era of American state capitalism — tracking it, packaging it and offering it back to investors through a new ETF.
Join the experts at Range Fund Holdings and VettaFi for an educational webcast covering where nuclear power fits in the growing global demand for cleaner energy sources.
Join Dr. Ankur Crawford, Executive Vice President and Portfolio Manager at Alger, for a product due diligence session on the Alger Concentrated Equity ETF (CNEQ).
Five of the so-called “Magnificent Seven” firms reported earnings this week in a major milestone for 2025’s economic narrative. Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), Google (GOOGL), and Meta (META) all shared their earnings, offering some important insights into key tech firms amid the AI revolution.
This article details personalization with a strong caution against trying to personalize what cannot be personalized because it’s not nice to fool mother nature with a 'managed' account that is not actually managed.
More than a generation ago, financial historian Peter Bernstein wrote about investors’ 'memory banks,' the market experience that accumulates in their hippocampi over their investing lives and molds their investment strategy. As he put it, looking back on the 1990s: 'Most of the new participants in the market had no memory of what a bear market was like.'
As equity valuations approach — or in some cases surpass — the record highs of 1999, investors are growing increasingly anxious. This unease is partly driven by the media issuing grim warnings, often based in part on CAPE valuations.
My series on Ray Dalio’s book raised a bunch of questions, one of which stood out above the others. To paraphrase, readers asked, 'How do we get ready for this?' It is certainly fair for you all to ask what I am personally doing to prepare for the big picture I anticipate. It’s tough to answer because the coming debt crisis could unfold in many different ways.
Gold is not immune to market cycles. It’s a volatile asset driven by shifting narratives and capital flows. If you’re buying gold today, understand what’s supporting the price, and what could shake that support loose. Treat gold as a hedge, not a core growth asset.
Michael Saylor is raising the stakes for almost everyone that is touched by his multibillion dollar bet on Bitcoin.
One of the things we have in common with Warren Buffett is that we started our risk-taking career handicapping at racetracks. Buffett handicapped the horse races in Omaha, and I handicapped greyhound races near Portland at Multnomah Kennel Club in Gresham, Oregon.
Gold steadied near $4,000 an ounce as traders weighed a US-China trade truce that failed to quash concerns about long-term competition between the world’s two largest economies.
As transition consultants, we read a lot of press releases announcing financial advisors moving to new broker-dealers. You probably don’t torture yourself by doing that, but it’s part of our job.
The federal government shutdown shut off the steady stream of economic reports relied on by investors to gauge the health of the economy and financial markets. However, the much-anticipated September Consumer Price Index (CPI) report was released last week, as it was needed to determine cost-of-living adjustments for Social Security payments.
The Federal Reserve lowered its policy interest rate by 25 basis points, as widely expected. However, dissenting votes may cloud the path forward.
We see the global economy as undergoing a period of “global rewiring” on a number of fronts—evolving patterns and relationships that we anticipate affecting certain economies and markets for some time to come. Such rewiring could cover relationships between countries or developments within particular regions or economies.
China’s ability to sustain fairly robust economic growth despite a massive property sector downturn is now facing new tests as global trade barriers rise, and domestic demand shows fresh signs of weakness.
JPMorgan Chase & Co. is leading a group that’s investing about $90 million in a second round of financing for the Texas Stock Exchange, giving a boost to the Dallas-based upstart as it angles for a piece of a market dominated by Nasdaq and the New York Stock Exchange.
Tucked into President Donald Trump’s trade deals formalizing higher tariffs on goods from Asia this week are provisions for a global economic frontier the US wants to stay free of protectionism: digital commerce.
Stock valuation answers a deceptively simple question: What is a business truly worth? Price is what you pay; value is what you get.
Global electricity demand is accelerating as AI data centers, electrification, and economic growth drive an unprecedented need for reliable energy. Nuclear power is uniquely positioned to meet this challenge, delivering clean, zero-emission baseload electricity with the highest capacity factor of any major energy source.
Novo Nordisk A/S made an unsolicited bid for US biotech firm Metsera Inc., sparking a heated battle with Pfizer Inc. to get their hands on weight-loss treatments that both drugmakers want in order to regain lost ground in the booming market.
