With market uncertainty abound in today's macro and geopolitical climate, Berkshire Hathaway hasn't been immune to the volatility.
The recent sell-off has certainly sparked concerns with investors but the NYSE advance-decline line is an important technical measure to watch. However, what is it, and why does it matter?
Recent economic data has been all over the map. Consumer confidence sank this month to the lowest level since November 2022, yet the labor market remains strong, with historically low unemployment and rising wages.
One thing we have seen underscored in 2025 is that the bond market can change its mind very quickly, particularly as it relates to policy emanating from Washington, D.C. Following President Trump’s election win, the dominant theme in the U.S. Treasury (UST) arena was that his Administration’s policies would lead to higher budget deficits, increasing UST supply and, ultimately, higher rates for maturities like the 10-Year yield.
News headlines this week have been dominated by recession fears in the U.S., with the S&P 500 and the Magnificent 7 shedding value. Yet, amid this rising uncertainty, a positive story is emerging—the performance of European markets.
News related to tariffs, DOGE, geopolitical unrest, NVIDIA earnings, and more significantly impacted U.S. stock markets recently, with the S&P 500 retreating over 2.5% during the second half of February. There are signs that meaningful structural shifts are taking place in the market.
In today’s rapidly evolving financial landscape, advisors are expected to be more than just portfolio managers. Clients don’t just want investment recommendations—they seek a trusted partner who understands their financial needs, offers strategic guidance and provides peace of mind during turbulent times.
The Liberal Party of Canada has wrapped up its leadership race, with Mark Carney winning by an overwhelming margin.
Warmer weather means that many animals come out of hibernation. Unfortunately for investors, market bears have also awakened from their slumber.
US stocks gained after a volatile session as dip buyers emerged after a cooler-than-forecast February inflation report.
After a search for a new chief executive officer that lasted more than three months, Intel Corp. has decided Lip-Bu Tan is the best choice to salvage the company’s future. He’ll take up the most difficult job in the chip business, Bloomberg News reported on Wednesday evening.
The risk of a recession in the U.S. is not zero. This is particularly true as the current Administration tackles Government bloat and implements tariffs. However, before we discuss why the risk of a recession could increase, it is crucial to remember the 2022 experience.
Though mergers and acquisitions were expected to roar back in 2025 thanks to the new administration, uncertainty around Washington policy appears to be holding back new deals.
It is true that tariffs are a tax. It is also true that tariff policies have been volatile…on and off again…different carve outs…different countries…phone calls that change things. All of this clearly has an impact on the market. So, we are not surprised to see stock market volatility.
The U.S. has poured more than $120 billion into Ukraine since its war with Russia began three years ago, but with a new administration in Washington, that support is grinding to a halt.
Cambria Investments CIO and founder Meb Faber explores David Swensen’s legendary investment strategy at Yale’s endowment, comparing its long-term performance to traditional portfolios and examining whether individual investors can replicate its success.
One month into President Donald Trump’s new term, financial markets are adjusting to a rapidly shifting economic and policy environment. Investors are watching closely as tariffs, interest rate expectations and regulatory changes take center stage.
The municipal bond tax exemption is back in focus. We believe the threat to infrastructure investment outweighs the modest revenue benefits, which could keep the risk of elimination or significant curtailment low.
Ever since interest rates got up off the floor in 2022, there’s been increased interest in credit, and that’s why I’m devoting this memo to it. It’ll come a little closer than usual to “talking my book,” but I think the subject justifies that.
One of the most referenced valuation measures is Dr. Robert Shiller’s Cyclically Adjusted Price-Earnings Ratio, known as CAPE.
Unlike most of the rest of the world, I will attempt to minimize all there is to say about the beginning of the next 4 years, as the persistent yack and what to make of it reverberates in all corners of the financial globe.
Just recently, S&P Global released its 2026 earnings estimates, which, for lack of a better word, have gone parabolic. Such should not be surprising given the ongoing exuberance on Wall Street. Unsurprisingly, rationalizations justify illogic when too much money is chasing too few assets.
We understand that in the business world the word ‘monetization’ of a service a company provides has become one of the most important words as, if successful, this monetization increases the valuation of that company’s stock price.
