Chief Investment Officer Larry Adam notes with volatility on the rise, maintaining a long-term view is key.
Practically every financial meltdown or crisis can be traced back to a misunderstanding of which assets are “risk-free.” Investors think they have a risk-free asset — it could be a mortgage-backed security, shares in a Bernie Madoff fund, Greek debt — and are surprised when it turns out not to be.
As we have learned repeatedly, the Fed will take extensive emergency measures if it perceives liquidity problems. Even above their congressional mandated objective of managing employment and prices, the Fed's top priority is preserving the banks.
The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.
Social Security is at the center of the fiscal emergency that threatens the US. Yet Washington is always reluctant to grapple with it honestly, partly because the issue is misunderstood.
Treasury Secretary Scott Bessent played down a selloff in US Treasuries, saying that there was nothing systemic at play, and also served warning against China not to attempt to devalue its exchange rate in retaliation for American tariff hikes.
Private equity firms are trying to regain some control after investors took advantage of one of the toughest fundraising environments in years.
When it’s finally completed seven years from now, Citadel LLC’s New York tower will be the second tallest building in the city, after the World Trade Center. It will also loom over the headquarters of JPMorgan Chase & Co. just a few hundred yards south along Park Avenue.
The trajectory of small businesses often goes something this: a first-generation entrepreneur starts and grows a company. It could be a software company, but also a plumbing, electrical, or HVAC business.
Ideally, nobody would have to worry about the burgeoning and multifaceted realm of nonbank finance: Let hedge funds, securities dealers and the like take whatever risks they want, as long as they bear the full consequences.
BlackRock Inc. Chief Executive Officer Larry Fink pledged to open up private markets to millions of everyday investors, not just the wealthy few, contending individuals should share more of the gains from economic growth.
Muni issuers are generally sound, so cuts in aid would be felt but dealt with.
EQT AB will return $5.4 billion to investors this week after completing the sale of a stake in Nord Anglia Education Ltd., marking one of the most profitable recent private equity exits in Asia, people familiar with the matter said.
Europe’s plan to rearm in the face of Russian aggression and US detachment has already delivered a bonanza to equity investors. Credit funds are scrambling to get a share of the windfall, too.
The PPA has made a mistake in designating an MA as a QDIA. Perhaps the drafters of the PPA were thinking about accounts that are actually managed, but those participants do not default, so that flavor of MA is not a QDIA, and is typically reserved for executives of the sponsoring firm.
Ever since interest rates got up off the floor in 2022, there’s been increased interest in credit, and that’s why I’m devoting this memo to it. It’ll come a little closer than usual to “talking my book,” but I think the subject justifies that.
Bridgewater Associates founder Ray Dalio’s famous “All Weather” strategy has arrived in the exchange-traded fund market, just as the kind of macro-driven turmoil it seeks to guard against sweeps global assets.
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 recently sat down with Justin Owens, our senior director and co-head of strategic asset allocation, to discuss the next phase of liability-driven investing (LDI) and the key trends driving this evolution. Below is a recap of our conversation.
Senator Cynthia Lummis (R-WY) takes a pivotal role in shaping how America approaches cryptocurrency and blockchain technology.
Dean LeBaron’s name may not be familiar to many readers, especially those who only began their careers in the 21st century. But all of us should know who he is. Before there was even a term for it, Dean was the first truly successful quant.
Overall, it is a system deeply rooted in familial interdependence. The responsibility for widows rests squarely with family members, reflecting a culture where support networks are built on kinship rather than institutional safety nets.
When constructing a target-date fund (TDF) glide path, providers have many decisions to make, such as what asset classes to include, when to include them, and how much to allocate to each.
In a market as broad, opaque and inefficient as the municipal bond market, in which compliance oversight and efficiency are paramount, these initial efficiency gains are just the tip of what may prove to be a transformative technology iceberg.
The Trump administration took aim at China with a series of moves involving investment, trade and other issues that raises the risk ties may soon worsen between the US and its top economic rival.
At some point in time, the top brass that manage your organization’s investments will no longer be with the organization, whether that’s through retirement, a job change, or a change in personal circumstances. Then what?
