In the week ending November 25, initial jobless claims were at a seasonally adjusted level of 218,000, an increase of 7,000 from the previous week's revised figure. The latest reading is lower than the forecast of 220,000.
Maria Giraldo discusses the performance of the corporate credit sector this year and the rationale for our cautiously optimistic outlook for 2024.
The private equity industry’s push into credit is so well advanced that no one bats an eyelid when the same buyout firm is invested in the debt and equity of the same portfolio company.
The highest compliment I receive from clients is when they tell me they don’t feel like our relationship is transactional.
Javier Milei was elected president of Argentina on the strength of a radical promise: that he would replace the highly inflationary Argentine peso with the stable US dollar.
I show how the best way to utilize bonds in retirement is not to rebalance between stocks and bonds in retirement, but rather to draw down on the bond side of the portfolio first and let the portfolio drift towards a greater equity allocation.
In this issue of Fixed-Income Sector Views, our Sector Teams identify positive technical trends that have helped to support spreads, but remain vigilant for signs of credit deterioration as the slowing economy and the bite of higher rates start to be felt by issuers.
Year-to-date, technology has outperformed the broader market largely given the prevalence of low leverage, high profitability and consistent earnings across many names in the mega-cap tech space.
Are you curious about what a transition in the digital age truly entails? My guest, Lizzie Warner, and I will step inside the world of broker-dealer/RIA transitions and unveil the timeline and milestones of these transformations. We want this to be your gateway to making your move smoother and more accessible than ever before.
Lizzie Warner, vice president of transition and strategic acquisitions at Cambridge, shares her insights and stories from guiding countless financial advisors through this pivotal change.
Lizzie will also introduce Cambridge's complimentary resource, “Asking the Right Questions of Your Next Transition Team.”
Fiduciary duties are either unneeded or harmful, according to the opponents of the DOL rule. In their view, the finance and insurance industries have already achieved perfection.
Where is the line between selling a financial product and providing investment advice? That question is at the heart of a debate over a new proposal that aims to protect Americans’ retirement savings.
Let's take a close look at October's employment report numbers on Full and Part-Time Employment. The latest data shows that 83.5% of total employed workers are full-time (35+ hours) and 16.5% of total employed workers are part-time (<35 hours).
Adam Bloch, Portfolio Manager on our Total Return team, and Matt Bush, Guggenheim Investments' U.S. Economist, update our economic and market outlook.
Being left solely responsible for wealth through divorce or widowhood later in life comes with its own set of responsibilities, opportunities, and challenges. As with so many financial life events, it is often the emotional challenges that are the hardest.
Meeting or beating a trading benchmark doesn't equate to good portfolio performance. In order to measure the success of a transition, utilizing a T-Standard transition performance measurement methodology is critical.
Recently, a newly divorced woman in her 50s asked me if I knew of any good books for middle-aged, single woman of wealth.
I analyze the math of annuity income riders and how you pay the insurance company to draw down your own assets. It is highly unlikely the insurers will pay a dime, which makes those riders questionable.
With interest rates at near 20-year highs, guaranteed lifetime income locks in those rates for the rest of one’s life, creating better retirement outcomes.
Is the work you do to make a living a job, a career, or a calling? Recognizing the difference will pay great dividends in many ways.
Steve Brown, Chief Investment Officer for Total Return and Macro Strategies, discusses the portfolio strategy implications of the evolving geopolitical, economic, and policy landscape.
Is there a lesson here for financial advisors? Indeed, there are two.
The choice to use an advisor in retirement is one that will cost clients and their beneficiaries millions of dollars in fees and opportunity costs as I show in this article.
Fiduciary September just concluded. To generate further awareness, my organization, the Institute for the Fiduciary Standard, produced eight panels with 22 speakers.
Quarterly Macro Themes, a quarterly publication by our Macroeconomic and Investment Research Group, explores critical and timely areas of research and updates our baseline views on the economy.
Selling a business and managing sudden wealth calls for guidance from trusted advisors and a consistently mindful approach.
