Emerging markets offer the potential for long-term diversified investment returns but they can endure challenging periods of volatility and uncertainty. Head of Portfolio Strategy David Dali maps out the issues to consider when constructing and managing a portfolio for emerging markets.
It’s been a rough start to the year for US equity investors. Yet the volatility hasn’t been too far out of the ordinary in historical context.
Quantitative easing has created serious inflation threats. The only way out is to increase tax receipts and reduce government spending, neither of which is in the Fed’s purview. Otherwise, serious inflation lies ahead, regardless of Fed actions.
For years now, way before artificial intelligence became the hot new thing on Wall Street, Daniel Mahr has been making money on stocks, courtesy of his machine-learning model.
Despite NVIDIA’s stock flashing a bearish “death cross”—its 50-day moving average slipped below the 200-day moving average for the first time since January 2023—the energy at the conference was electrifying. Every major industry was represented, from health care to defense, signaling that artificial intelligence (AI) is expanding at a white-knuckle clip.
Despite recent pullbacks, history shows that periods of market fear often present opportunities, as seen with Amazon, Apple and Nvidia in past downturns.
Nvidia Corp. aims to spend several hundred billion dollars to procure US-made chips and electronics over the next four years, the Financial Times reported.
In this week’s edition, we shift our focus to another critical segment of the ABS market: those tied to consumer loans, such as credit cards and auto loans.
Microsoft Corp., the biggest backer of Sam Altman’s OpenAI, and BlackRock Inc., which has an executive on the artificial intelligence startup’s board, are joining forces with one of its chief rivals.
Cathie Wood’s Ark Investment Management LLC is cutting its stake in Meta Platforms Inc. for the first time in around a year, the latest sign of a downturn in fortunes for big US tech stocks.
Two Sessions, or Lianghui, is the popular name for the annual meeting of China’s top legislative and consultative bodies. These gatherings are closely watched by overseas observers as they provide key insight into China’s political landscape, economic priorities and overall policy direction.
One of the textbook drivers of alpha is an information edge. Having more information, advanced ways to use that information, and the ability to react to it before anyone else has been a massive advantage throughout the history of markets.
Google parent Alphabet Inc. agreed to acquire cybersecurity firm Wiz Inc. for $32 billion in cash, reaching a deal less than a year after initial negotiations fell apart because the cloud-computing startup wanted to stay independent.
The wealth industry could be headed into an era of accelerated innovation, as advisory firms shift from zero to full speed ahead with artificial intelligence.
This morning’s retail sales report is a bit of relief. The economy, as of the end February, is not in free fall as the control group increase of 1.0% offset the same decline in January. Nevertheless, the underlying concerns that emerged over the last few days cannot be ignored.
Gen Z is right to have negative feelings about the economy. Not only were its oldest members entering the workforce as the pandemic struck, but those in their early to mid-20s are also now bearing the brunt of a labor market that’s largely been frozen in place for the past two years.
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.
During the onset of the COVID crisis, I made a note to myself to write an update in five years to discuss what happened to the markets since that trying period of time. This week, I received a task alert in Salesforce reminding me to write that update.
March came in like a lion, much to the bears’ delight. The S&P 500® plunged from its February 19 high on the heels of stern tariff talk and phrases like “a little bit of an adjustment period” from President Trump and the economy entering a “detox period,” as Treasury Secretary Bessent said last week.
There have been few winning strategies to seek refuge in as the stock rout sparked by President Donald Trump’s start-stop tariff war drags on for a third week.
Recent US stock weakness may be related to a downturn in US economic data and headline shocks related to tariffs.
On the latest Road to Exchange, VettaFi’s Roxanna Islam interviewed author and Bread founder Kyla Scanlon. Scanlon is most known for her work as an influencer and her widely praised book, “In This Economy?,” Scanlon, who dissects and comments on markets in a unique way, will be speaking at the Exchange conference.
As we wade into March, market volatility is at the forefront, leaving investors grappling with uncertainty surrounding tariffs and mixed economic signals. Though the S&P 500 experienced a bounce towards February's end, it slipped 1% overall, revealing lingering challenges for iconic tech stocks and the broader equity landscape.
Economic growth, earnings performance, and rising fiscal spending coupled with "America First" policies are driving international stock markets.
