Fiserv Inc. is lauching its own stablecoin and joining with both traditional and crypto payments firms PayPal Holdings Inc. and Circle Internet Group Inc. to develop products for financial institutions and merchants within the banking technology provider’s ecosystem.
US banks seem likely to get the changes they want to an obscure but important rule known as the supplementary leverage ratio.
Travel on all roads and streets increased in April. The 12-month moving average was up 0.12% month-over-month and was up 0.93% year-over-year. However, if we factor in population growth, the 12-month MA of the civilian population-adjusted data (age 16-and-over) was up 0.06% MoM and down 0.97% YoY.
How big data, AI and the human element can combine to better pursue consistent alpha.
New strategies, shifting flows, and innovative technologies are driving a more dynamic and diversified marketplace in fixed income ETFs.
Blackstone Inc. sees a $200 billion investment opportunity in European credit over the next 10 years, underscoring the region’s appeal to investors looking for alternatives to the US.
Many small deals have done through, including ones from overseas, and an active calendar of corporate shareholder meetings could offer fresh insights into capital plans.
The draft of the One Big Beautiful Bill Act (OBBBA) runs more than 1,000 pages. Analysis of the legislation has focused primarily on its impact on the U.S. federal deficit: the Congressional Budget Office estimates that passage would add almost $3 trillion to the national debt over the coming decade.
The ETF market has hit a symbolic turning point: active funds now outnumber passive ones for the first time, marking a sharp break from the industry’s index-tracking origins — even if actively managed assets still account for just a tenth of assets.
The fund shines through as a prime option worthy of consideration among the vast alternatives present in the muni market. With their rare combination of credit quality and yield, munis are offering fixed income investors prime benefits in a still-uncertain bond environment.
FINRA has released new data for margin debt, now available through May. The latest debt level is at $920.96 billion, up 8.3% from April. This marks the first monthly increase and highest debt level since January.
Just one day after Prime Minister Shigeru Ishiba likened Japan’s debt situation to that of Greece, the country faced its weakest demand for 20-year bonds since 2012.
In part one of our new series, AI Alpha, we explored the sweeping potential of artificial intelligence (AI) as a transformative force.
Unlike most other US public retirement plans of its size, the Tampa Fire & Police Pension Fund doesn’t invest in hedge funds, private equity or private credit.
In the history of technological progress, there's often a critical misreading. We think the leap is in the product—the engine, the chip, the app.
Financial markets have been experiencing some of their wildest trading days in history this year. Stock and bond prices have been moving in unison—an alarming scenario for investors and their advisors. With increased volatility, long-term investors might benefit from additional exposure to alternative strategies within their portfolio allocations.
If I told someone with even a little investing experience that I own an asset that pays like stocks but is stable like bonds, they would probably think I was a huckster or a fool. Yet many of the most sophisticated investors claim to own such a thing.
BlackRock Inc., the world’s largest asset manager, boosted its annual revenue target for 2030 and set its first-ever firmwide target for private-markets fundraising at $400 billion by then.
The US and China capped two days of high-stakes trade talks with a plan to revive the flow of sensitive goods — a framework now awaiting the blessing of Donald Trump and Xi Jinping.
The first half of 2025 has been driven by headlines that have caused volatility in both the stock and bond markets. While tariff negotiations have commanded the most attention, we are now pivoting to the federal budget deficit, which feels like a perpetual headline over the last 15 years.
A new culture of reform at Japanese companies offers exciting potential for equity investors.
With the world order in flux, investors can look to fortify portfolios by diversifying across global markets and capitalizing on attractive, high quality yields.
While the immediate path for tariffs may drift lower, the U.S. legislative branch is hammering out a tax and spending bill that seems to favor tax cuts over lower spending, reviving worries over the U.S. budget deficit and a growing debt burden that cannot be ignored.
Advisors looking to add or enhance existing gold exposures in their portfolio have a range of strategies to consider within the ETF vehicle.