We are about to enter a new era – the era of the personal defined benefit pension. And I predict that over the next few years, it will be RIAs that deliver these personal plans to millions of Americans. Before I explain how this transformation will unfold, let me first explain why it must unfold.
The professional development journey for financial professionals is best approached through a structured three-step process involving foundational designations, advanced level specializations, and niche market concentrations.
Adding cash-flow-matched bond strategies to a total return strategy appears to improve total return relative to risk by reducing the likelihood of poor outcomes.
Markets, as many of you are aware, don’t like uncertainty. And right now, there’s a lot of uncertainty surrounding U.S. trade policy.
Some of America’s leading financial firms are hoping to sell the White House on what sounds like a compelling idea: Open employer-sponsored retirement plans to the private investments they manage, so regular folks can reap returns currently reserved for the wealthy.
While it’s true that every administration brings policy shifts that can directly impact retirement savings, the speed and breadth of what is currently being proposed feels like we are headed into unprecedented territory.
While every new year arrives with its own unique set of opportunities and challenges for institutional investors, we believe 2025 could offer more than the typical share.
Bridgewater Associates founder Ray Dalio has a new book to promote. So while I am loath to fuel the sales campaign, his latest bomb in an interview with the Financial Times — warning of a “death spiral” for Britain’s sovereign debt — requires a riposte.
Outlooks for higher education and healthcare are the weakest while transportation and essential utilities are the strongest. Resiliency to withstand an economic downturn is strong for all sectors.
U.S. Treasury yields have increased notably since September, particularly at the long end of the curve, with the 10-year yield up over 100 basis points from its recent lows. We unpack the drivers behind this big move in rates and our outlook for bonds going forward.
The Social Security Fairness Act is expected to enhance benefits for many starting in 2024. Our Bill Cass explains the significance of the new law.
Whether you’re speaking with Europe’s largest money manager, Australia’s giant pension funds, or a cash-rich insurer in Japan, there’s a resounding message you’ll hear when it comes to US Treasuries: They are still hard to beat.
Engaging up front with four key workstreams may smooth the process of adding a solution.
Private equity wants access to Americans’ retirement accounts, and is lobbying President-elect Donald Trump’s administration to get it.
On the inaugural edition of Market Week in Review for 2025, Senior Director and Chief Investment Strategist for North America, Paul Eitelman, discussed Canadian Prime Minister Justin Trudeau’s resignation as well as the latest batch of U.S. and global economic data.
Our commentary on household income distribution offers some fascinating insights into average U.S. household incomes, but misses the implications of age for income. In this update, we examine household income with a focus on age bracket.
MicroStrategy Inc. bought $101 million of Bitcoin after announcing that it would use perpetual preferred stock as well as common shares and debt to acquire more of the cryptocurrency.
Fixed income is top of mind as investors look to a new interest rate regime. Sylvia Yeh dives into the outlook for 2025.
I will be looking at a few indicators in 2025 to tell me where financial markets are going. Most of them relate to the bond market, because it is both a window into the overall economy and an important component of how stocks and other risky assets are valued.
From start to finish, 2024 was a year of change, with a multitude of implications for investors.
Xi Jinping and Donald Trump's bromance could be rekindled in 2025, if both sides play their cards right.
Portfolio managers and market strategists from Payden & Rygel review the opportunities and risks ahead for four bond market sectors: high yield, emerging markets, global bonds and low duration securities.
We examine how a potentially complex bond market in 2025 could still offer opportunities in high-yield bonds, municipal bonds, and inflation-protected securities.
A resilient US economy and deepening geopolitical tensions around the world are making asset managers rethink their expectations for a weaker dollar.
As a concept, environmentally responsible investing is in its flop era. Right-wing backlash has turned “ESG” into a four-letter word in terrified corporate boardrooms.
I am (mostly) bullish on crypto and (usually) skeptical of higher taxes, especially on capital gains.
Whether you want to buy or rent, finding an affordable, comfortable home can be extremely difficult, if not impossible.
Just a few short years (months?) ago, few would have believed it possible. But it happened: Bitcoin has traded above $100,000 for the first time ever.