If you are tiring of the green energy revolution and can’t quite get on board with the mission to Mars, yet still would like to join a worthy cause with the potential to transform millions of lives, allow me to make a recommendation: transparent hospital pricing.
In many ways, 2023 continues to be the mirror image of 2022, with the most volatile assets being some of the best performers for much of the year.
Environmental, social, and governance policies and investing have become targets of political derision. That doesn’t dampen the need for corporations and governments to pursue agendas tied to climate change and diversity, equity, and inclusion.
For many wealth advisors, workplace retirement plans are either a burden or an afterthought, according to John Kutz, National Retirement Plan Strategist at Franklin Templeton. He and his team explore why embracing these plans can benefit their practice, and their clients.
Incorporating debt planning into your services helps your clients achieve a more comprehensive and sustainable financial future.
An efficient avenue for asset managers and fund issuers to avoid regulatory scrutiny of products with the environmental, social, and governance (ESG) label is to ensure that those funds live up their ESG ETF billing. That can be accomplished with data-intensive approaches.
For some organizations, a partial outsourcing of their investment program is preferable to total outsourcing. Despite this, some OCIO providers will still try very hard to sell companies on a full OCIO solution.
On August 25, Massachusetts’ highest court shocked the investment world by unanimously ruling against Robinhood and for the state’s fiduciary rule. Robinhood must change its ways to remain in business.
One of the hardest parts of planning for our loved ones with disabilities is getting started. It’s overwhelming. Thinking of who will care for your child when you or your partner cannot is not easy. While we realize no one will care for your child like you do, you need to plan for the day when you no longer can.
In this session, we talk about one tool that may help with some of the financial responsibilities for supporting your loved one while helping them stay qualified for means-tested benefits supplemental security income (SSI) and Medicaid. My guest will introduce the importance of planning ahead and maintaining eligibility for public benefits whether the family is wealthy or has limited means.
You’re nearly there! You’re nearing the age when you can finally stop working and enjoy some well-earned rest. But there are a few more steps you should take before officially retiring, which will ensure greater financial stability and peace of mind in your later years.
AI is a tool to elevate and redefine job duties. Here are strategies for how AI can augment the work of fiduciary advisors while helping them stay relevant and competitive.
So-called “finfluencers” are preying on naïve investors, promising unrealistic returns while generating excessive commissions for themselves. Their bait is an indexed-universal life (IUL) policy. Read this to avoid making a costly mistake.
Be a financial physician with a reassuring presence who can reduce anxiety, bring clarity, and induce confidence.
Recent data and policy developments have fallen firmly in the soft-landing camp, and market performance has reflected this shift. Notwithstanding recent stronger-than-expected economic activity, we continue to believe a downturn is in the pipeline.
The advisor of the future needs to embrace a new value proposition, according to John Kutz, Head of Workplace Retirement Distribution at Franklin Templeton. This means moving beyond the “three F’s” and taking a more holistic approach to changing client needs.
Following the YTD strength in equity markets, Russ Koesterich discusses how a combination of cyclical, and a growth bias may serve investors well in today’s market.
IUL is a popular investment, thanks to aggressive marketing. Before your clients succumb to high-pressure sales tactics, here’s a cautionary tale based on another lifetime purchase decision – buying an engagement ring.
Why don’t more advisors recommend simple portfolios?
What would you do if you won the Mega Millions? It’s now up to a record $1.55 billion! We would start a not-for-profit to educate people not to play the lottery.
Everyone who has ever invested in Mr. Market at any time in recorded history, except for those who started investing at the end of 2021 or the first few quarters of 2022, made money.
Talk of Goldilocks has taken hold in the markets, and with it the risk-taking allure of not-too-hot and not-too-cold investing conditions.
Russ Koesterich CFA, JD, Managing Director, and Portfolio Manager discusses how improving economic expectations may suggest adding to cyclical areas of the market.
Karthik Narayanan, Head of Securitized Credit for Guggenheim Investments, and Tom Nash, a director on our Commercial Mortgage-Backed Securities (CMBS) sector team, join Macro Markets to discuss drivers of performance, current conditions in real estate, and where they are finding value in CMBS and in other types of structured credit.