Global investment themes are shifting toward infrastructure, cybersecurity and energy expansion as demand outpaces supply in key sectors.
The EV shakeout is underway. When the dust settles, only a few players will remain. Many more will be relegated to the scrapyard of failed ambitions.
Precidian’s Stuart Thomas spotlights the firm’s innovative ADRhedged ETFs and explains the rationale for removing currency exposure. VettaFi’s Kirsten Chang discusses several recent ETF launches, including offerings from State Street, VistaShares, Quantify Funds, and Roundhill.
Apple Inc. is preparing one of the most dramatic software overhauls in the company’s history, aiming to transform the interface of the iPhone, iPad and Mac for a new generation of users.
At the start of the year, our Investment Strategy Committee outlook was positive for both the economy and the equity market, supported by strong consumer, labor market, and corporate fundamentals.
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 PPA has made a mistake in designating an MA as a QDIA. Perhaps the drafters of the PPA were thinking about accounts that are actually managed, but those participants do not default, so that flavor of MA is not a QDIA, and is typically reserved for executives of the sponsoring firm.
I will again join forces with Ed Easterling of Crestmont Research to explore this data more deeply. Currently we have several powerful trends that have combined to create a nirvana-like market.
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.
Sanjay Malhotra, the new Reserve Bank of India governor, is right to unwind some of his predecessor’s hawkish controls on a runaway consumer-credit boom. There was a time to throw sand in the wheels of commerce.
Will artificial intelligence take my job? This question is really starting to preoccupy me and millions of other white-collar workers. There’s even a word for it — FOBO, or fear of becoming obsolete — and, regrettably, our apprehension isn’t entirely unfounded.
The Nasdaq 100 Index sank into a correction on Friday, as investors continue to sour on the megacap technology stocks that led the stock market rally over the past two years.
Broadcom Inc. shares jumped after the chip supplier for Apple Inc. and other big tech companies gave an upbeat forecast, reassuring investors that spending on artificial intelligence computing remains healthy.
Q4 company earnings offered a lot to cheer at the start of the year, even as U.S. stocks contended with bouts of volatility.
Volatility is back in town. Tariff jitters and concerns about growth and inflation have resulted in an S&P 500® dip and the Cboe Volatility Index (VIX) jumping above 20. Investors grapple with a very sanguine backdrop painted by the fourth-quarter earnings season and policy uncertainty.
The "2025+ Outlook Report" offers an analysis of how robotics, AI, and healthcare technology are converging to reshape industries globally.
Though the new US policy focus is on oil and gas, wider opportunities still beckon.
As daily headlines drive volatility, the market has avoided overreacting thus far.
Understanding copyright compliance rules can help you protect your business and confidently share content that aligns with both legal and ethical standards. Let’s clear up some common myths to keep your financial marketing on the right track.
The notion of a US recession seemed remote just a few months ago, a mere blip on the radar of economic possibilities. More recently, however, that picture has started to change.
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.
In this primer we define small cap growth funds, provide practical suggestions on how to invest in them, and explain why we believe they are a strategically important asset class.
February’s market turbulence saw investors pivot toward defensive strategies as policy uncertainty intensified, driving a broad market rotation from mega-cap tech stocks to bonds, gold, and international equities.
We detail some key factors driving the recent market volatility and provide our perspective on how we believe these events may unfold and impact the economy and financial markets.
Heightened economic uncertainty—propelled mainly by trade policy—has unearthed weakness in the equity market, with most pain felt under the market's surface.
Many major stocks connected to artificial intelligence have lost their luster of late, but perhaps none more so than Microsoft Corp.
The Chinese artificial intelligence startup that rocked global markets earlier this year with its low-cost and high-performance AI models has outlined a potential path to major profitability.
We wrote in last month's letter that the U.S. stock market had to meet lofty earnings expectations to maintain its strong performance relative to global benchmarks, while the latter had a lower bar because of considerably cheaper valuation multiples and higher dividend yields.
It’s not U.S. tariffs we need to be fixated on to gauge China’s economic growth trajectory but the ability of its leadership to rebuild confidence among entrepreneurs and consumers.
The AI breakthrough spotlights some of China’s distinctive features that deserve closer attention from investors.
