Online sales during 2021’s Black Friday and Cyber Monday shopping holidays ended up being slightly less than those of the previous year, representing the first time such a decrease has been recorded.

Time segmentation seems to be a more planful approach for creating a retirement income stream than simply taking three to four percent withdrawals from a portfolio of equities and fixed income (or higher if you read Bill Bengen’s recent article in this publication).

Though the equity markets likely will experience some volatility, the outlook for economic growth remains positive: above-average growth should lead to above-average earnings growth for companies in 2022.

In high yield specifically, investors tend to think about it as a risky way to play fixed income. But we like to turn that thinking on its head, actually: that you should think about it as a way to de-risk your overall portfolio rather than to re-risk your fixed-income side.

While the new US infrastructure investment bill didn’t have any initiatives directly targeting the municipal bond market, there are still implications for munis in the longer term, according to our Municipal Bond Director of Research Jennifer Johnston. She explains the ramifications for investors in the space.

Key takeaways from Powell's renomination and his remarks on inflation, as well as an assessment of the risks the omicron variant of COVID-19 may pose to markets.

The deteriorating health situation in Europe threatens to send the recovery into reverse.

The government reported last week that US Gross Domestic Product rose at an annual rate of 2.1% in the 3Q, up ever so slightly from its initial report of 2.0% late last month.

Bear with us as (no pun intended) you read this longer-than-usual outlook!

Rick Rieder and team examine the parallels, or lack of them, between the economy, markets and policy of the 1970s and today.

According to Barron’s magazine, IBM is finally growing again. Consequently, it may be a perfect time to begin building a position in this blue-chip Dividend Champion.

As one of the fastest-growing bond sectors, emerging-market (EM) corporate debt has become too big to ignore. With US$2.7 trillion outstanding across more than 600 companies, it’s now larger than the entire EM sovereign sector and is equal to the US-dollar and euro high-yield markets combined.

As the last wave of baby boomers heads into retirement, the need for a consistent and reliable stream of income is growing. Advisors seeking a balance between generating income and providing for future growth may want to consider income-focused model strategies.

Once started, wage-price spirals are hard to stop.

Many investors buy gold to protect against inflation. However, it's not as effective a hedge as believed. In my article below, I discuss how gold’s relationship to money, and as a result inflation, changed.

On Friday, news of a COVID-19 variant identified in South Africa, and the announcement of new travel restrictions, sent markets reeling. This is obviously not the only variant, and it won't be the last, either.

Could the Fed trigger the next “financial crisis” as they begin to hike interest rates? Such is certainly a question worth asking as we look back at the Fed’s history of previous monetary actions.

U.S. and global stocks fell sharply Friday amid spiking fears about a new COVID variant, named Omicron, emanating from South Africa, where it’s spreading quickly. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite indices closed down more than 2%, while the Russell 2000 fell nearly 4%.

In this video I present 8 undervalued dividend growth stocks with dividend yields ranging from 2.51% to 5.11%. All these companies are undervalued in what is a very overheated stock market today.

The COVID-19 crisis spurs cohesion, but fresh challenges await.

Equity investors focused on a low-carbon strategy needn’t compromise on company fundamentals. When quality and compelling valuations are equally considered, joining the global fight against climate change and generating strong return potential can work hand in glove.

Investor participation and interest in private equity continues to grow. Investors are attracted to private equity for different reasons, including access to the significant investable opportunity set that exists across the universe of private companies, along with lower volatility when compared to public equities.

The charts and comments below are drawn from the “Clips That Matter” feature of our Over My Shoulder service. Because we know a picture is worth a thousand words, my co-editor Patrick Watson and I select a few important charts and graphics and send them to subscribers each week with some brief comments. Many say these clips are their favorite part of the service.

I hope everyone had a wonderful Thanksgiving full of family, love and laughter! Even if that wasn’t your experience, there’s still much to be grateful for.

To reappoint US Federal Reserve Chair Jerome Powell, President Joe Biden had to resist strong pressure from the left wing of his party for a shakeup. By choosing continuity, Biden accomplished several things at once.

Investors generally are still expecting above-average returns for U.S. stocks over the next several years. Meanwhile, since valuations are so high, models that have been historically accurate predicting 10-year returns point to negligible returns.

The last 20 months have taught us to question everything. What is the future of work? Can American democracy survive? Will Baby Boomers keep consuming more than their fair share? And what comes after “trillion”? Howard Marks’s latest memo examines paradigm shifts that could reshape the economy, markets and the world for many years to come.

For years preceding the COVID-19 pandemic, call option volume averaged about 15% of daily NYSE volume. This was a normal level of speculation that investors were used to.

With its poor track record of managing EU funds, Italy’s recovery plan will be a major test for the future of EU policymaking more generally. While it is widely agreed that Prime Minister Mario Draghi must remain on the scene to oversee the plan’s implementation, in what capacity would he be most useful?

Enjoy the latest Newsletter from Harold Evensky.