Target-date funds, which make up over half of total 401(k) assets, are not following investment theory, exposing investors to excessive risk.
Appealing yields and cautious markets.
Led by the Federal Reserve’s campaign of increasingly large hikes, interest rates have risen meaningfully year-to-date. Conventional wisdom would guide investors to sell fixed income — a reflection of one of the most fundamental relationships in the investment world: as rates go up, their investments go down.
To your prospects, titles are ubiquitous, to be expected, no big deal – they have little power in their decision-making process.
BlackRock Inc. expects the model-portfolio realm of money management to grow to a $10-trillion business over the next five years.
There are days when our trade press is even more misleading than the consumer rags.
We believe that avoiding whole sectors or business models introduces portfolio risk and should be done only with careful consideration and a strategic, holistic plan.
The complexity of some risk management platforms can lead to a steep learning curve for institutional investors, draining resources and creating stress.
Since the March trough the S&P 500 Index has gained around 14% and ten-year Treasury yields have risen roughly 0.50%. As market conditions have improved, inter-asset correlations have also shifted.
Quarterly Macro Themes, a quarterly publication from our Macroeconomic and Investment Research Group, spotlights critical and timely areas of research and updates our baseline views on the economy.
Anne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joins Bloomberg TV to discuss fixed-income market opportunities, managing climate change risk, and the Fed’s path forward.
The punditry knows that clients dread uncertainty. They count on it. They prey on it.
With stocks struggling to break out of their range, rates climbing, and valuations stretched investors are rightly asking whether it’s time to sell.
Anne Walsh, CIO for Guggenheim Partners Investment Management, discusses drivers of returns going forward. She also offers advice to young women looking to make a career in asset management.
Improved value proposition in credit.
Allen Li, Managing Director and Head of Guggenheim Investments' Municipal Bond Sector Team, explains the structure and characteristics of the $4 trillion municipal market, the importance of technical dynamics, and where he is finding value.
Stocks are having a great year, but gold is doing even better. Year-to-date global equities are up roughly 9% in dollar terms; gold has advanced more than 10%.
If you’ve been to a high school or college commencement lately, then you know the drill: at some point at least one speaker will urge the graduates to be “agents of change,” suggesting they’d like to see these students make the world a better place through some sort of social activism.
We must understand our clients’ purposes and how they fit together in their lives. We need to take the initiative when rebalancing is in order.
Deep in the bowels of Wall Street, there’s a surprisingly successful counterfeiting operation underway: The world’s largest banks have created a booming business churning out imitation quant trades.
As financial advisors and wealth managers, we want our ultra-high net worth clients to emulate the Rockefellers, not the Vanderbilts.
Markets are still facing uncertainties regarding the impact of the Federal Reserve’s aggressive rate hikes and quantitative tightening, a potential economic slowdown, and the likelihood of other unforeseen consequences of financial disintermediation.
What is the number-one reported factor for a happy and fulfilling retirement?
Tom Hauser, Co-Head of Corporate Credit, discusses his current views on opportunity in leveraged credit. Economist Paul Dozier updates on the latest economic data.
On May 3, the Massachusetts Supreme Judicial Court heard arguments on whether Massachusetts citizens will get a state-level fiduciary rule. The Fiduciary Institute submitted an amicus brief that said, emphatically, “Yes!” This is why.
Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Bloomberg TV from the Milken Global Conference to discuss the implications of ongoing issues in fixed income and how capital rationing favors private credit.
What exactly does a trust company do to earn their fee that my family member or friend can’t do?
We have the royal coronation in England to remind us that once upon a time, one person would issue all the laws – which is an unfair but very effective way to make things happen. Here are the edicts that I would issue if the financial services world made me its king.
April is Financial Literacy month, but all that elicits from the advice industry is a collective yawn.
PE will remain a factor in the RIA space for years to come, but it’s not for everyone.