If we lived in a world where mobile signals were visible, the sky would shimmer like a storm—layers of frequencies rolling over rooftops, crossing oceans and saturating valleys.
The U.S. economy and stock market face a confluence of challenges in the second half of the year, keeping the bar relatively (but not restrictively) high for outperformance.
Stablecoins are a special flavor of cryptocurrency. Unlike Bitcoin or countless wildly traded memecoins, whose values rise and fall based on market moods, the most popular versions of these digital tokens are supposed to always be worth $1 each.
The Fear Trade is what most Western investors are familiar with. It’s the flight to safety during times of uncertainty, driven by concerns over inflation, interest rates, geopolitical risk and more.
I spent the last two weeks of May catching up with partners and clients in Malaysia, Singapore, China, and Hong Kong. Following are some reflections on those conversations.
Stablecoins and the concept of digital money represent a significant shift from the current system. While there are many risks with digital money, there is also promise.
Yale University’s $41 billion endowment, led for decades by the late investing giant David Swensen, has been the envy – and the blueprint — for many US universities eager to secure their financial future.
Retail traders using sophisticated quantitative strategies are starting to have a surprising and noticeable impact on financial prices.
Increasing investor preference for actively managed strategies continues in this year’s tumultuous environment. With active ETFs taking increasing market share, advisors and investors have ever-expanding choices when looking to augment existing passive exposures.
In sauna-like wooden meeting huts scattered around private capital’s annual marquee event in Berlin, executives are looking for the next hot spot.
The latest employment report showed that 139,000 jobs were added in May, down from 147,000 in April but higher than the expected 126,000 addition. Meanwhile, the unemployment rate remained at 4.2%, as expected.
The federal government, financial markets and most Americans are all in a state of denial about interest rates.
In the last three months tariff news has whipped financial markets around remarkably in response to President Trump’s ever changing tariff policies. The most pronounced reactions were concentrated in the US stock market.
In our view, using quantitative methods in a transparent, repeatable way to extract alpha through diversified factor tilts offers a compelling alternative in this new IG environment.
The U.S. Dollar Index is at a critical inflection point, and how it behaves from here will have a major impact on the direction of gold, silver, and commodities.
Duration is an often confused term when it comes to financial fixed income investing. After all, in your everyday life, the definition of duration is the length of time it takes for something to occur.
U.S.-Europe negotiations involve more than just tariffs.
On this week’s episode of ETF Prime, VettaFi’s Head of Research Todd Rosenbluth discusses the rise of active ETFs and anticipated ETF share class structure. Later, Fidelity’s Eric Granat and Christine Thorpe spotlight the Fidelity Hedged Equity ETF (FHEQ) and the Fidelity Total Bond ETF (FBND).
Today I’m going to highlight some speakers who added an equity market perspective to their big-picture views. Getting both right would be much easier if more investors behaved rationally. Alas, they don’t, which is why stock prices do incomprehensible things. Fortunately, you can succeed without catching every twist and turn.
Many investors have underweighted high yield bond ETF strategies in recent years, satisfied with the opportunities found in other segments of the fixed income market.
An "end-to-end" approach in process management means handling a task or product from its initial planning stages to the finishing point or delivery, without relying on intermediaries for specific steps. No nation does this better than China.
Real gross domestic product (GDP) is comprised of four major subcomponents. In the Q1 2025 GDP second estimate, two of the four components made positive contributions.
Two of Wall Street’s top investment banks cautioned that the impact of a court ruling striking down many of President Donald Trump’s tariff measures may prove limited, given that the administration has other avenues to impose import duties.
KKR & Co.’s recent deal for a struggling UK real estate firm was initially remarkable for landing in the midst of the American tariff turmoil. Now facing a domestic counterbid, this US-led buyout has become an emotive symbol of the London stock market’s capitulation to private equity and foreign takeovers.
Home prices declined in March as the benchmark national index fell for the first time since January 2023. The seasonally adjusted home prices for the national index saw a 0.3% decrease month-over-month (MoM), and a 3.4% increase year-over-year (YoY). After adjusting for inflation, the MoM fell to -0.7% and YoY fell to -1.0%.
