In this article, we examine everything from the yield curve to CAPE ratios to gain a sense of where we are, and where we might be headed next.
In San Francisco’s financial district, the One Montgomery building evokes the opulence of America’s turn of the 20th century gilded age. With its Tuscan columns, marble staircases and bronze doors, the Renaissance Revival landmark once housed Crocker Bank, named after one of the tycoons who built the western portion of America’s first transcontinental railroad.
Getting into Donald Trump’s head is no easy task. And to the extent his economic intentions are decipherable and coherent, can Trump impose his economic will on other countries? As tariffs go into place, albeit with a partial pause, that remains to be seen.
Earnings season begins with companies adjusting on the fly to tariffs. This could give investors insight into strategies firms are taking and how businesses might be affected.
Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.
Callable bonds make up a large share of the bond market—and introduce one more variable into the bond-investing process.
Join Nate Conrad, Head of LifeX at Stone Ridge Asset Management for an educational webcast unpacking how to deploy a bond ladder strategy effectively.
When it’s finally completed seven years from now, Citadel LLC’s New York tower will be the second tallest building in the city, after the World Trade Center. It will also loom over the headquarters of JPMorgan Chase & Co. just a few hundred yards south along Park Avenue.
The book’s title derives from the author’s criticism of young, self-absorbed Silicon Valley types unconcerned by the public good — the “hollow republic” — as opposed to those focused on the commonwealth, the “technological republic.”
The early days of the Trump administration have brought sweeping tariff announcements. While the situation is fluid, the direction is clear: trade restrictions are likely to increase, with China as a primary target.
U.S. indexes suffered their worst day since the pandemic, hurt by Trump's massive tariffs that sparked recession fears. Almost every sector fell, with retailers and tech hard hit.
President Donald Trump’s new reciprocal tariff policy is straightforwardly bad for the US economy and markets. The only conceivable reason that the S&P 500 Index was down just 4% on Thursday is that investors still don’t believe it will stick. Unfortunately, there’s no quick way out of this quagmire.
The March U.S. Services Purchasing Managers' Index (PMI) from S&P Global came in at 54.4, just above the 54.3 forecast. The reading marks the 26th consecutive month of expansion and the fastest growth of the year so far.
Market volatility is likely to rise as investors digest the president's plans.
In the current installment of The Roundup, Oaktree experts explore various investment risks and opportunities, including the heightened demand for mezzanine financing, potential entry points for special situations investors, the limited competition for unrated asset-backed finance investments, and the growing need for specialized life sciences lenders.
Uncertainty dominates the day, with market volatility sparking investor questions not seen in years. With this in mind, we’ve put together a concise cheat sheet covering key topics on everyone’s radar.
Britain’s property-transaction tax, known as stamp duty, is set to rise sharply. Currently, first-time buyers pay no tax on properties worth up to £425,000 ($550,000). Starting next month, that threshold drops to £300,000, which will result in a charge of £6,250 on a £425,000 purchase.
Junk bonds don’t seem quite so junky anymore. US investors are piling into an asset class that has grown a little safer in recent years, and in recent weeks has drawn investors seeking a safe harbor from market turbulence.
As policy uncertainty grows, we consider how tariffs and other government actions might impact inflation, interest rates, and market sentiment.
Though you may not agree with my view on all seven of these terms, it may be beneficial for you and your clients to at least consider them.
The theme among so many writers seems to be “vibe shift.” And indeed, there is a concern the economy is slowing and may even be in a recession.
Despite NVIDIA’s stock flashing a bearish “death cross”—its 50-day moving average slipped below the 200-day moving average for the first time since January 2023—the energy at the conference was electrifying. Every major industry was represented, from health care to defense, signaling that artificial intelligence (AI) is expanding at a white-knuckle clip.
Citigroup Inc. had what looked like the perfect way to grab a slice of the money flowing from wealthy individuals to private equity firms: playing matchmaker between its rich clients and an up-and-coming firm.
Elon Musk’s social network X has raised close to $1 billion in new equity from investors, according to people with knowledge of the matter — a deal that gives the company a valuation in line with when Musk took it private in 2022.
