Around 2020, Apple Inc. Chief Executive Officer Tim Cook returned from a trip to Asia unusually energized about a new product category: foldable phones.

SpaceX’s stock has been stuck in a tight trading range recently, but a wave of new buying may soon arrive when the Nasdaq 100 Index goes through its quarterly rebalancing later this month.

A sudden reversal in momentum for previously high-flying shares of industrial companies over the past three weeks has some investors bracing for more pain ahead.

If you look deeply into a speculative bubble, you can already see the collapse. If you look deeply into a market collapse, you can already see the bull market. The road up and the road down are the very same road. Even so, aside from knowing that our investment position presently requires a safety net regardless of shorter-term conditions – we have utterly no opinions, preferences, or scenarios about the market outlook even a month or a quarter from now.

Before I discuss why I disagree with the “AI bears,” I want to state that I respect their opinions, have evaluated their concerns, and have simply derived a different set of conclusions. That is an important statement, because this particular group of “AI bears” includes some of the sharpest risk minds in the business, and they have been early to almost every warning that later mattered.

It's been 40 years since I began my career on Wall Street and the lessons I learned along the way from some all-time investment greats always hold true.

I haven’t always taken the most conventional approach to economics. In a world where many practitioners construct elaborate models to arrive at conclusions, I often find more value in simply following my instincts. During stressful times and paradigm changes, thinking outside of the equations is essential.

After a week of traveling abroad to meet with clients and discuss our outlook for the US economy and financial markets, we returned feeling the need to address a growing misconception, both in the United States and overseas, regarding the differences between the US and Chinese economies.

My goal with this letter will be to not interrupt your long weekend too much. But there are some things that are happening that are important. My basic thesis for quite some time has been that we are in a Muddle Through Economy, which I’ve always meant that to me the GDP will grow slightly south of 2% over time.

The “K-shaped” divide endures even as it evolves. Higher-income households keep benefiting from equity gains, home price appreciation, and solid earnings, while lower-income households face mounting pressure from elevated costs and tighter credit. But recent data suggest the story is becoming more nuanced.

Cerulli projects a $2 trillion surge in advisor-held alternatives over five years, as interval funds reshape how RIAs access private markets.

By combining a demographic framework with a value-driven investment approach, the Pictet Emerging Markets Rising Economies ETF (RISE) seeks to identify companies that are attractively valued and positioned to benefit from long-term structural growth. Join the experts at Pictet for a product due diligence session to learn more.

If you were Nvidia Corp. Chief Executive Officer Jensen Huang and you were laying out a few sector-shifting artificial-intelligence trends that could take shape over the coming months and years.

What if you could capture the potential gains of the S&P 500, but limit your losses if the market goes down? Or earn above-market income given the right stock market conditions? How about gaining some market exposure while protecting principal with FDIC insurance, up to applicable limits?

Apple Inc. has spent much of the past 15 years refining existing product lines and launching services to generate more recurring revenue. There have been a few fresh device categories, like the Apple Watch and AirPods, but no steady stream of new concepts.

For the past six weeks, we’ve walked through the forces creating America’s K-shaped economy, housing, healthcare, education, wages, incentives, and the political consequences when enough people decide the system is not working for them. This week let’s look at the situation from a more optimistic angle.

Anthropic PBC is set to finalize an expansion of its revolving credit facility to $15 billion, according to people familiar with the matter, clearing a hurdle before the artificial intelligence firm’s public filing for its highly anticipated IPO.

The US Securities and Exchange Commission is eyeing a plan to expand access for retail investors to private markets and allow investment advisers to charge performance fees to a wider set of clients.

Sift through the filings of pension funds and insurers around the world and one thing stands out: some of the biggest holders of US assets have little protection against a weaker dollar, leaving the currency at risk of steeper declines if sentiment suddenly turns.

How should investors think about today’s stock market valuations? The answer likely sits between rich and cheap. If earnings keep growing rapidly alongside AI spending, the market, in aggregate, may be fairly priced despite CAPE's warning. But a recession — or a slowdown in planned AI spending — is a real risk to that outcome.

True diversification means gaining exposure to different drivers of performance rather than simply holding a larger count of securities. For many retail investors, this exposure is available through listed infrastructure funds, utility strategies, and ETFs focused on energy storage and industrial innovation.

The National Football League is holding off on making any alliances with prediction market companies even as many other top leagues and events embrace the new form of sports betting.

US job growth surged in August and the unemployment rate held steady, suggesting the labor market has more momentum than previously thought.

US stock futures erased early gains to briefly touch session lows on Friday after the US added 162,000 jobs in August, raising concerns that the Federal Reserve may hike interest rates soon.

Products and services often benefit from great marketing. A catchy commercial, headline, or gimmick can attract potential customers. Sometimes marketing can be so effective that customers seek or support an average or even inferior product.

More than a year after wildfires devastated Pacific Palisades, a nonprofit is advancing a plan to tap the public debt market to create housing in the slow-to-recover Los Angeles wealthy enclave.

