Optimism is increasing on Wall Street, with investors hoping for a “soft landing” in the economy.
Equal-weighted portfolios have long outperformed cap-weighted funds. Conventional wisdom is that was because of the small-cap factor, but new research shows more is at play.
The National Association of Realtors released the December data for its pending home sales index. According to the National Association of Realtors®, "Pending home sales increased in December for the first time since May 2022 — following six consecutive months of declines."
In stock investing there’s a management style called “growth at a reasonable price” or GARP. It seeks to achieve steadier results by avoiding both expensive growth stocks and beaten-down value stocks.
Investors are chasing European stocks at the fastest pace in nearly a year, while US equity inflows remain muted amid concerns of a recession, according to Bank of America Corp.
US dollar cycles are long.
Tesla Inc. has secured a new $5 billion revolving credit facility, another sign that the company is nearing investment-grade status.
Focusing on high quality and liquidity when taking risk in portfolios will be key in 2023, as pressure on monetary policy remains intense.
Investors are still recovering from the municipal market beatdown of 2022, but the current higher absolute yield levels provide an attractive “re-entry” point for municipal market investors.
Successful investment management can be Impaired by perverse incentives, which are what now plagues value funds.
It is possible, contrary to the predictions of most economists, that the US will get through this disinflationary period and make the proverbial “soft landing.”
If you believe in the Milton Friedman adage that inflation is always and everywhere a monetary phenomenon, then you should also believe that the Federal Reserve can stop increasing interest rates. Now.
When we think about generating income for our clients, for over 30 years we’ve thought the most efficient way to do this is to blend the two key risks of fixed income into one portfolio.
Drew O’Neil discusses fixed income market conditions and offers insight for bond investors.
The Federal Reserve’s quantitative-tightening program risks being propelled toward an early end as US politicians bicker in Washington over raising the national debt limit, according to some economists and bond-market participants.
Stubborn inflation means more interest-rate increases are coming from the Federal Reserve and that sounds like great news for banks.
The problem with speculation is that there’s usually a gap between the underlying risk and the inevitable outcome.
So far, my 2023 investing looks just like 2022: lots of waiting.
Is the Fed trying to wean the markets off monetary policy?
The world’s leading CEOs, politicians, and various do-gooders were in Davos, Switzerland, this week, discussing ways to solve our collective problems and create opportunities for their own companies. The most important conversations were off the record and many of the public speeches were simply performance art.
Market watchers on Wall Street attribute this week’s stock selloff to the insidious threat of recession.
The lag effect of monetary policy changes will surprise the Fed as the fiscal “pig” of stimulus begins to exit the economic “python.”
Dina Ting, our Head of Global Index Portfolio Management, offers her perspective on the allure of multifactor US mid-capitalization strategies for 2023.
The Loomis Sayles Emerging Markets Debt Sector Team shares their views on growth, corporate defaults and inflation.
BlackRock Inc., the world’s largest asset manager, suggests investors should abandon portfolios made up of 60% stocks and 40% bonds, a mix that has been a standard for six decades.
Some of the biggest investors in US commercial real estate are looking to cash in before property values slide further.
Portfolio Manager Michael Oh, CFA, reviews what he seeks out in innovative companies and why he thinks Asia may be in the early innings of innovation in more than technology.
We wrote last week about the soft landing that markets now seem to expect.
It's easy to take the wrong signal from recent market strength.
Last year an infamous cryptocurrency ad featured the slogan “fortune favors the brave.” And while historically fortune does favor the brave, there is a difference between courage and blind faith.
Wall Street bond dealers are moving rapidly to the sidelines of US Treasury auctions — the very activity that defines their status at the heart of the world’s biggest bond market.
Home prices have started to correct as interest rates rose sharply in 2022.
The team at Infrastructure Capital Advisors provides key insights and advice on current market conditions and economic outlook for this month and the coming months.
Markets provided investors with a dozen lessons in 2022 (and a bonus one in the postscript).
Investors don’t appear to have been fazed by the FAA mishap. Shares of U.S. domestic airlines finished Wednesday up more than 1% before advancing a further 4% on Thursday in response to positive earnings estimates.