On this episode of the “ETF of the Week” podcast, VettaFi’s head of research, Todd Rosenbluth, discussed the CoinShares Valkyrie Bitcoin Miners ETF (WGMI) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
The central question we want to address in this note is how to quantify how “price sensitive” insurance buyers should be, and in the context of insurance, what is the “price” they should be sensitive to?
The future is impossible to predict, but looking at the patterns around price/earnings ratios can provide some insight about what one might expect.
There’s an old Wall Street saying that “the stock market is not the economy.” That’s usually true. But, in this economic cycle, stock market gains have become an increasingly important driver of consumer spending, helping to fuel growth as other areas of the economy cool.
President Xi Jinping heads into China’s biggest political huddle of the year with his economy finally getting back some swagger. Donald Trump’s rising tariffs will test Beijing’s ability to sustain that momentum.
For some time now, there have been plenty of reasons to worry about Big Tech stocks. Stretched valuations after a big run up, heavy spending on artificial intelligence and lofty expectations for future growth. For months, though, none of it seemed to matter.
Taiwan Semiconductor Manufacturing Co. plans to invest $100 billion in chips plants in the US over the next four years, a move President Donald Trump is set to announce at the White House later Monday, according to a person familiar with the matter.
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.
With major US policy change unfolding, flexibility across and within asset classes will be critical.
Portfolio Manager Andrew Mattock, CFA, explains the importance of assessing U.S. tariffs as a component among external variables that can influence, rather than drive, investment returns.
U.S. equity investors face an interesting allocation question in 2025: Why buy anything other than the S&P 500?
Tencent Holdings Ltd. became the latest tech company to unveil or enhance an AI model intended to eclipse DeepSeek, joining a spate of rollouts since the startup’s emergence energized the US-China technology race.
AI drug developer Recursion Pharmaceuticals Inc. is considering an Amazon Prime-style subscription model for selling its pipeline of medicines.
The perfect pairing for your U.S. large-cap portfolio?
Artificial intelligence is pushing humanity toward a more efficient future, but like any world-changing technology will eventually crash and hurt investors, according to longtime Wall Street doomsayer Jeremy Grantham.
President Donald Trump would like to offer migrants who want to work in the US a “gold card,” akin to a green card, with one significant difference: the price tag.
An aggressive U.S. tariff regime will come down hard on major economies.
The fourth quarter 2024 earnings season more-or-less wraps up this week with the final trickle of retailers coming in, as well as the highly anticipated report from Nvidia which was out yesterday afternoon.
Measuring the effectiveness of ESG-labeled bonds can be a challenge, particularly with “outcome bonds,” which have specific environmental or social goals but lack standardized assessment criteria.
The last time we heard from Amazon.com Inc. Chief Executive Officer Andy Jassy, he was breaking it to investors that his company was forecasting $100 billion in capital expenditures this year — the largest outlay of the tech giants in the pursuit of artificial intelligence.
Investors hoping that Nvidia Corp.’s earnings would rejuvenate the artificial intelligence trade didn’t exactly get the report they wanted.
Nvidia Corp., the chipmaker at the center of an AI spending boom, delivered good-but-not-great quarterly numbers on Wednesday, drawing a muted response from investors accustomed to blowout results.
A diversified investment strategy that seeks to juice returns through leverage is finding new love among big money managers — more than a decade after it blew up during the 2008 financial crisis.
Nvidia, the biggest AI chip firm, reports Wednesday with investors watching sales of Nvidia's newest chips and worried about cheaper competition from systems like DeepSeek.
The U.S. economy remains structurally productive. American Economic Exceptionalism is powered by innovation and labor flexibility.
Nvidia Corp.’s earnings are set to dictate whether artificial intelligence can regain its status as the key driver behind Wall Street gains — or trigger more weakness after the Magnificent Seven group of technology stocks fell into correction territory.
Healthcare stocks were hurt by volatility from factors that include policy-related uncertainty, which hasn’t faded since the US election.
Dean LeBaron’s name may not be familiar to many readers, especially those who only began their careers in the 21st century. But all of us should know who he is. Before there was even a term for it, Dean was the first truly successful quant.
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.