Twitter Inc. has ceased to be an independent company after merging with a newly formed shell firm called X Corp., driving speculation about what Elon Musk intends for the social media platform.
Born of the Global Financial Crisis, additional tier-1 securities were designed to absorb bank losses in times of turbulence and maintain financial safety at no cost to taxpayers. Despite good intentions, we’ve found AT1s to be flawed instruments that are contingently junior to common equity in practice.
What are the implications of the ongoing volatility in the banking sector, and what does it mean for markets in Europe and globally?
Here are the core tenets I share with advisors who are trying to carve their niche and stand out – the best practices to beef up your marketing efforts in 2023.
The changes inside SECURE 2.0 range from new rules related to 529 college savings plans to when retirees should take their required minimum distributions (RMDs). With so much to sort through, advisors may be overlooking some of the details of the act.
It’s rarely mentioned, but it’s stunning how often the financial planning profession has foreshadowed the evolution of our social environment.
The importance of Biden’s veto to save the DOL rule was not about assessing ESG factors. It was about affirming the role of the fiduciary in investment advice.
I’ll explore four tools and strategies you can leverage to improve how your site ranks in search engines to reach your clients and prospects more effectively.
If you work with boomer-generation women, are you properly responding to their need for lifetime income? Consider this parable.
Fears of bank runs precipitating a broader financial crisis helped spark a surge in bullion buying this week.
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.
Today’s inflationary market landscape is fraught with risks for investors. Despite these circumstances, Scott Welch and Kevin Flanagan outline how bond investors can generate yield.
Fiduciary Rules
Unemployment Claims Up 7K, Better Than Expected
In the week ending November 25, initial jobless claims were at a seasonally adjusted level of 218,000, an increase of 7,000 from the previous week's revised figure. The latest reading is lower than the forecast of 220,000.
Macro Markets Podcast Episode 44: Corporate Credit Review and Preview
Maria Giraldo discusses the performance of the corporate credit sector this year and the rationale for our cautiously optimistic outlook for 2024.
What If Lending to Your Own Buyout Gets Sticky?
The private equity industry’s push into credit is so well advanced that no one bats an eyelid when the same buyout firm is invested in the debt and equity of the same portfolio company.
Create a Non-Transactional Relationship
The highest compliment I receive from clients is when they tell me they don’t feel like our relationship is transactional.
How Argentina Could Still Convert to the Dollar
Javier Milei was elected president of Argentina on the strength of a radical promise: that he would replace the highly inflationary Argentine peso with the stable US dollar.
How Rebalancing Thwarts Achieving Retirement Goals
I show how the best way to utilize bonds in retirement is not to rebalance between stocks and bonds in retirement, but rather to draw down on the bond side of the portfolio first and let the portfolio drift towards a greater equity allocation.
Fourth Quarter 2023 Fixed-Income Sector Views
In this issue of Fixed-Income Sector Views, our Sector Teams identify positive technical trends that have helped to support spreads, but remain vigilant for signs of credit deterioration as the slowing economy and the bite of higher rates start to be felt by issuers.
Mega-Cap Tech a Safe Haven
Year-to-date, technology has outperformed the broader market largely given the prevalence of low leverage, high profitability and consistent earnings across many names in the mega-cap tech space.
The Insider's Guide to Transition
Are you curious about what a transition in the digital age truly entails? My guest, Lizzie Warner, and I will step inside the world of broker-dealer/RIA transitions and unveil the timeline and milestones of these transformations. We want this to be your gateway to making your move smoother and more accessible than ever before.
Lizzie Warner, vice president of transition and strategic acquisitions at Cambridge, shares her insights and stories from guiding countless financial advisors through this pivotal change.
Lizzie will also introduce Cambridge's complimentary resource, “Asking the Right Questions of Your Next Transition Team.”
Securities Industry to DOL on Fiduciary: We’re Perfect, Leave us Alone
Fiduciary duties are either unneeded or harmful, according to the opponents of the DOL rule. In their view, the finance and insurance industries have already achieved perfection.