This article explores how the addition of specific liquid alternative strategies produces an “All-Terrain” portfolio with the potential for improved long-term performance across a wider range of market environments.
The Loomis Sayles Global Credit Sector Team discusses rate volatility, possibly deteriorating credit fundamentals and key technicals at play in the market.
You read that right. The Fed wants lower stock prices.
Bed Bath & Beyond Inc. soared Wednesday, more than wiping out a 46% drop last week and sparking a rally in other so-called meme stocks.
The six biggest Wall Street banks are expected to slash their corporate bond issuance in 2023 for a second year in a row, offering a bright spot for investors nursing record losses from the debt last year.
After enduring one of the worst years on record across asset classes, investors should find more cause for optimism in 2023, even as the global economy faces challenges.
Can you believe these grifters hawking indexed universal life (IUL) insurance on TikTok? Here’s the actions I’m taking to put an end to this predatory nonsense.
2022 was a rough year for fixed income, but we anticipate better days ahead as the Fed will likely keep rates elevated in its ongoing battle against inflation.
With the aggressive pace of rate hikes in 2022 and inflation slowly starting to come down, we are optimistic that we are in the later stages of the tightening cycle.
Federal Reserve Chair Jerome Powell sought to draw a line around how far the central bank will use its powers to promote a greener economy, vowing it will not be a climate regulator.
Tight monetary policy and rising government debt will drive a regime of high interest rates, depressing stock prices and destroying the wealth of clients, most severely those at or near retirement.
The headline number for December came in at 89.8, down 2.1 from the previous month. The index is at the 7th percentile in this series.
Asia’s benchmark stock index was on track to enter a bull market, as China’s reopening and a weakening dollar lure investors back to the region.
Commodities may seem like just another one of the bunch, but these products offer a unique way to invest your money in the market.
European bond-market performance was among the worst on record in 2022, as Europe ran the gamut of geopolitical, economic and market storms.
Learn trading techniques to better control pricing when buying or selling ETFs.
Pop Quiz! Without recourse to your text, your notes, or a Google search, what line item is the largest asset in Uncle Sam's financial accounts?
Welcome to 2023. It’s Forecast Season on Wall Street, the time when everyone tells us what to expect for the new year. Do they really know? Of course not. Forecasters don’t know, investors know they don’t know, yet we all go through this exercise anyway.
Investors who use a 60/40 portfolio had a rough year. In the past, putting 60% in stocks and 40% in bonds has often helped investors hedge against losses in either asset class. But 2022 had other ideas.
The March contract for the Bloomberg Commodity Index (ERH23) was down for the third consecutive day on Thursday. Since ending 2022 at 112.80, the contract is down 5.03 at 107.77.
Making the most of a bonus is always important, but 2022’s payout feels even more precious. Many workers, especially in finance and technology, are likely to see slimmed-down bonuses. Amid economic uncertainty, maximizing those dollars is crucial.
European governments are set to unleash a deluge of bonds into markets this year. Investors will demand either a further shift higher in yields or a substantial improvement in the region’s inflation outlook to digest the coming wave of supply...
Just recently, James Bullard, President of the St. Louis Federal Reserve, suggested the central bank might need to employ the “7% solution” to ensure the complete destruction of inflation.
Public and private real estate investments present a compelling opportunity in the current environment of high inflation and rising interest rates, according to Daniel Scher and Blair Schmicker from Franklin Equity Group.
Perhaps the most famous trading experiment ever conducted was when commodities investor Richard Dennis bet his partner William Eckhardt in 1983 that he could train a group of amateurs – dubbed “the Turtles” -- to be successful futures traders.
In our Quarterly Strategy Report, we illustrate the relative attractiveness of select developed international sectors.
2022 wasn’t the easiest of years to handle for investors.
Let's examine the three paths the Fed might take in 2023 and what they mean for stock prices.
Relative to the accumulation phase, strategies that mitigate the unique risks faced by retirees in decumulation are less understood and researched. By identifying and illustrating those risks, planners can better prepare clients for retirement.
The health of borrowers is the key concern for all of finance in the coming year.
Russia’s Finance Ministry doubled the amount of Chinese yuan and gold it can hold in the national wealth fund with much of its savings frozen by international sanctions over the invasion of Ukraine.