In the port city of Duluth, Minnesota, local activists and Washington-based groups are coalescing to scrutinize — and possibly stall — a $6.2 billion acquisition of a power utility led by Global Infrastructure Partners.
Quite a few observers have described the dramatic fall of the Barnier government in France not just as a political crisis but also an economic and financial crisis.
Emerging-market currencies held gains after Federal Reserve Chair Jerome Powell said policymakers could move cautiously as they lower interest rates. The South Korean won rebounded on Wednesday as President Yoon Suk Yeol rapidly reversed his martial law declaration.
Assets in money market funds reached an all-time high of $7 trillion this past month. Now that rates are moving lower, money market yields may not be as attractive to many investors and assets may gradually leave money funds.
By understanding annuities, debunking myths, and staying on top of tax implications, you can offer your clients the financial stability they crave. Regular reviews, proactive communication, and continuous education are the keys to success.
On whole, EM growth has been resilient, while inflation has fallen closer to normal levels.
Some retirees say they could have planned better for lifetime income—helpful insight for current participants.
The second coming of Donald Trump is unquestionably bad news for Germany.
Many of the myths and controversies surrounding the equity risk premium (ERP) are rooted in semantics: The same term is used for multiple purposes.
US banks enjoyed a sharp stock price jump on Donald Trump’s election victory; two weeks later, they’ve held onto those gains. There’s one good reason for this — and several poor ones, all to do with regulation.
If you’re unfamiliar with synthetic risk transfers, there’s a chance you’ll hear all about them when the next financial crisis hits. They’re the latest way for big banks to game rules designed to safeguard the system, and they’re growing fast. So far, regulators seem all but oblivious.
The collapse of Germany’s deeply unloved and dysfunctional three-party coalition offers Europe’s biggest economy an opportunity for political and economic renewal. Two important questions arise: Will Germany put aside political squabbles and grab its golden opportunity.
Enthusiasm for structural reforms is only going to wane.
To understand the wave of bank partnerships with private-credit fund managers during the past year or so, think back to the boom in mortgage lending through securitization in the early 2000s. The same forces are at work: a huge demand for finance, limited and costly bank capital and investment bankers’ ingenuity and desire to generate business.
State and municipal budgets are adjusting to life after pandemic interventions.
Annuity owners value the financial security that guaranteed lifetime income provides.
With less than two weeks remaining before the U.S. presidential election, there’s a growing sense of uncertainty in the air. Investors are wondering how to position their money, bracing for the possibility of significant volatility and market shifts.
Many investors today use EM debt for the wrong reasons, manage it imprudently, or overlook the best parts.
Risk. It’s a tiny word for a critical investment concept, one that necessarily merits ample discussion by advisors with their clients. Unfortunately, evidence suggests this may not be happening evenly across the advisory industry.
A dark cloud will be hanging over Boeing Co. when it releases its third-quarter earnings report Wednesday morning and Chief Executive Officer Kelly Ortberg, who has only been in the job since August, presides over his first quarterly conference call with analysts for the storied planemaker.
The $20 billion club is a group of pension plans near $20 billion and more in global pension liability. We have been reporting on this group since 2011.
The need for old age support is on the rise, as is its cost.
With storm clouds forming above equities and fixed income markets, is now the right time for institutions to grab their private credit labeled umbrella?
It is hard to be “the most pro-union president in American history,” as Joe Biden likes to claim, while also leading an effort to “reimagine and rebuild a new economy,” as he has also promised. That’s because these goals are fundamentally incompatible: America’s unions no longer fit the modern economy.
We are currently in the “everything market.” It doesn’t matter what you have probably invested in; it is currently increasing in value. However, it isn’t likely for the reasons you think. A recent Marketwatch interview with the always bullish Jim Paulson got his reasoning for the rally.
About eight in 10 investors (81%) believe they must fund their own retirement as opposed to relying on private and public pensions.
While a strike by East Coast port workers is strangling the flow of goods from Maine to Texas and grabbing headlines, news of machinists at Boeing Co. about to enter their fourth week of picketing near Seattle has receded a bit into the background.
The current approach to investment management has no sound basis and doesn’t work. There is a better way.
