If the SaaSpocalypse narrative proves to be more panic than prophecy, the critical task becomes identifying which companies will emerge stronger.

GMO’s Event-Driven Strategy posted a +11.1% return, net of fees, in 2025. This result compares favorably to the returns of our benchmark (the FTSE 3-month Treasury returned +4.4% in 2025) and our peers (the HFRX Merger Arbitrage Index returned +9.6%) over the same period.

The Magnificent 7 stocks have been leading the market for the better part of three years, but time and the evolution of the AI investment cycle are revealing degrees of “magnificence” as fortunes diverge. Active equity investor Ibrahim Kanan is eyeing the race as the baton is passed to the next leg of prospective market leaders.

Looking beyond recent dividend strategies' performance, LPL Research asks and answers the question, “How should I think about dividend stocks or building an equity income portfolio?”

For the second time in a year, the U.S. is involved in a major military conflict with Iran. Again, investors are forced to determine how significant an impact this conflict will have on global markets.

Stocks were choppier in January, but most areas of the market showed gains. The one laggard was large-cap growth, which was strong in recent years and for most of 2025, but trailed other stock indices.

Is quality broken? This has been a recurring question in our recent conversations with investors as quality has meaningfully underperformed over the past several quarters.

The U.S. ETF market has reached a tipping point. With nearly 5,000 funds now trading—officially outnumbering listed stocks — the industry is flooded with complexity.

International value stocks outpaced US equities in 2025. See the five catalysts fueling the shift—and why investors still have time to act.

Energy is dominating headlines on escalating geopolitical tensions in the Middle East. Following military strikes over the weekend, disruptions in the Strait of Hormuz — a chokepoint responsible for roughly 20% of global oil flow— have sent markets into a risk-off frenzy.

With uncertainty rising through geopolitical conflict, AI risk, and inflation, ETFs that offer greater portfolio control may be the way to go.

By now you’ve likely seen the news that the Department of War (DOW) issued a Friday-evening ultimatum to Anthropic, maker of the Claude AI chatbot, demanding unrestricted military access to its technology.

The market spent the week digesting a modestly hotter PPI print, a pullback in NVIDIA after earnings, and a move in the 10-year Treasury yield below 4 percent.

As markets rotate to favor small caps and international equities, rising risks are likely to make investment discipline even more important for seizing opportunities, write Chris Galipeau and Lukasz Kalwak of Franklin Templeton Institute.

AI-related disruption has moved to the forefront of market conversations in recent weeks, driving shifts beneath the surface. While the S&P 500 remains near all-time highs, leadership has rotated across sectors as concerns about AI’s impact on future demand and long-term valuations have spread.

History may rhyme, but it doesn’t repeat. War is uncertain, and while the US and Israel are dominating, investors would be foolish to assume they know every twist and turn to come. Even here at home, where threats exist.

AI fatigue has taken hold of financial markets. The companies powering the AI revolution (Nvidia, Google, Microsoft) were down. The companies that are being (or might be) disrupted by AI, like software makers, were also down.

Last week’s Supreme Court ruling has prompted a re-set of U.S. tariff policy. As an updated strategy is being formulated, it is worth assessing whether the effort is worth sustaining. A high level review suggests that American trade policy over the last year has detracted from economic performance, and should be re-thought.

Strong performance and dividend yields amid volatility — typically, an investor may need to sacrifice one in order to maximize the other.

U.S.-led strikes in Iran have pushed oil prices higher and reignited geopolitical risk. Our view: markets are pricing a limited conflict, with broader investment implications still manageable unless escalation proves prolonged. As always, diversification and a long‑term perspective matter most when uncertainty peaks.

It’s no secret for financial advisors today that cracking the millennial client base is a key part of their work. Every day, U.S. millennials inherit major sums of money and are unsure of how to steward their new assets.

Economic growth metrics for the United States have recently shown surprising resilience; however, consumers’ economic sentiment has not. According to the Bureau of Economic Analysis’s advance estimate, real Gross Domestic Product expanded at an annualized rate of just 1.4%.

I am indeed working on my book about what I believe is a coming crisis by reviewing five different cycle theories. They all suggest a crisis occurring sometime around the end of this decade or perhaps shortly thereafter. And all for different reasons. One background element ties them together, which is the subject of today’s letter.

Our framing and outlook for the U.S. economy and markets in recent months can be summarized by what I like to call the “three Bs”: Bifurcation and Broadening, all within the context of a delicate economic Balance.

As speculation builds around a Warsh-led Federal Reserve, the prospect of eliminating the ‘dot plot’ could mark a major shift in forward guidance—potentially increasing rate volatility and reshaping how fixed income markets price policy risk.

