As is our custom, we conclude the year by reflecting on the 10 most-read articles over the past 12 months. In decreasing order, based on the number of unique readers, those are…

Gold is back! So far this quarter, the yellow metal has crushed the market, returning around 6 percent versus negative 15 percent for the S&P 500 Index. Gold miners, though, have been the top performer, climbing a phenomenal 12.3 percent.

I am going to offer some different thoughts than the mainstream media spin on Jerome Powell, his press conference, and the Federal Reserve.

Like politics, investing philosophies are polarizing: be it a debate on active vs. passive or direct investments vs. funds. For fixed income, we lay out differences between indexed exposure to high yield and bank loans vs. fundamentally selected portfolios—and recognize there may be room for both in portfolios.

-Global market performance remained challenged amid lingering volatility. -Concerns about softer growth, coupled with comments from the Fed, tempered market expectations for the path of future rate hikes. -An assortment of geopolitical developments continued to capture attention in November.

Today's much anticipated Fed meeting brought answers and new questions. As expected, the Fed raised rates 25 basis points to a range of 2-1/4 to 2 1/2 percent, marking a fourth rate hike in 2018.

Markets dropped sharply after the Fed raised interest rates again today and indicated two additional increases are likely in 2019.

Read Harold Evensky's most recent NewsLetter. 

Overoptimism and overconfidence are two well-known psychological traits of our species. They are particularly dangerous in the late stages of an economic cycle where these terrible twins result in investors overestimating return and underestimating risk – a potentially lethal combination of errors.

The media and some market observers are bracing for a blizzard of BBB-rated bonds to get downgraded to junk as the credit cycle turns. We expect it will be closer to a flurry.

If the EU were a soccer team, it would not lose games for lack of a game plan or due to inadequate capacity. The problem is that the team as a whole is not playing cohesively, and all of the top players are struggling individually, owing to messy problems at home.

Recently, our email box has been filled up with questions like this one from one particularly bright Raymond James financial advisor, namely, Michael McCormick of the venerable Chicago-based money management firm of McCormick Retirement Group, who wrote, and we responded...

Joe Duran is the CEO and a founding partner of United Capital, one of the largest independent wealth management firms in the country, and the nation's first and largest financial life management company. In this interview, he discusses how he is opening up his technology for other advisors to use and his vision of the long-term future for his firm.

Bob Browne is an executive vice president and chief investment officer for Northern Trust, which had $1.1 trillion in assets under management as of September 30, 2018. In this interview, he discusses his firm’s capital market outlook and the six themes that will drive investment returns over the next five years.

Josh Shores serves as a principal and director of Southeastern Asset Management, Inc. He is a manager of the Longleaf Partners International Fund (LLINX). In this interview, he discusses why the biggest, broadest and deepest opportunity set for investing is outside the U.S.

Wheaton Precious Metals announced that it reached a settlement with the Canadian Revenue Agency (CRA), the equivalent of the IRS. “We expect the stock to react positively to the news given the tax dispute was an overhang,” Credit Suisse analysts shared in a note to investors today.

The yield curve has appeared in quite a few news headlines recently. Why is this technical-sounding tidbit of financial jargon suddenly getting so much attention? The short answer is that the yield curve has a reputation for predicting recessions, and some market watchers are worried recent changes to the curve’s shape are sending a warning signal about the economy.

The trade conflict and Fed rate policy are buffeting markets at a time China was already grappling with debt challenges at home. But the volatility may be masking good economic fundamentals globally, reform efforts in China, and attractive investment opportunities.

In our 2019 Fixed Income Outlook, Matthews Asia's fixed income team discusses possible tailwinds for Asia bonds ahead.

The way advisors are getting compensated is changing and this creates opportunities to expand your firm. To make more money in 2019, that means – you guessed it – leveraging technology to the max.

SPX had formed a topping pattern in August, and events since then have only strengthened this pattern. But there is little evidence of the underlying stress that is normally associated with big problems. This is not a market trying to efficiently discount next year's growth; it's a market mostly driven by fear and emotion.

As we approach year-end, we find ourselves in an unfamiliar place. Despite mounting worries over the past couple of years about politics and other issues, the market and economy continued to grow. Through the first half of 2018, the markets were moving higher, despite a few breakdowns, and economic growth was accelerating.

An inverted U.S. Treasury yield curve has historically been a telltale sign of a looming recession for the U.S. Does the recent curve flattening spell trouble for the U.S. economy?

After talking with hundreds of advisors and interacting online with thousands more, I’ve identified five ominous challenges the profession will face and trends it will need to adapt to in the coming year.

Stocks plunged this week on concerns that trade negotiations between the U.S. and China are not running as smoothly as initially thought. Adding to the uncertainty was news of the arrest of Meng Wanzhou, CFO of Chinese tech giant Huawei, the world’s second-largest smartphone manufacturer.