There’s a lot to like about the travel industry right now from an investment standpoint. You just have to know where to look.
In 2025, AI crossed a subtle but monumental threshold: it stopped just answering questions and started executing goals.
Though silver has been quiet lately, it’s important to be aware of the many bullish factors that are setting the stage for a strong move higher.
The Endowment Tax was introduced during the first Trump administration as part of the 2017 Tax Cuts and Jobs Act (TCJA).
Tariffs have long been part of U.S. economic policy, but big changes can disrupt markets and trade. Here's a quick overview of some questions investors may have.
Your financial requirements are multifaceted, necessitating strategies tailored to your specific needs. Tailored lending can be a valuable addition to a high-net-worth individual’s financial plan, helping you optimize cash flow, maximize tax efficiency and realize important estate planning goals.
For many of us, ETFs have been synonymous with passive management.
As AI capabilities continue to advance, we can expect even more sophisticated financial planning tools to become accessible to the average person, potentially improving retirement outcomes for many.
Shopping for bonds? The bonds you choose should align with your risk tolerance and goals. Discover what to consider before buying any bond.
The market narrative appears to change on a dime these days. Stocks may have staged a comeback to recoup almost all their post-“Liberation Day” losses. But the bottom line on the fixed income market hasn’t changed all that much.
One of the biggest stories in the ETF market in 2025 has been the nonstop impressive asset-gathering pace of the Vanguard S&P 500 ETF (VOO).
As one of the world’s largest sovereign wealth funds warned this week that private equity is “very troubled” right now, a spate of recent buyout deals in Europe and the US points to a possible route out of the mire.
Best-in-class OCIO providers understand the importance of a deep relationship and will invest considerable time cultivating one.
Common sense and economic theory often collide. Take the stubborn belief that government stimulus spending and debt issuance reliably boost economic growth. It is a simple and seductive idea—when the economy falters, the government can step in, inject capital, and jumpstart growth.
The April Consumer Price Index (‘CPI’) report was released last Wednesday and gave the Federal Reserve another positive data point in its inflation fight, as did Thursday’s negative Producer Price Index (‘PPI’).
Innovative ETFs are making waves as investors look for fresh ways to navigate a market marked by rapid growth and ongoing volatility.
With the CHOICE Act poised to strengthen non-competes in Florida, advisors may face a shrinking window of opportunity.
As investors, we need to step back and examine the history of previous debt downgrades and their outcomes for the stock and bond markets. Let’s start with what Moody’s rating agency stated about its rating change.
Tidal’s Mike Venuto discusses the latest in ETF innovation, from 351 conversions and the ETF share class structure to options-based strategies and leveraged products. VettaFi’s Kirsten Chang offers a tour around the world of fixed income ETFs, highlighting recent flows, new launches, and under-the-radar success stories.
Over the past ten years, we’ve discussed this question with about 50 of our friends and clients, resulting in many animated and productive conversations.
Given the recent market volatility and the possibility of an adverse wealth effect, it's worth quantifying the relationship between stock returns and economic activity.
If only Europe could offer property investors the kind of buffet the US provides. For now, its listed real estate sector is fragmented and dysfunctional, the raison d’etre seemingly to create cheap takeover targets for buyout firms.
So far in 2025, markets have had plenty to absorb: the Trump administration’s tariffs, Germany’s latest investment commitments, the implications of the DeepSeek moment, and escalating military conflicts (now including one on the India-Pakistan border).
We maintain a focus on resiliency as elevated yields within high quality fixed income continue to offer attractive opportunities.
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.
A solution that merely saves time on administrative tasks will quickly become stale as the business grows. Success lies in determining how the AI tool you are implementing will have a lasting effect on the advisor’s workday routine.
Equity investors pushed back into the market by a relentless rally are about to find out that the real challenge is just beginning.
