Tax Loss Harvesting

It was a positive quarter for emerging markets equities.

As the second half gets underway, we think a modest overweight to risk assets is called for.

This year, so far, the world has been riddled with geopolitical news, resonating in widespread unrest, yet seemingly yielding less impact on financial markets.

In the immediate aftermath of Friday’s much anticipated Employment Report it seemed like the judgement from analysts, talking heads, and even markets was unanimous (or nearly so) that there was good news to celebrate.

In last week’s letter, I referenced Torsten Sløk’s excellent midyear outlook for Apollo Global Management. Today I’ll share some longer quotes which will, I hope, help you visualize where the economy is headed.

Tariffs have been the dominant theme in economic policy this year. While President Trump has long held protectionist views, his administration’s approach to international commerce has been more belligerent than was seen in his first term.

After a tumultuous few months, June of 2025 saw a strong rally which took global markets to (or close to) new highs. The rally was broad-based, with international and U.S. markets all up strongly.

As the global economy navigates a complex landscape, investors are left wondering: are they right to be optimistic or are they being complacent? This article from Franklin Templeton Institute explores the signs of resilience as well as numerous risks.

The Senate has approved its own version of the "One Big Beautiful Bill" tax-and-spending plan. Here's how it differs from the version the House passed in May, and what's next.

Proposed regulatory changes involving the Supplementary Leverage Ratio may have benefits for both large banks and the Treasury market.

Equity markets continued to march higher in June, seemingly unfazed by heightened Middle East tensions (which were short-lived) and the looming July 8 deadline for the administration’s pause on reciprocal tariffs.

We began the year optimistic that an environment of slowing growth, disinflation and easier monetary policy would be favorable for fixed income markets. Now at midyear, we maintain that view, while acknowledging that policy uncertainty and geopolitical risks may likely result in continued volatility.

It has been over six months since the FOMC has made a change to the Fed Funds rate. While the debate continues as to when the next cut will be, market consensus (per Bloomberg calculations) is currently for a 25 basis point cut in September.

An economy cannot subsist on services alone.

On the latest edition of Market Week in Review, Global Chief Investment Strategist Paul Eitelman explored key drivers behind the strong performance in markets. He also provided an update on a proposed U.S. tax measure.

The US economy is important, but it’s not the only one in a global approach.

For good reasons, many investors have a love-hate relationship with commodity investments. Operationally, the annoying K-1 form complicates tax filing, although thankfully the industry has started to launch “no K-1” funds.

The marathon Senate budget vote took center stage early and stocks slipped from yesterday's all-time highs. Job openings, Powell, and manufacturing data are top of mind.

As direct lending matures and other private credit areas expand, active investors can apply relative value strategies across sectors – and even entire markets – to pursue enhanced outcomes.

Only a subset of subsidies will be rolled back.

Easing trade tensions and hopes the Senate could pass a budget gave stocks an early lift after Friday's record highs. The week is packed with jobs news and Powell talks tomorrow.

Readers of a certain age will no doubt recall President Ronald Reagan launching one of the most ambitious military buildups in American history.

Growth is expected to decelerate, but not come crashing down.

In a recent newsletter, we explored the explosive growth of ETFs and the implications for portfolio construction. In this follow-up blog post, Lauren and I wanted to take that conversation a step further—diving deeper into how advisors can navigate the ever-expanding ETF universe while staying true to their investment philosophy.

The Fed’s credibility rests not on never being wrong, but on being adaptive and forward-looking. Inflation has cooled, wage growth has moderated, and economic momentum is slowing. Now is the time for the Fed to focus not on headline fears, but on real-time data.

We continue to suggest an "up in quality" fixed income bias for the short run, but investors can still consider some of the riskier parts of the fixed income market in moderation.

Until recently, commercial real estate appeared poised for a long-awaited rebound. However, 2025 has revealed a new reality: Uncertainty has become structural.

It’s often said there are only two certainties in life: death and taxes. However, the tax landscape may become somewhat murkier, as the recently passed U.S. House budget bill may potentially lead to some non-U.S. investors paying more taxes than previously anticipated.

As the advisory landscape continues to evolve, one theme is increasingly clear: advisors need more flexibility to meet the diverse and growing expectations of their clients.

Until that US government debt-crisis moment arrives, which we will get through, things will muddle along.

Index futures inched upward premarket as the headline May PCE data landed in line with expectations, though the core data and annual figures were up slightly.

Today’s investment landscape, shaped by persistently above-target inflation, structurally higher debt and deficits, and reduced global dollar recycling into US financial markets, has contributed to elevated market volatility alongside historically high policy uncertainty.

The newest generation of college graduates will switch jobs more than a dozen times over the course of their careers. They will juggle side gigs, launch businesses, and step in and out of traditional roles.

The Fed left rates unchanged and signaled it’s still in wait-and-see mode, even as inflation risks and policy uncertainty persist.

As tax policy discussions continue on Capitol Hill, the Senate Finance Committee recently released its version of the tax bill that would avoid the expiration of the Tax Cuts and Jobs Act (TCJA).

ETFs have surged in popularity thanks to their transparency, low costs and tax efficiency. But behind the scenes, a unique dual-market system powers their liquidity and accessibility.

The Senate is getting close to the finish line on its version of the "One Big Beautiful" tax-and-spending bill.

Target-date fund glide paths can be important tools for retirement planning. Advisors should focus on assumptions, transparency, and outcomes to ensure they align with participants' needs.

OBBBA sets a path for more borrowing ahead.

It’s said nothing in life is certain save death and taxes. There is also certainly an increase in investors’ appetites for nontraditional instruments like hedge funds as their wealth grows.

While both valuation and technical factors suggest to us that the dollar may continue to weaken in the near-term, we would caution investors against reading too much concerning the US’ long-term economic stability into further dollar weakness.

How do direct indexing ideas fit into a fixed income portfolio? These two powerful strategies make one compelling combination with potential tax and risk management opportunities.

Foreign demand for U.S. Treasuries remains intact.

The U.S. strike on Iran over the weekend has added a modest premium to oil, and in the Sunday evening market, stocks opened only slightly lower. Any resolution to the crisis could send stocks to new all-time highs.

The current round of budget discussions in Washington will have a significant impact on America’s fiscal trajectory decades into the future. A key underpinning of this year’s debate has roots that go decades into the past.

When navigating the unknown, an experienced guide can ensure you don’t veer off the path to your chosen destination, can prevent you from stumbling over hazards, and ensure you have the tools you need to finish the journey safely and soundly.

For the fourth meeting in a row, the Federal Open Market Committee (FOMC) decided to keep rates unchanged, leaving the Fed Funds trading range at 4.25%–4.50%.