Join Morten Paulsen, Head of Industrials Research at CLSA and member of the ROBO Global Strategic Advisory Board, for an in-depth look at his latest research report on the accelerating automation of American manufacturing.
As we write this, long TIPS yields once again yield 3.0% and, as in 2008, these rates may not last long. That means: You snooze, you lose. The time to buy TIPS is now. In this article, we lay out the options and make recommendations.
For many high-net-worth individuals and families, access is part of everyday life. They can secure reservations at impossible-to-book restaurants, obtain tickets to sold-out events, or open doors that remain closed to most others. Healthcare often feels like it should work the same way. It doesn't.
Unlike the previous 17 years, during which U.S. stocks were the best-performing asset class, they are in the middle of the results with a 10.5% return. Consequently, diversification beyond U.S. stocks and bonds has added value this year, as evidenced in portfolio performance.
A common pattern for couples who are trying to manage their spending goes like this: The partners sit down together, look at the numbers, lay out a spending plan, and agree on what has to change. This works for a few weeks. Then either or both slip back into old behaviors, and there’s a fight about money.
Earnings drive market corrections. That’s the finding, and the next serious decline won’t arrive with a headline about capital spending or the deficit but will begin exactly where all eight of the others began, in the profit cycle, surfacing in credit spreads and revision breadth well before it reaches any earnings report you can actually read.
The Securities and Exchange Commission has made it easier for data center owners to sell asset-backed securities, potentially opening the door for more debt sales as tech firms scour Wall Street for ways to pay for artificial intelligence.
A few months into the second Trump administration, I found myself in a packed room alongside senior officials of the Bureau of Labor Statistics. The topic, “Ensuring the Quality of US Statistics,” would have drawn little more than a collective yawn a decade ago.
Intel Corp. raised $20 billion in an upsized share sale, a third more than it was targeting when it announced the deal Monday morning.
Nasdaq Inc. agreed to buy off-exchange stock-trading venue LeveL Markets to expand its role in the equity market, according to people familiar with the matter.
GDP — for gross domestic product, the total market value of all final goods and services produced within a county’s borders — is in many ways the ideal economic statistic, both for what it measures and what it represents. It is a single number that captures so much information, with a scope and history unmatched by almost any other measure.
Good or bad, right or wrong, estimates suggest that in the past eighteen months the net flow of immigrants (including the number of illegal immigrants who were deported) may have been negative. By contrast, in the prior four years the US took in more than eight million immigrants, on net. All these numbers could be revised or argued with over time.
Despite spending much of the past three months moving sideways, the S&P 500 broke out to the upside this week, notching its 25th record high of the year. While leadership has shifted beneath the surface, one constant has been the strength of corporate earnings.
Fifty-eight billion dollars. That’s what the Department of War just awarded Lockheed Martin for PAC-3 interceptors, the missiles that have been knocking Iranian ballistic missiles out of the sky for the past five months. It’s one of the largest munitions awards in U.S. history.
Today’s equity markets are arguably the most concentrated, interconnected and exposed to correlated risks in the modern era. In this fragile environment, we believe investors need more than just exposure to stocks that have driven recent market returns. Disciplined stock selection and clear risk objectives are essential—as well as conviction in what not to own.
US equity market leadership underwent a rotation in July, with previous leaders turning into laggards and vice versa.
We provide research and advice on asset allocation, the selection and weighting of various investment categories. Subject to internal review and governance, our recommendations guide the investment decisions in our family of mutual funds and institutional client portfolios.
With earnings season entering its final peak week, investors will be focused on results from restaurant names such as CAVA Group (CAVA), Jack in the Box (JACK), Red Robin Group (RRGB) and Brinker International (EAT).
For three years, clients have asked the same question: “How do I get into SpaceX or OpenAI before the IPO?” That question just changed tense.
Given how uncertain advisors and investors are over the Federal Reserve’s plans for handling interest rates, the July jobs report was perhaps watched even more closely than normal. That being said, the latest report may not have inspired much confidence.
Seven of the nine indexes on our world markets watch list posted year-to-date gains through August 10, 2026.
Here are three tips for young investors setting out to build wealth but not sure where to start.
What stock fund could be safer than a total U.S. stock market index fund with thousands of securities? That was my thinking for the last three decades, but things are changing.
Our thesis remains largely unchanged. Today's “exploding” CDS spreads and bond yields are pricing an Oracle problem. The question investors should be asking isn't whether Oracle is an outlier. It clearly is. The question is whether Oracle is a preview of what happens to credit markets more broadly if AI capital spending keeps outrunning AI revenue.