Anyone betting on the end of the private credit boom has been on the back foot of late as the upstart $1.6 trillion asset class has notched up a string of wins. But the industry’s naysayers won’t be conceding defeat just yet.
Assessing a bear market rally proves challenging when you experience it firsthand. It is only in hindsight that the complete picture reveals itself to investors. Of course, after a bear market rally, investors tend to review their investments and speculate on what they should have done differently.
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.
Companies are launching a number of debt deals designed to pay out a dividend to their private equity owners, at a time when buyout firms are under pressure to return money to clients.
For my entire decades-long career in capital markets, I’ve made the case that gold is not just a shiny relic of the past, but a serious, strategic asset for modern investors. After years of pounding the table, it feels pretty good to say that the world’s central banks—and now the U.S. banking system—are finally catching up.
Fixed income investors who want to diversify their portfolios in a challenging market environment shouldn't overlook CLOs.
A KKR & Co. debt sale shows how far Wall Street is willing to go to keep leveraged underwriting business from slipping away to private credit after periods of turmoil.
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 culture clash between Bitcoin enthusiasts and gold bugs is about to be played out in the world of exchange-traded funds.
Investors bearish on the dollar have generated attractive returns in the current environment with Invesco's UDN.
“Compounding” is a word often used among investors to describe what they hope to achieve for their capital. Compounding is invoked so frequently that one would think it was the standard aim and practice among investors.
In the latest episode of ETF 360, VettaFi’s Kirsten Chang interviewed Bob Minter, ETF strategist for Aberdeen. They discussed all things commodities.
After entering the year with a cautious outlook, managers have become more defensively postured as the U.S. tariff policy has increased uncertainty.
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.
Leveraged and Inverse Funds
Fiserv to Offer Own Stablecoin, Partners With PayPal and Circle
Fiserv Inc. is lauching its own stablecoin and joining with both traditional and crypto payments firms PayPal Holdings Inc. and Circle Internet Group Inc. to develop products for financial institutions and merchants within the banking technology provider’s ecosystem.
Bessent’s Top Bank Reform is Good for Markets
US banks seem likely to get the changes they want to an obscure but important rule known as the supplementary leverage ratio.
America's Driving Habits: April 2025
Travel on all roads and streets increased in April. The 12-month moving average was up 0.12% month-over-month and was up 0.93% year-over-year. However, if we factor in population growth, the 12-month MA of the civilian population-adjusted data (age 16-and-over) was up 0.06% MoM and down 0.97% YoY.
Alpha Reimagined
How big data, AI and the human element can combine to better pursue consistent alpha.
5 Themes Defining Bond ETF Investing Today
New strategies, shifting flows, and innovative technologies are driving a more dynamic and diversified marketplace in fixed income ETFs.
Blackstone Sees $200 Billion in Potential European Credit Deals
Blackstone Inc. sees a $200 billion investment opportunity in European credit over the next 10 years, underscoring the region’s appeal to investors looking for alternatives to the US.
M&A Watch: A String of Hot IPOs Could Spark Second-Half Dealmaking
Many small deals have done through, including ones from overseas, and an active calendar of corporate shareholder meetings could offer fresh insights into capital plans.
Treasury Tax Tension
The draft of the One Big Beautiful Bill Act (OBBBA) runs more than 1,000 pages. Analysis of the legislation has focused primarily on its impact on the U.S. federal deficit: the Congressional Budget Office estimates that passage would add almost $3 trillion to the national debt over the coming decade.
Active ETFs Now Outnumber Passive Funds in Industry Watershed Moment
The ETF market has hit a symbolic turning point: active funds now outnumber passive ones for the first time, marking a sharp break from the industry’s index-tracking origins — even if actively managed assets still account for just a tenth of assets.
As Munis See Increased Issuance, Here’s an Active Choice
The fund shines through as a prime option worthy of consideration among the vast alternatives present in the muni market. With their rare combination of credit quality and yield, munis are offering fixed income investors prime benefits in a still-uncertain bond environment.