The Aiguille du Midi, neighboring popular Mont Blanc in the French Alps, is famous for having the highest vertical ascent cable car in the world, a vertigo-inducing ride that is equal parts scary and awe-inspiring.
Back in March, “the Fed is behind the curve” was the prevailing narrative of too little, too late when it came to containing inflation.
Savvy investors seized tightening credit markets this year to reshape the distressed investing playing field just as more companies look destined for default in 2023.
They don’t make technology predictions like they used to.
My guest today is from Ionic Capital Management LLC, a $3.8 billion New York-based alternative asset manager. Ionic uses long volatility, relative value arbitrage, inflation protection, and value equity investment strategies on behalf of private and regulated investment funds. Since its inception in 2006, Ionic has been managing proprietary strategies and customized solutions. The Ionic Inflation Protection ETF (CPII) launched at the end of June 2022 and is an actively managed ETF that seeks to profit from its direct exposure to inflation and inflation expectations as well as increasing interest rates.
The asset management arm of BNP Paribas SA said using a different interpretation of “sustainable investment” than some of its peers has allowed it to keep the European Union’s top ESG tag attached to about $20 billion worth of funds.
India’s $50 billion fintech industry will face hurdles in the form of tougher regulatory scrutiny and tighter liquidity leading to higher cost of capital for some companies next year, Rakesh Pozhath, partner at consulting firm Bain & Company, said.
The end of 2022 can’t come soon enough for many in the banking industry. Sputtering capital markets, job cuts, raging inflation, the crypto meltdown and rising interest rates marked a year of upheaval.
I’m not sure where I’m going these days.
Grayscale Investments’ proposal to buy out certain holders of its flagship Bitcoin trust is the money manager’s latest bid to stanch losses in a fund that’s been a linchpin in the dramatic rise and fall of the cryptocurrency universe.
Private equity titans including KKR & Co. and Thoma Bravo pursued unorthodox paths to dealmaking this year in response to a challenging environment likely to persist in 2023.
Oil rose in a session marked by waning liquidity ahead of the holiday season, strengthened by a softer dollar and a potential boost in energy demand after China abandoned its Covid Zero policy.
Allan Roth’s recent article, The 4% Rule Just Became a Whole Lot Easier, promises too much, makes inaccurate comparisons and blurs the notion of risk.
In 2023, the math of valuations suggests returns will likely be challenging as markets remain difficult to navigate.
What a difference a year makes!
The economics teams looks back at the most significant stories we covered during 2022.
The credit cycle and the economic cycle are excellent leading indicators of volatility.
Considering that a new year almost always brings surprises of one form or another, we've highlighted our top five that may define the global markets in 2023.
The dispiriting thing about the Securities and Exchange Commission’s 400-page proposal to re-engineer financial markets, and the response from outside the agency, is that lawyers and economists are arguing over questions that have easy technical solutions.
The economic tea leaves suggest that 2023 could be another challenging year for both stocks and bonds. However, the outlook is more balanced given that equity valuations are much lower and bond yields much higher.
Stephen Dover, Head of Franklin Templeton Institute, shares his scorecard on some market prognostications for 2022, and what his team is watching in 2023—from blockchain to balanced portfolios.
Bulls reeling from the Federal Reserve’s still-hawkish tilt are about to lose a major force that helped tamp down turbulence in US stocks during this week’s macroeconomic drama.
Paytm shares fell after the Indian fintech announced a buyback of as much as 8.5 billion rupees ($103 million), offering little respite to a stock down 75% since listing on bourses last year.
The financial foghorn is blowing. Historical odds greatly favor a recession, stock market drawdown, and a much lower Fed funds rate.
Liquidity
A “Soft Landing” Scenario – Possibility Or Fed Myth?
Optimism is increasing on Wall Street, with investors hoping for a “soft landing” in the economy.
Why Have Equal-Weighted Portfolios Outperformed the Market?
Equal-weighted portfolios have long outperformed cap-weighted funds. Conventional wisdom is that was because of the small-cap factor, but new research shows more is at play.
