Space has evolved from a niche corner of the stock market into an area that offers the potential for diversity and growth. The euphoria around SpaceX’s market entry is driving fresh investor flows into the sector. Since the news of the offering first became public in early December, smaller space and related stocks have soared.

For much of the year, chip stocks have been powering the market higher. Now, Nvidia Corp.’s earnings have a chance to confirm that the rally has more room to run — or add another brick to investors’ wall of worry.

Although a lot has changed since our last quarterly, its central theme – dispersion – feels like it’s only become more pronounced. We wrote last time that ‘‘we believe we’re entering a new era of dispersion in the performance of financial assets.’’

On Friday, May 15, the 10-year Treasury yield closed at 4.59%, its highest level since February 2025. The 30-year Treasury yield closed near 5.12%, a level last seen in 2007. Those are significant moves because they reflect a repricing of the market’s inflation, growth, and Federal Reserve expectations.

Chris Galipeau discusses high-conviction insights that go beyond media headlines.

That Buffett cash hoard has also created a lot of speculation, innuendo, and assumptions, which is what I want to walk through in today’s discussion. Primarily, what that cash hoard actually represents, the popular theories explaining it, and what it really costs shareholders to hold.

One thing most people don’t know is that prior to the invention of the Fed, other than during wars, there was almost no inflation. Various sources including the Federal Reserve regional banks show the purchasing power of $1 in 1900 was the same as or higher than it was in 1800.

Emerging market debt is compelling as a medium‑term structural allocation, particularly for investors seeking to diversify away from concentrated U.S. exposures.

Tax-equivalent yields on high-quality munis are hitting 7% to 9%. Discover how WisdomTree ETFs, WTMU and WTMY, exploit the steep yield curve.

As inflation lingers and market dynamics shift, advisors are rethinking the 60/40 portfolio with managed futures and options income ETFs.

Investors need to understand what they own, how it may perform in different environments, and why it is structured the way it is. When advisors build this education into their work, it gives clients the discipline and expectations they need to stay the course when volatility rears its head.

Student loan debt is a legitimate concern, and the return on a college degree varies enormously by field, institution, and student. The key is to look realistically and specifically at each student’s needs and interests, each family’s finances, and all the sources of funding and support that might be available.

The percentage-of-assets fee is so embedded in advisory economics that most firms treat it as a fixed constant rather than a business decision. It shapes how you staff, how you plan, and how you define the relationship with clients. But the AUM model is neither as old nor as inevitable as it feels.

I’ve long been a student of game theory, the branch of mathematics that studies how rational actors make decisions when their outcomes depend on what everyone else does. It’s a helpful framework for understanding markets and geopolitics, and right now, there’s no better place to apply it than Taiwan.

A frequently asked question in recent weeks is whether the market is simply ignoring the risks stemming from the current geopolitical conflict, especially given the spike in oil prices that has pushed inflation pressures higher.

In this thought provoking presentation, Chuck Carnevale, co founder of FAST Graphs and widely known as “Mr. Valuation,” challenges one of Wall Street’s most accepted investing principles, the traditional 60/40 portfolio split between stocks and bonds. Drawing from decades of investment experience, Chuck explains why he believes blindly allocating large portions of retirement assets to fixed income may actually increase long term financial risk rather than reduce it.

The summit in Beijing between US President Donald Trump and Chinese President Xi Jinping delivered little in the way of diplomatic breakthroughs but bears important cross-asset implications.

As Kevin Warsh takes over as Federal Reserve chair with his own goals, he may face challenges even beyond rate policy, from inflation to independence to a bulbous balance sheet.

Vanguard research suggests that one practical answer may lie in pairing traditional target-date funds with a modest allocation to deferred-income annuities (DIAs).

The sooner the mass of retail private credit managers realize they are zombies and give up the ghost, the sooner we can burn the whole thing to the ground and conjure a better model from the ashes. But there is no time like a crisis to have conversations about how to make the structure work better for everyone in the future!

You are undoubtedly seeing in the news that high earners are leaving New York, Los Angeles, and other metro areas. This does not begin to address the magnitude of the problem. There are dozens of cities that are trending towards fiscal collapse. Indeed, taxpayers are leaving.

Against this challenging macro backdrop, a stark divergence is expected as major retailers report earnings next week. Discounters are projected to perform well, with Walmart (WMT) expected to outpace Target (TGT) by gaining market share from high-income households trading down for groceries, while Target remains more vulnerable due to its heavier mix of discretionary goods.

U.S. inflation and rates remain elevated. Credit markets continue to show resilience. Opportunities are emerging across securitized and high yield assets

First quarter 2026 earnings were stronger than expected and we think that there might be continued strength in the second quarter, unless there is a major macro shift.

US equities continue to march higher in 2026 despite geopolitical uncertainties, supported by resilient economic data and strong corporate earnings. Much of the market narrative remains focused on mega-cap technology and artificial intelligence (AI).

The United States has not felt the greatest costs of the Iran conflict, but challenges are becoming visible. Energy prices have risen, with limited prospects for relief. Inflation measures are poised to spread to other product and service categories. Inventories that helped to blunt the impact are depleting; supply chain distortions are accumulating.