Private, public and international pension plans are all due for a reckoning.

In my never-ending quest to keep you ahead of the curve, I’ll review what’s happening in Europe. This may be a turnabout for European readers who rely on me to describe what’s happening over here. But as you’ll see, we are far more connected than separated by distance.

In this issue, Research Affiliates discusses the market impact of the U.S. midterm elections and its view of what differentiates All Asset’s positioning from its peers.

Conventional wisdom is always right—until it isn't. The question is: When is it right to disagree? The investment herd is thinking: Trade wars, tight money, fractious politics and a falling stock market in the U.S. Banking systems in distress in Europe and the splitting of the EU.

Can markets grind higher in 2019 before the clock runs out on the current cycle? See what our strategists’ views are for the year ahead.

A debt crisis is looming, but how will it manifest itself? Through inflation, defaults or ...? There are many possible outcomes. Even more interestingly, it could also mark the end of the current debt super-cycle, which has been in full swing since 1945. When debt super-cycles end, something dramatic always happens.

How might the ceasefire on new tariffs between the U.S. and China impact markets and economies?

RIAs must grow sustainably in order to achieve the scale needed to deploy the latest technology systems and build out a centralized infrastructure. Relying wholly or primarily on referrals is a foolhardy strategy.

Martin Kremenstein is senior managing director and head of retirement products and ETFs at Nuveen, a TIAA company. In this interview, he discusses the latest trends and innovations in ESG/SRI investing.

Should those further from retirement safely allocate more to stocks? I’ll use an example to challenge the popular notion that those with many years left until retirement can safely allocate heavily to stocks. I’ll then demonstrate that pre-retirement investment challenges are more difficult to deal with than generating income after retirement.

We are simply not prepared for a world in which old people outnumber the young. But it may be coming, thanks to life extension at the upper end and falling fertility rates below. National pension systems—what we call Social Security in the US but similar elsewhere—are not designed for that combination. They presume a high ratio of working young to retired old citizens. That is no longer happening and is increasingly hard to ignore.

Just in time for Hanukkah and Christmas, silver is on sale, trading at a little more than $14 an ounce. That’s the most affordable the white metal’s been in three years. Gifting your kids and grandkids coins made of precious metals such as gold or silver could end up becoming a fun new tradition in your family.

Of all the delusions that have infected the minds of economists, central bankers, and the investing public in recent years, perhaps none is as short-sighted and pernicious as the idea that aggressively low interest rates are “good” for the economy and the financial markets.

The equity markets no doubt experienced a powerful move today on the back of Fed Chair Powell’s dovish remarks mid-day. Specifically, his comments laid the groundwork for a pause in interest rate hikes in the first quarter of 2018.

Back in the late 80s I remember reading an article, a puff piece really, glorifying universal healthcare in China. It mentioned barefoot doctors in every village working for the poor and not for profit, the beautiful synergy between western medicine (bad) and ancient Chinese medicine (good).

Since Trump’s election, there has been much discussion about the demise of the “Liberal International Order” (LIO). The general tenor is that the US is giving up global leadership and the world is in trouble. We’ve been making this argument as well for a long time.

Last month, we referenced the phrase “October Surprise” in its usual political context. Well, we certainly had a surprise, but it was markets-related rather than political. After months of investor complacency and a sky-rocketing technology sector, the markets suddenly got spooked on the backs of global trade tensions...

As an insurance consultant to RIAs, I review legacy annuities. Every case is unique, but often I’m reminded why commission-based annuities are one of the biggest violators of consumer value within financial services.

Like cranberry growers, many bitcoin miners are choosing to limit supply as current prices are lower than operating costs. Bitcoin fell below $5,000 on Monday and was trading around $4,250 on Friday. The average of mining a single bitcoin, meanwhile, is estimated to be between $6,000 and $7,000, meaning miners are operating at a loss.

Dramatic events surrounding Brexit left Theresa May’s government balancing on a precipice. What are the economic implications? Later in the column, we examine U.S. drug prices and possible solutions to exploding costs.

Asset allocation decisions can be challenging for investors during the later stage of the business cycle. Focusing on quality is likely the best way to manage the transition from late expansion to a potential recession.

For some investors, increasing exposure to gold has been a knee-jerk reaction to bouts of heightened financial market volatility. Franklin Equity Group’s Steve Land says there’s more to gold than that. And he explains why he’s positive about both the prospects for gold and for gold equities.

What's driving the current market selloff?

Corporate results in the third quarter were excellent. Looking ahead, expectations for 10% earnings growth in 2019 looks far too optimistic and will likely be revised downward as the substantial jump in margins this year is unlikely to continue. Earnings are at risk of falling.