Almost two decades ago, when trillions of dollars in private housing debt proved unsustainable, governments had to step in to prevent the worst financial crisis since the Great Depression from eclipsing it.

Close to 40 years ago, I moved from Canada to the U.S. after acquiring a controlling interest in U.S. Global Investors. I’ve built my entire life and career here, and in all that time, I’ve never stopped marveling at my adopted country.

In our view, this divergence continues to reflect how the buildout of artificial intelligence (AI) is influencing both the economy and markets as it progresses across the value chain, even as the associated costs continue to climb.

The dollar is wrapping up one of its best months in a year as a raft of Wall Street banks see a turnaround of fortunes for the US currency.

As the market continues to broaden in 2026, a balanced approach matters more than ever.

On Monday, President Donald Trump announced that the U.S. and Iran have reached a peace deal to reopen the Strait of Hormuz, the 21-mile chokepoint through which roughly 20% of the world’s oil supply normally flows.

A massive advisor retirement wave is reshaping wealth management. Discover how $2.5 trillion in assets may fuel industry transformation.

This is the underlying question in several books and articles that have been published recently, most notably Kenneth Rogoff’s “Our Dollar, Your Problem,” and Barry Eichengreen’s “Money Beyond Borders: Global Currencies from Croesus to Crypto” — the latter of which is the subject of this review.

VettaFi’s core mission is to provide the index and distribution solutions that help asset managers build, grow, and navigate the markets with precision. Last week we took a massive, transformational step forward. TMX VettaFi signed a definitive agreement to acquire RAFI Indices from Research Affiliates, the undisputed pioneer of fundamental indexing and smart beta strategies.

LPL Research analyzes bond markets as yields rise, exploring Fed policy expectations, inflation trends, and whether bad news is already priced into Treasuries.

The world is not ending. It is restructuring. But restructuring, as I noted at the outset, comes with an asterisk. What is really happening is a replacement, of assumptions, of guarantees, of the architecture that held everything together for eighty years.

AI is a transformative technology with both near-term and long-term implications for the economy. For investors, while the debt-funded AI buildout has the potential to become a secular driver of risk premia, we believe any such shift would only play out through a multi-year adjustment and would not override the cyclical forces that affect markets.

The essential feature of a useful alternative asset isn’t that it’s unusual or exotic, but that its returns aren’t tightly linked to the risks that already dominate the portfolio. The value of an alternative asset comes from the way it interacts with the other assets in the portfolio.

The dollar is supposed to be dying. We’ve heard that argument for the better part of a decade, and it’s getting louder, not quieter. Dollar dominance isn’t fading. In fact, the events of late April 2026 just delivered the loudest counter-signal in years.

What is unusual about today, and I mean genuinely unusual, historically unusual, is that the people building the equivalent of Newcomen's engine today know exactly (or think they do) what they are building. They are not just pumping water. They “know” the vast potential.

After three decades of watching market cycles play out from both sides of the trade, I’ve come to a simple conclusion: Wall Street’s love of simple rules is one of the most dangerous aspects of investing.

Almost two-thirds of fund managers permit some level of “nuclear exposure,” with 34% allowing investments in nuclear weaponry, according to Jefferies Financial Group Inc.’s fourth-annual ESG and defense survey.

Despite these higher costs, a projected 45 million Americans are expected to travel at least 50 miles from home this weekend, setting a new record. Close to 40 million will drive while some 3.7 million will fly.

As more individuals turn to non-traditional financial advice — offered through social media, artificial intelligence, or other online services and platforms — advisors will be tasked with fostering a greater sense of trust with the public.

Since the post-COVID recovery began, U.S. nonfinancial corporations have generally managed capital conservatively. They have kept credit metrics stable and, in many cases, actively improved them. That discipline was not entirely voluntary: The sharp adjustment in funding costs triggered by the Federal Reserve’s 2022–2023 rate hiking cycle raised the bar for incremental borrowing and pushed management teams toward balance sheet restraint.

I have often written about one of the few indicators in economics that has earned its reputation over the years, and for good reason. It has preceded virtually every US recession since World War II. I’m talking about the inverted yield curve.

The artificial intelligence (AI) evolution moves at breakneck speed. While generative AI is still a significant part of the underlying investment thesis, physical AI is rapidly accruing momentum.

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.

Scalable personalization means saving time while not sacrificing the “secret sauce” that is unique to your practice. Time savings can come from scaling portfolio construction via model portfolios or direct indexing, adding tools or talent to complement strengths, and using technology like AI.