Margin Debt Jumps 8.3% in May
FINRA has released new data for margin debt, now available through May. The latest debt level is at $920.96 billion, up 8.3% from April. This marks the first monthly increase and highest debt level since January.
Asset Allocation Bi-Weekly: The Japan Problem
Just one day after Prime Minister Shigeru Ishiba likened Japan’s debt situation to that of Greece, the country faced its weakest demand for 20-year bonds since 2012.
AI: The Challenges for Investors
In part one of our new series, AI Alpha, we explored the sweeping potential of artificial intelligence (AI) as a transformative force.
The Florida Pension Fund Managers Who've Beaten the S&P 500 Over 50 Years
Unlike most other US public retirement plans of its size, the Tampa Fire & Police Pension Fund doesn’t invest in hedge funds, private equity or private credit.
The Compute Capital Supercycle: AI’s Silent Infrastructure Revolution
In the history of technological progress, there's often a critical misreading. We think the leap is in the product—the engine, the chip, the app.
Should Investors Consider Options-Based Strategies to Help Manage Portfolio Risk?
Financial markets have been experiencing some of their wildest trading days in history this year. Stock and bond prices have been moving in unison—an alarming scenario for investors and their advisors. With increased volatility, long-term investors might benefit from additional exposure to alternative strategies within their portfolio allocations.
Harvard and Yale Will Finally Lift the Veil on Private Assets
If I told someone with even a little investing experience that I own an asset that pays like stocks but is stable like bonds, they would probably think I was a huckster or a fool. Yet many of the most sophisticated investors claim to own such a thing.
BlackRock Targets $400 Billion Private-Market Haul by 2030
BlackRock Inc., the world’s largest asset manager, boosted its annual revenue target for 2030 and set its first-ever firmwide target for private-markets fundraising at $400 billion by then.
US, China Officials Agree on Plan That Awaits Xi, Trump Sign-Off
The US and China capped two days of high-stakes trade talks with a plan to revive the flow of sensitive goods — a framework now awaiting the blessing of Donald Trump and Xi Jinping.
Deficit Pressures Treasuries… But No Crisis: US Treasury Market Is ‘Too Big to Fail’
The first half of 2025 has been driven by headlines that have caused volatility in both the stock and bond markets. While tariff negotiations have commanded the most attention, we are now pivoting to the federal budget deficit, which feels like a perpetual headline over the last 15 years.
Japan’s Corporate Reforms Create a Catalyst for Equity Returns
A new culture of reform at Japanese companies offers exciting potential for equity investors.
The Fragmentation Era
With the world order in flux, investors can look to fortify portfolios by diversifying across global markets and capitalizing on attractive, high quality yields.
A Focus on Fundamentals
While the immediate path for tariffs may drift lower, the U.S. legislative branch is hammering out a tax and spending bill that seems to favor tax cuts over lower spending, reviving worries over the U.S. budget deficit and a growing debt burden that cannot be ignored.
3 Different Gold ETF Strategies for the Second Half
Advisors looking to add or enhance existing gold exposures in their portfolio have a range of strategies to consider within the ETF vehicle.
The Infrastructure That Lets the Future Happen
If we lived in a world where mobile signals were visible, the sky would shimmer like a storm—layers of frequencies rolling over rooftops, crossing oceans and saturating valleys.
2025 Mid-Year Outlook: U.S. Stocks and Economy
The U.S. economy and stock market face a confluence of challenges in the second half of the year, keeping the bar relatively (but not restrictively) high for outperformance.
Stablecoins Bring Crypto to the Mainstream. What Could Go Wrong?
Stablecoins are a special flavor of cryptocurrency. Unlike Bitcoin or countless wildly traded memecoins, whose values rise and fall based on market moods, the most popular versions of these digital tokens are supposed to always be worth $1 each.
Meet the “Hermès of Gold” the Chinese Can’t Get Enough Of
The Fear Trade is what most Western investors are familiar with. It’s the flight to safety during times of uncertainty, driven by concerns over inflation, interest rates, geopolitical risk and more.
