The selloff in Japan’s long-dated bonds is drawing international investors, who expect the securities to rebound as global trade turmoil abates.
JPMorgan Chase & Co.’s chief of global markets strategy said the US could dodge a recession as the probability of that scenario has decreased following better clarity over global trade.
Keeping your financial plan aligned with your goals, risk tolerance and time horizon.
By the end of April, the S&P 500 rallied its way back, recovering nearly all the declines notched in the opening days of the month when President Trump's "Liberation Day" tariff plans tipped markets towards bear territory.
When volatility ripped through markets last month, many investors scrambled to respond. Some wanted to quickly adjust specific security exposures. Others wanted to flee to cash or build in protection against additional downside moves. And some rushed to buy the dip.
Certificates of deposit (CDs) and Treasuries both can offer steady, predictable investment income—but how to decide between them? Here are five factors to help you choose.
The surprisingly large reduction in mutual tariffs between China and the U.S. announced early Monday morning has sent the markets flying. Trump has softened his approach dramatically and markets are expecting future deals. The base case: everyone at 10%, China at say 20% is still a jump, but at least will likely prevent a recession. Trade and tariffs remain the main focus for markets.
In the report, Portfolio Managers John Kerschner, Nick Childs, and Thomas Polus highlight three reasons why agency mortgage-backed securities (MBS) look attractive in the present environment.
In 2025, liquidity is not a background variable — it's a front-line risk factor, one that’s being tested repeatedly as global markets navigate a web of geopolitical uncertainty and macroeconomic signals.
Global AI, a US tech firm, plans to collaborate with a Saudi Arabian artificial intelligence venture, Humain, in an agreement expected to be worth billions of dollars, according to a person familiar with the mattter.
A wave of municipal-bond sales scheduled for this week will test a recent rebound in buyer demand after investors sold their holdings during April’s market rout.
The early-April announcement of a broad new round of tariffs against virtually all U.S. trading partners—followed by a pause for many of them—has triggered a tidal shift in the global economy. Uncertainty created by tariff negotiations, as well as burgeoning federal debt levels and other ongoing concerns, has far-reaching economic implications, leading us to reassess our 2025 outlook.
The roller coaster continues! A stronger than expected first quarter earnings season and encouraging signs on the trade front—highlighted by the US-UK trade deal—helped lift the S&P 500 from its April 8 near-bear market lows, reversing nearly all post-Liberation Day (April 2) losses.
In the latest edition of Design Matters, titled “What’s the Frequency… Russell?” Greg Behar of Westwood’s Managed Investment Solutions (MIS) team examines how the Russell U.S. Indexes’ decision to return to a semi-annual reconstitution schedule is transforming risk management practices, market participation and the future of custom indexing.
The April plunge in stocks ushered in a huge washout in investor sentiment, but more so on the attitudinal side as opposed to the behavioral side.
Fixed income investors who want to diversify their portfolios in a challenging market environment shouldn't overlook CLOs.
The dollar soared and Treasuries fell as the trade war between China and the US eased, stoking appetite for risk assets.
When navigating the unknown, an experienced guide can ensure you don’t veer off the path to your chosen destination, can prevent you from stumbling across hazards, and ensure you have the tools you need to finish the journey safely and soundly.
As the effects of US import tariffs begin to emerge, we shift our stance on equities to underweight.
Bonds and stocks falling together stirs painful memories of the 2022 inflation surge. This time, trade and tariff uncertainty is to blame, along with a dose of questioning the Fed’s independence.
Financial advisors will be working with millennials and Gen Z, either as new clients or as family members of existing ones.
At Wednesday’s press conference, Chair Jay Powell signaled a wait-and-see approach, as the Fed keeps a close eye on inflation pressures and the job market.
US equity investors will be watching closely as trade talks kick off between the Trump administration and China, with trillions of dollars hanging in the balance for American companies.
The culture clash between Bitcoin enthusiasts and gold bugs is about to be played out in the world of exchange-traded funds.
Preparing for retirement involves more than finances and should include a focus on health, wellbeing and goals. Our Mike Dullaghan explains why it’s important to start preparing 10 years ahead of retirement.