Just as the industrial revolution changed the way goods are manufactured and consumed, so the technological revolution will do for services. Once something can be made at scale, the market for it can expand and be segmented. The same goes for financial planning.
At a finance conference in London this summer, four senior investment bankers set about persuading the room that the $1.7-trillion private credit market isn’t a threat to Wall Street. Barely three months later, two of them have jumped ship to seek their fortunes in the upstart asset class.
Buyout heavyweights are increasingly resorting to the old-fashioned way of making money — actually running the companies they’ve bought.
Policy, more likely to be dictated by economic circumstances, may not resemble generous populist proposals, which could limit their impact on stock markets.
MassMutual Head of Annuity Distribution Matt DiGangi recently sat down with VettaFi to discuss the increasing demand he is seeing for annuities, and how MassMutual has sought to meet client investor needs.
A popular rebuttal of the idea that the US ought to worry about its surging public debt is, “What about Japan?” America’s taxpayers are currently on the hook for 123% of gross domestic product, exceeding the previous record of 118% in the aftermath of the second world war, and the number is going up.
The ERISA Advisory Council is conducting hearings on Qualified Default Investment Alternatives (QDIAs), seeking recommendations for improvements. The big challenge is making better decisions for people who do not want to engage.
Defined Benefits
Tariffs, Policy Uncertainty Weighs on Economic, Investing Outlooks
Chief Investment Officer Larry Adam notes with volatility on the rise, maintaining a long-term view is key.
US Bonds Have Never Been Risk-Free, and Never Will Be
Practically every financial meltdown or crisis can be traced back to a misunderstanding of which assets are “risk-free.” Investors think they have a risk-free asset — it could be a mortgage-backed security, shares in a Bernie Madoff fund, Greek debt — and are surprised when it turns out not to be.
Swaps & Basis Trades Signal Mounting Liquidity Problems
As we have learned repeatedly, the Fed will take extensive emergency measures if it perceives liquidity problems. Even above their congressional mandated objective of managing employment and prices, the Fed's top priority is preserving the banks.
Tariff Tremors, Market Rotations, and the Imperative of Optimization
The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.
Repairing Social Security’s Finances Can’t Wait
Social Security is at the center of the fiscal emergency that threatens the US. Yet Washington is always reluctant to grapple with it honestly, partly because the issue is misunderstood.
Bessent Sees ‘Normal Deleveraging’ in Bonds, Warns China on Yuan
Treasury Secretary Scott Bessent played down a selloff in US Treasuries, saying that there was nothing systemic at play, and also served warning against China not to attempt to devalue its exchange rate in retaliation for American tariff hikes.
Private Equity Firms Ask for Cash to Let Stakes Change Hands
Private equity firms are trying to regain some control after investors took advantage of one of the toughest fundraising environments in years.
Shadow Banks Are Too Big to Stay in the Shadows
When it’s finally completed seven years from now, Citadel LLC’s New York tower will be the second tallest building in the city, after the World Trade Center. It will also loom over the headquarters of JPMorgan Chase & Co. just a few hundred yards south along Park Avenue.
Private Equity: Too Big to Fail?
The trajectory of small businesses often goes something this: a first-generation entrepreneur starts and grows a company. It could be a software company, but also a plumbing, electrical, or HVAC business.
Finance Needs to Be Prepared for the Unexpected
Ideally, nobody would have to worry about the burgeoning and multifaceted realm of nonbank finance: Let hedge funds, securities dealers and the like take whatever risks they want, as long as they bear the full consequences.
Larry Fink Vows to Unlock Private Investments for the Masses
BlackRock Inc. Chief Executive Officer Larry Fink pledged to open up private markets to millions of everyday investors, not just the wealthy few, contending individuals should share more of the gains from economic growth.
Municipal Bonds: Built to Withstand Federal Funding Cuts
Muni issuers are generally sound, so cuts in aid would be felt but dealt with.
EQT Returns $5.4 Billion to Investors After Education Bet Soars
EQT AB will return $5.4 billion to investors this week after completing the sale of a stake in Nord Anglia Education Ltd., marking one of the most profitable recent private equity exits in Asia, people familiar with the matter said.