Bond investors will look for Federal Reserve Chair Jerome Powell to hit just the right notes in his Wednesday remarks to keep up the momentum behind a rally in the $29 trillion Treasury market.
One of the textbook drivers of alpha is an information edge. Having more information, advanced ways to use that information, and the ability to react to it before anyone else has been a massive advantage throughout the history of markets.
Understanding actual inflation – instead of what the media’s narrative tells you it should be – is critical to your investment planning. It is one thing for a pundit to say this or that, but it is another to look at the actual data for yourself.
US consumer prices rose at the slowest pace in four months in February, offering some reprieve ahead of tariffs that are expected to drive costs higher.
Europe’s plan to rearm in the face of Russian aggression and US detachment has already delivered a bonanza to equity investors. Credit funds are scrambling to get a share of the windfall, too.
Parametric’s tax optimized ladders (TOL) solution may help to enhance after-tax yield by seeking to optimize the allocation between tax-exempt and taxable bonds, based on an investor’s own tax rate and the relative value between sectors.
Though mergers and acquisitions were expected to roar back in 2025 thanks to the new administration, uncertainty around Washington policy appears to be holding back new deals.
A lack of affordability has hindered housing transactions the past two years, frustrating would-be buyers and, more recently, hammering the stocks of developers.
Cambria Investments CIO and founder Meb Faber explores David Swensen’s legendary investment strategy at Yale’s endowment, comparing its long-term performance to traditional portfolios and examining whether individual investors can replicate its success.
The world’s recent experience of faster inflation may make it harder for central banks to control prices in future, former US Federal Reserve Chair Ben Bernanke said.
The market for US initial public offerings should look a lot more like the years prior to the pandemic-fueled boom, according to the head of the New York Stock Exchange.
A holistic approach may help insurance investors navigate an expansive opportunity set.
For more than half a century, Warren Buffett has penned annual letters that chronicled economic and market shifts while underscoring Berkshire Hathaway's steady philosophy yet ever-evolving outlooks. With Buffett's 2024 letter freshly published, we take this opportunity to contrast his latest views with the remarkable continuity of his investment philosophy.
Retail investors are expected to become more bullish about increasing equity exposure when markets rise.
Growth and value are often thought of simplistically, but subsurface details in growth- and value-labeled indexes challenge pre-conceived notions of the factors.
The healthcare industry's bellwether event, the JP Morgan Healthcare Conference (JPM25), kicked off the year as it traditionally does,
For a few months now, I’ve been referring to today’s heightened geopolitical climate as the “new red Cold War,” where artificial intelligence (AI)—not necessarily fighter jets and nuclear weapons—serves as the primary battleground between the U.S. and its adversaries, most notably Russia and China.
Meta Platforms Inc., after pushing into augmented reality and artificial intelligence, has identified its next big bet: AI-powered humanoid robots.
As these two strategies evolve, financial advisors must understand their nuances to align client portfolios with current market conditions and future financial goals.
Bloomberg’s bonus calculator offers a revealing look at the divergent value of Wall Street employee payouts.
Oil smuggling isn’t easy, but it’s so enormously profitable that obstacles only slow it down. Sure, the authorities can make dealing illicit barrels a bit less financially rewarding; ultimately, however, the oil will flow.
We hope you enjoy the latest newsletter from Harold Evensky.
Why would a bank suddenly shut down a customer’s adequately funded account? Some leading Republicans, echoing tech titans like Marc Andreessen, have warned of a conspiracy among regulators to “debank” conservatives and crypto enthusiasts.
January is in the books, and markets are still waiting on a big rebound in the dealmaking space. Investors rooting for increased M&A and a flurry of IPOs will have to be patient as Q1 tracks with continued low counts on both fronts.
Karen Carpenter was one the greatest singers of my lifetime. One of her biggest hits was called, “Top of the World.” The key line of the song says, “I’m on top of the world looking down on creation and the only explanation I can find, is the love that I’ve found ever since you’ve been around, you most put me at the top of the world!”
A small band of Wall Street skeptics are moving to protect their credit portfolios against a market priced like nothing in the economy could possibly go wrong.