Pending Home Sales Increased 2.5% in December, Ending Six-Month Slide
The National Association of Realtors released the December data for its pending home sales index. According to the National Association of Realtors®, "Pending home sales increased in December for the first time since May 2022 — following six consecutive months of declines."
Growth Pains
In stock investing there’s a management style called “growth at a reasonable price” or GARP. It seeks to achieve steadier results by avoiding both expensive growth stocks and beaten-down value stocks.
Investors Flock to European Stocks Leaving US Behind, BofA Says
Investors are chasing European stocks at the fastest pace in nearly a year, while US equity inflows remain muted amid concerns of a recession, according to Bank of America Corp.
The Buck Stops Here
US dollar cycles are long.
Tesla Gets $5 Billion Credit Line in Sign It's Nearing Investment-Grade Status
Tesla Inc. has secured a new $5 billion revolving credit facility, another sign that the company is nearing investment-grade status.
European Outlook: Less Downside Now, But Caution Still Warranted
Focusing on high quality and liquidity when taking risk in portfolios will be key in 2023, as pressure on monetary policy remains intense.
Municipal Bonds: Is it Safe to Get Back in the Water?
Investors are still recovering from the municipal market beatdown of 2022, but the current higher absolute yield levels provide an attractive “re-entry” point for municipal market investors.
The Perversion Afflicting Value Investors
Successful investment management can be Impaired by perverse incentives, which are what now plagues value funds.
Economists Finally Have a Good Excuse for Being Wrong
It is possible, contrary to the predictions of most economists, that the US will get through this disinflationary period and make the proverbial “soft landing.”
The Case for the Federal Reserve to Pause Right Now
If you believe in the Milton Friedman adage that inflation is always and everywhere a monetary phenomenon, then you should also believe that the Federal Reserve can stop increasing interest rates. Now.
The Outlook for Income: Balancing Rates and Credit in 2023
When we think about generating income for our clients, for over 30 years we’ve thought the most efficient way to do this is to blend the two key risks of fixed income into one portfolio.
Investing With a Flat Yield Curve
Drew O’Neil discusses fixed income market conditions and offers insight for bond investors.
Debt-Limit Fight Risks Early End to Fed Quantitative Tightening
The Federal Reserve’s quantitative-tightening program risks being propelled toward an early end as US politicians bicker in Washington over raising the national debt limit, according to some economists and bond-market participants.
The 2 Trillion Reasons Why Fed Tightening Isn't So Scary
Stubborn inflation means more interest-rate increases are coming from the Federal Reserve and that sounds like great news for banks.
Pushing Your Luck
The problem with speculation is that there’s usually a gap between the underlying risk and the inevitable outcome.
Why I’m Waiting for the Fed to Pivot
So far, my 2023 investing looks just like 2022: lots of waiting.
Monetary Policy. Is The Fed Trying To Wean Markets Off Of It?
Is the Fed trying to wean the markets off monetary policy?
Slow Change Speeds Up
The world’s leading CEOs, politicians, and various do-gooders were in Davos, Switzerland, this week, discussing ways to solve our collective problems and create opportunities for their own companies. The most important conversations were off the record and many of the public speeches were simply performance art.
US Market Watchers Are Fretting Over the Biggest January Options Expiry in a Decade
Market watchers on Wall Street attribute this week’s stock selloff to the insidious threat of recession.
The Lag Effect Of The Fiscal Pig & Economic Python
The lag effect of monetary policy changes will surprise the Fed as the fiscal “pig” of stimulus begins to exit the economic “python.”
Mid-Cap ETFs’ Moment
Dina Ting, our Head of Global Index Portfolio Management, offers her perspective on the allure of multifactor US mid-capitalization strategies for 2023.
EM Debt Outlook: China Takes Center Stage
The Loomis Sayles Emerging Markets Debt Sector Team shares their views on growth, corporate defaults and inflation.
Investors Risk Making a Classic Portfolio Mistake
BlackRock Inc., the world’s largest asset manager, suggests investors should abandon portfolios made up of 60% stocks and 40% bonds, a mix that has been a standard for six decades.
Investors Seek to Pull $20 Billion From Core Real Estate Funds
Some of the biggest investors in US commercial real estate are looking to cash in before property values slide further.