As Europe Rearms, Bond Funds Are Ripping Up the Rule Book
Europe’s plan to rearm in the face of Russian aggression and US detachment has already delivered a bonanza to equity investors. Credit funds are scrambling to get a share of the windfall, too.
Managed Account Is a Misnomer When it Comes to QDIAs
The PPA has made a mistake in designating an MA as a QDIA. Perhaps the drafters of the PPA were thinking about accounts that are actually managed, but those participants do not default, so that flavor of MA is not a QDIA, and is typically reserved for executives of the sponsoring firm.
Gimme Credit
Ever since interest rates got up off the floor in 2022, there’s been increased interest in credit, and that’s why I’m devoting this memo to it. It’ll come a little closer than usual to “talking my book,” but I think the subject justifies that.
Ray Dalio’s ‘All Weather’ Strategy Enters ETF Land During Turmoil
Bridgewater Associates founder Ray Dalio’s famous “All Weather” strategy has arrived in the exchange-traded fund market, just as the kind of macro-driven turmoil it seeks to guard against sweeps global assets.
Hedge Fund-Beating Equities Will Mislead Investors
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.
The Future of Liability-Driven Investing
We recently sat down with Justin Owens, our senior director and co-head of strategic asset allocation, to discuss the next phase of liability-driven investing (LDI) and the key trends driving this evolution. Below is a recap of our conversation.
Leading the Financial Revolution: Senator Lummis, Bitcoin and the Future of U.S. Digital Policy
Senator Cynthia Lummis (R-WY) takes a pivotal role in shaping how America approaches cryptocurrency and blockchain technology.
Adventures of The OG Quant
Dean LeBaron’s name may not be familiar to many readers, especially those who only began their careers in the 21st century. But all of us should know who he is. Before there was even a term for it, Dean was the first truly successful quant.
Can One-Eighth of an Inheritance Be Enough? A Lesson from Jordan
Overall, it is a system deeply rooted in familial interdependence. The responsibility for widows rests squarely with family members, reflecting a culture where support networks are built on kinship rather than institutional safety nets.
TDF Glide-Path Essentials: Setting the Right Starting Point
When constructing a target-date fund (TDF) glide path, providers have many decisions to make, such as what asset classes to include, when to include them, and how much to allocate to each.
Bringing Order to Chaos: AI in the Municipal Bond Market
In a market as broad, opaque and inefficient as the municipal bond market, in which compliance oversight and efficiency are paramount, these initial efficiency gains are just the tip of what may prove to be a transformative technology iceberg.
Trump Targets China With Biggest Salvo So Far in Second Term
The Trump administration took aim at China with a series of moves involving investment, trade and other issues that raises the risk ties may soon worsen between the US and its top economic rival.
What’s Your Organization’s Investment Succession Plan?
At some point in time, the top brass that manage your organization’s investments will no longer be with the organization, whether that’s through retirement, a job change, or a change in personal circumstances. Then what?
How RIAs Could Help Solve America’s Retirement Income Crisis
We are about to enter a new era – the era of the personal defined benefit pension. And I predict that over the next few years, it will be RIAs that deliver these personal plans to millions of Americans. Before I explain how this transformation will unfold, let me first explain why it must unfold.
The Benefits of Designations for Financial Professionals: A Three Step Approach
The professional development journey for financial professionals is best approached through a structured three-step process involving foundational designations, advanced level specializations, and niche market concentrations.
Putting ‘Fixed Income’ Back Into Fixed Income: Cash-Flow-Matched Bond Strategies for Retirees
Adding cash-flow-matched bond strategies to a total return strategy appears to improve total return relative to risk by reducing the likelihood of poor outcomes.
Could Trump’s Tariff Revenues Fund a New U.S. Sovereign Wealth Fund?
Markets, as many of you are aware, don’t like uncertainty. And right now, there’s a lot of uncertainty surrounding U.S. trade policy.
Private Equity and 401(k)s Aren’t a Great Match
Some of America’s leading financial firms are hoping to sell the White House on what sounds like a compelling idea: Open employer-sponsored retirement plans to the private investments they manage, so regular folks can reap returns currently reserved for the wealthy.
