Liquidity

The U.S. has poured more than $120 billion into Ukraine since its war with Russia began three years ago, but with a new administration in Washington, that support is grinding to a halt.

Cambria Investments CIO and founder Meb Faber explores David Swensen’s legendary investment strategy at Yale’s endowment, comparing its long-term performance to traditional portfolios and examining whether individual investors can replicate its success.

The "2025+ Outlook Report" offers an analysis of how robotics, AI, and healthcare technology are converging to reshape industries globally.

Ever since interest rates got up off the floor in 2022, there’s been increased interest in credit, and that’s why I’m devoting this memo to it. It’ll come a little closer than usual to “talking my book,” but I think the subject justifies that.

The value today of quality bond exposure in your high yield portfolio.

Opportunities have increased significantly in frontier markets debt as more countries have made a conscious effort to open their capital markets to international investors and currencies have become more fairly valued.

Treasury yields have been falling for weeks. Yet inflation expectations remain high and recent growth data have been fairly strong—not a traditional backdrop for declining yields. What's happening?

One of the most referenced valuation measures is Dr. Robert Shiller’s Cyclically Adjusted Price-Earnings Ratio, known as CAPE.

We view quarterly earnings season as a critical checkup on how markets are handling current challenges.

We manage risk tactically over the short-term by investing across a broad array of themes and asset classes including cash.

February’s market turbulence saw investors pivot toward defensive strategies as policy uncertainty intensified, driving a broad market rotation from mega-cap tech stocks to bonds, gold, and international equities.

We wrote in last month's letter that the U.S. stock market had to meet lofty earnings expectations to maintain its strong performance relative to global benchmarks, while the latter had a lower bar because of considerably cheaper valuation multiples and higher dividend yields.

For more than half a century, Warren Buffett has penned annual letters that chronicled economic and market shifts while underscoring Berkshire Hathaway's steady philosophy yet ever-evolving outlooks. With Buffett's 2024 letter freshly published, we take this opportunity to contrast his latest views with the remarkable continuity of his investment philosophy.

Many independent firms and Registered Investment Advisors aspire to move upmarket, targeting wealthier clients who demand more sophisticated financial solutions.

Portfolio Manager Andrew Mattock, CFA, explains the importance of assessing U.S. tariffs as a component among external variables that can influence, rather than drive, investment returns.

Looming U.S. and global policy shifts may potentially rattle markets, but a tactical and flexible approach could help investors navigate risks and opportunities regardless of how events play out.

The perfect pairing for your U.S. large-cap portfolio?

We delve into the unprecedented level of equity risk investors are taking, the record-high uncertainty measures facing further impacts from deglobalization, and the benefits of maintaining a diversified portfolio through it all.

Should you avoid lower-rated, riskier investments like high-yield corporate bonds or bank loans? Not necessarily, but you should understand the risks.

In the report, John Kerschner, Head of US Securitized Products & Portfolio Manager, and John Lloyd, Lead for the Multi-Sector Credit Strategies & Portfolio Manager, review the best-performing U.S. fixed income sectors of 2024 – what worked, what didn’t, and what it means for investors going forward.

The overall size of the municipal bond market is over $4 trillion. While this a very large market, an investor’s personal situation combined with the nuances of the municipal bond market can sometimes make it feel much smaller.

We recently sat down with Justin Owens, our senior director and co-head of strategic asset allocation, to discuss the next phase of liability-driven investing (LDI) and the key trends driving this evolution. Below is a recap of our conversation.

On this week’s episode of ETF Prime, VettaFi’s Todd Rosenbluth shares advisor polling data on fixed income.

The U.S. economy remains structurally productive. American Economic Exceptionalism is powered by innovation and labor flexibility.

In this post we attempt to demystify the mechanics and implications behind why the Fed is considering pausing its QT program.

A crowded trade is defined as a position characterized by a high concentration of institutional investors relative to the underlying liquidity.

In the second half of 2024 the risk premia associated with inflation releases declined relative to labor market data as the Fed shifted focus toward labor market and away from inflation risk. With elevated S&P 500 Index concentration and the market leadership of the artificial intelligence (AI) theme, some single company earnings (NVIDIA) have been rising risk events for the entire index.

This week has been both intense and inspiring as I attended the YPO Edge event in Barcelona, Spain. I had the privilege of experiencing numerous thought-provoking presentations, from the transformative impact of AI and disruptive technologies on businesses, to the vital role of health and wellbeing in fostering a learning-driven workforce.

Attractive yields and a broad opportunity set bolster active bond investments amid today’s uncertain macroeconomic and market outlook.

Taxable municipal bonds may be an attractive option for investors in lower tax brackets, but there are things investors should know before making a decision.

Long maturity treasuries can provide downside protection to offset equity risk, in our view.

Global equities ended 2024 on a strong note, driven by the continued dominance of U.S. equities, which were propelled even higher by the reelection of President Donald Trump.

Lofty U.S. stock valuations call for a renewed focus on risk assessment and portfolio diversification.

“Know what you own” is one of the many phrases we use to help describe and define fixed income, the components of bonds, and the characteristics that affect an investor.

Private credit has been one of the most talked-about segments in fixed income markets over the last few years.

This week brought a mixed bag of economic data, yet markets continue to demonstrate impressive resilience.

The healthcare industry's bellwether event, the JP Morgan Healthcare Conference (JPM25), kicked off the year as it traditionally does,

Stocks bounced back after tariffs on imports from Mexico and Canada were delayed, but tariff issues are not yet solved and still hold the potential to drive market volatility.

The market defies more negative news because retail investors continue to step in and “buy the dip.” In our recent Bull Bear reports, we discussed the push by retail investors, but looking at retail sentiment is quite remarkable.

The January Employment Situation Report reaffirmed the resilience of the U.S. labor market, with nonfarm payrolls rising by 143,000 and the unemployment rate ticking down to 4.0%.

Building a bond portfolio these days isn’t easy. Interest rates have been volatile. Credit spreads are tight. And sweeping change in US fiscal, trade, and regulatory policy is underway. We think securitized assets deserve a closer look.

Cash flow and income sometimes get commingled, potentially creating confusion. Cash flow and yield typically represent two different components that can be used to accomplish different objectives.

Michael Contopoulos breaks down why CLOs offer attractive relative value, why short-duration positioning may help manage interest rate uncertainty, and the importance of an active approach for this year in particular.

Could the U.S. dollar lose its place as the world's reserve currency? Despite a long-term trend toward currency diversification, we don't see the dollar losing dominance anytime soon.

As the sequel unfolds, particular industry sectors in affected countries are likely to be more impacted. Global Head of Credit Research Mike Talaga, Head of EMEA Credit Research James Maxwell, and Client Portfolio Manager Celia Soares discuss the implications for credit investors.

Investors are increasingly moving into active ETFs from mutual funds, as the ETF structure may offer numerous benefits over mutual funds.

Over the weekend, President Trump announced tariffs of 25% on both Canada and Mexico, as well as a 10% tariff on China.

Exploring the delicate balance between protectionism and global cooperation

Integrating private assets may enhance target-date glide paths, but know your exposures.

Consider gaining AI market exposure through data center ABS (asset-backed securities) and CMBS (commercial mortgage-backed securities).