Fed officials remain patient, likely awaiting hard evidence of a weaker U.S. labor market before considering rate cuts.
Central banks continued to stockpile gold in the first quarter.
As investors wait for updates on trade deals during the pause in tariff implementation, the focus for many has turned to economic growth and the conflicting data surrounding it.
Elite golf is a mental game as much as physical—and so is investing. This year’s Masters tournament was one of the most compelling I have ever witnessed, and Rory McIlroy’s long-awaited playoff victory contains a number of life lessons that are relevant for investors.
Currently, the Three Tactical Rules are a “flashing yellow light” - a roughly neutral rating which represents a slight downgrade.
Our Cash Indicator methodology acts as a plan in case of an emergency. Importantly, each of these systems work together.
Over years, the US cemented its position as an exceptional source of earnings growth that fueled outsize equity returns. Many investors are now questioning whether the US will retain its advantages as President Trump’s trade policies add uncertainty to the outlook across industries.
When I was much younger, I worked as a bond salesman for a small regional bank in the southwest. I sold some short-term T-bills to yield 17% and some ten-year T-bonds to yield 14%. Paul Volcker, the Fed chairman at the time, had reduced inflation dramatically but the bond market had not yet accepted that new reality and kept interest rates very high for a while after Volker achieved his lower level of inflation.
Valid until the market close on May 31, 2025
This article provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
A time-honored signal heeded by Wall Street’s credit industry — the weekly flow of money — is breaking down.
Trend-following strategies can offer attractive, positively skewed returns, with large positive outperformance often coinciding with large equity selloffs, thereby offering tail protection.
Despite negative GDP growth in Q1 and global trade tensions, markets are showing surprising resilience. Investors are betting tariffs will not bite as hard as feared earlier in April and that deals will emerge to soften the blow.
With investors experiencing heightened anxiety about their financial futures, your approach can make the difference between client retention and attrition. This comprehensive guide from our senior consultants explores actionable strategies for effective client communication during market volatility.
This article focuses on asset-based fees that cover both advice and investment-related costs, which is a model that I believe is best-suited for most individuals, as advisors can add value across multiple dimensions.
Morningstar Inc. has been rating stock and bond funds for everyday investors for years. Now it will award gold, silver and bronze medals to less-liquid private asset funds marketed to the masses.
A look back at the impacts of tariff announcements last quarter, and what we might expect from tariff negotiations during the 90-day implementation delay in Q2.
Markets clawed back early losses in April, but one thing has become clear – policy uncertainty and risk isn’t fading, it’s spreading.
One of the advantages of individual bonds is the ability to custom-select bonds that fit individual needs and/or goals
A key valuation metric touted by legendary investor Warren Buffett is signaling that equities are relatively cheap, bolstering the case that the sizzling rebound in US stocks has room to run.
This week marks the first 100 days of President Trump’s second term in office—and what a rollercoaster it has been for the financial markets! While presidents often enjoy a ‘honeymoon period’ at the start of their tenure, Trump wasted no time ‘flooding the zone’ by pushing forward many of his key initiatives.
US markets struggled in the first half of April due to tariff-related worries. The second half saw rallies amid policy reversal.
While tariff negotiations may well bear fruit eventually, investors today are trying to figure out the impact of changing trade pacts on GDP growth, interest rate levels, the value of the dollar, and the ability of the Treasury to refinance $9.2 trillion of our $36 trillion federal debt in 2025.
Here's an interesting set of charts that will especially resonate with those of us who follow economic and market cycles. Imagine that five years ago you invested $10,000 in the S&P 500. How much would it be worth today, with dividends reinvested but adjusted for inflation? The purchasing power of your investment has increased to $21,618 for an annualized real return of 15.52%.
Warren Buffett picked the final minute of his 60th shareholder meeting to drop a long-awaited announcement that was still completely surprising for his fans, most of his board and even his successor.
Understanding and integrating resilience into investment strategies is not just prudent, it is critical for navigating the complexities of the current market landscape. In this article, I lay out seven key principles towards building resilient portfolios.