How a Transformed Washington May Change Retirement Savings
While it’s true that every administration brings policy shifts that can directly impact retirement savings, the speed and breadth of what is currently being proposed feels like we are headed into unprecedented territory.
Top 5 Issues Institutional Investors Should Be Thinking About in 2025
While every new year arrives with its own unique set of opportunities and challenges for institutional investors, we believe 2025 could offer more than the typical share.
No, Ray Dalio, There's Not a UK Debt Death Spiral
Bridgewater Associates founder Ray Dalio has a new book to promote. So while I am loath to fuel the sales campaign, his latest bomb in an interview with the Financial Times — warning of a “death spiral” for Britain’s sovereign debt — requires a riposte.
2025 Municipal Bond Sector Outlook: Stability and Resiliency
Outlooks for higher education and healthcare are the weakest while transportation and essential utilities are the strongest. Resiliency to withstand an economic downturn is strong for all sectors.
A Deep Dive on the Recent Spike in U.S. Treasury Yields
U.S. Treasury yields have increased notably since September, particularly at the long end of the curve, with the 10-year yield up over 100 basis points from its recent lows. We unpack the drivers behind this big move in rates and our outlook for bonds going forward.
Social Security Changes Mean Higher Benefits for Certain Public Workers
The Social Security Fairness Act is expected to enhance benefits for many starting in 2024. Our Bill Cass explains the significance of the new law.
US Bond ‘Death Spiral’ Risk Brushed Aside by Foreign Funds
Whether you’re speaking with Europe’s largest money manager, Australia’s giant pension funds, or a cash-rich insurer in Japan, there’s a resounding message you’ll hear when it comes to US Treasuries: They are still hard to beat.
Early Groundwork Is Key for Implementing Lifetime Income Solutions
Engaging up front with four key workstreams may smooth the process of adding a solution.
Private Equity Does Not Belong in Your 401(k)
Private equity wants access to Americans’ retirement accounts, and is lobbying President-elect Donald Trump’s administration to get it.
Health Check: How Is the Global Economy Holding Up?
On the inaugural edition of Market Week in Review for 2025, Senior Director and Chief Investment Strategist for North America, Paul Eitelman, discussed Canadian Prime Minister Justin Trudeau’s resignation as well as the latest batch of U.S. and global economic data.
Median Household Incomes by Age Bracket: 1967-2023
Our commentary on household income distribution offers some fascinating insights into average U.S. household incomes, but misses the implications of age for income. In this update, we examine household income with a focus on age bracket.
MicroStrategy Buys Bitcoin After Adding Preferred Offering
MicroStrategy Inc. bought $101 million of Bitcoin after announcing that it would use perpetual preferred stock as well as common shares and debt to acquire more of the cryptocurrency.
Muni Bonds in a New Interest Rate Regime
Fixed income is top of mind as investors look to a new interest rate regime. Sylvia Yeh dives into the outlook for 2025.
Where Are Stocks and the Economy Going? Ask Bonds
I will be looking at a few indicators in 2025 to tell me where financial markets are going. Most of them relate to the bond market, because it is both a window into the overall economy and an important component of how stocks and other risky assets are valued.
Our Top 10 Favorite Articles of 2024
From start to finish, 2024 was a year of change, with a multitude of implications for investors.
The Trump-Xi Bromance Has a Chance in 2025
Xi Jinping and Donald Trump's bromance could be rekindled in 2025, if both sides play their cards right.
What’s Ahead for Fixed Income in 2025?
Portfolio managers and market strategists from Payden & Rygel review the opportunities and risks ahead for four bond market sectors: high yield, emerging markets, global bonds and low duration securities.
Bond Market Opportunities for Investors in 2025
We examine how a potentially complex bond market in 2025 could still offer opportunities in high-yield bonds, municipal bonds, and inflation-protected securities.
Dollar Optimism Is Spreading From Hedge Funds to Asset Managers
A resilient US economy and deepening geopolitical tensions around the world are making asset managers rethink their expectations for a weaker dollar.
ESG Is in Its Flop Era
As a concept, environmentally responsible investing is in its flop era. Right-wing backlash has turned “ESG” into a four-letter word in terrified corporate boardrooms.