Retirement Savers Are Getting Ripped Off
Where is the line between selling a financial product and providing investment advice? That question is at the heart of a debate over a new proposal that aims to protect Americans’ retirement savings.
A Closer Look at Full-time and Part-time Employment
Let's take a close look at October's employment report numbers on Full and Part-Time Employment. The latest data shows that 83.5% of total employed workers are full-time (35+ hours) and 16.5% of total employed workers are part-time (<35 hours).
Macro Markets Podcast Episode 43: Post-FOMC/Jobs Report Update
Adam Bloch, Portfolio Manager on our Total Return team, and Matt Bush, Guggenheim Investments' U.S. Economist, update our economic and market outlook.
Suddenly Single, With Wealth – Is There a Problem? Part Two
Being left solely responsible for wealth through divorce or widowhood later in life comes with its own set of responsibilities, opportunities, and challenges. As with so many financial life events, it is often the emotional challenges that are the hardest.
Confessions of a Transition Manager
Meeting or beating a trading benchmark doesn't equate to good portfolio performance. In order to measure the success of a transition, utilizing a T-Standard transition performance measurement methodology is critical.
Suddenly Single, With Wealth – Is There a Problem Here? Part One
Recently, a newly divorced woman in her 50s asked me if I knew of any good books for middle-aged, single woman of wealth.
Annuity Income Riders: To Win, You Must Lose
I analyze the math of annuity income riders and how you pay the insurance company to draw down your own assets. It is highly unlikely the insurers will pay a dime, which makes those riders questionable.
Guaranteed Lifetime Income is a Better Solution than Taxable Bonds
With interest rates at near 20-year highs, guaranteed lifetime income locks in those rates for the rest of one’s life, creating better retirement outcomes.
Financial Life Planning: A Job, a Career, or a Calling?
Is the work you do to make a living a job, a career, or a calling? Recognizing the difference will pay great dividends in many ways.
Macro Markets Podcast Episode 42: The Active Fixed-Income Playbook for Elevated Uncertainty
Steve Brown, Chief Investment Officer for Total Return and Macro Strategies, discusses the portfolio strategy implications of the evolving geopolitical, economic, and policy landscape.
Two Lessons from a Jar of Jellybeans
Is there a lesson here for financial advisors? Indeed, there are two.
How Traditional Retirement Models Cost Clients Millions
The choice to use an advisor in retirement is one that will cost clients and their beneficiaries millions of dollars in fees and opportunity costs as I show in this article.
Fiduciary Advice in the Age of “No Guardrails”
Fiduciary September just concluded. To generate further awareness, my organization, the Institute for the Fiduciary Standard, produced eight panels with 22 speakers.
Third Quarter 2023 Quarterly Macro Themes
Quarterly Macro Themes, a quarterly publication by our Macroeconomic and Investment Research Group, explores critical and timely areas of research and updates our baseline views on the economy.
Best Practices for Selling a Family Business
Selling a business and managing sudden wealth calls for guidance from trusted advisors and a consistently mindful approach.
Transparency Is the Cure for High Hospital Prices
If you are tiring of the green energy revolution and can’t quite get on board with the mission to Mars, yet still would like to join a worthy cause with the potential to transform millions of lives, allow me to make a recommendation: transparent hospital pricing.
As the Economy Slows, Favor Consistency Over Volatility
In many ways, 2023 continues to be the mirror image of 2022, with the most volatile assets being some of the best performers for much of the year.
Why ESG Investing Still Matters
Environmental, social, and governance policies and investing have become targets of political derision. That doesn’t dampen the need for corporations and governments to pursue agendas tied to climate change and diversity, equity, and inclusion.
Workplace Retirement Voice: Why Wealth Advisors Should Embrace Workplace Retirement Plans
For many wealth advisors, workplace retirement plans are either a burden or an afterthought, according to John Kutz, National Retirement Plan Strategist at Franklin Templeton. He and his team explore why embracing these plans can benefit their practice, and their clients.
The Importance of Debt Management
Incorporating debt planning into your services helps your clients achieve a more comprehensive and sustainable financial future.