Donald Trump’s administration is sketching out tougher versions of US semiconductor curbs and pressuring key allies to escalate their restrictions on China’s chip industry, an early indication the new US president plans to expand efforts that began under Joe Biden to limit Beijing’s technological prowess.
A strong conviction trade is being shaken. As international stocks are outperforming this year, global investors are asking if their faith in US exceptionalism has gone too far.
Equities were continuing to grind higher until Friday’s selloff, as the market got caught up in weaker economic data and potential tariff changes, which could shake up earnings expectations and global trade flows.
In the second half of 2024 the risk premia associated with inflation releases declined relative to labor market data as the Fed shifted focus toward labor market and away from inflation risk. With elevated S&P 500 Index concentration and the market leadership of the artificial intelligence (AI) theme, some single company earnings (NVIDIA) have been rising risk events for the entire index.
Earnings season is winding down, and the spotlight will soon shift toward 2025 trends after an impressive end to last year.
In a market as broad, opaque and inefficient as the municipal bond market, in which compliance oversight and efficiency are paramount, these initial efficiency gains are just the tip of what may prove to be a transformative technology iceberg.
Alibaba Group Holding Ltd. pledged to invest more than 380 billion yuan ($53 billion) on AI infrastructure such as data centers over the next three years, a major commitment that underscores the e-commerce pioneer’s ambitions of becoming a leader in artificial intelligence.
Artificial Intelligence
The Investment Portfolio Approach
Emerging markets offer the potential for long-term diversified investment returns but they can endure challenging periods of volatility and uncertainty. Head of Portfolio Strategy David Dali maps out the issues to consider when constructing and managing a portfolio for emerging markets.
US Equities: Perspectives on Recent Volatility
It’s been a rough start to the year for US equity investors. Yet the volatility hasn’t been too far out of the ordinary in historical context.
The Catch-22 in the Fed’s Interest Rate Decision
Quantitative easing has created serious inflation threats. The only way out is to increase tax receipts and reduce government spending, neither of which is in the Fed’s purview. Otherwise, serious inflation lies ahead, regardless of Fed actions.
AI Model Driving Top-Ranked Fund Flashes a Warning on AI Stocks
For years now, way before artificial intelligence became the hot new thing on Wall Street, Daniel Mahr has been making money on stocks, courtesy of his machine-learning model.
AI Agents Are the Next Big Thing, Says NVIDIA’s Jensen Huang
Despite NVIDIA’s stock flashing a bearish “death cross”—its 50-day moving average slipped below the 200-day moving average for the first time since January 2023—the energy at the conference was electrifying. Every major industry was represented, from health care to defense, signaling that artificial intelligence (AI) is expanding at a white-knuckle clip.
Big Tech's Market Reset: Why This Pullback is Different
Despite recent pullbacks, history shows that periods of market fear often present opportunities, as seen with Amazon, Apple and Nvidia in past downturns.
Nvidia Plans Massive Outlay on US-Made Electronics, FT Says
Nvidia Corp. aims to spend several hundred billion dollars to procure US-made chips and electronics over the next four years, the Financial Times reported.
Peering Under the Hood of Auto and Credit Card ABS: Insights into US Consumer Resilience
In this week’s edition, we shift our focus to another critical segment of the ABS market: those tied to consumer loans, such as credit cards and auto loans.
Musk’s xAI Startup Joins Microsoft-BlackRock $30 Billion AI Fund
Microsoft Corp., the biggest backer of Sam Altman’s OpenAI, and BlackRock Inc., which has an executive on the artificial intelligence startup’s board, are joining forces with one of its chief rivals.
Cathie Wood Sells Meta Shares for First Time in Nearly a Year
Cathie Wood’s Ark Investment Management LLC is cutting its stake in Meta Platforms Inc. for the first time in around a year, the latest sign of a downturn in fortunes for big US tech stocks.
China Stimulus: Better Luck Next Year
Two Sessions, or Lianghui, is the popular name for the annual meeting of China’s top legislative and consultative bodies. These gatherings are closely watched by overseas observers as they provide key insight into China’s political landscape, economic priorities and overall policy direction.
How To Invest with Clarity Through Market Volatility
One of the textbook drivers of alpha is an information edge. Having more information, advanced ways to use that information, and the ability to react to it before anyone else has been a massive advantage throughout the history of markets.