In investing, success is often judged by numbers—returns on investment, percentage gains, and the ability to outperform benchmarks like the S&P 500. However, some investors frequently pursue a peculiar set of “awards” without realizing the pitfalls they embody.
While the S&P 500 index was almost unchanged in April, the dollar remained extremely weak, ending the month down over 4%.
April was a volatile and policy-sensitive month in the markets. Every week, my colleagues and I were joined by Professor Jeremy Siegel to discuss how macroeconomic data, Federal Reserve policy and the variety of tariff proposals from President Trump shaped sentiment and the investment landscape.
For decades, U.S. Treasuries have been universally regarded as a benchmark and a safe haven asset during periods of turmoil.
At the end of April, U.S.-listed ETFs gathered approximately $360 billion of new money.
Uncertainty reigned through April and likely will continue to do so, at least in the near term. Markets have reacted, both negatively and positively, to every headline coming out of Washington.
Like sailors lured by the Sirens' song, today’s investors risk being captivated by seductive narratives in the market. While diversification remains a time-tested strategy for building wealth, we examine the risks and returns investors are embracing today.
Sustainable adjustments to trade imbalances require supportive monetary and fiscal policies – not just currency intervention.
Vanguard is well-known for making investing more accessible, affordable, and efficient for investors over the past 50 years.
SEI® (NASDAQ:SEIC) today announced that Summit Wealth Group, a fast-growing enterprise advisor practice, has selected SEI to support the firm’s vision and evolution for strategic growth.
Even in normal times, managing an investment program is a challenging job. But when you add on tariffs and trade wars, it's bound to lead to some sleepless nights. Learn how an OCIO firm can provide relief.
Stable value funds can offer capital preservation and stable returns. Our Mike Dullaghan explains the key role of stable value in long-term retirement savings.
With flexibility, humility and disciplined processes, equity investors can find a way forward.
Despite the recent rally, the correction continues. While wanting to “buy the dip” is tempting, there has been enough technical damage to warrant remaining cautious in the near term.
When Meta Platforms Inc. reports earnings on Wednesday afternoon, the social media giant will face a high hurdle to satisfy anxious investors.
Sharp losses in investment grade (IG) corporate bonds this month have reminded us of the potential advantages of rules-based fixed income ladders.
Recession risk remains elevated, likely only receding with a fuller "pivot" in tariff-related uncertainty. While every recession is unique, history can provide a guide.
Think of the drafting process like investing—scouts meticulously rank players based on their strength, speed, flexibility, and mental acuity, much like we analyze the economy and financial markets to shape our outlook. The true value of these players might take years to unfold...
The markets rebounded strongly last week, holding ground despite the lingering cloud of uncertainty surrounding tariffs and trade negotiations. Importantly, while tariffs and dollar weakness are stirring short-term concerns, long-term inflation expectations remain firmly anchored, setting a strong case for the Federal Reserve to begin cutting rates.
Small-caps have suffered in early 2025, but increased market breadth could support a recovery.
Ultimately, advisors should choose a rebalancing strategy that best serves their client’s needs without putting undue strain on their own operations.
The panic over the years has inevitably influenced policy even if heeding cooler heads would offer reassurance. Which brings us to the current US administration.
Although President Trump has said he has no intention of firing Fed Chair Powell, the Trump administration may be testing the laws underpinning Fed independence.
Unexpected wider and larger-scope tariff announcements have sent tremors through bond and equity markets, resulting in a brisk sell-off that signals investors’ caution.
The “Sell America” trade that gripped markets this month has left a potentially lasting dent in investors’ willingness to hold the US government’s longest-maturity debt, a mainstay of its deficit-financing toolkit.
Are you a “speculator” or an “investor”? This is an essential question that every individual deploying capital into the financial markets must answer. The reason is that how you answer that question determines how you should behave during market cycles.
Historically the United States dollar strengthens when U.S. Treasury yields rise. But the reverse happened in April after the White House announced widespread tariffs.
Five pivotal U.S. economic considerations, including tariffs, monetary policy, fiscal policy, debt overhang, and demographics, are aligning to depress economic growth for the balance of this year and into 2026.
U.S. policy uncertainty and the ebbs and flows of AI advancement are likely to stoke continued volatility in the world’s stock markets.
