Volatility/Downside Protection

A fundamental lesson in finance is a security’s price should be the present value of all future cash flows.

Recent volatility has pushed yields to historically high levels, potentially creating opportunities in municipal bonds, especially for higher-net-worth investors.

The bond market has been extremely volatile the past couple of weeks since the introduction of global tariffs by the US. Bond yields have sold off almost 50 basis points, and today we'd like to examine why did that occur, what's next, and how should investors think about duration in this environment?

President Trump has been a vocal admirer of China’s Great Wall, built by the country’s emperors to protect their territory from outside aggression. In his first term, he compared his plan to build a border wall with that historic structure.

Coming off a wild ending to a disappointing first quarter, investors must navigate unsettled capital markets and decipher a wave of incoming policy news.

Chief Investment Officer Larry Adam notes with volatility on the rise, maintaining a long-term view is key.

During periods of market volatility and declines, investors get concerned. They question their long-term objectives and whether they have more risk in their portfolios than they can tolerate. These are reasonable thoughts to have at times like these.

While gold has offered some protection during stock market downturns by either rising or declining by less than equities, its current high price levels and historical patterns suggest that future returns may be limited.

The utilities sector could offer up a safe haven sector that traders could also take advantage of during heavy market fluctuations.

The utilities sector could offer up a safe haven sector that traders could also take advantage of during heavy market fluctuations.

Tax filing season may be over for many, but tax planning is an important focus year-round. Consider post-tax season strategies including optimizing deductions or adjusting retirement contributions. Our Bill Cass shares some tax planning ideas to consider.

Theoretical forecasts and earnings announcements may provide initial insights as to the impact of current tariff proposals, although estimates may be imprecise.

Despite mounting evidence of disinflation and a weakening economy, Chair Powell’s tone remains too hawkish—and I believe that’s a mistake. The latest inflation readings came in soft, money supply growth continues to undershoot, and even jobless claims are inching higher.

Many investors are wondering what to think of the volatility and uncertainty that has been pulsing through financial markets over the past few weeks.

In financial markets, few technical patterns generate as much attention and anxiety as the death cross.

Stock markets have been rattled by trade war tensions and economic uncertainty driven by US tariff policies. Yet history suggests that equities have usually performed well in the aftermath of peak market volatility.

With many of the big financial reports out of the way, the S&P 500 blended EPS growth rate for Q1 stands at 7.2%. Thus far only 12% of S&P 500 constituents have released results.

Emerging-market (EM) stocks might not seem an obvious choice for anxious investors during a trade war. But history suggests that past volatility peaks have created favorable moments to invest in EM stocks.

The hype cycle around artificial intelligence (AI) often moves faster than the capabilities it touts.

Eitelman began by assessing the health of the U.S. economy through hard and soft data. He explained that hard data refers to measures of actual spending and economic activity, while soft data refers to how companies and consumers respond to surveys.

Tariff uncertainty, a weakening US dollar, and surging Treasury yields are flashing warning signs for investors. Explore how political risks, fiscal policy, and global volatility are reshaping capital flows and market confidence.

A fundamental lesson in finance is a security’s price should be the present value of all future cash flows. Cash flows typically consist of a regular string of dividend payments and an assumed liquidation value at the end of the time horizon.

We’ve expected a recession for more than a year now. Simply put…the Era of Easy Everything is Over. Expanding deficits and easy money (that have lifted the economy since COVID) are no longer with us. At the same time, tariff negotiations have created an unbelievable amount of uncertainty.

Compare corporate and municipal bonds, including risks, returns, and tax benefits. Learn which bond type fits your investment goals.

U.S. defensives and international lead.a

Markets were rattled by tariff announcements in early April. Here are three takeaways for investors considering preferred securities, investment-grade and high-yield corporate bonds.

In nominal terms, the yellow metal set multiple new all-time highs this week, exceeding $3,300 an ounce for the first time ever on Wednesday. And on an inflation-adjusted basis, gold also notched a new record price, surpassing the longstanding record set in 1980.

President Trump’s tariffs bring déjà vu for the euro-area economy: it’s back to slower growth and lower rates.

Investing in stocks so far in 2025 has not been for the faint of heart. Some market indices have undergone wild swings, flirting with bear-market territory

Emerging-market (EM) stocks might not seem an obvious choice for anxious investors during a trade war. But history suggests that past volatility peaks have created favorable moments to invest in EM stocks.

The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.

While the April 2 tariff announcements were more severe than anticipated, Vanguard’s active fixed income managers were well-prepared for the subsequent market reaction.

Less favorable seasonal technicals, increased focus on municipal-specific policy risks, and severe volatility spurred by higher-than-anticipated tariff increases weighed heavily
on sentiment and resulted in deeply negative total returns and significant underperformance versus Treasuries in March and early April.

Rapid U.S. policy changes pose challenges for investors accustomed to a global financial system anchored in U.S. markets and assets.

Banks blew Q1 earnings expectations out of the water, benefitting from high trading volumes, but CEO commentary remains cautious for 2025.

Stock markets have been rattled by trade war tensions and economic uncertainty driven by US tariff policies. Yet history suggests that equities have usually performed well in the aftermath of peak market volatility.

Right now we are in an incredibly complicated environment with regard to U.S. tariff policy gyrations and its whipsawing impact on global equity markets. One thing we can confidently assert is that however the trade negotiations play out, there will be higher tariffs and this will be negative for U.S. growth.

While we remain open to changes in market conditions, as well as periodic “fast, furious, prone-to-failure” advances that can relieve the oversold “compression” produced by market losses, we are presently on high alert for a possibly abrupt and cascading market and economic dislocation in the weeks ahead.

Covered call strategies have been around for a very long time, but covered call ETFs have recently enjoyed a massive increase in popularity.

The month of April will unfortunately go down in financial market folklore as being one of the more noteworthy on record.

Although uncertainty remains, perpetual market swings may be less frequent.

In this article, we examine everything from the yield curve to CAPE ratios to gain a sense of where we are, and where we might be headed next.

CIO Sean Taylor assesses a better-than-expected quarter for emerging markets and takes stock of the drivers that may support the asset class in what could be difficult months ahead for global markets.