When data can’t give us the answer, we have to think from first principles. If your objective is to maximize the risk-adjusted return of your savings, finance theory and common sense both suggest that higher risk, all else equal, calls for cutting exposure, not adding to it.
San Juan, the economic hub of Puerto Rico, triggered a rush for its $121 million muni-bond sale this week, as investors seized a rare opportunity to get exposure to island.
The leveraged ETF boom is creating new ways to profit from sudden bursts of volatility in tech stocks.
US natural gas futures rose by the most in more than two months as an unusually large swing in weather forecasts triggered a wave of short-covering among money managers who were the most bearish on gas since 2020.
US lawmakers from both parties are seeking to boost federal funding for quantum computing as China and other countries race to transition from research to deployment of the nascent technology across defense, intelligence and cybersecurity.
Getting on an airplane has become the perfect metaphor for life in America. On the one hand, flying has become cheaper and more accessible. On the other, it has become more stratified and stressful.
“Sound money,” in its purest form, is money whose supply a government cannot expand at will. Under a gold standard, every dollar is a claim on a fixed weight of gold. You can’t print gold. So the government can’t monetize its deficits, and the money supply grows only as fast as miners pull metal out of the ground, historically around 1.5% a year.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
The AI capital expenditure cycle remains solidly on track to eclipse the telecom boom of the late 1990s and become the largest investment cycle since the railway buildout of the 19th century in inflation-adjusted terms. T
Fixed income markets continue to adjust to an evolving policy backdrop following last week’s Federal Reserve meeting.
In this video, Chuck Carnevale explains why dividend growth investing can be one of the most conservative and rewarding long-term investment strategies—especially when combined with sound valuation principles.
Lots has been written about the strength of the US economy not translating into improvement in the different measures of consumer confidence and consumer sentiment over the last several years.
While long-term interest rates have been trending higher driven by a combination of persistent inflation, Fed uncertainty and geopolitical conflict, earnings growth this year has been very strong. If the trend continues, earnings could continue to help equity markets outpace rising interest rate and inflation risks.
Stronger gold prices are happening for a couple different reasons. First of all, optimism is rising that the Strait of Hormuz may finally reopen soon. The news in Iran is certainly welcome, but new jobs data from ADP is helping gold, too.
The AI trade has faced renewed volatility as investors question AI spending and current valuations. Semiconductor stocks and related areas — including memory, networking, photonics, and chip equipment—have all been caught in the pullback.
AI may support more than operational efficiency. When thoughtfully integrated into an advisory practice, AI can create additional capacity for proactive advice, client engagement and business development.
There is no one-size-fits-all individual investment strategy. We all have different needs. Once I decided I needed a portfolio that would work for today, I became convinced that a dividend growth portfolio should be the core of my long-term investment strategy. Not an addition, but the core.
Two things are worth considering that will dramatically impact the stats moving forward, and neither of them existed as a factor a generation ago. Alternatives to a four-year degree are getting more government support too. Workforce Pell Grants, once reserved for traditional colleges, now extend to short-term job-training programs.
US 10-year Treasury yields have climbed roughly 50-basis points since the start of 2026. This is not an inflation scare. Despite the sharp rise in energy prices following the outbreak of war with Iran, market-based measures of medium-term inflation expectations have drifted lower.
Here is a summary of the four market valuation indicators we update on a monthly basis.
The Q Ratio is the total price of the market divided by the replacement cost of all its companies. As of July 2026, the latest Q-ratio is at 1.83.
Based on July's S&P 500 average of daily closes, the Crestmont P/E of 43.8 is 184% above its arithmetic mean, 212% above its geometric mean, and is in the 100th percentile of this 14-plus-decade series.
The inflation-adjusted S&P Composite Index was 211% above its long-term trend at the end of July.
Official recession calls are the responsibility of the NBER Business Cycle Dating Committee, which is understandably vague about the specific indicators on which they base their decisions. There is, however, a general belief that there are four big indicators that the committee weighs heavily in their cycle identification process.
The S&P 500 capped off its best week since April with a record close, ultimately finishing with a gain of 3.6%.
There is a general belief that there are four big indicators that the NBER Business Cycle Dating Committee weighs heavily in their cycle identification process. This commentary focuses on one of these indicators: nonfarm employment. In July, total nonfarm payrolls decreased by 23,000 while the unemployment rate ticked down to 4.1%.