Google Agrees to Buy Cloud Security Firm Wiz for $32 Billion
Google parent Alphabet Inc. agreed to acquire cybersecurity firm Wiz Inc. for $32 billion in cash, reaching a deal less than a year after initial negotiations fell apart because the cloud-computing startup wanted to stay independent.
The AI Race in Wealth Management is About to Speed Up
The wealth industry could be headed into an era of accelerated innovation, as advisory firms shift from zero to full speed ahead with artificial intelligence.
Tariffs Shake Markets as Sentiment Plummets
This morning’s retail sales report is a bit of relief. The economy, as of the end February, is not in free fall as the control group increase of 1.0% offset the same decline in January. Nevertheless, the underlying concerns that emerged over the last few days cannot be ignored.
Gen Z’s Job Recession Needs Urgent Attention
Gen Z is right to have negative feelings about the economy. Not only were its oldest members entering the workforce as the pandemic struck, but those in their early to mid-20s are also now bearing the brunt of a labor market that’s largely been frozen in place for the past two years.
Gold Smashes Through $3,000 as Recession Fears Mount
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 of Those Times
During the onset of the COVID crisis, I made a note to myself to write an update in five years to discuss what happened to the markets since that trying period of time. This week, I received a task alert in Salesforce reminding me to write that update.
Honeywell’s Planned Spinoff and What It Means Amid Macro Volatility
March came in like a lion, much to the bears’ delight. The S&P 500® plunged from its February 19 high on the heels of stern tariff talk and phrases like “a little bit of an adjustment period” from President Trump and the economy entering a “detox period,” as Treasury Secretary Bessent said last week.
Stagflation Trade Emerges as Rare Winner in US Stock Market Rout
There have been few winning strategies to seek refuge in as the stock rout sparked by President Donald Trump’s start-stop tariff war drags on for a third week.
Data Determination vs. Headline ‘Hell’: Making Sense of the US Market’s Crosscurrents
Recent US stock weakness may be related to a downturn in US economic data and headline shocks related to tariffs.
Road to Exchange: Kyla Scanlon on Human Economics
On the latest Road to Exchange, VettaFi’s Roxanna Islam interviewed author and Bread founder Kyla Scanlon. Scanlon is most known for her work as an influencer and her widely praised book, “In This Economy?,” Scanlon, who dissects and comments on markets in a unique way, will be speaking at the Exchange conference.
Navigating Market Turbulence: Decoding the Impact of Tariffs and Economic Trends
As we wade into March, market volatility is at the forefront, leaving investors grappling with uncertainty surrounding tariffs and mixed economic signals. Though the S&P 500 experienced a bounce towards February's end, it slipped 1% overall, revealing lingering challenges for iconic tech stocks and the broader equity landscape.
Making International Great Again?
Economic growth, earnings performance, and rising fiscal spending coupled with "America First" policies are driving international stock markets.
From AI to Infrastructure: The 10 Investment Themes Defining the Next Five Years
Global investment themes are shifting toward infrastructure, cybersecurity and energy expansion as demand outpaces supply in key sectors.
The EV Shakeout
The EV shakeout is underway. When the dust settles, only a few players will remain. Many more will be relegated to the scrapyard of failed ambitions.
Precidian’s Stuart Thomas Spotlights Currency Hedged Single Stock ETFs
Precidian’s Stuart Thomas spotlights the firm’s innovative ADRhedged ETFs and explains the rationale for removing currency exposure. VettaFi’s Kirsten Chang discusses several recent ETF launches, including offerings from State Street, VistaShares, Quantify Funds, and Roundhill.
Apple Readies Dramatic Software Overhaul for iPhone, iPad and Mac
Apple Inc. is preparing one of the most dramatic software overhauls in the company’s history, aiming to transform the interface of the iPhone, iPad and Mac for a new generation of users.
Despite Recent Volatility, We Maintain Our Constructive Outlook
At the start of the year, our Investment Strategy Committee outlook was positive for both the economy and the equity market, supported by strong consumer, labor market, and corporate fundamentals.
It's Not All About Tariffs
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.