The View From The Far East
I spent the last two weeks of May catching up with partners and clients in Malaysia, Singapore, China, and Hong Kong. Following are some reflections on those conversations.
Stablecoins to the Treasury’s Rescue
Stablecoins and the concept of digital money represent a significant shift from the current system. While there are many risks with digital money, there is also promise.
Yale’s $2.5 Billion Private Equity Sale Tests its Vaunted Endowment Model
Yale University’s $41 billion endowment, led for decades by the late investing giant David Swensen, has been the envy – and the blueprint — for many US universities eager to secure their financial future.
Retail Quants May Be the Next Stabilizing Force for Markets
Retail traders using sophisticated quantitative strategies are starting to have a surprising and noticeable impact on financial prices.
Active ETFs Gain Further Momentum in 2025
Increasing investor preference for actively managed strategies continues in this year’s tumultuous environment. With active ETFs taking increasing market share, advisors and investors have ever-expanding choices when looking to augment existing passive exposures.
Apollo Eyes Germany as Private Credit’s Crush on Europe Heats Up
In sauna-like wooden meeting huts scattered around private capital’s annual marquee event in Berlin, executives are looking for the next hot spot.
Employment Report: 139K Jobs Added in May, More Than Expected
The latest employment report showed that 139,000 jobs were added in May, down from 147,000 in April but higher than the expected 126,000 addition. Meanwhile, the unemployment rate remained at 4.2%, as expected.
Financial Repression Won’t Make Interest Rates Lower
The federal government, financial markets and most Americans are all in a state of denial about interest rates.
From Tariff Angst to Optimism
In the last three months tariff news has whipped financial markets around remarkably in response to President Trump’s ever changing tariff policies. The most pronounced reactions were concentrated in the US stock market.
Navigating a Sea of Investment-Grade Credit
In our view, using quantitative methods in a transparent, repeatable way to extract alpha through diversified factor tilts offers a compelling alternative in this new IG environment.
The U.S. Dollar is at a Critical Inflection Point
The U.S. Dollar Index is at a critical inflection point, and how it behaves from here will have a major impact on the direction of gold, silver, and commodities.
Duration – Current income opportunities
Duration is an often confused term when it comes to financial fixed income investing. After all, in your everyday life, the definition of duration is the length of time it takes for something to occur.
Transatlantic Tussle
U.S.-Europe negotiations involve more than just tariffs.
Fidelity’s Edge and the Active ETF Boom
On this week’s episode of ETF Prime, VettaFi’s Head of Research Todd Rosenbluth discusses the rise of active ETFs and anticipated ETF share class structure. Later, Fidelity’s Eric Granat and Christine Thorpe spotlight the Fidelity Hedged Equity ETF (FHEQ) and the Fidelity Total Bond ETF (FBND).
Bullish Highlights
Today I’m going to highlight some speakers who added an equity market perspective to their big-picture views. Getting both right would be much easier if more investors behaved rationally. Alas, they don’t, which is why stock prices do incomprehensible things. Fortunately, you can succeed without catching every twist and turn.
High Yield ETF Exposure Is a Critical Component in Diversified Portfolios
Many investors have underweighted high yield bond ETF strategies in recent years, satisfied with the opportunities found in other segments of the fixed income market.
China’s Growing Reach in Shipping
An "end-to-end" approach in process management means handling a task or product from its initial planning stages to the finishing point or delivery, without relying on intermediaries for specific steps. No nation does this better than China.
An Inside Look at the Q1 2025 GDP Second Estimate
Real gross domestic product (GDP) is comprised of four major subcomponents. In the Q1 2025 GDP second estimate, two of the four components made positive contributions.
Goldman, Morgan Stanley Say Trump Can Deploy Other Tariff Tools
Two of Wall Street’s top investment banks cautioned that the impact of a court ruling striking down many of President Donald Trump’s tariff measures may prove limited, given that the administration has other avenues to impose import duties.
