Join the experts at NEOS Investments for an educational webcast exploring how financial advisors can evaluate options-based income strategies and identify approaches designed to seek consistent monthly income while maintaining a focus on tax efficiency and total return.
Every year in early July, we update our interactive Periodic Table of Commodities Returns to reflect the performance of raw materials in the first six months of the year. Maybe I’m biased, but I believe it’s one of the clearest snapshots of the commodities landscape you’ll find anywhere.
The first wave of upgrades came after the AI hyperscalers reported, by and large, strong earnings. But most of the improvement has stemmed from the rest of the non-financials index, with analysts quadrupling their one-year aggregate EBITDA (earnings before interest, taxes, depreciation, and amortization) growth expectations, from 5% at the end of January to more than 20% as of 30 June.
As we move toward the mid-term elections, many are making the argument that “democracy is at risk.” We get politicians making this argument, but when supposedly sober political and economic analysts start to make it, we do get worried.
Dividend growth investing is inherently long-term in nature. The philosophy emphasizes companies capable of growing earnings, cash flow, and dividends over time, with the goal of generating a growing income stream alongside capital appreciation potential.
What makes this earnings setup truly unique is the behavior of Wall Street analysts over the last 90 days. Because corporate guidance tends to be conservative, analysts historically cut estimates ahead of time.
For investors using direct-indexed equity strategies, tax-loss harvesting becomes a major focus, as it may help improve after-tax returns—but we think the calendar for tax-loss selling can make a big difference. Weekly tax-loss harvesting, in our view, offers the potential for more efficient tax-loss harvesting and more effective index tracking in turbulent markets.
Despite geopolitical headwinds, the broader macro backdrop remained constructive in the first half of the year. Economic growth proved resilient, consumers kept spending and the S&P 500 gained 10%. That favorable mix drove strong earnings growth, with S&P 500 earnings rising 27% year over year in 1Q26, led by the tech sector.
Markets enter the second half of 2026 facing a familiar wall of worry—geopolitical conflict, oil prices, inflation, Federal Reserve policy, and questions around the durability of an AI-led equity rally. Yet the economic backdrop still looks resilient: growth remains solid, inflation has moderated, unemployment is reasonable, and market leadership appears to be broadening.
For investors who have been tracking this space, the signing is a continuation of a policy architecture that has been assembling with surprising speed.
Unpack the latest ICI flow data as long-term mutual funds bleed billions directly into low-cost, model-ready ETFs.
The Great Moderation has given way to a more volatile era, where inflation shocks and market dispersion favor flexibility and diversification.
As we move through 2026, the political and geopolitical landscapes remain key drivers of policy uncertainty. For the midterm elections, our base case is a Democratic House and Republican Senate, a historically favorable outcome for equities.
Assessing the year so far, much of the portfolios’ declines have been a compression of valuations, not a deterioration of earnings. For many of our holdings, the two have moved in opposite directions. Revenues, profitability, and cash flow have continued to build, even as the multiples placed against them have fallen.
Valid until the market close on July 31, 2026
This article provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
Almost two decades ago, when trillions of dollars in private housing debt proved unsustainable, governments had to step in to prevent the worst financial crisis since the Great Depression from eclipsing it.
It used to be a considered something of a tawdry question, although it could be flattering as well: “What’s your number?” Nowadays, your inquisitor is probably asking about retirement — as in, how much you think you need to retire. And, as it often was before, it’s the wrong question.
ClearBridge Investments: Although markets often pause to digest after large gains, history suggests these episodes usually prove fleeting, meaning major indexes could move higher in the second half of 2026.
For much of the last decade, investing felt relatively one dimensional. Falling inflation, near zero interest rates and abundant liquidity rewarded long duration growth assets, compressed dispersion and made passive exposure difficult to challenge.
The June jobs report underscored our thesis that while the labor market remains in the 'economic plus column,' some of the prior months' increases in new hiring seemed a bit too high.
Congress is in recess from June 30 through July 13 for the annual July 4 break, so it's relatively quiet in the nation's capital. But there is still plenty worth paying attention to.
Over the first half of 2026, markets faced some expected — and unexpected — tailwinds and headwinds, ranging from geopolitical developments, blockbuster corporate earnings, increasing artificial intelligence (AI) scrutiny, resilient economic data, and a new Federal Reserve (Fed) Chair.
The capital markets have become an increasingly complex space for investors, complexities that are heightened by the sheer number of ways one can invest.