Asia: The Early Innings of Innovation?
Portfolio Manager Michael Oh, CFA, reviews what he seeks out in innovative companies and why he thinks Asia may be in the early innings of innovation in more than technology.
Soft Landing?
We wrote last week about the soft landing that markets now seem to expect.
Areté Market Review Q422: Cash is King-ish
It's easy to take the wrong signal from recent market strength.
Beware of the “Obvious” Trade
Last year an infamous cryptocurrency ad featured the slogan “fortune favors the brave.” And while historically fortune does favor the brave, there is a difference between courage and blind faith.
Wall Street Dealers Become Bit Players in US Bond Sales
Wall Street bond dealers are moving rapidly to the sidelines of US Treasury auctions — the very activity that defines their status at the heart of the world’s biggest bond market.
Home Prices Will Likely Fall Further
Home prices have started to correct as interest rates rose sharply in 2022.
October 2022 Market & Economic Outlook Report
The team at Infrastructure Capital Advisors provides key insights and advice on current market conditions and economic outlook for this month and the coming months.
Lessons from the Markets in 2022
Markets provided investors with a dozen lessons in 2022 (and a bonus one in the postscript).
Unfazed by Airline Grounding, Investors Look Ahead to Earnings
Investors don’t appear to have been fazed by the FAA mishap. Shares of U.S. domestic airlines finished Wednesday up more than 1% before advancing a further 4% on Thursday in response to positive earnings estimates.
From All-Weather to All-Terrain Investing for the Stormy Decade Ahead
This article explores how the addition of specific liquid alternative strategies produces an “All-Terrain” portfolio with the potential for improved long-term performance across a wider range of market environments.
Global Credit Outlook: Cautious on Turbulence & Technicals
The Loomis Sayles Global Credit Sector Team discusses rate volatility, possibly deteriorating credit fundamentals and key technicals at play in the market.
The Fed Wants Lower Stock Prices
You read that right. The Fed wants lower stock prices.
Bed Bath & Beyond Surges as Meme Rally Sweeps Up Carvana, AMC
Bed Bath & Beyond Inc. soared Wednesday, more than wiping out a 46% drop last week and sparking a rally in other so-called meme stocks.
Top US Banks Slash Bond Sales, a Bright Spot for Investors
The six biggest Wall Street banks are expected to slash their corporate bond issuance in 2023 for a second year in a row, offering a bright spot for investors nursing record losses from the debt last year.
Cyclical Outlook Key Takeaways: Strained Markets, Strong Bonds
After enduring one of the worst years on record across asset classes, investors should find more cause for optimism in 2023, even as the global economy faces challenges.
Gimme a Break, Bro – Stop the TikTok Grifters
Can you believe these grifters hawking indexed universal life (IUL) insurance on TikTok? Here’s the actions I’m taking to put an end to this predatory nonsense.
Total Return Outlook: Can I Have Another (Rate Hike)?
2022 was a rough year for fixed income, but we anticipate better days ahead as the Fed will likely keep rates elevated in its ongoing battle against inflation.
The Back Half of the Hike Cycle
With the aggressive pace of rate hikes in 2022 and inflation slowly starting to come down, we are optimistic that we are in the later stages of the tightening cycle.
Powell Vows to Limit Fed's Climate Role to Protect Independence
Federal Reserve Chair Jerome Powell sought to draw a line around how far the central bank will use its powers to promote a greener economy, vowing it will not be a climate regulator.
Plan for More Wealth Destruction
Tight monetary policy and rising government debt will drive a regime of high interest rates, depressing stock prices and destroying the wealth of clients, most severely those at or near retirement.
NFIB Small Business Survey: Optimism Declines in December
The headline number for December came in at 89.8, down 2.1 from the previous month. The index is at the 7th percentile in this series.
Asia Stocks on Track to Enter Bull Market as China Rally Extends
Asia’s benchmark stock index was on track to enter a bull market, as China’s reopening and a weakening dollar lure investors back to the region.
A Primer for Clients to Invest in Commodities
Commodities may seem like just another one of the bunch, but these products offer a unique way to invest your money in the market.