KKR Is Fighting Private Equity’s Battle for the UK Stock Market
KKR & Co.’s recent deal for a struggling UK real estate firm was initially remarkable for landing in the midst of the American tariff turmoil. Now facing a domestic counterbid, this US-led buyout has become an emotive symbol of the London stock market’s capitulation to private equity and foreign takeovers.
S&P CoreLogic Case-Shiller Index: 3.4% Annual Gain in March
Home prices declined in March as the benchmark national index fell for the first time since January 2023. The seasonally adjusted home prices for the national index saw a 0.3% decrease month-over-month (MoM), and a 3.4% increase year-over-year (YoY). After adjusting for inflation, the MoM fell to -0.7% and YoY fell to -1.0%.
Record Memorial Day Weekend Puts Travel Stocks Back in the Spotlight
There’s a lot to like about the travel industry right now from an investment standpoint. You just have to know where to look.
Welcome to the End of Tasks
In 2025, AI crossed a subtle but monumental threshold: it stopped just answering questions and started executing goals.
Revisiting the Bullish Case for Silver
Though silver has been quiet lately, it’s important to be aware of the many bullish factors that are setting the stage for a strong move higher.
The Endowment Tax: Thoughts and Considerations for Investors
The Endowment Tax was introduced during the first Trump administration as part of the 2017 Tax Cuts and Jobs Act (TCJA).
What is a Tariff and How Does it Work?
Tariffs have long been part of U.S. economic policy, but big changes can disrupt markets and trade. Here's a quick overview of some questions investors may have.
Tailored Lending: A Strategic Tool for Sophisticated Individuals
Your financial requirements are multifaceted, necessitating strategies tailored to your specific needs. Tailored lending can be a valuable addition to a high-net-worth individual’s financial plan, helping you optimize cash flow, maximize tax efficiency and realize important estate planning goals.
Innovation In Indexing: Why Passive ETFs Matter
For many of us, ETFs have been synonymous with passive management.
Using AI to Create a Monte Carlo Retirement Simulation
As AI capabilities continue to advance, we can expect even more sophisticated financial planning tools to become accessible to the average person, potentially improving retirement outcomes for many.
How to Buy Bonds: A 3-Step Guide
Shopping for bonds? The bonds you choose should align with your risk tolerance and goals. Discover what to consider before buying any bond.
Engine of Active ETF Creation: Latest Flight of Fixed Income Offerings
The market narrative appears to change on a dime these days. Stocks may have staged a comeback to recoup almost all their post-“Liberation Day” losses. But the bottom line on the fixed income market hasn’t changed all that much.
5 Unique Passive ETF Ways of Owning the S&P 500
One of the biggest stories in the ETF market in 2025 has been the nonstop impressive asset-gathering pace of the Vanguard S&P 500 ETF (VOO).
Private Equity's Big Guns Are Tearing Up the Rules on Leverage
As one of the world’s largest sovereign wealth funds warned this week that private equity is “very troubled” right now, a spate of recent buyout deals in Europe and the US points to a possible route out of the mire.
Don’t Overlook the Human Element of OCIO
Best-in-class OCIO providers understand the importance of a deep relationship and will invest considerable time cultivating one.
Stimulus Does Not Stimulate
Common sense and economic theory often collide. Take the stubborn belief that government stimulus spending and debt issuance reliably boost economic growth. It is a simple and seductive idea—when the economy falters, the government can step in, inject capital, and jumpstart growth.
Inflation Continues to Cool
The April Consumer Price Index (‘CPI’) report was released last Wednesday and gave the Federal Reserve another positive data point in its inflation fight, as did Thursday’s negative Producer Price Index (‘PPI’).
First-of-Their-Kind Innovative ETFs Launched in 2025
Innovative ETFs are making waves as investors look for fresh ways to navigate a market marked by rapid growth and ongoing volatility.
Florida Advisors Have A Choice To Worry About
With the CHOICE Act poised to strengthen non-competes in Florida, advisors may face a shrinking window of opportunity.
Moody’s Debt Downgrade – Does It Matter?
