President Donald Trump’s first overseas trip since returning to the White House is turning heads across the aerospace & defense and semiconductor industries.
Over the past ten years, we’ve discussed this question with about 50 of our friends and clients, resulting in many animated and productive conversations.
Fisher Investments recently wrote an interesting article asking whether corporate stock buybacks affect markets.
Despite the announcement of new tariffs, long-term inflation expectations—as measured by the 5y5y inflation rate—have remained stable
Our overarching theme for U.S. fixed income has been, and will continue to be, based on the premise that interest rates will stay at more historically “normal” levels, but that, within this backdrop, investors will face heightened volatility.
In 2025, liquidity is not a background variable — it's a front-line risk factor, one that’s being tested repeatedly as global markets navigate a web of geopolitical uncertainty and macroeconomic signals.
The Q1 2025 earnings season heads into its final peak week with mostly positive results from S&P 500 companies thus far. With 90% of companies from the index now reporting, 78% have beaten Wall Street’s expectations, slightly better than what we’ve seen historically.
The US and China will temporarily lower tariffs on each other’s products in a dramatic ratcheting down of trade tensions that buys the world’s two largest economies three months to work toward a broader agreement.
Last week featured a light economic calendar, with the Fed holding its benchmark interest rate steady for the third consecutive meeting.
S&P 500® earnings per share estimates have come down sharply. According to FactSet, calendar year 2025 is now expected to show $266 in operating EPS for the Index.
Currently, the Three Tactical Rules are a “flashing yellow light” - a roughly neutral rating which represents a slight downgrade.
Over years, the US cemented its position as an exceptional source of earnings growth that fueled outsize equity returns. Many investors are now questioning whether the US will retain its advantages as President Trump’s trade policies add uncertainty to the outlook across industries.
A time-honored signal heeded by Wall Street’s credit industry — the weekly flow of money — is breaking down.
A look back at the impacts of tariff announcements last quarter, and what we might expect from tariff negotiations during the 90-day implementation delay in Q2.
Results from some of the Magnificent 7 names last week reignited the AI trade. Both Meta and Microsoft reported after-the-bell on Wednesday, blowing past analyst estimates
In investing, success is often judged by numbers—returns on investment, percentage gains, and the ability to outperform benchmarks like the S&P 500. However, some investors frequently pursue a peculiar set of “awards” without realizing the pitfalls they embody.
April was a volatile and policy-sensitive month in the markets. Every week, my colleagues and I were joined by Professor Jeremy Siegel to discuss how macroeconomic data, Federal Reserve policy and the variety of tariff proposals from President Trump shaped sentiment and the investment landscape.
Economic data can be soft or hard. “Soft” data reflects attitudes, expectations, opinions, and feelings. It’s a step removed from the “hard” data reflecting actual events. Soft data is still valuable because future expectations shape the hard data that follows.
The Covid-19 pandemic brought some big shifts in the US labor market. The biggest was the departure of millions of older workers, ending a decades-long rise in employment and labor-force participation rates for those 65 and older.
With flexibility, humility and disciplined processes, equity investors can find a way forward.
As we have written…The Era of Easy Everything is ending. Part of this involves bringing inflation back to the Federal Reserve’s target of 2.0%. We could debate that number, but the Fed is getting closer.
Gold has been a high-performing investment over the prior year. It has rallied on the back of falling short-term interest rates and recently increased uncertainty about global trade and economic growth.
It’s harder to make it as a professional stock picker than it used to be, which is saying a lot because it was never easy.
Five pivotal U.S. economic considerations, including tariffs, monetary policy, fiscal policy, debt overhang, and demographics, are aligning to depress economic growth for the balance of this year and into 2026.
A well-planned defensive strategy can position equity portfolios to be resilient in a very harsh market environment.
Tesla Inc. reported abysmal numbers for the first quarter on Tuesday evening. Naturally, Chief Executive Officer Elon Musk kicked off the call with a discussion on why he must fix America’s finances, facing down an army of alleged moochers.
Uncertainty surrounding trade policy is a key driver of our forecast this quarter, which includes an increased probability of a recession.
Recent volatility has pushed yields to historically high levels, potentially creating opportunities in municipal bonds, especially for higher-net-worth investors.
The bond market has been extremely volatile the past couple of weeks since the introduction of global tariffs by the US. Bond yields have sold off almost 50 basis points, and today we'd like to examine why did that occur, what's next, and how should investors think about duration in this environment?
Coming off a wild ending to a disappointing first quarter, investors must navigate unsettled capital markets and decipher a wave of incoming policy news.
Stock markets have been rattled by trade war tensions and economic uncertainty driven by US tariff policies. Yet history suggests that equities have usually performed well in the aftermath of peak market volatility.
With many of the big financial reports out of the way, the S&P 500 blended EPS growth rate for Q1 stands at 7.2%. Thus far only 12% of S&P 500 constituents have released results.
Emerging-market (EM) stocks might not seem an obvious choice for anxious investors during a trade war. But history suggests that past volatility peaks have created favorable moments to invest in EM stocks.
U.S. defensives and international lead.a
Active management has not disappeared — it has simply evolved. Rather than focusing on outdated stock selection methodologies, today’s most effective active strategies center on active portfolio construction and dynamic asset allocation.
Banks including Goldman Sachs Group Inc. and JPMorgan Chase & Co. can thank the White House’s aggressive disruptions on tariff policy and other issues for record hauls from equities trading in the first quarter, when market volatility began to surge.
LPL Financial LLC announced today that financial advisor Steve Jones of Tenacity Investment Group has joined LPL Financial’s broker-dealer, Registered Investment Advisor (RIA) and custodial platforms.
CIO Sean Taylor assesses a better-than-expected quarter for emerging markets and takes stock of the drivers that may support the asset class in what could be difficult months ahead for global markets.
It’s always an honor for me to both attend and speak at the Barron’s conference. In thinking about this column, I am recalling many of the amazing presentations, great insights and fabulous speakers I heard.
If the goal is to use technological platforms to customize and maximize the experience for your clients, it seems many of us still have a way to go.
Markets have had a wild ride these past couple of weeks, alongside chaotic tariff-related news, with volatility (and its policy triggers) most elevated in the bond market.
If Trump is successful in ending — or at least significantly changing — the current global economic structure, the economy and geopolitics will change dramatically. Initially, this will be highly challenging from an investment perspective.
As with all decisions involving uncertainty, we want to find the answer which maximizes your expected risk-adjusted return, not your base-case or expected return. This means that we have to go beyond the industry standard and explicitly account for risk in our analysis.
Bonds have gained as investors sought shelter amid growing fears around a tariff-driven global economic slowdown.
Markets responded swiftly to President Trump’s recent announcement of sweeping reciprocal tariffs, with the S&P 500 falling more than 3% in a single day.
Last week President Trump announced tariffs on nearly all US trading partners, a move that far exceeded the most pessimistic expectations of market participants.
Members of Congress from both parties were among the many caught off guard by last week's Rose Garden tariff announcement.
In an era when a select group of tech behemoths has dominated market returns, investors are growing increasingly wary of the concentration risk it poses.