Wall Street banks are getting ready to raise billions of dollars taking data center companies public, even after IPO investors have already piled into anything that looks like a bet on artificial intelligence spending.

S&P 500 first quarter 2026 earnings are tracking at nearly 28% year-over-year, with rising profit margins suggesting the strong run could persist.

What a week this was! On Tuesday, I participated on a panel at the Bitcoin Conference in Las Vegas, where I discussed why Bitcoin miners have a head start in the race for AI compute.

The poor sentiment toward private credit funds has dragged down many high-quality BDCs, as well as weaker ones. The chaos and bad press surrounding private credit funds are not reasons to avoid BDCs. In fact, we think it’s a reason to consider them.

April saw a strong rally, which fully reversed the stock market’s losses in March. US markets set new all-time highs, and European stocks came within whispering distance of their all-time highs as well.

Shell (SHELL NA) announced last week that they are acquiring ARC Resources (ARX CN). Arc Resources is a gas business in the Montney Region of Canada and is a name that the investors of Smead Capital Management are fairly familiar with.

In today’s market, income investors remain firmly focused on one objective: yield. With traditional sources of income still under pressure, demand for high-income ETFs continues to grow — especially those capable of delivering consistent monthly payouts.

Treasury Inflation-Protected Securities, or TIPS, can help buffer a portfolio against inflation. However, it's important to understand their unique characteristics and complex nature.

Here’s where I want to start, because this is the point that almost every government debt analysis, including the article we’re responding to, completely ignores. Government debt doesn’t disappear into a void. By definition, if the Government borrows capital from someone, that capital must flow somewhere.

European stocks started the year much stronger than their US peers but the tantalizing prospect of the euro area clawing back some of its persistent gap in earnings growth, and the higher company valuations that come with it, looks to have slipped through its grasp again.

Every prospect is different. They have different interests, different decision timelines, and different levels of engagement. Treating them all the same because your CRM can't segment effectively is leaving money on the table.

The BLS jobs report has become so distorted that it often tells us almost nothing reliable about the actual state of employment. I realize that is a serious claim, but let me back it up with the data. I want to show you what I believe is a simpler, more honest alternative.

Despite a confluence of economic shocks in the first quarter, markets have held up remarkably well, but cracks appear to be forming beneath the surface.

The US dollar's obituary has been written many times—with increasing frequency over the past year. Each time we get a fresh round of analyses declaring that de-dollarization is accelerating, the world is reorganizing its financial architecture around alternatives and the greenback's reign is drawing to a close.

Outside of energy commodities, capital markets posted a downbeat March as cross-asset volatility spiked in response to the outbreak of hostilities in the Mideast, and kicked off April in similar, choppy fashion before posting a swift bounce following last Wednesday’s two-week ceasefire agreement.

Rapid development of AI technology poses a direct threat to the SaaS sector, but the risks are not necessarily terminal or universal and vary based on time horizon.

The gap between what advisors are doing and what's now possible in tax-aware portfolio management has never been wider. The tools have outpaced the practice. Here's where I see advisors falling short, and what to do about it.

Saving for education can feel like a race against rising tuition costs, but 529 college savings plans offer families a powerful way to stay ahead.

The general field called “credit” has seen massive innovation over the course of my career. An Oaktree colleague asked me about the developments that brought the credit sector to where it is today. I came up with the following list.

The idea that this would be enough for “new UMG” to almost double the current one’s valuation doesn’t add up at a time when artificial intelligence is creating doubts about the industry’s future. And it’s unlikely on its own to tempt dominant shareholders such as French tycoon Vincent Bollore. The proverbial fat lady has yet to sing.

Global bonds surged Wednesday on news that the US and Iran had agreed to a ceasefire, pausing a war that roiled markets for weeks by delivering the worst oil shock in years.

I have written for years that oil prices act like a tax on the economy, both in the US and globally. It is actually simply the price paid, but the effect on the economy is similar to a tax. If the price goes up, it takes more money from individual consumers that would otherwise be saved or spent somewhere else. Just like taxes.

The fiat currency collapse narrative is one of the most emotionally satisfying arguments in all of financial punditry. It feels intellectually rigorous, draws on genuine history, and speaks to deep and legitimate anxieties about government overreach, monetary recklessness, and the long-term consequences of unlimited debt creation.

Get ready each week with high-conviction insights that go beyond media headlines.

For investors, understanding the full anatomy of fixed income is critical, not only to capture attractive risk-adjusted returns in today’s environment but also to appreciate its indispensable role in powering economic growth and financial stability.

The war in Iran may be showing few signs of easing, but Wall Street strategists are encouraging investors to start buying stocks again.