Crypto Doesn’t Deserve a Tax Exemption
I am (mostly) bullish on crypto and (usually) skeptical of higher taxes, especially on capital gains.
Homes for Christmas
Whether you want to buy or rent, finding an affordable, comfortable home can be extremely difficult, if not impossible.
Bitcoin’s Rise to $100,000 Signals Global Adoption Shift
Just a few short years (months?) ago, few would have believed it possible. But it happened: Bitcoin has traded above $100,000 for the first time ever.
BlackRock’s Big Bet on GIP Puts Fink’s Firm in Local Spotlight
In the port city of Duluth, Minnesota, local activists and Washington-based groups are coalescing to scrutinize — and possibly stall — a $6.2 billion acquisition of a power utility led by Global Infrastructure Partners.
This Is Not France’s "Truss" Moment
Quite a few observers have described the dramatic fall of the Barnier government in France not just as a political crisis but also an economic and financial crisis.
Emerging Currencies Hold Gains After Powell While Won Rebounds
Emerging-market currencies held gains after Federal Reserve Chair Jerome Powell said policymakers could move cautiously as they lower interest rates. The South Korean won rebounded on Wednesday as President Yoon Suk Yeol rapidly reversed his martial law declaration.
Rethinking Cash
Assets in money market funds reached an all-time high of $7 trillion this past month. Now that rates are moving lower, money market yields may not be as attractive to many investors and assets may gradually leave money funds.
Annuities 101: A Financial Advisor's Guide to Understanding and Utilizing Annuities
By understanding annuities, debunking myths, and staying on top of tax implications, you can offer your clients the financial stability they crave. Regular reviews, proactive communication, and continuous education are the keys to success.
Emerging Market Debt Outlook for 2025
On whole, EM growth has been resilient, while inflation has fallen closer to normal levels.
Lifetime-Income Lessons from Retirees Can Move the Needle for DC Plans
Some retirees say they could have planned better for lifetime income—helpful insight for current participants.
How Germany Can Make Peace With Trump on Trade
The second coming of Donald Trump is unquestionably bad news for Germany.
The Equity Risk Premium: Nine Myths (JPM Series)
Many of the myths and controversies surrounding the equity risk premium (ERP) are rooted in semantics: The same term is used for multiple purposes.
Banks Hoping For Looser Trump Reins Are Too Giddy
US banks enjoyed a sharp stock price jump on Donald Trump’s election victory; two weeks later, they’ve held onto those gains. There’s one good reason for this — and several poor ones, all to do with regulation.
Banks’ New Trick Could Mean Trouble for Everyone
If you’re unfamiliar with synthetic risk transfers, there’s a chance you’ll hear all about them when the next financial crisis hits. They’re the latest way for big banks to game rules designed to safeguard the system, and they’re growing fast. So far, regulators seem all but oblivious.
Debt, Arms and Nuclear Power Are Key to German Renaissance
The collapse of Germany’s deeply unloved and dysfunctional three-party coalition offers Europe’s biggest economy an opportunity for political and economic renewal. Two important questions arise: Will Germany put aside political squabbles and grab its golden opportunity.
The World Isn’t Ready For Reform
Enthusiasm for structural reforms is only going to wane.
Private Credit’s Banking Romance May Turn Sour
To understand the wave of bank partnerships with private-credit fund managers during the past year or so, think back to the boom in mortgage lending through securitization in the early 2000s. The same forces are at work: a huge demand for finance, limited and costly bank capital and investment bankers’ ingenuity and desire to generate business.
Local Finances, Challenging Choices
State and municipal budgets are adjusting to life after pandemic interventions.
Banks’ New Trick Could Mean Trouble for Everyone
If you’re unfamiliar with synthetic risk transfers, there’s a chance you’ll hear all about them when the next financial crisis hits. They’re the latest way for big banks to game rules designed to safeguard the system, and they’re growing fast. So far, regulators seem all but oblivious.
Annuity Owners Value the Benefits of Lifetime Income
Annuity owners value the financial security that guaranteed lifetime income provides.