With tensions simmering in the Middle East and the global economy feeling the pinch of high energy prices, high-yield bonds might not be on every investor’s radar. In our view, they should be.

David Mann, our Head of Global Exchange-Traded Funds (ETFs) Product and Capital Markets, explains how meatloaf—the dish, not the singer—serves as a perfect example of how his ETF thinking has evolved over the past decade.

ClearBridge Investments: The ongoing energy crisis is pushing global oil inventories, including many critical product inventories, toward all-time lows, and it may be time to position portfolios given the potential for supply shortages to emerge.

What were the key takeaways from last month’s numbers? Our corporate bond specialists look back at the market’s performance and provide incisive commentary to help you make sense of what drove the market—and what may be on the horizon for fixed income investors.

Investing in emerging markets (EM) used to be synonymous with getting exposure to China. It’s an ideal notion, given that it’s the second largest economy and thus commands a heavy weight in standard EM benchmarks. Challenging that narrative today is a changing geopolitical landscape, which continues as U.S. president Donald Trump visits China in a high-stakes meeting between the two economic superpowers.

High-growth technology stocks still dominate the investment landscape, fueled by the promise of AI. But recent signs of a broadening market are revealing that more industries beyond just tech are positioned to benefit. We think large-cap value stocks are well-poised for this shift, especially since AI can be both a disruptive and driving force in today’s dynamic market.

Yields for preferred securities have generally risen more than corporate bond and long-term Treasury yields over the past few months, making them more attractive to investors.

The most attractive conversion opportunities appear when income temporarily drops. Early retirement before Social Security and RMDs begin is the classic window. Sabbaticals, business transition years, the gap after a company sale, years with unusually low K-1 or bonus income. These are all potential openings.

Today, 529 plans offer flexible, tax-advantaged savings beyond traditional college. Recent updates expand their use to K-12 tuition, vocational training and the option to transfer unused funds to a Roth IRA. Our Bill Cass explains the ways to optimize the benefits of 529 savings plans.

It’s likely not a bubble. Earnings are high. Prices are high because they anticipate future high earnings growth. The historical record shows that growth rate is achievable.

GraniteShares and VettaFi are bringing together the experts to demystify autocallable and barrier ETFs: how they generate superior income, how barrier levels protect against the downside, and exactly how they fit into a modern income strategy.

Addressing common 529 Savings Plan concerns and how recent legislative updates have broadened the 529 scope.

Ford Motor Co. has finally hit upon an electric strategy that shouldn’t lose money. The key element is that it doesn’t involve vehicles — not for now, anyway.

April delivered a constructive backdrop for preferred securities, with the ICE BofA Fixed-Rate Preferred Securities Index rebounding 2.23% and bringing YTD returns back into positive territory at 0.8%.

Artificial intelligence (AI) leadership is no longer a developed-market monopoly. Emerging markets (EM) now have their own AI champions, and productivity gains may follow. For bond investors, we expect the implications to differ by country—driven by industry composition, capital intensity, digital infrastructure and speed to adoption.

Many have drawn the comparison between the current AI buildout with the dotcom period in the late 1990s, when the infrastructure for the internet was built. It’s a sensible comparison to make because of the massive amount of capital deployed to commercialize the buildout of revolutionary and life-changing technology.

Royce Investment Partners: Co-CIO Francis Gannon looks at how recent performance may be subtly announcing a turning point in market leadership.

Typically, an investor’s traditional bond portfolio begins with a cornerstone, or core holding of some sort. From either a strategic or tactical perspective, a core fixed income position provides the investor with some ballast to help anchor any other strategies that may be included.

The logic of balanced investing is straightforward: equities drive long-term growth, bonds provide income and ballast when stocks fall, and the combination delivers a smoother ride than either asset alone. For decades, the 60/40 portfolio has been the default framework for good reason – it has worked, often brilliantly, across multiple market cycles.

Our reading is that this is a meaningful positive at the surface — a real-time confirmation that the most pessimistic recession scripts written in March can be set aside — but it is also a print that fails to alter the structural calculus we have been describing all year. The labor market is steady. The trajectory of fiscal policy, monetary credibility, and dollar reserve status is not.

With inflation persistent and rising due to soaring energy prices, it’s not surprising that advisors and fixed income investors are revisiting Treasury Inflation-Protected Securities (TIPS). In fact, data indicate that inflation-linked bonds have been among the most popular fixed income destinations, dating back to 2022.

The ETF landscape is ever changing, and has grown massively since the ETF rule arrived in 2019. It was the game-changer that streamlined the launch process for new funds, thus allowing asset managers to offer new and innovative strategies in the wrapper.

Goldman Sachs Group, Inc. (GS) executives detailed their artificial intelligence strategy for operational efficiency as new data showed the top 100 registered investment advisor firms now manage more than $1.6 trillion in client assets, double what they controlled just two years ago, according to Padi Raphael, global co-head of third party wealth at the firm.