Managed Account Is a Misnomer When it Comes to QDIAs
The PPA has made a mistake in designating an MA as a QDIA. Perhaps the drafters of the PPA were thinking about accounts that are actually managed, but those participants do not default, so that flavor of MA is not a QDIA, and is typically reserved for executives of the sponsoring firm.
When Valuations Collide
I will again join forces with Ed Easterling of Crestmont Research to explore this data more deeply. Currently we have several powerful trends that have combined to create a nirvana-like market.
European Defense Stocks Go Parabolic as War Spending Surges
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.
India’s Top Banker Must Ease Credit, But Not Too Much
Sanjay Malhotra, the new Reserve Bank of India governor, is right to unwind some of his predecessor’s hawkish controls on a runaway consumer-credit boom. There was a time to throw sand in the wheels of commerce.
How To Hedge Against AI Stealing Your Job
Will artificial intelligence take my job? This question is really starting to preoccupy me and millions of other white-collar workers. There’s even a word for it — FOBO, or fear of becoming obsolete — and, regrettably, our apprehension isn’t entirely unfounded.
Nasdaq 100 Tumbles Into a Correction as Tech Selloff Intensifies
The Nasdaq 100 Index sank into a correction on Friday, as investors continue to sour on the megacap technology stocks that led the stock market rally over the past two years.
Broadcom Shares Jump as AI Growth Fuels Upbeat Forecast
Broadcom Inc. shares jumped after the chip supplier for Apple Inc. and other big tech companies gave an upbeat forecast, reassuring investors that spending on artificial intelligence computing remains healthy.
Q4 Company Earnings Reveal Key Areas of U.S. Equity Exceptionalism
Q4 company earnings offered a lot to cheer at the start of the year, even as U.S. stocks contended with bouts of volatility.
March’s Interim Data Highlights: Economic Clues from Costco, Taiwan Semi, and Brokers
Volatility is back in town. Tariff jitters and concerns about growth and inflation have resulted in an S&P 500® dip and the Cboe Volatility Index (VIX) jumping above 20. Investors grapple with a very sanguine backdrop painted by the fourth-quarter earnings season and policy uncertainty.
The Next Frontier: How Robotics, AI & Healthcare Tech Are Transforming Industries in 2025 & Beyond
The "2025+ Outlook Report" offers an analysis of how robotics, AI, and healthcare technology are converging to reshape industries globally.
Power Play: How to Invest Smarter in the Race for Electrification
Though the new US policy focus is on oil and gas, wider opportunities still beckon.
Strength of US Economy Continues to Offer Stability
As daily headlines drive volatility, the market has avoided overreacting thus far.
Creating Content with Confidence: 8 Copyright Myths Explained
Understanding copyright compliance rules can help you protect your business and confidently share content that aligns with both legal and ethical standards. Let’s clear up some common myths to keep your financial marketing on the right track.
US Recession Odds Are Becoming Unsettlingly High
The notion of a US recession seemed remote just a few months ago, a mere blip on the radar of economic possibilities. More recently, however, that picture has started to change.
Anarchy in the USA
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.
What is a Small Cap Growth Fund?
In this primer we define small cap growth funds, provide practical suggestions on how to invest in them, and explain why we believe they are a strategically important asset class.
Wall Street Goes Defensive as Policy Uncertainty Rattles Markets
February’s market turbulence saw investors pivot toward defensive strategies as policy uncertainty intensified, driving a broad market rotation from mega-cap tech stocks to bonds, gold, and international equities.
Four Major Factors Driving Market Volatility
We detail some key factors driving the recent market volatility and provide our perspective on how we believe these events may unfold and impact the economy and financial markets.
The (Not So) Magnificent Seven?
Heightened economic uncertainty—propelled mainly by trade policy—has unearthed weakness in the equity market, with most pain felt under the market's surface.
Microsoft’s Fading AI Mojo Keeps Shares in Lengthy Purgatory
Many major stocks connected to artificial intelligence have lost their luster of late, but perhaps none more so than Microsoft Corp.
DeepSeek’s ‘Theoretical’ Profit Margins Are Just That
The Chinese artificial intelligence startup that rocked global markets earlier this year with its low-cost and high-performance AI models has outlined a potential path to major profitability.
