The lack of diversification benefits of government bonds in 2022 was painful for multi-asset investors. The sell-off in US Treasuries in particular was sharp, and we saw correlations versus stocks move well into positive territory.

The stakes are high, and it appears likely that our deeply divided government is headed for another debt-ceiling showdown. Divided governments have typically been good for the markets; however, they often spell trouble when it comes to negotiating fiscal matters.

With higher bond yields, it is instructive to understand what drives interest rates in cash sweeps.

Sustainable investing continues to gain in popularity, with investors worldwide frequently attracted not only by ethical concerns but also by the lure of superior returns. Unfortunately, new research focused on global stocks showed that they did not get what they were sold.

I get many inquiries from bond investors on whether they should buy bills, notes, or bonds based solely on expected Fed policy.

If I did not have bad luck, I would have no luck at all.

Worries about the health of the overall banking system have led to a drawdown in deposits, with investors yanking nearly $100 billion in deposits from U.S. banks during the week that ended March 15. What’s more, there are fears that the stresses in the banking sector could be the start of the next financial crisis.

Stocks built on overnight gains and Treasury yields inched lower following today's relatively benign February PCE inflation data.

The benchmark S&P 500 Index is wrapping up its second straight quarterly gain, rising 5.50% through Thursday and adding to the 7.08% surge in the final three months of 2022.

The investment landscape is pockmarked by intractable statistics that continue to impose strategic and psychological barriers to the short term potential of portfolio alpha.

In the face of high and persistent inflation, recession risks, and now a looming insolvency crisis in the financial sector, central banks like the US Federal Reserve are facing a trilemma.

There are many marketing initiatives you can implement on your own that that will likely work. Here are some suggestions.

A study, reported in the Harvard Business Review, claimed that likability was not important to the sales process.

Predicting spot exchanges is tricky, but there are still ways of adding value in currency markets, including through a disciplined approach we call currency factor investing.

The Federal Reserve raised short-term interest rates by another quarter point on Wednesday.

The economic signals and a host of geopolitical risks confronting investors suggest that 2023 could be as challenging as 20022 for both stocks and bonds.

Review the latest Weekly Headings by CIO Larry Adam.

I am drained having my colleagues and team members come to me with problems because of their frustration with my company.

Explore the power of factor investing and learn how to turn volatility into opportunity in 2023.

CIO Larry Adam outlines the positive events that are outweighing negative developments and looks at dynamics to focus on in the week ahead.

Portfolio Manager Andy Acker explains why the healthcare sector could offer an attractive combination of defense and growth in today’s market.

My “five-step investment process” provides an ongoing systematic framework for making portfolio decisions, and further incorporating financial planning and tax considerations into overall portfolio construction.

The extreme “tail” risk ahead may be disorienting.

Investors are zeroing in on key parts of the market for short-term dollar borrowing to determine if and how signs of systemic stress might be emerging after the biggest US bank collapse in over a decade.

My research confirms what academic theory predicts: There has been no historical alpha among dividend-paying stocks, including those with a history of increasing dividends. Investors are better served by “tilting” allocations to factors that have historically outperformed (e.g., value).

If a picture is worth a thousand words, this will be the “longest” letter I’ve sent you in a while, as there are quite a few pictures. It may also be the most wide-ranging.

We believe municipal bonds boast several key factors that position them as an attractive asset class in general, but especially so when markets are volatile.

Soft landing or hard landing? Recession or no recession? In my mind, there is no question more important.

I’m writing to ask why the advisory profession isn’t set up to provide more human-oriented support to advisors who are trying to transition.

I will explain what ChatGPT is beyond the headlines, and its capabilities and limitations. I will then share a use case in wealth management and explore whether it will replace human financial advisors.

Junior debt issued by banks is normally one of the riskiest types of fixed-income in the US and Europe. It’s typically not backed by collateral and in the event of a crisis it only gets paid back after other bonds.

Machine learning shows great promise for empirical asset pricing and has the potential to improve our understanding of expected asset returns.

Any of the variable spending strategies I analyzed will reduce sequence risk in retirement and allow for greater initial spending rates, potentially greater average spending amounts, and a generally more efficient spenddown of assets than the baseline constant inflation-adjusted spending rule.

We just finished up our annual report on the $20 billion club, and we've concluded that 2022 was a weird year for pension plans.

Medical Properties Trust’s dividend at the 2022 rate of $1.16 is safe even if Prospect, its third-largest operator, does not pay a single cent in 2023.

Maybe UFOs are carrying wealthy aliens wanting to buy a lot of stuff and boost our economy. More likely, those forecasting a no landing have a false sense of optimism that the economy will continue to be resilient.

This commentary reflects on the silver linings of the higher interest rate environment as well as explores the possible winners and losers under this new regime.

Being flexible with spending matters. My analysis shows that variable spending strategies – including floor-and-ceiling, guardrail, actuarial and other methods – can dramatically increase sustainable retirement spending.

Low-volatility strategies are often cited as an anomaly offering higher returns without a corresponding increase in risk. But the so-called low-volatility factor is well explained by other factors, and new research shows it does not reduce exposure to “systemic,” broad-economic risks.

There’s something of a ritual performed each time Federal Reserve Chair Jerome Powell speaks to the press: A reporter asks Powell about financial conditions; he says they’ve tightened a lot; the Wall Street crowd snickers.

Research from Vanguard suggests that investing in commodities is the most powerful way to hedge against unexpected inflation.

I have no idea how AI will impact the advisory profession. However, I’m confident it will fundamentally change almost every aspect of what you do and how you do it.

US household debt soared by the biggest amount in two decades in the fourth quarter, with younger borrowers in particular struggling to make loan payments amid high inflation and interest rates.

Gold is nearing its strongest buy signal in four months as the U.S. dollar eases off a rally that’s carried the greenback to its highest point since early January.

Some commentators have argued that today’s market environment—characterized by rising rates and economic growth concerns—is a ripe environment for stock pickers.

U.S. inflation may not be moderating as quickly as many were expecting.

Tony Muhlenkamp provides examples to support the maxim by Ron Muhlenkamp that “Just because everybody knows something doesn’t make it true.”

History tells us it's a matter of when and not if tighter monetary will send the economy into a recession.

Mexico is downstream of shifting trade winds.

ETF Prime Host Nate Geraci is joined by VettaFi’s Dave Nadig and VanEck’s Jan van Eck to explore concerns around the growing concentration of corporate voting power among several large fund companies. Newfound Research’s Corey Hoffstein spotlights the Return Stacked Bonds & Managed Futures ETF (RSBT).