European Fixed-Income Outlook: Stay High Quality in 2023
European bond-market performance was among the worst on record in 2022, as Europe ran the gamut of geopolitical, economic and market storms.
Understanding “Guaranteed” Market-on-Close
Learn trading techniques to better control pricing when buying or selling ETFs.
The Fed's Financial Accounts: What Are Uncle Sam's Largest Assets?
Pop Quiz! Without recourse to your text, your notes, or a Google search, what line item is the largest asset in Uncle Sam's financial accounts?
Year of the Pause
Welcome to 2023. It’s Forecast Season on Wall Street, the time when everyone tells us what to expect for the new year. Do they really know? Of course not. Forecasters don’t know, investors know they don’t know, yet we all go through this exercise anyway.
Is It Time To Rethink The 60/40 Portfolio?
Investors who use a 60/40 portfolio had a rough year. In the past, putting 60% in stocks and 40% in bonds has often helped investors hedge against losses in either asset class. But 2022 had other ideas.
Bloomberg Commodity Index Trends Downward to Start the Year
The March contract for the Bloomberg Commodity Index (ERH23) was down for the third consecutive day on Thursday. Since ending 2022 at 112.80, the contract is down 5.03 at 107.77.
The Case for Putting Your Bonus Into a 401(k)
Making the most of a bonus is always important, but 2022’s payout feels even more precious. Many workers, especially in finance and technology, are likely to see slimmed-down bonuses. Amid economic uncertainty, maximizing those dollars is crucial.
Europe’s Coming Bond Avalanche Will Test the ECB
European governments are set to unleash a deluge of bonds into markets this year. Investors will demand either a further shift higher in yields or a substantial improvement in the region’s inflation outlook to digest the coming wave of supply...
The Fed’s “7% Solution” Won’t Work This Time
Just recently, James Bullard, President of the St. Louis Federal Reserve, suggested the central bank might need to employ the “7% solution” to ensure the complete destruction of inflation.
Alternative Investments: The Case for Real Estate
Public and private real estate investments present a compelling opportunity in the current environment of high inflation and rising interest rates, according to Daniel Scher and Blair Schmicker from Franklin Equity Group.
Want to Succeed on Wall Street? Learn Poker, Not Economics
Perhaps the most famous trading experiment ever conducted was when commodities investor Richard Dennis bet his partner William Eckhardt in 1983 that he could train a group of amateurs – dubbed “the Turtles” -- to be successful futures traders.
Quarterly Strategy Report: Global Equity Opportunities
In our Quarterly Strategy Report, we illustrate the relative attractiveness of select developed international sectors.
The R Year
2022 wasn’t the easiest of years to handle for investors.
Three Paths for 2023
Let's examine the three paths the Fed might take in 2023 and what they mean for stock prices.
The Four Unique Risks in Decumulation
Relative to the accumulation phase, strategies that mitigate the unique risks faced by retirees in decumulation are less understood and researched. By identifying and illustrating those risks, planners can better prepare clients for retirement.
Big Banks Will Show Fintech Who’s the Big Boss
The health of borrowers is the key concern for all of finance in the coming year.
Russia Doubles Yuan, Gold Share in Wealth Fund Holdings
Russia’s Finance Ministry doubled the amount of Chinese yuan and gold it can hold in the national wealth fund with much of its savings frozen by international sanctions over the invasion of Ukraine.
Zooming in on Fixed Income as We Head into 2023
The Aiguille du Midi, neighboring popular Mont Blanc in the French Alps, is famous for having the highest vertical ascent cable car in the world, a vertigo-inducing ride that is equal parts scary and awe-inspiring.
US Bond Performance Shows Fed Isn't Behind the Curve
Back in March, “the Fed is behind the curve” was the prevailing narrative of too little, too late when it came to containing inflation.
Distressed Investing Is Back. These Trades Are Defining the Game
Savvy investors seized tightening credit markets this year to reshape the distressed investing playing field just as more companies look destined for default in 2023.
Why the Future of Technology is so Hard to Predict
They don’t make technology predictions like they used to.