Widowhood does not happen on paper. It happens in the middle of grief, changing income, tax questions, family expectations, housing decisions, administrative demands, and a profound shift in identity. The math may still work, but the human operating system has changed. And that is why advisors need to stress test — not only for portfolio survival, but for survivor usability.
After years of working with advisors and studying client behavior, the reasons clients leave come down to three core patterns. They are predictable. They are preventable. And they almost always trace back to a conversation that never happened in the first meeting.
I have spent the better part of my career watching how organizations manage access to sensitive data — who has it, who should have it, and how long it takes anyone to notice when those two things stop matching. In financial services, that gap tends to be measured in months.
Royce Investment Partners: In this second quarter recap, Francis Gannon discusses how US small-and micro-cap stocks have continued to lead the US equity market in a robust period for equities.
The first half of 2026 has provided a considerable amount of news for investors to digest. Notably, equity markets were higher by nearly 10%, oil prices spiked over 50% before retreating nearly back to where they started, there is a new Chair of the Federal Reserve in Kevin Warsh, and AI infrastructure spending surged.
Significant interest appears to be accumulating around capacity expansion in the market. The primary mechanism driving this activity may be a structural capital expenditure cycle (CapEx). One where a prevailing market dynamic could transform one company’s CapEx directly into another company’s revenue. .
Gasoline prices fell for an eighth straight week, reaching their lowest level in nearly four months. As of July 6th, weekly prices were down 5 cents for regular and premium gasoline.
The word fiduciary no longer answers the only question that matters: Whether the advice you are given is shaped by what the advisor earns from giving it. Many advisors will tell you, accurately, that they are fiduciaries, and many will say they have no conflicts without disclosing the ones they hold.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
Higher rates, weaker underwriting, and software concentration are exposing vulnerabilities in direct lending and leveraged loans, while high yield bonds appear better positioned.
Close to 40 years ago, I moved from Canada to the U.S. after acquiring a controlling interest in U.S. Global Investors. I’ve built my entire life and career here, and in all that time, I’ve never stopped marveling at my adopted country.
Bypass the headaches of individual closed-end funds. Discover how Invesco's PCEF bundles over 100 CEFs to capture June's debt rallies.
The U.S. Treasury launched the Trump Accounts for childhood wealth building. Discover the five low-cost index ETFs anchoring the program.
The June U.S. Services Purchasing Managers' Index (PMI) from S&P Global rose 0.5 points to 51.2, indicating a modest rise in service sector activity. The latest reading was just below the forecast of 51.3 and marked the strongest expansion in four months.
The Institute for Supply Management (ISM) released its June Services Purchasing Managers' Index (PMI), with the headline composite index at 54.0. This was slightly lower than the forecast of 54.2 but keeps the index in expansion territory for a 24th consecutive month.
The most interesting shift in market price action in June was the strong outperformance of value stocks compared to the broad market and tech
A growing share of central bankers argue that artificial intelligence will ultimately push neutral interest rates higher. Intuitively, if AI boosts productivity and lifts long-run growth, then households have less incentive to save, pushing up the real neutral rate.
Six months is enough time for a lot to change. Your income, your expenses, your goals, and even the broader economy may look different than they did at the start of the year. And a plan that made sense in January might not fit the reality you're living in now.
Midway through 2026, Franklin Templeton Institute’s Global Investment Outlook framework remains a valuable lens—but the landscape has shifted.
AI-related disruption, asset valuations and borrower stress have put private credit under a microscope lately. Is this a market facing its first major test after a decade of rapid growth? If it is, we expect it to pass comfortably.
This July, the United States marks its 250th anniversary, and that has many Americans thinking about what independence really means. In many ways, genuine independence is about more than political rights. It’s financial.
The Federal Reserve left interest rates unchanged at its June 17 meeting, but investors were more focused on the future under new Fed Chair Kevin Warsh, whom Trump appointed in May.
Federal estate taxes may not affect most households, but state death taxes can still be significant. Learn key planning considerations and strategies to help preserve wealth.
Productivity is an essential component of economic success. It allows for growth without inflation; compensates for demographic deficits; and helps nations attract investment.
The dollar holds a central place in global markets due to its role as the world’s reserve currency. Its movements influence cross-asset correlations, shape liquidity conditions, and often offer early indications of shifts in the broader macro regime. In short, it is a critical variable that warrants close attention.
Today’s market backdrop reflects a tension between expectations and reality. Despite higher oil prices and plenty of geopolitical noise, the US economy remains resilient and durable, supported by steady consumer spending, a labor market finding its footing, ongoing fiscal support and a surge in AI and infrastructure investment.