QuantStreet March 2025 Letter: Geopolitics
We wrote in last month's letter that the U.S. stock market had to meet lofty earnings expectations to maintain its strong performance relative to global benchmarks, while the latter had a lower bar because of considerably cheaper valuation multiples and higher dividend yields.
Don’t Worry About China Tariffs
It’s not U.S. tariffs we need to be fixated on to gauge China’s economic growth trajectory but the ability of its leadership to rebuild confidence among entrepreneurs and consumers.
What Does the DeepSeek Halo Teach Us About Chinese Stocks?
The AI breakthrough spotlights some of China’s distinctive features that deserve closer attention from investors.
ETF of the Week: CoinShares Valkyrie Bitcoin Miners ETF (WGMI)
On this episode of the “ETF of the Week” podcast, VettaFi’s head of research, Todd Rosenbluth, discussed the CoinShares Valkyrie Bitcoin Miners ETF (WGMI) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
How Much Insurance Is Right for You?
The central question we want to address in this note is how to quantify how “price sensitive” insurance buyers should be, and in the context of insurance, what is the “price” they should be sensitive to?
Three History Lessons Frame Market Expectations
The future is impossible to predict, but looking at the patterns around price/earnings ratios can provide some insight about what one might expect.
Where the Stock Market Goes, the US Economy Will Follow
There’s an old Wall Street saying that “the stock market is not the economy.” That’s usually true. But, in this economic cycle, stock market gains have become an increasingly important driver of consumer spending, helping to fuel growth as other areas of the economy cool.
Xi Prepares to Unveil China Stimulus Plan as Trade War Heats Up
President Xi Jinping heads into China’s biggest political huddle of the year with his economy finally getting back some swagger. Donald Trump’s rising tariffs will test Beijing’s ability to sustain that momentum.
Big Tech Pain Is Mounting as Risk-Wary Traders Dump Winners
For some time now, there have been plenty of reasons to worry about Big Tech stocks. Stretched valuations after a big run up, heavy spending on artificial intelligence and lofty expectations for future growth. For months, though, none of it seemed to matter.
TSMC Poised to Announce $100 Billion Investment in US Plants
Taiwan Semiconductor Manufacturing Co. plans to invest $100 billion in chips plants in the US over the next four years, a move President Donald Trump is set to announce at the White House later Monday, according to a person familiar with the matter.
President McKinley’s Tariff Mishap Could Be a Warning Sign for Trump’s Trade War
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.
Multi-Asset Positioning in a Trump 2.0 Policy Regime
With major US policy change unfolding, flexibility across and within asset classes will be critical.
Our Thinking on Trump 2.0 Tariffs
Portfolio Manager Andrew Mattock, CFA, explains the importance of assessing U.S. tariffs as a component among external variables that can influence, rather than drive, investment returns.
Mid-Caps: A "Sweet Spot" Opportunity
U.S. equity investors face an interesting allocation question in 2025: Why buy anything other than the S&P 500?
Tencent Fires Up AI Race With Model It Says Outdoes DeepSeek
Tencent Holdings Ltd. became the latest tech company to unveil or enhance an AI model intended to eclipse DeepSeek, joining a spate of rollouts since the startup’s emergence energized the US-China technology race.
AI Drug Firm Recursion Wants to Be the Amazon Prime of Pharma
AI drug developer Recursion Pharmaceuticals Inc. is considering an Amazon Prime-style subscription model for selling its pipeline of medicines.
International Quality
The perfect pairing for your U.S. large-cap portfolio?
Ever-Bearish Grantham Insists AI Is a Bubble Waiting to Pop
Artificial intelligence is pushing humanity toward a more efficient future, but like any world-changing technology will eventually crash and hurt investors, according to longtime Wall Street doomsayer Jeremy Grantham.
A $5 Million Gold Card for Immigrants Makes Economic Sense
President Donald Trump would like to offer migrants who want to work in the US a “gold card,” akin to a green card, with one significant difference: the price tag.
Tariff-fied
An aggressive U.S. tariff regime will come down hard on major economies.
Earnings Season Wraps Up: US CEOs Signal Highest Confidence in Two Years
The fourth quarter 2024 earnings season more-or-less wraps up this week with the final trickle of retailers coming in, as well as the highly anticipated report from Nvidia which was out yesterday afternoon.