After several challenging years, important parts of the health care sector appear to be reaching an inflection point. Policy uncertainty has weighed on pharmaceutical companies, constrained biotech funding has pressured the drug-development ecosystem and the normalization of pandemic-era has challenged select tool and device companies. More recently, however, several of these headwinds have begun to moderate.

For many investors, years of disciplined saving, equity compensation, business ownership, or a handful of exceptional investments can produce a portfolio that grows faster than expected. While that may sound like an ideal outcome, it can also create what we often think of as a wealth overhang: a situation in which the complexity of your wealth begins to outpace the financial plan supporting it.

Emerging-market (EM) equities have benefited enormously from the global AI investment boom. But headline market gains show that EM leadership has become concentrated in a handful of mega-cap technology stocks. In our view, today’s EM benchmark is far less diversified than many investors assume, creating opportunities to seek differentiated sources of return.

Famous market bubbles share some characteristics, but it's nearly impossible to predict how big a bubble might get and when one is about to burst.

Global bond yields have climbed to the highest levels in almost two decades, pushing up mortgage repayments and corporate financing costs. But one corner has remained unusually resilient: emerging markets.

Global fixed income and equity ETF strategies posted gains and saw inflows surge in August, even amid ongoing macroeconomic turbulence and elevated long-term borrowing costs. International equities maintained their year-to-date lead over U.S. stocks throughout the month, led by notable strength in emerging markets.

Stocks have enjoyed a powerful run off the spring lows and have largely shrugged off concerns around growth, inflation, higher interest rates, the effects of artificial intelligence (AI), geopolitics, and policy uncertainty. As the calendar turns to September, however, they are entering what has historically been, from a seasonality perspective, the most challenging month of the year for equities.

Kevin Warsh's Jackson Hole speech struck a decidedly hawkish tone and was arguably the clearest signal yet that the Federal Reserve is actively considering additional tightening. Markets responded by raising the probability of a September hike to roughly 60% and pricing approximately 60 basis points of cumulative tightening through the middle of next year.

With recent data weakening the case for an immediate increase in rates, markets have sharply pared expectations for near-term tightening, with a hike no longer fully priced before early 2027.³ This moderation in rate-hike fears has been supportive for gold.

The saying “May you live in interesting times” is becoming relevant in the bond market for all the wrong reasons. “Interesting” usually means “trouble.”

On Wednesday, September 2, State Street Investment Management announced the debut of the State Street SPDR UC Investments 90/10 Endowment Strategy Index ETF (UCBG). Notably, this fund was created through a collaboration between State Street and UC Investments, the investment arm of the University of California.

A recent plunge in US labor force participation has sparked competing theories about whether persistent drivers — like aging and immigration — or more temporary seasonal shifts are to blame. Any evidence in upcoming jobs reports could reshape how policymakers view the labor market.

Nvidia Corp. has agreed to acquire artificial intelligence startup Hugging Face in a transaction valued at about $13 billion.

Wall Street dealers were already bracing for a potential record in September for high-grade US corporate bond sales, and recent surging yields may give the blue-chip companies even more reason to borrow now before funding costs rise further.

Federal Reserve Governor Christopher Waller said his next decision on interest rates will be “heavily influenced” by August inflation data due next week, adding it may not take much to nudge him toward supporting a rate hike at the Fed’s upcoming policy meeting.

By enhancing the input that goes into so much of what we do—intelligence—AI’s potential to drive higher economic growth is enormous. But with fears of the technology's unintended consequences affecting the pace and depth of adoption, the promise of long-term gains must be set against more immediate risks.

August 2026 was a blockbuster month for ETF acquisitions.

Anchoring is one of the most powerful—and underestimated—forces in financial decision‑making. Once an emotional label attaches itself to an idea, it becomes the lens through which people interpret everything that follows.

US stock futures posted modest gains Thursday as bond yields stabilized near multi-year highs and investors digested latest commentary from Federal Reserve Governor Christopher Waller. Chip stocks fell after Broadcom Inc.’s results.

House poised to pass bill to avoid government shutdown, two new members set to join the House, Fed chair speech boosts rate hike possibility, and national debt hits $40 trillion.

Geopolitical headlines can quickly move markets, but investors do not need to predict every headline to identify potential opportunity. The more useful question is what governments, businesses and consumers are doing in response to a changing strategic environment, and which companies may benefit.

The month of August reminded many investors that the markets rarely move in a straight line. A combination of encouraging economic fundamentals, uncertainty in the bond market and renewed geopolitical turmoil led to increased volatility and shifting market leadership. But the underlying backdrop reinforced that the US economy continues to expand at a sustainable pace.

The topic d’jure is that Kevin Warsh just gave his first Presser (Oh yes, we love that word) as new Chairman of the Federal Reserve, and it was fascinating, although in fairness, I have a Zen and the Art of Motorcycle Maintenance streak in me that delights in what others might consider head-rolling minutiae.