Former Fed Chair Alan Greenspan’s passing has brought a stream of retrospectives on his approaches to managing the economy. He erred on the side of parsimony, favoring short public statements. Greenspan’s vague communication style offered little clarity over the future path of interest rates.
The second quarter wraps up today, and it was a good one. With the S&P 500 having returned more than 14% (including dividends) with just one trading day left, it will almost certainly end up being the best quarter for the index since the second quarter of 2020. Technology was the leader despite the June weakness.
The artificial intelligence boom has a power problem, and Wall Street is betting billions on companies that promise to solve it — even if some of the technology hasn’t been fully developed yet.
A look at the resilient global economy, evolving market opportunities, and key risks shaping the investment outlook.
At first glance, allocating to emerging markets appears to add diversification to a portfolio. Look more closely, and the reality is more nuanced. In the late 1990s, the MSCI EM index was dominated by materials and telecoms, driven by the growth of mobile telephony and the internet bubble.
There’s no doubt the most important aspect to the June FOMC meeting was the fact that policymakers kept the Fed funds rate unchanged and removed its prior easing bias. But, this was not just your normal, run-of-the-mill policy gathering. It was Kevin Warsh’s first meeting as Fed Chair and instead of being a ‘rubber stamp’ for rate cuts, as some market observers were opining, the new FOMC leader put his stamp on the Fed in a different way.
June saw strong market fundamentals once again in conflict with macroeconomic uncertainties, creating a choppy market. While a durable peace plan with Iran is seemingly underway, investors have regarded the negotiations with caution, pricing in potential setbacks.
It’s been a long time coming for the asset management world, but ETF share classes are now a reality. Fidelity Investments has joined that movement, with the launch of its first ETF share classes for some of its mutual funds.
U.S. manufacturing expanded for an eleventh straight month in June but the growth eased to its lowest level in three months. The S&P Global PMI fell 1.2 points to 53.9 last month, falling short of the 55.7 forecast.
The firms that operate rigorous vendor evaluation will compound two advantages simultaneously: They buy the right tools now, and their advisors trust them when the next generation of AI arrives. In a decade that will be defined by the industry's capacity to do more with fewer people, that trust is a strategic asset.
At the start of the regional war in February, Wall Street banks were grappling with the prospect of a protracted slowdown in the Middle East. Three months in, many firms are rushing to add bankers after local investors largely looked past the conflict and doubled down on dealmaking.
While the Middle East is still far from calm, it does appear the worst of the volatility in the region is in the past. The U.S.-Iran ceasefire is in place, with negotiations underway for a more durable peace.
A strong quarter across major indexes. The second quarter is winding down and what a quarter it has been with the S&P 500 up 12.6% quarter to date, while the Nasdaq-100 and Russell 2000 are both up over 20%. Despite some twists and turns, the path of least resistance for stocks broadly remained up and to the right for much of the last three months.
Startup equity decisions often happen before a founder has a full advisory team in place. Formation documents get signed, vesting schedules are approved, and the tax consequences may not feel urgent because the company is still young.
In our view, this divergence continues to reflect how the buildout of artificial intelligence (AI) is influencing both the economy and markets as it progresses across the value chain, even as the associated costs continue to climb.
For decades, financial advisors have built strong relationships by helping clients manage IRAs, taxable accounts, and rollover assets after they leave an employer. Meanwhile, a significant, often the largest pool, of client wealth has quietly remained out of reach: assets inside workplace retirement plans.
The OBBBA created something the industry rarely gets: a defined planning window without a hard deadline attached. Exemptions are historically high, the law has no sunset, and there's a real body of existing work that needs revisiting. The advisors who treat this as an opportunity, rather than waiting for a client to ask, will drive much stronger outcomes compared to those who don’t.
Even people whose money beliefs and behaviors align more closely are not necessarily an ideal match. Partners whose predominant money scripts fall into the money vigilance category may both track expenses, openly discuss finances, and hold similar values around saving.
The Conference Board's Consumer Confidence Index® inched up in June, rising 0.6 points to 91.2. Despite the improvement, the index came in below the forecast of 94.4.
These are dark days for free-market economists when one of the few areas of bipartisan consensus is for a terrible idea: Both Vice President JD Vance and Senator Bernie Sanders want the federal government to take an explicit stake in AI firms.
The ETF ecosystem is always changing and growing. Thanks to the ETF’s flexibility, transparency, and tradability, it can help investors achieve plenty of bespoke goals. That even includes investing with an eye towards philanthropic causes as with philanthropic ETFs ASD and DUTY.