Outcome Bonds: Seeing the Wood for the Trees on Greenwashing Risk
Measuring the effectiveness of ESG-labeled bonds can be a challenge, particularly with “outcome bonds,” which have specific environmental or social goals but lack standardized assessment criteria.
Hey, Alexa, Do You Finally Have a Real Business Model?
The last time we heard from Amazon.com Inc. Chief Executive Officer Andy Jassy, he was breaking it to investors that his company was forecasting $100 billion in capital expenditures this year — the largest outlay of the tech giants in the pursuit of artificial intelligence.
Nvidia and Salesforce Leave Bulls Wanting as AI Trade Stalls
Investors hoping that Nvidia Corp.’s earnings would rejuvenate the artificial intelligence trade didn’t exactly get the report they wanted.
Nvidia Sees Mixed Outlook After Two Years of Blowout Results
Nvidia Corp., the chipmaker at the center of an AI spending boom, delivered good-but-not-great quarterly numbers on Wednesday, drawing a muted response from investors accustomed to blowout results.
Big Money Flocks Back to a Levered Trade That Went Bust in 2008
A diversified investment strategy that seeks to juice returns through leverage is finding new love among big money managers — more than a decade after it blew up during the 2008 financial crisis.
Nvidia Up Next with New Chips, DeepSeek in Focus
Nvidia, the biggest AI chip firm, reports Wednesday with investors watching sales of Nvidia's newest chips and worried about cheaper competition from systems like DeepSeek.
American 'Economic Exceptionalism' Isn't Dead: How the US Is 'Built Different'
The U.S. economy remains structurally productive. American Economic Exceptionalism is powered by innovation and labor flexibility.
Nvidia’s Shaken Aura of Invincibility Is Set for Earnings Test
Nvidia Corp.’s earnings are set to dictate whether artificial intelligence can regain its status as the key driver behind Wall Street gains — or trigger more weakness after the Magnificent Seven group of technology stocks fell into correction territory.
Seeking Stocks with Vitality in the Volatile Healthcare Sector
Healthcare stocks were hurt by volatility from factors that include policy-related uncertainty, which hasn’t faded since the US election.
Adventures of The OG Quant
Dean LeBaron’s name may not be familiar to many readers, especially those who only began their careers in the 21st century. But all of us should know who he is. Before there was even a term for it, Dean was the first truly successful quant.
Outlining Why We Favor U.S. Equities Over European Equities
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.
Trump Team Seeks to Toughen Biden’s Chip Controls Over China
Donald Trump’s administration is sketching out tougher versions of US semiconductor curbs and pressuring key allies to escalate their restrictions on China’s chip industry, an early indication the new US president plans to expand efforts that began under Joe Biden to limit Beijing’s technological prowess.
A Chinese Alternative to the Magnificent Seven Has Arrived
A strong conviction trade is being shaken. As international stocks are outperforming this year, global investors are asking if their faith in US exceptionalism has gone too far.
Tariff Uncertainty Looms
Equities were continuing to grind higher until Friday’s selloff, as the market got caught up in weaker economic data and potential tariff changes, which could shake up earnings expectations and global trade flows.
What Scares the S&P 500?
In the second half of 2024 the risk premia associated with inflation releases declined relative to labor market data as the Fed shifted focus toward labor market and away from inflation risk. With elevated S&P 500 Index concentration and the market leadership of the artificial intelligence (AI) theme, some single company earnings (NVIDIA) have been rising risk events for the entire index.
Shareholder Meeting Season Gets Going: Tariffs, AI, and Farmland in Focus
Earnings season is winding down, and the spotlight will soon shift toward 2025 trends after an impressive end to last year.
Bringing Order to Chaos: AI in the Municipal Bond Market
In a market as broad, opaque and inefficient as the municipal bond market, in which compliance oversight and efficiency are paramount, these initial efficiency gains are just the tip of what may prove to be a transformative technology iceberg.
Alibaba Plans to Spend $53 Billion on AI in a Major Pivot
Alibaba Group Holding Ltd. pledged to invest more than 380 billion yuan ($53 billion) on AI infrastructure such as data centers over the next three years, a major commitment that underscores the e-commerce pioneer’s ambitions of becoming a leader in artificial intelligence.