“There They Go Again . . . Again” of July 26 has generated the most response in the 28 years I’ve been writing memos, with comments coming from Oaktree clients, other readers, the print media and TV. I also understand my comments regarding digital currencies have been the subject of extensive – and critical – comments on social media, but my primitiveness in this regard has kept me from seeing them. The responses and the time that has elapsed have given me the opportunity to listen, learn and think. Thus I’ve decided to share some of those reflections here.

China put a halt to new ICOs and crypto transactions. In response, ethereum tumbled as much as 15.8 percent on Monday, or $55 a unit. Bitcoin lost $394 a unit.

The J.M. Smucker Company (SJM) is a “Dividend Contender” that has increased its dividend for 20 consecutive years. After being overvalued for most of fiscal year 2017 (fiscal year ends in April) the company has since fallen into attractive valuation territory.

Our approach to investing in long duration and long credit portfolios has delivered meaningful alpha over most market cycles.

Here's an interesting set of charts that will especially resonate with those of us who follow economic and market cycles. Imagine that five years ago you invested $10,000 in the S&P 500. How much would it be worth today, with dividends reinvested but adjusted for inflation? The purchasing power of your investment has increased to $18,831 for an annualized real return of 12.73%.

Select short-term government bond funds offer minimal risk and some income as higher-risk assets get frothy and tail risks loom.

As the focus of my work is emerging markets, I don’t spend a lot of time in the United States anymore, even though I grew up there. But like many people, I took a bit of time off this summer to enjoy a visit with family. We traveled to Mackinac Island in the state of Michigan, situated in Lake Huron.

Preparing for a stock market correction? We’ve got another thing to add to your to-do list: take a look at your fixed-income holdings, too.

The car is loaded with clean clothes and dog food. I’m heading out mid-morning to help load a support truck headed for Houston. Thankfully, my kid’s school has organized the donation drive. It has been heartwarming to watch the countless random acts of kindness in the wake of the current challenges. Much more will be needed in the days ahead.

Below are some key data points and estimates that help contextualize the severity of Harvey and its aftermath.

Although inflation may seem a distant threat, even modest inflation can prove devastating to retirees who depend on income that does not adjust with inflation.

Valid until the market close on September 29, 2017.

The S&P 500 closed August with a fractional monthly gain of 0.05% after a gain of 1.93% in July. All three S&P 500 MAs are signaling "invested" and four of the five Ivy Portfolio ETFs — Vanguard Total Stock Market ETF (VTI), Vanguard FTSE All-World ex-US ETF (VEU), iShares Barclays 7-10 Year Treasury (IEF), and Vanguard REIT Index ETF (VNQ) — are signaling "invested".

Who will be the next governor of the Bank of Japan (BOJ)? This is an important question to be answered in the next several months, as Governor Haruhiko Kuroda’s current term will expire in April of next year.

Fortunate is the financial advisor bullish on US stocks in recent years. But more fortunate will be those who prepare clients for the inevitable market downturn. This is one of most important things an advisor can do says Glenn Dial, Head of Retirement Strategy in the US with Allianz Global Investors.

Value stocks have largely sat out the broader market rallies this year. Russ explains why, and what could spark a return to investor favor.

Should tighter monetary policy on both sides of the Atlantic worry bond investors? We don’t think so. Bonds have historically delivered positive returns when interest rates rise—particularly when they rise gradually.

We’ve been arguing since the end of 2016 that markets could be in for a sustained period of USD weakness and so far in 2017 they delivered just that.

This week the Federal Reserve Bank of Kansas City is hosting its annual Economic Policy Symposium in Jackson Hole, Wyoming and a number of Fed officials have commented on “inflation.” Why is targeting inflation so important? Because rising inflationary pressures will cause the Federal Reserve to raise interest rates and such periods tend to prove challenging for the stock and bond markets.

Russ discusses the trend behind the surprising gold rally this year, and why the political drama in D.C. means it may continue.

With critical policy pivots on the horizon, investors should approach asset allocation with full appreciation for downside risk and stay focused on relative value and security selection.

Portfolio Analyst Stella Liu explains why, in today’s environment, we believe preserving capital may be more important than chasing growth.

U.S. exploration and production (E&P) companies delivered mixed second-quarter earnings results and guidance, with evidence of operational missteps by certain Permian Basin producers. One particular large producer’s report of drilling delays, higher planned well costs and higher gas-to-oil ratios sparked broader concerns about whether Permian producers can maintain efficiencies and execute on plans to drill larger wells.

Greg Dunn is a portfolio manager for Thornburg Investment Management. He manages the Thornburg International Growth Fund (TINGX), which has outperformed its benchmark by 540 basis points over the last 10 years. In this interview, he discussed his investment philosophy and what drove that outperformance.

The changing demographics of the municipal bond market in recent years, coupled with their reliable tax-free-income stream, has made munis a compelling core allocation for today’s fixed-income investors.

This article explores the basics of cryptocurrencies and the important innovation they support, blockchain. I will also discuss whether Bitcoin, or another cryptocurrency, can become a true currency worthy of investment.

REITs are vulnerable to an increase in interest rates or an economic contraction. If you have been thinking of increasing your allocation to REITs to generate more cash flow, this new research – and current valuations – should serve as a cautionary warning.

My thinking is impatient and mostly critical as I sift through research each week. I’m sure my “get to the point” personality frustrates my co-workers and I’m sure at times my beautiful wife. It’s a personality flaw, I know; but hey, I’m just not sure any amount of therapy can help.

With regard to the stock market, some people are true perma-bears while others merely adopt a bearish outlook when indicators suggest trouble ahead. There’s a big difference between the two.

The dramatic recovery in fixed income markets, which began in Q1, persisted throughout the second quarter. Investors increasingly sought safe haven investments in light of geo-political uncertainty and perceived overvaluation in equity markets more broadly.