Deeper Data Dependency Could Advance ESG ETF Usage
An efficient avenue for asset managers and fund issuers to avoid regulatory scrutiny of products with the environmental, social, and governance (ESG) label is to ensure that those funds live up their ESG ETF billing. That can be accomplished with data-intensive approaches.
What Do Investment Outsourcing and Ice Cream Have in Common?
For some organizations, a partial outsourcing of their investment program is preferable to total outsourcing. Despite this, some OCIO providers will still try very hard to sell companies on a full OCIO solution.
Massachusetts Scores a Victory for Fiduciary Advice
On August 25, Massachusetts’ highest court shocked the investment world by unanimously ruling against Robinhood and for the state’s fiduciary rule. Robinhood must change its ways to remain in business.
ABLE Accounts for the Disability Community
One of the hardest parts of planning for our loved ones with disabilities is getting started. It’s overwhelming. Thinking of who will care for your child when you or your partner cannot is not easy. While we realize no one will care for your child like you do, you need to plan for the day when you no longer can.
In this session, we talk about one tool that may help with some of the financial responsibilities for supporting your loved one while helping them stay qualified for means-tested benefits supplemental security income (SSI) and Medicaid. My guest will introduce the importance of planning ahead and maintaining eligibility for public benefits whether the family is wealthy or has limited means.
Transitioning Into Retirement: Financial Strategies For The Final Stretch
You’re nearly there! You’re nearing the age when you can finally stop working and enjoy some well-earned rest. But there are a few more steps you should take before officially retiring, which will ensure greater financial stability and peace of mind in your later years.
The Evolving Dance of AI and Financial Advisors
AI is a tool to elevate and redefine job duties. Here are strategies for how AI can augment the work of fiduciary advisors while helping them stay relevant and competitive.
Don’t Buy an Indexed-Universal Life Policy Until You Read This
So-called “finfluencers” are preying on naïve investors, promising unrealistic returns while generating excessive commissions for themselves. Their bait is an indexed-universal life (IUL) policy. Read this to avoid making a costly mistake.
Understanding and Communicating an Advisor’s Value
Be a financial physician with a reassuring presence who can reduce anxiety, bring clarity, and induce confidence.
Third Quarter 2023 Fixed-Income Sector Views
Recent data and policy developments have fallen firmly in the soft-landing camp, and market performance has reflected this shift. Notwithstanding recent stronger-than-expected economic activity, we continue to believe a downturn is in the pipeline.
Workplace Retirement Voice: Adding the Two “P”S to the Three “F”S
The advisor of the future needs to embrace a new value proposition, according to John Kutz, Head of Workplace Retirement Distribution at Franklin Templeton. This means moving beyond the “three F’s” and taking a more holistic approach to changing client needs.
Select Segments of Growth Still Providing Steady Returns
Following the YTD strength in equity markets, Russ Koesterich discusses how a combination of cyclical, and a growth bias may serve investors well in today’s market.
What Insurance Agents Don’t Tell You About Indexed Universal Life (IUL)
IUL is a popular investment, thanks to aggressive marketing. Before your clients succumb to high-pressure sales tactics, here’s a cautionary tale based on another lifetime purchase decision – buying an engagement ring.
Do You Have the Courage to Simplify Your Clients’ Portfolios?
Why don’t more advisors recommend simple portfolios?
Here’s Something to “Fitch” About
What would you do if you won the Mega Millions? It’s now up to a record $1.55 billion! We would start a not-for-profit to educate people not to play the lottery.
Work With Your Clients, Not Your Portfolios
Everyone who has ever invested in Mr. Market at any time in recorded history, except for those who started investing at the end of 2021 or the first few quarters of 2022, made money.
Use This 'Goldilocks Market' to Prepare for Its Eventual End
Talk of Goldilocks has taken hold in the markets, and with it the risk-taking allure of not-too-hot and not-too-cold investing conditions.