Former Federal Reserve Vice Chair Richard Clarida shares three charts highlighting possible macro inflection points in the business cycle: from growth and inflation to debt and labor.
A well-planned defensive strategy can position equity portfolios to be resilient in a very harsh market environment.
Downgrades and defaults can detract from corporate bond portfolio performance. Let’s look at how applying fundamental credit research may help reduce these risks.
A raft of reciprocal tariffs between China and the US could bruise China’s export revenues in the short term. But its domestically focused economic engine and shrinking dependency on US trade should minimize fallout in the long run.
Risk-assets struggled amidst extremely volatile price action as investors weighed the probabilities of tariffs hitting profits and valuations.
A historic sell-off enhances value, with high yields, strong fundamentals, and ample reserves mitigating policy risks.
Uncertainty surrounding trade policy is a key driver of our forecast this quarter, which includes an increased probability of a recession.
Even with tariff uncertainty, there’s no stopping the engine of ETF creation. More than 288 new ETFs have already launched this year.
It’s quite easy to do bad deals in asset management. Option one, overpay for a private capital business in the aggressive dash for growth. Option two, defensively merge your existing fund manager with a regional peer and botch the integration as you try to make savings.
President Donald Trump’s chaotic policies are spurring some investors to “sell America,” but Vanguard Group Chief Executive Officer Salim Ramji said he still believes in the underlying strength of the US economy.
A fundamental lesson in finance is a security’s price should be the present value of all future cash flows.
Asset Allocation
Vanguard, RBC BlueBay Scoop Up Battered 30-Year Japanese Bonds
The selloff in Japan’s long-dated bonds is drawing international investors, who expect the securities to rebound as global trade turmoil abates.
JPMorgan, Apollo Executives Say US Could Dodge a Recession
JPMorgan Chase & Co.’s chief of global markets strategy said the US could dodge a recession as the probability of that scenario has decreased following better clarity over global trade.
How Rebalancing Helps Keep Your Portfolio on Track
Keeping your financial plan aligned with your goals, risk tolerance and time horizon.
Is the Coast Clear Yet?
By the end of April, the S&P 500 rallied its way back, recovering nearly all the declines notched in the opening days of the month when President Trump's "Liberation Day" tariff plans tipped markets towards bear territory.
5 Ways an Overlay Can Smooth Out a Rocky Market
When volatility ripped through markets last month, many investors scrambled to respond. Some wanted to quickly adjust specific security exposures. Others wanted to flee to cash or build in protection against additional downside moves. And some rushed to buy the dip.
CD or Treasury? Five Factors to Consider
Certificates of deposit (CDs) and Treasuries both can offer steady, predictable investment income—but how to decide between them? Here are five factors to help you choose.
Fed's Rigidity Risks Recession as Tariffs Start to Bite
The surprisingly large reduction in mutual tariffs between China and the U.S. announced early Monday morning has sent the markets flying. Trump has softened his approach dramatically and markets are expecting future deals. The base case: everyone at 10%, China at say 20% is still a jump, but at least will likely prevent a recession. Trade and tariffs remain the main focus for markets.
Indicators Flashing Green for Agency MBS
In the report, Portfolio Managers John Kerschner, Nick Childs, and Thomas Polus highlight three reasons why agency mortgage-backed securities (MBS) look attractive in the present environment.
Liquidity Risk in 2025: A Strategic Priority, Not a Side Concern
In 2025, liquidity is not a background variable — it's a front-line risk factor, one that’s being tested repeatedly as global markets navigate a web of geopolitical uncertainty and macroeconomic signals.
US Firm Global AI Secures Saudi Investment Worth Billions
Global AI, a US tech firm, plans to collaborate with a Saudi Arabian artificial intelligence venture, Humain, in an agreement expected to be worth billions of dollars, according to a person familiar with the mattter.
Busy Week for Muni Debt Sales Tests Investors Wading Into Market
A wave of municipal-bond sales scheduled for this week will test a recent rebound in buyer demand after investors sold their holdings during April’s market rout.