Today we are going to revisit that matrix updated through 2024. We will see what we got right and wrong, what further inferences we can now make and why I think it confirms my general shift in market strategy over the past few years.
For more than half a century, Warren Buffett has penned annual letters that chronicled economic and market shifts while underscoring Berkshire Hathaway's steady philosophy yet ever-evolving outlooks. With Buffett's 2024 letter freshly published, we take this opportunity to contrast his latest views with the remarkable continuity of his investment philosophy.
More than a century ago, then-Representative William McKinley pursued an aggressive tariff strategy that sought to protect American industry and reduce reliance on foreign imports. The McKinley Tariff Act of 1890 raised import duties to an average of 50%, one of the highest levels in U.S. history.
Should you avoid lower-rated, riskier investments like high-yield corporate bonds or bank loans? Not necessarily, but you should understand the risks.
The economy can grow through policy changes.
Are European equities poised for a sustained recovery relative to U.S. equities? We outline five reasons why, as long-term investors, we continue to favor U.S. equities over European equities.
A crowded trade is defined as a position characterized by a high concentration of institutional investors relative to the underlying liquidity.
Retail investors are expected to become more bullish about increasing equity exposure when markets rise.
This week has been both intense and inspiring as I attended the YPO Edge event in Barcelona, Spain. I had the privilege of experiencing numerous thought-provoking presentations, from the transformative impact of AI and disruptive technologies on businesses, to the vital role of health and wellbeing in fostering a learning-driven workforce.
Taxable municipal bonds may be an attractive option for investors in lower tax brackets, but there are things investors should know before making a decision.
The Buffett Indicator, also known as Market Capitalization to GDP Ratio, is a long-term valuation indicator for stocks that has become popular in recent years, thanks to Warren Buffett. Back in 2001, he remarked in a Fortune Magazine interview that "it is probably the best single measure of where valuations stand at any given moment." It is a measure of the total market value of all publicly-traded stocks in a country divided by the country's GDP and can be used as a way to assess whether the country's stock market is undervalued, fair valued, or overvalued.
Stocks bounced back after tariffs on imports from Mexico and Canada were delayed, but tariff issues are not yet solved and still hold the potential to drive market volatility.
How will potential trends in inflation, the US dollar and supply deficits across many raw material markets affect the environment for investing in commodities?
The article introduces CC CAPE, a modified version of Shiller CAPE, which corrects index biases for improved forecasting. While both measure market valuations for long-term return forecasting, the CAPE Spread helps gauge sentiment for medium-term predictions.
Tariff policies have been announced and then subsequently rescinded or delayed–but not yet resolved. They may still hold the potential for market volatility.
Tariff threats offer a glimpse of what is in store.
Markets, as many of you are aware, don’t like uncertainty. And right now, there’s a lot of uncertainty surrounding U.S. trade policy.
Treasury Secretary Scott Bessent said the Trump administration’s focus with regard to bringing down borrowing costs is 10-year Treasury yields, rather than the Federal Reserve’s benchmark short-term interest rate.
The equity market appears to be showing signs of broadening beyond technology.
After the trade war’s opening salvoes, tensions seem set to last for some time.
A surprise is a completely unexpected outcome. By definition, a surprise is improbable, and its occurrence is rare. It seems strange then to try to predict three of them every year.
The artificial intelligence (AI) revolution is moving at lightning speed, and one of the biggest stories this past week underscores just how critical the technology has become—not just for Silicon Valley, but for America’s national security and global competitiveness.
Looking back to 2024, global equity markets remained resilient despite a challenging final few weeks. U.S. equities led both annually and quarterly, buoyed by robust corporate earnings, supportive fiscal policies and market optimism following the Republicans’ red sweep in November.
Buried in a rote US Treasury survey released on the eve of the latest holiday weekend was a question that all of Wall Street wants the answer to: What’s the Federal Reserve’s plan once it’s done drawing down its crisis-era bond holdings?
Close scrutiny of the investment landscape reveals there is precious little room for the Trump administration to improve conditions for stocks. There is also room for current narratives to fall a long way.
Markets have responded with gusto since November’s presidential election, especially in a few key—and perhaps expected—industries. The biggest winner so far is the automobile industry...
For stocks, Christmas came with a 'Santa Clause' rally soon after the election. Since then, there's been a correction in US markets.
