In the waning days of Donald Trump’s presidency, Jeremy Grantham warned that U.S. stocks were in an epic bubble. He now predicts Joe Biden’s economic-recovery plan will propel them to perilous new heights, followed by an inevitable crash.

Will Danoff has been wondering why billions of dollars keep flowing out of the giant mutual fund he manages. Performance isn’t the problem; demographics appear to be.

Retail, hospitality, travel, live entertainment and professional sports are some of the industries he sees continuing to struggle, but he disagrees with conventional wisdom that big cities like New York are doomed and warehouses are the smartest bet in commercial real estate.

CEO James Gorman sees a future where many Morgan Stanley employees will be working at home, at least part of the time.

The tail-risk protection that Calpers gave up generated a 3,600% return in March.