Active Fixed Income Perspectives Q2 2025: Risks to Realities
The early-April announcement of a broad new round of tariffs against virtually all U.S. trading partners—followed by a pause for many of them—has triggered a tidal shift in the global economy. Uncertainty created by tariff negotiations, as well as burgeoning federal debt levels and other ongoing concerns, has far-reaching economic implications, leading us to reassess our 2025 outlook.
Three Takeaways From Earnings Season
The roller coaster continues! A stronger than expected first quarter earnings season and encouraging signs on the trade front—highlighted by the US-UK trade deal—helped lift the S&P 500 from its April 8 near-bear market lows, reversing nearly all post-Liberation Day (April 2) losses.
What’s the Frequency. . . Russell?
In the latest edition of Design Matters, titled “What’s the Frequency… Russell?” Greg Behar of Westwood’s Managed Investment Solutions (MIS) team examines how the Russell U.S. Indexes’ decision to return to a semi-annual reconstitution schedule is transforming risk management practices, market participation and the future of custom indexing.
Hate It or Love It: Sentiment's Message
The April plunge in stocks ushered in a huge washout in investor sentiment, but more so on the attitudinal side as opposed to the behavioral side.
Eldridge’s Gilbert: CLOs “Incredibly Resilient, Often Misunderstood”
Fixed income investors who want to diversify their portfolios in a challenging market environment shouldn't overlook CLOs.
Dollar Surges, Treasuries Fall as US-China Trade Tensions Ease
The dollar soared and Treasuries fell as the trade war between China and the US eased, stoking appetite for risk assets.
Value of an Advisor: The Importance of an Experienced Guide
When navigating the unknown, an experienced guide can ensure you don’t veer off the path to your chosen destination, can prevent you from stumbling across hazards, and ensure you have the tools you need to finish the journey safely and soundly.
Barometer: Equities Set for Further Falls as Tariffs Bite
As the effects of US import tariffs begin to emerge, we shift our stance on equities to underweight.
You Can Run, But You Can’t Hedge
Bonds and stocks falling together stirs painful memories of the 2022 inflation surge. This time, trade and tariff uncertainty is to blame, along with a dose of questioning the Fed’s independence.
The Advisor’s Guide to Communicating With Gen Z & Millennial Clients
Financial advisors will be working with millennials and Gen Z, either as new clients or as family members of existing ones.
Increased Risks to Both Sides of the Dual Mandate
At Wednesday’s press conference, Chair Jay Powell signaled a wait-and-see approach, as the Fed keeps a close eye on inflation pressures and the job market.
Traders’ Guide to US Stocks Most Affected in China Trade Talks
US equity investors will be watching closely as trade talks kick off between the Trump administration and China, with trillions of dollars hanging in the balance for American companies.
Wall Street Brings the Bitcoin-Versus-Gold Clash to ETF Masses
The culture clash between Bitcoin enthusiasts and gold bugs is about to be played out in the world of exchange-traded funds.
The Home Stretch: Seven Essential Steps For Pre-retirees
Preparing for retirement involves more than finances and should include a focus on health, wellbeing and goals. Our Mike Dullaghan explains why it’s important to start preparing 10 years ahead of retirement.
The Fed Is in a ‘Good Place’: But for How Long?
Fed officials remain patient, likely awaiting hard evidence of a weaker U.S. labor market before considering rate cuts.
Central Banks Continued Stockpiling Gold in Q1
Central banks continued to stockpile gold in the first quarter.
Mixed Signals on the Path Ahead for U.S. Economy
As investors wait for updates on trade deals during the pause in tariff implementation, the focus for many has turned to economic growth and the conflicting data surrounding it.
Risk, Reward, and Rory at the Masters
Elite golf is a mental game as much as physical—and so is investing. This year’s Masters tournament was one of the most compelling I have ever witnessed, and Rory McIlroy’s long-awaited playoff victory contains a number of life lessons that are relevant for investors.
Tactical Rules Move to Neutral
Currently, the Three Tactical Rules are a “flashing yellow light” - a roughly neutral rating which represents a slight downgrade.
The May 25 Dashboard: Our Three Layers of Risk Management
Our Cash Indicator methodology acts as a plan in case of an emergency. Importantly, each of these systems work together.