Smaller Recession Risk Suggests Stronger Cyclicals
Russ Koesterich CFA, JD, Managing Director, and Portfolio Manager discusses how improving economic expectations may suggest adding to cyclical areas of the market.
Macro Markets Podcast Episode 38: Value and Nuance in CMBS
Karthik Narayanan, Head of Securitized Credit for Guggenheim Investments, and Tom Nash, a director on our Commercial Mortgage-Backed Securities (CMBS) sector team, join Macro Markets to discuss drivers of performance, current conditions in real estate, and where they are finding value in CMBS and in other types of structured credit.
The Big Fat 401(k) Fake Out
Target-date funds, which make up over half of total 401(k) assets, are not following investment theory, exposing investors to excessive risk.
Capital Rationing in Leveraged Credit
Appealing yields and cautious markets.
As Rates Rise, Consider Fixed Income that Floats
Led by the Federal Reserve’s campaign of increasingly large hikes, interest rates have risen meaningfully year-to-date. Conventional wisdom would guide investors to sell fixed income — a reflection of one of the most fundamental relationships in the investment world: as rates go up, their investments go down.
Your Designations Don’t Create Trust
To your prospects, titles are ubiquitous, to be expected, no big deal – they have little power in their decision-making process.
BlackRock Sees Model-Portfolio Investing Growing to $10 Trillion by 2028
BlackRock Inc. expects the model-portfolio realm of money management to grow to a $10-trillion business over the next five years.
I Don’t Trust the “Top” Rankings and Neither Should You
There are days when our trade press is even more misleading than the consumer rags.
To Divest, or Not To Divest? That Is the Question
We believe that avoiding whole sectors or business models introduces portfolio risk and should be done only with careful consideration and a strategic, holistic plan.
Supercars vs. Uber Drivers: Risk Management for Actual Humans
The complexity of some risk management platforms can lead to a steep learning curve for institutional investors, draining resources and creating stress.
Economic Resilience Complicates Hedging With Bonds
Since the March trough the S&P 500 Index has gained around 14% and ten-year Treasury yields have risen roughly 0.50%. As market conditions have improved, inter-asset correlations have also shifted.
Quarterly Macro Themes Research Spotlight on What’s Next
Quarterly Macro Themes, a quarterly publication from our Macroeconomic and Investment Research Group, spotlights critical and timely areas of research and updates our baseline views on the economy.
Bond Investors Getting Paid for Patience
Anne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joins Bloomberg TV to discuss fixed-income market opportunities, managing climate change risk, and the Fed’s path forward.
What Not to Do When Clients Freak Out
The punditry knows that clients dread uncertainty. They count on it. They prey on it.
Will Selling in May Work This Year? Maybe Not
With stocks struggling to break out of their range, rates climbing, and valuations stretched investors are rightly asking whether it’s time to sell.
Macro Markets Podcast Episode 36: "It's a bond picker's market."
Anne Walsh, CIO for Guggenheim Partners Investment Management, discusses drivers of returns going forward. She also offers advice to young women looking to make a career in asset management.
Fixed Income Is Now a Buyer’s Market
Improved value proposition in credit.
Macro Markets Podcast Episode 35: A Deep Dive into Municipal Bonds
Allen Li, Managing Director and Head of Guggenheim Investments' Municipal Bond Sector Team, explains the structure and characteristics of the $4 trillion municipal market, the importance of technical dynamics, and where he is finding value.
An End To Tightening Supports Gold
Stocks are having a great year, but gold is doing even better. Year-to-date global equities are up roughly 9% in dollar terms; gold has advanced more than 10%.
Agents of Change?
If you’ve been to a high school or college commencement lately, then you know the drill: at some point at least one speaker will urge the graduates to be “agents of change,” suggesting they’d like to see these students make the world a better place through some sort of social activism.
Rebalancing Your Clients’ “Purpose Portfolio”
We must understand our clients’ purposes and how they fit together in their lives. We need to take the initiative when rebalancing is in order.
Wall Street Built a $370 Billion Business Cloning Quant Trades
Deep in the bowels of Wall Street, there’s a surprisingly successful counterfeiting operation underway: The world’s largest banks have created a booming business churning out imitation quant trades.