As investors, we need to step back and examine the history of previous debt downgrades and their outcomes for the stock and bond markets. Let’s start with what Moody’s rating agency stated about its rating change.
Inside ETF Innovation: A Conversation with Tidal’s Mike Venuto
Tidal’s Mike Venuto discusses the latest in ETF innovation, from 351 conversions and the ETF share class structure to options-based strategies and leveraged products. VettaFi’s Kirsten Chang offers a tour around the world of fixed income ETFs, highlighting recent flows, new launches, and under-the-radar success stories.
The Most Revealing Question in Personal Investing…and How Warren Buffett Helps Us Answer It
Over the past ten years, we’ve discussed this question with about 50 of our friends and clients, resulting in many animated and productive conversations.
The Wealth Effect Is Not Always Virtuous
Given the recent market volatility and the possibility of an adverse wealth effect, it's worth quantifying the relationship between stock returns and economic activity.
The Embarrassing Transatlantic Divide in Real Estate Stocks
If only Europe could offer property investors the kind of buffet the US provides. For now, its listed real estate sector is fragmented and dysfunctional, the raison d’etre seemingly to create cheap takeover targets for buyout firms.
India’s Power Play
So far in 2025, markets have had plenty to absorb: the Trump administration’s tariffs, Germany’s latest investment commitments, the implications of the DeepSeek moment, and escalating military conflicts (now including one on the India-Pakistan border).
Income Fund Update: Focus on Stability Amid Turbulence
We maintain a focus on resiliency as elevated yields within high quality fixed income continue to offer attractive opportunities.
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.
The Next Chapter of AI? Proactivity.
A solution that merely saves time on administrative tasks will quickly become stale as the business grows. Success lies in determining how the AI tool you are implementing will have a lasting effect on the advisor’s workday routine.
Stock Rally Nobody Is Comfortable With Makes It Hard to Chase
Equity investors pushed back into the market by a relentless rally are about to find out that the real challenge is just beginning.
Private Credit’s Latest Golden Moment Is Hiding the Cracks
Anyone betting on the end of the private credit boom has been on the back foot of late as the upstart $1.6 trillion asset class has notched up a string of wins. But the industry’s naysayers won’t be conceding defeat just yet.
A Bear Market Rally? Or, Just A Correction?
Assessing a bear market rally proves challenging when you experience it firsthand. It is only in hindsight that the complete picture reveals itself to investors. Of course, after a bear market rally, investors tend to review their investments and speculate on what they should have done differently.
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.
Buyout Firms Ramp Up Debt Deals to Pay Dividends
Companies are launching a number of debt deals designed to pay out a dividend to their private equity owners, at a time when buyout firms are under pressure to return money to clients.
Basel III Makes It Official: Gold Is Money Again
For my entire decades-long career in capital markets, I’ve made the case that gold is not just a shiny relic of the past, but a serious, strategic asset for modern investors. After years of pounding the table, it feels pretty good to say that the world’s central banks—and now the U.S. banking system—are finally catching up.
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.
Wall Street Plays Long Game as Deals Go Private
A KKR & Co. debt sale shows how far Wall Street is willing to go to keep leveraged underwriting business from slipping away to private credit after periods of turmoil.
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.
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.
Investors Bearish on the Dollar Should Consider This ETF
Investors bearish on the dollar have generated attractive returns in the current environment with Invesco's UDN.
Abstraction: Good for Art, Bad for Compounding
“Compounding” is a word often used among investors to describe what they hope to achieve for their capital. Compounding is invoked so frequently that one would think it was the standard aim and practice among investors.
ETF 360: Aberdeen Goes Deep on Gold, Commodities
In the latest episode of ETF 360, VettaFi’s Kirsten Chang interviewed Bob Minter, ETF strategist for Aberdeen. They discussed all things commodities.
Tariff Risks Reshape Manager Positioning
After entering the year with a cautious outlook, managers have become more defensively postured as the U.S. tariff policy has increased uncertainty.
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.