Is US Exceptionalism Over for Equity Investors?
Over years, the US cemented its position as an exceptional source of earnings growth that fueled outsize equity returns. Many investors are now questioning whether the US will retain its advantages as President Trump’s trade policies add uncertainty to the outlook across industries.
Bonzai Bonds: Could 14% Treasury Bonds Return?
When I was much younger, I worked as a bond salesman for a small regional bank in the southwest. I sold some short-term T-bills to yield 17% and some ten-year T-bonds to yield 14%. Paul Volcker, the Fed chairman at the time, had reduced inflation dramatically but the bond market had not yet accepted that new reality and kept interest rates very high for a while after Volker achieved his lower level of inflation.
Moving Averages of the Ivy Portfolio and S&P 500: April 2025
Valid until the market close on May 31, 2025
This article provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
Citi Says Fast-Money ETFs Are Shaking Up Flows Across Credit
A time-honored signal heeded by Wall Street’s credit industry — the weekly flow of money — is breaking down.
Walking the Tightrope: Trend Following’s Tricky Tradeoffs
Trend-following strategies can offer attractive, positively skewed returns, with large positive outperformance often coinciding with large equity selloffs, thereby offering tail protection.
Markets Betting on Tariff Relief But Impact Still Lurks
Despite negative GDP growth in Q1 and global trade tensions, markets are showing surprising resilience. Investors are betting tariffs will not bite as hard as feared earlier in April and that deals will emerge to soften the blow.
Client Communication Strategies During Market Volatility
With investors experiencing heightened anxiety about their financial futures, your approach can make the difference between client retention and attrition. This comprehensive guide from our senior consultants explores actionable strategies for effective client communication during market volatility.
The Hidden Cost in Investing: Negative Compounding & the Opportunity Cost of Fees
This article focuses on asset-based fees that cover both advice and investment-related costs, which is a model that I believe is best-suited for most individuals, as advisors can add value across multiple dimensions.
Morningstar Will Now Call Out Lackluster Private Investments
Morningstar Inc. has been rating stock and bond funds for everyday investors for years. Now it will award gold, silver and bronze medals to less-liquid private asset funds marketed to the masses.
Tariffs: Q1 Impacts and Q2 Negotiations
A look back at the impacts of tariff announcements last quarter, and what we might expect from tariff negotiations during the 90-day implementation delay in Q2.
Ongoing Policy Uncertainty Keeps Markets Uneasy
Markets clawed back early losses in April, but one thing has become clear – policy uncertainty and risk isn’t fading, it’s spreading.
A Substantial Collection of Fixed Income Opportunities
One of the advantages of individual bonds is the ability to custom-select bonds that fit individual needs and/or goals
Warren Buffett’s Favorite Valuation Indicator Flashes Buy Signal
A key valuation metric touted by legendary investor Warren Buffett is signaling that equities are relatively cheap, bolstering the case that the sizzling rebound in US stocks has room to run.
Looking Beyond President Trump’s First 100 Days in Office
This week marks the first 100 days of President Trump’s second term in office—and what a rollercoaster it has been for the financial markets! While presidents often enjoy a ‘honeymoon period’ at the start of their tenure, Trump wasted no time ‘flooding the zone’ by pushing forward many of his key initiatives.
Staying Resilient in Uncertain Markets
US markets struggled in the first half of April due to tariff-related worries. The second half saw rallies amid policy reversal.
Fixed Income and Tariff Policy: Advising Clients in an Era of Uncertainty
While tariff negotiations may well bear fruit eventually, investors today are trying to figure out the impact of changing trade pacts on GDP growth, interest rate levels, the value of the dollar, and the ability of the Treasury to refinance $9.2 trillion of our $36 trillion federal debt in 2025.
The Total Return Roller Coaster: April 2025
Here's an interesting set of charts that will especially resonate with those of us who follow economic and market cycles. Imagine that five years ago you invested $10,000 in the S&P 500. How much would it be worth today, with dividends reinvested but adjusted for inflation? The purchasing power of your investment has increased to $21,618 for an annualized real return of 15.52%.