Last week’s economic narrative centered around the Federal Reserve's latest rate cut, a decision complicated by the government shutdown and lack of economic data.
Over nearly every meaningful time frame, Bitcoin has dramatically outperformed traditional asset classes. In the last 3 years, it has returned an astonishing 79.2% annualized, compared to 18% for the S&P 500, 24.4% for gold, and just 2.6% for the Bloomberg U.S. Aggregate Bond Index.
Rather than toil over the construction of an ideal fixed income portfolio for a client, advisors can simply apply a template primed for success using Vanguard’s model portfolios. On that note, Vanguard just introduced two new dynamic asset allocation fixed income model portfolios that can suit various investor profiles.
Effectively reading the Federal Reserve's Beige Book can help investors spot economic, industry, and consumer trends that could potentially impact investment portfolios.
One of the most fundamental decisions facing fixed-income investors is determining the optimal maturity for their Treasury holdings.
We continue to hold gold across all strategies, viewing it as a strategic asset. Central banks remain steady buyers, underscoring gold’s role as both a store of value and an inflation hedge.
The three themes we laid out will take a few years to play out, if at all. Our portfolio positioning reflects our belief in the economic strength and momentum of the US Tech / AI trade, and we would want to see more policy clarity and earnings confirmation before we make any large shifts into international.
US stocks are hovering near all-time highs, buoyed by the prospect of cooling trade tensions between the US and China as corporate America largely brushes off tariff pressures. But that doesn’t mean that Wall Street professionals will be sleeping easy this Halloween.
Long-dated bonds are looking more attractive as governments and central banks take steps to curb the glut in that segment of the market, according to JPMorgan Asset Management.
Amazon.com Inc.’s cloud unit posted the strongest growth rate in almost three years, reassuring investors who were concerned that the largest seller of rented computing power was losing ground to rivals. The shares surged.
Meta Platforms Inc. found record-shattering demand for its bond sale on Thursday even as its shares plunged, in a sign that bond investors are looking past any concerns about its artificial-intelligence spending plans.
Euro-area inflation eased slightly but stayed above 2%, backing the European Central Bank’s decision to keep borrowing costs where they are.
There’s no official read on how fast the US economy grew last quarter, thanks to the government shutdown. But almost everyone reckons it was a healthy pace — and that’s largely thanks to AI.
This bull market has been on quite a run. The S&P 500 is up 35% since its April 8, 2025 year-to-date low, and up over 92% since it began on October 12, 2022, excluding dividends.
The Federal Reserve’s October rate cut, to 3.75%–4%, signals a continued “risk management” approach, with December’s policy path tilting toward another cut.
The Federal Reserve on Wednesday announced a widely anticipated 25-basis-point (bp) rate cut, bringing the federal funds target range to 3.75%–4.00%. With markets priced for this move and the Fed operating in a data vacuum due to the U.S. government shutdown, the rate cut and modest statement changes were largely uneventful.
The consumer sector was in sharpest focus during the conference. That wasn’t surprising, given the negative headlines surrounding fraud allegations at subprime auto financer Tricolor Auto Acceptance and its subsequent bankruptcy filing.
The politics of the government shutdown are about to get trickier. Today is Day 28 of the government shutdown. The Senate will be in session this week, but the House of Representatives remains in recess.
While many lessons have evolved over time, one maxim has never changed for children: look both ways before crossing the street. I reinforced with my children to then look again. We might not see everything on a quick glance, and traffic can change quickly.
The Multi-Sector Credit Team share perspectives on the fixed income market and their quarterly asset allocation ranking. They highlight a timely chart to watch, explore relative value opportunities, and provide insight on their latest asset allocation scores by fixed income sub-sector.
It lacks the effervescence of copper and the geopolitical allure of rare earths – yet aluminum is the metal of the moment. Key to modern life and everywhere in the global economy, it’s entering a make-or-break phase: Either the world is sleepwalking into a supply crisis or further into the hands of China. Or, more worryingly, both.
Regulatory changes and productivity gains could push growth to move even faster in the years ahead. But we are also still dealing with the uncomfortable process of moving away from government stimulus and massive deficit spending that have boosted growth numbers in the post-COVID era but were unsustainable.