Artificial intelligence-themed companies certainly propelled the stock market to greater heights in 2025. Near the tail of end of the year, however, market experts questioned whether certain companies benefiting from the AI theme had the underlying fundamentals to support their lofty valuations.

If trade policy were like a boxing match, the U.S. had hoped tariffs would be a decisive, knockout blow. While many of America’s trading partners reeled, they stayed on their feet and are wearing down their opponent.

Small-caps and the related equities have found their respective grooves. The fact that the Russell 2000 Index is higher by more than 7% year-to-date confirms this. On the surface, the small-cap resurgence is good news.

In investing and life, spending your time on critical variables and what is really important directionally pays dividends. AI can legitimately reduce “task time” in the investment business, but it does not replace experience and judgement. Not having double-digit bodies running around also helps one focus.

The U.S. is on the back end of fourth-quarter earnings season, and the overall tone from corporate management teams has been constructive. For the S&P 500 Index, earnings growth tracked close to 15% year-over-year, marking a fifth consecutive quarter of double-digit growth.

This week, Burger King announced the first changes to its signature Whopper in nearly a decade. New premium bun. Creamier mayonnaise. A clamshell box instead of paper wrap that left the burger smashed before you ever opened it.

With traditional private equity investment exits facing difficulty over the past few years — albeit improving somewhat recently — private equity sponsors have increasingly relied on the use of continuation funds. Once a niche tool, continuation funds have become mainstream and investors should learn to understand how they work, why they exist, and what risks they carry.

Last year’s market surge wasn’t built on hype. New research from Alger shows that AI spending and the accompanying infrastructure buildout drove corporate earnings higher, with fundamentals doing the heavy lifting rather than investor sentiment alone.

As the Q4 earnings season draws to a close, the market finds itself at a crossroads of record-breaking AI growth and shifting fiscal policy.

After underperforming for much of the last decade, emerging-market (EM) equities rebounded nicely in 2025. Is it too late to invest? We don’t think so. With valuations still attractive and earnings growth forecasts looking up, this could be the right time to give the developing world a closer look.

Q4 wrapped a solid year of U.S. company earnings. But as the numbers rolled in strong, stock markets oscillated widely. Fundamental Equities Global CIO Carrie King is optimistic as she looks ahead to 2026 and offers three observations on the prevailing dissonance.

When I was preparing to write my December memo about artificial intelligence, Is It a Bubble?, I gained a great deal from speaking with some interesting techies in their thirties and forties. It’s stimulating to explore fresh territory and an absolute requirement for staying current as an investor.

The recent report by Citrini Research paints a frightening future of massive AI- induced unemployment, crashing stock markets, rising default rates, and a general descent into economic chaos.

Markets could face near-term volatility in the wake of the Supreme Court’s decision to strike down tariffs levied under the Emergency Economic Powers Act (IEEPA). The ruling creates a complex landscape as markets adapt to multiple unresolved issues, including raised global tariffs, investigations and potential refunds.

2026 offers plenty of opportunity in tech investing once again following a breakout year for tech AI tech in 2025. Inventors want that tech upside, but this year could behoove investors to diversify outside of AI hyperscalers.

U.S. job creation has been weak despite resilient gross domestic product growth. Here's what may be going on.

Equity Dislocation celebrated its fifth birthday in October, and we are delighted that this was enjoyed in the positive context of returning 15.8% gross (13.4% net) for 2025.

Managers are strategically maintaining AI exposure toward memory and semiconductor supply chains, and rotating toward enterprise adopters while trimming crowded hyperscalers.

While the equity market has its well‑known “January Effect,” credit markets also show a seasonal pattern. Looking back over nearly three decades of data, January tends to be one of the better months for corporate bond spreads.

Let’s develop a scenario to explain the importance of foreign exchange (FX) markets and specifically, the dominance of the U.S. dollar. Say, for example, Thailand, one of the world’s major rice exporters, engages in trade with Brazil, the second‑largest cotton exporter.

In RBA's February insight, we explore how growth and value companies have shifted over time and why today's markets may no longer force investors to choose between quality and dividends.

For years, affluent families planned under the assumption that the federal estate and gift tax exemption would “sunset,” forcing a return to lower thresholds and triggering a race against time. That urgency has shifted.

After peaking above 114 in September 2022, the dollar index has spent the last several years drifting lower, touching 96 a few weeks ago before stabilizing at 97.68 as we write. Much of that move has stemmed from weakness relative to the euro specifically.

Carry is an important return driver for multi-asset futures and forwards. Simple trend signals have benefited from trading in line with, not against, the carry of an asset.

The agenda is being reset for US shareholder meetings in 2026. Regulatory shifts have led to a steep decline in overall shareholder proposals while governance issues are becoming the biggest battleground.