Buffett Hands Successor a Giant Cash Pile and Many Questions
Warren Buffett picked the final minute of his 60th shareholder meeting to drop a long-awaited announcement that was still completely surprising for his fans, most of his board and even his successor.
Seven Principles of Portfolio Resilience
Understanding and integrating resilience into investment strategies is not just prudent, it is critical for navigating the complexities of the current market landscape. In this article, I lay out seven key principles towards building resilient portfolios.
The Awards You Never Get When Investing
In investing, success is often judged by numbers—returns on investment, percentage gains, and the ability to outperform benchmarks like the S&P 500. However, some investors frequently pursue a peculiar set of “awards” without realizing the pitfalls they embody.
QuantStreet May 2025 Letter: Negotiations
While the S&P 500 index was almost unchanged in April, the dollar remained extremely weak, ending the month down over 4%.
Top Lessons from Professor Siegel This April
April was a volatile and policy-sensitive month in the markets. Every week, my colleagues and I were joined by Professor Jeremy Siegel to discuss how macroeconomic data, Federal Reserve policy and the variety of tariff proposals from President Trump shaped sentiment and the investment landscape.
U.S. Treasuries Falling Out of Favor?
For decades, U.S. Treasuries have been universally regarded as a benchmark and a safe haven asset during periods of turmoil.
ETFs on Pace (Again) to Break a Record
At the end of April, U.S.-listed ETFs gathered approximately $360 billion of new money.
April Showered with Tariff Talk, Market Volatility
Uncertainty reigned through April and likely will continue to do so, at least in the near term. Markets have reacted, both negatively and positively, to every headline coming out of Washington.
Diversification vs. the Siren's Song
Like sailors lured by the Sirens' song, today’s investors risk being captivated by seductive narratives in the market. While diversification remains a time-tested strategy for building wealth, we examine the risks and returns investors are embracing today.
The Real Lessons From the Plaza and Louvre Accords
Sustainable adjustments to trade imbalances require supportive monetary and fiscal policies – not just currency intervention.
Vanguard Turns 50: How the Asset Management Giant Changed the Industry
Vanguard is well-known for making investing more accessible, affordable, and efficient for investors over the past 50 years.
Summit Wealth Group Launches RIA, SEI Powers Evolved Business Model
SEI® (NASDAQ:SEIC) today announced that Summit Wealth Group, a fast-growing enterprise advisor practice, has selected SEI to support the firm’s vision and evolution for strategic growth.
The Right OCIO Can Cure Insomnia in Restless Markets
Even in normal times, managing an investment program is a challenging job. But when you add on tariffs and trade wars, it's bound to lead to some sleepless nights. Learn how an OCIO firm can provide relief.
Why Stable Value is Critical in Retirement Plan Menus
Stable value funds can offer capital preservation and stable returns. Our Mike Dullaghan explains the key role of stable value in long-term retirement savings.
Three Ways to Avoid the Eye of the Equity Market Storm
With flexibility, humility and disciplined processes, equity investors can find a way forward.
Correction Continues – The Value of Risk Management
Despite the recent rally, the correction continues. While wanting to “buy the dip” is tempting, there has been enough technical damage to warrant remaining cautious in the near term.
Meta Earnings Have High Bar to Clear After Shares Outperform
When Meta Platforms Inc. reports earnings on Wednesday afternoon, the social media giant will face a high hurdle to satisfy anxious investors.
How Corporate Bond Ladders May Help to Hedge Volatility
Sharp losses in investment grade (IG) corporate bonds this month have reminded us of the potential advantages of rules-based fixed income ladders.
Dominoes: Recessions' History Guide
Recession risk remains elevated, likely only receding with a fuller "pivot" in tariff-related uncertainty. While every recession is unique, history can provide a guide.
A Look at What is Shaping our Market Views
Think of the drafting process like investing—scouts meticulously rank players based on their strength, speed, flexibility, and mental acuity, much like we analyze the economy and financial markets to shape our outlook. The true value of these players might take years to unfold...
Markets Resilient Despite Tariff Turmoil
The markets rebounded strongly last week, holding ground despite the lingering cloud of uncertainty surrounding tariffs and trade negotiations. Importantly, while tariffs and dollar weakness are stirring short-term concerns, long-term inflation expectations remain firmly anchored, setting a strong case for the Federal Reserve to begin cutting rates.