Paul Tudor Jones on Why Gold and Bitcoin Are Smart Investments
With less than two weeks remaining before the U.S. presidential election, there’s a growing sense of uncertainty in the air. Investors are wondering how to position their money, bracing for the possibility of significant volatility and market shifts.
Emerging Markets: The Biggest, Fastest Growing, and Arguably Least Understood Pool of Credit in the World
Many investors today use EM debt for the wrong reasons, manage it imprudently, or overlook the best parts.
Risk: The Elephant in the Advisor/Client Relationship
Risk. It’s a tiny word for a critical investment concept, one that necessarily merits ample discussion by advisors with their clients. Unfortunately, evidence suggests this may not be happening evenly across the advisory industry.
Boeing's Union Finally Has a Labor Deal That Makes Sense
A dark cloud will be hanging over Boeing Co. when it releases its third-quarter earnings report Wednesday morning and Chief Executive Officer Kelly Ortberg, who has only been in the job since August, presides over his first quarterly conference call with analysts for the storied planemaker.
$20 Billion Club Strategy Series – Investment Policy
The $20 billion club is a group of pension plans near $20 billion and more in global pension liability. We have been reporting on this group since 2011.
Can America Age Gracefully?
The need for old age support is on the rise, as is its cost.
Where Can Private Credit Fit in an Institutional Portfolio?
With storm clouds forming above equities and fixed income markets, is now the right time for institutions to grab their private credit labeled umbrella?
Unions Need to Join the 21st Century Economy
It is hard to be “the most pro-union president in American history,” as Joe Biden likes to claim, while also leading an effort to “reimagine and rebuild a new economy,” as he has also promised. That’s because these goals are fundamentally incompatible: America’s unions no longer fit the modern economy.
The “Everything Market” Could Last A While Longer
We are currently in the “everything market.” It doesn’t matter what you have probably invested in; it is currently increasing in value. However, it isn’t likely for the reasons you think. A recent Marketwatch interview with the always bullish Jim Paulson got his reasoning for the rally.
The Reality of Diminishing Retirement Security
About eight in 10 investors (81%) believe they must fund their own retirement as opposed to relying on private and public pensions.
Boeing’s Frail Finances Give Strikers All the Power
While a strike by East Coast port workers is strangling the flow of goods from Maine to Texas and grabbing headlines, news of machinists at Boeing Co. about to enter their fourth week of picketing near Seattle has receded a bit into the background.
The Right Way to Solve Asset Management
The current approach to investment management has no sound basis and doesn’t work. There is a better way.
Your Next Financial Adviser Will Be on an App
Just as the industrial revolution changed the way goods are manufactured and consumed, so the technological revolution will do for services. Once something can be made at scale, the market for it can expand and be segmented. The same goes for financial planning.
Bonus-Starved Bankers Are Jumping Ship for Private Credit Riches
At a finance conference in London this summer, four senior investment bankers set about persuading the room that the $1.7-trillion private credit market isn’t a threat to Wall Street. Barely three months later, two of them have jumped ship to seek their fortunes in the upstart asset class.
Private Equity Calls in Experts to Fix Firms They Can’t Sell
Buyout heavyweights are increasingly resorting to the old-fashioned way of making money — actually running the companies they’ve bought.
2024 Elections: Big Bark, Little Bite
Policy, more likely to be dictated by economic circumstances, may not resemble generous populist proposals, which could limit their impact on stock markets.
Demand Is High for Annuities as Client Needs for Guaranteed Retirement Income Grow
MassMutual Head of Annuity Distribution Matt DiGangi recently sat down with VettaFi to discuss the increasing demand he is seeing for annuities, and how MassMutual has sought to meet client investor needs.
America’s Fiscal Exceptionalism Is All Too Real
A popular rebuttal of the idea that the US ought to worry about its surging public debt is, “What about Japan?” America’s taxpayers are currently on the hook for 123% of gross domestic product, exceeding the previous record of 118% in the aftermath of the second world war, and the number is going up.
Recommendations to the ERISA Advisory Council on QDIAs
The ERISA Advisory Council is conducting hearings on Qualified Default Investment Alternatives (QDIAs), seeking recommendations for improvements. The big challenge is making better decisions for people who do not want to engage.