The New Inflation-Protection ETF
My guest today is from Ionic Capital Management LLC, a $3.8 billion New York-based alternative asset manager. Ionic uses long volatility, relative value arbitrage, inflation protection, and value equity investment strategies on behalf of private and regulated investment funds. Since its inception in 2006, Ionic has been managing proprietary strategies and customized solutions. The Ionic Inflation Protection ETF (CPII) launched at the end of June 2022 and is an actively managed ETF that seeks to profit from its direct exposure to inflation and inflation expectations as well as increasing interest rates.
BNP Defends $20 Billion ESG Call as Downgrades Feed Controversy
The asset management arm of BNP Paribas SA said using a different interpretation of “sustainable investment” than some of its peers has allowed it to keep the European Union’s top ESG tag attached to about $20 billion worth of funds.
Indian Fintechs Face a Tough 2023 as Investments Cool, Bain Says
India’s $50 billion fintech industry will face hurdles in the form of tougher regulatory scrutiny and tighter liquidity leading to higher cost of capital for some companies next year, Rakesh Pozhath, partner at consulting firm Bain & Company, said.
Recession, Rate Hikes, Diversity- What's Ahead for Banks in 2023
The end of 2022 can’t come soon enough for many in the banking industry. Sputtering capital markets, job cuts, raging inflation, the crypto meltdown and rising interest rates marked a year of upheaval.
On the Road to Nowhere
I’m not sure where I’m going these days.
Bitcoin's Biggest Trade Goes From Hero Creator to Widow Maker
Grayscale Investments’ proposal to buy out certain holders of its flagship Bitcoin trust is the money manager’s latest bid to stanch losses in a fund that’s been a linchpin in the dramatic rise and fall of the cryptocurrency universe.
Private Equity's Tough Year Shows No Signs of Letting Up
Private equity titans including KKR & Co. and Thoma Bravo pursued unorthodox paths to dealmaking this year in response to a challenging environment likely to persist in 2023.
Oil Edges Higher Amid Low Trading Volume and Weaker Dollar
Oil rose in a session marked by waning liquidity ahead of the holiday season, strengthened by a softer dollar and a potential boost in energy demand after China abandoned its Covid Zero policy.
The 4% Rule Did Not Become a Whole Lot Easier
Allan Roth’s recent article, The 4% Rule Just Became a Whole Lot Easier, promises too much, makes inaccurate comparisons and blurs the notion of risk.
Valuation Math Suggests Difficult Markets In 2023
In 2023, the math of valuations suggests returns will likely be challenging as markets remain difficult to navigate.
Still Unprecedented
What a difference a year makes!
Themes From A Busy Year
The economics teams looks back at the most significant stories we covered during 2022.
Why We Should Expect Higher Volatility For Longer
The credit cycle and the economic cycle are excellent leading indicators of volatility.
Top Global Risks of 2023
Considering that a new year almost always brings surprises of one form or another, we've highlighted our top five that may define the global markets in 2023.
Crypto Offers a Road Map for Improved Stock Trading
The dispiriting thing about the Securities and Exchange Commission’s 400-page proposal to re-engineer financial markets, and the response from outside the agency, is that lawyers and economists are arguing over questions that have easy technical solutions.
Fourth Quarter 2022 Economic Review and Outlook
The economic tea leaves suggest that 2023 could be another challenging year for both stocks and bonds. However, the outlook is more balanced given that equity valuations are much lower and bond yields much higher.
What to Watch in 2023
Stephen Dover, Head of Franklin Templeton Institute, shares his scorecard on some market prognostications for 2022, and what his team is watching in 2023—from blockchain to balanced portfolios.
Stocks Bulls Losing Support as $4 Trillion of Options Set to Expire
Bulls reeling from the Federal Reserve’s still-hawkish tilt are about to lose a major force that helped tamp down turbulence in US stocks during this week’s macroeconomic drama.
Paytm Shares Fall After Buyback Fails to Reassure Investors
Paytm shares fell after the Indian fintech announced a buyback of as much as 8.5 billion rupees ($103 million), offering little respite to a stock down 75% since listing on bourses last year.
Don’t Ignore What the Yield Curve is Telling Investors
The financial foghorn is blowing. Historical odds greatly favor a recession, stock market drawdown, and a much lower Fed funds rate.