How US Small-Cap Stocks Can Overcome the Market Stress Test
Small-caps have suffered in early 2025, but increased market breadth could support a recovery.
What Is the Optimal Portfolio Rebalancing Strategy?
Ultimately, advisors should choose a rebalancing strategy that best serves their client’s needs without putting undue strain on their own operations.
Critical Minerals Are a US Headache, Not an Emergency
The panic over the years has inevitably influenced policy even if heeding cooler heads would offer reassurance. Which brings us to the current US administration.
Challenges to Fed Independence
Although President Trump has said he has no intention of firing Fed Chair Powell, the Trump administration may be testing the laws underpinning Fed independence.
Bracing for Impact
Unexpected wider and larger-scope tariff announcements have sent tremors through bond and equity markets, resulting in a brisk sell-off that signals investors’ caution.
Treasury Market’s ‘New World Order’ Brings Fear of Long Bond
The “Sell America” trade that gripped markets this month has left a potentially lasting dent in investors’ willingness to hold the US government’s longest-maturity debt, a mainstay of its deficit-financing toolkit.
Speculator Or Investor? 10-Rules From Legendary Investors
Are you a “speculator” or an “investor”? This is an essential question that every individual deploying capital into the financial markets must answer. The reason is that how you answer that question determines how you should behave during market cycles.
Why is the U.S. Dollar Declining?
Historically the United States dollar strengthens when U.S. Treasury yields rise. But the reverse happened in April after the White House announced widespread tariffs.
Quarterly Review and Outlook
Five pivotal U.S. economic considerations, including tariffs, monetary policy, fiscal policy, debt overhang, and demographics, are aligning to depress economic growth for the balance of this year and into 2026.
Equity Market Outlook
U.S. policy uncertainty and the ebbs and flows of AI advancement are likely to stoke continued volatility in the world’s stock markets.
Charting the Business Cycle
Former Federal Reserve Vice Chair Richard Clarida shares three charts highlighting possible macro inflection points in the business cycle: from growth and inflation to debt and labor.
Defense and Discipline: How to Stay Calm in Unruly Equity Markets
A well-planned defensive strategy can position equity portfolios to be resilient in a very harsh market environment.
Avoiding Fallen Angels: When Credit Research Matters Most
Downgrades and defaults can detract from corporate bond portfolio performance. Let’s look at how applying fundamental credit research may help reduce these risks.
Chinese Equities: Investing in Stocks That Transcend Tariff Turmoil
A raft of reciprocal tariffs between China and the US could bruise China’s export revenues in the short term. But its domestically focused economic engine and shrinking dependency on US trade should minimize fallout in the long run.
Investing Alongside Change
Risk-assets struggled amidst extremely volatile price action as investors weighed the probabilities of tariffs hitting profits and valuations.
Outlook on Municipal Bonds: Seeking Opportunity Amid Volatility
A historic sell-off enhances value, with high yields, strong fundamentals, and ample reserves mitigating policy risks.
Asset Allocation Quarterly: 2nd Quarter 2025
Uncertainty surrounding trade policy is a key driver of our forecast this quarter, which includes an increased probability of a recession.
ETF Market Booms: Record Launches & Sophisticated Strategies
Even with tariff uncertainty, there’s no stopping the engine of ETF creation. More than 288 new ETFs have already launched this year.
Active Fund Management Isn't Dead Just Yet
It’s quite easy to do bad deals in asset management. Option one, overpay for a private capital business in the aggressive dash for growth. Option two, defensively merge your existing fund manager with a regional peer and botch the integration as you try to make savings.
Vanguard CEO Says US Exceptionalism ‘Absolutely’ Hasn’t Peaked
President Donald Trump’s chaotic policies are spurring some investors to “sell America,” but Vanguard Group Chief Executive Officer Salim Ramji said he still believes in the underlying strength of the US economy.
The Trade-Off in Covered Call Strategies
A fundamental lesson in finance is a security’s price should be the present value of all future cash flows.