Be a Rockefeller, Not a Vanderbilt
As financial advisors and wealth managers, we want our ultra-high net worth clients to emulate the Rockefellers, not the Vanderbilts.
Second Quarter 2023 Fixed-Income Sector Views
Markets are still facing uncertainties regarding the impact of the Federal Reserve’s aggressive rate hikes and quantitative tightening, a potential economic slowdown, and the likelihood of other unforeseen consequences of financial disintermediation.
Women's Health Month: How Finances Affect Wellness
What is the number-one reported factor for a happy and fulfilling retirement?
Macro Markets Podcast Episode 34: Risk/Reward in High Yield/Bank Loans
Tom Hauser, Co-Head of Corporate Credit, discusses his current views on opportunity in leveraged credit. Economist Paul Dozier updates on the latest economic data.
The Battle for Fiduciary Standards in Massachusetts
On May 3, the Massachusetts Supreme Judicial Court heard arguments on whether Massachusetts citizens will get a state-level fiduciary rule. The Fiduciary Institute submitted an amicus brief that said, emphatically, “Yes!” This is why.
A Vast Market in Private Credit
Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Bloomberg TV from the Milken Global Conference to discuss the implications of ongoing issues in fixed income and how capital rationing favors private credit.
The Cost of Corporate Versus Individual Trustees
What exactly does a trust company do to earn their fee that my family member or friend can’t do?
If I Were King…
We have the royal coronation in England to remind us that once upon a time, one person would issue all the laws – which is an unfair but very effective way to make things happen. Here are the edicts that I would issue if the financial services world made me its king.
Why Financial Literacy Programs Fail
April is Financial Literacy month, but all that elicits from the advice industry is a collective yawn.
The Permanent Role of Private Equity in the RIA Profession
PE will remain a factor in the RIA space for years to come, but it’s not for everyone.
Twitter Company ‘No Longer Exists,’ Is Now Part of Musk’s X
Twitter Inc. has ceased to be an independent company after merging with a newly formed shell firm called X Corp., driving speculation about what Elon Musk intends for the social media platform.
AT1 Bonds
Born of the Global Financial Crisis, additional tier-1 securities were designed to absorb bank losses in times of turbulence and maintain financial safety at no cost to taxpayers. Despite good intentions, we’ve found AT1s to be flawed instruments that are contingently junior to common equity in practice.
Market Volatility and Developments in the Banking Sector
What are the implications of the ongoing volatility in the banking sector, and what does it mean for markets in Europe and globally?
Standing Out in a Crowded Market
Here are the core tenets I share with advisors who are trying to carve their niche and stand out – the best practices to beef up your marketing efforts in 2023.
What Most Advisors are Missing About SECURE 2.0 Act
The changes inside SECURE 2.0 range from new rules related to 529 college savings plans to when retirees should take their required minimum distributions (RMDs). With so much to sort through, advisors may be overlooking some of the details of the act.
The Planning Profession is Leading Us to a Better World
It’s rarely mentioned, but it’s stunning how often the financial planning profession has foreshadowed the evolution of our social environment.
The Fiduciary is the "Decider"
The importance of Biden’s veto to save the DOL rule was not about assessing ESG factors. It was about affirming the role of the fiduciary in investment advice.
Four Tools to Improve Your Site's Search Visibility
I’ll explore four tools and strategies you can leverage to improve how your site ranks in search engines to reach your clients and prospects more effectively.
Annuity? Never
If you work with boomer-generation women, are you properly responding to their need for lifetime income? Consider this parable.
Could Bank Runs Lead to a Run on Gold & Silver?
Fears of bank runs precipitating a broader financial crisis helped spark a surge in bullion buying this week.
The Professor's Portfolio
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.
What’s Yield Got to Do, Got to Do with It?
Today’s inflationary market landscape is fraught with risks for investors. Despite these circumstances, Scott Welch and Kevin Flanagan outline how bond investors can generate yield.