Ten years ago this week, the world watched the United Kingdom vote to walk away from the European Union. While the political class was clutching its pearls and every talking head on television was promising Armageddon by Christmas, I told you something different.
Alan Greenspan passed away last week at the ripe old age of 100. Other than presidents, few Americans have wielded as much power in the arena of economic policy as Greenspan did during his roughly eighteen years and five months at the helm of the Federal Reserve.
Despite strong gains in 2026 so far, commodities have remained supported by constrained supply, resilient demand and long investment lead times, pointing to a cycle that seems to remain fundamentally intact.
Whether you’re a seasoned RIA owner looking to accelerate organic growth or a next-gen Advisor building your practice from the ground up, the same fundamentals apply: say clearly who you help, show up consistently where prospects look, and make sure your online presence tells the right story.
A widening confidence gap in non-traded investment vehicles is testing private credit valuations, sharpening the case for manager selection and diversification beyond direct lending.
It’s hard to believe we’re nearing the halfway point of 2026 – and what an eventful start it’s been. Markets have pushed through a geopolitically driven energy shock, rising inflation pressures and accelerating disruption from the artificial intelligence boom.
Social Security is now just six years away from insolvency, according to the latest annual assessment. Many in Congress might like to keep on ignoring the problem, as they have for years, but this won’t be an option much longer. Senators elected in November will see the system’s trust fund empty during their terms.
The dominant theme this week was a tug of war between improving macroeconomic conditions and weakness in parts of the technology sector.
Markets have been hyper-focused on AI, crypto and buffer ETFs, but REIT ETFs have quietly staged an impressive comeback. The REIT terrain has shifted rapidly over recent years, and forward-looking investors and advisors have taken notice.
Circumstances since 2020 have repeatedly demonstrated how adaptable the economy is in the face of new challenges. We see no reason for that resilience to fade in the balance of the year.
I’m hopeful new chair Kevin Warsh will help change the Fed’s inflation-tolerating institutional culture. Early signs look positive. Today we’ll talk about how insidious inflation is and why those who think a little inflation is fine should have their heads examined. It is not fine… for anyone.
The AI boom goes from strength to strength. Big technology companies are pouring hundreds of billions of dollars into chips, data centers and power-hungry infrastructure. One estimate puts annual AI infrastructure investment above $650 billion in 2025 and potentially over $800 billion in 2026..
Model portfolios have helped many advisors solve for scale. The next challenge is more nuanced: how do advisors keep that scale while delivering more personalization, tax awareness and differentiated value to clients?
Before your firm starts using AI across operations, client service, reporting, or advisor workflows, there’s one basic question leadership needs to answer: what kind of AI are we talking about?
As the market continues to broaden in 2026, a balanced approach matters more than ever.
AI is both a foundational technology and the ultimate replacement product, which we believe explains why it has attracted unprecedented levels of capital and why the investment opportunities are so compelling.
New Fed Chair Kevin Warsh is already reshaping policy communication by reducing forward guidance, questioning the dot plot’s future and emphasizing real-time data, potentially increasing Treasury market volatility.
Inflation remains a hot topic, directly impacting everything from your grocery bill to interest rates. As of the latest data, two key inflation gauges — the Personal Consumption Expenditures (PCE) Price Index and the Consumer Price Index (CPI) — show that prices are still above the Federal Reserve's 2% target, with the core PCE at 3.4% and core CPI at 2.9%.
What if the debt crisis investors have feared is not still ahead, but already here, unfolding in plain sight? In his June insight, Richard Bernstein, Global Head of Macro & Customized Investing, makes the case that the market may already be penalizing U.S. fiscal excess, not through a dramatic collapse, but through a slow burn with real consequences for investors and the broader economy.
Tax Planning
The Evolution of Income Investing: What Advisors Need to Know
Join the experts at NEOS Investments for an educational webcast exploring how financial advisors can evaluate options-based income strategies and identify approaches designed to seek consistent monthly income while maintaining a focus on tax efficiency and total return.
Lithium Was the Top Performing Commodity in H1
Every year in early July, we update our interactive Periodic Table of Commodities Returns to reflect the performance of raw materials in the first six months of the year. Maybe I’m biased, but I believe it’s one of the clearest snapshots of the commodities landscape you’ll find anywhere.
A Higher Bar for Earnings Season
The first wave of upgrades came after the AI hyperscalers reported, by and large, strong earnings. But most of the improvement has stemmed from the rest of the non-financials index, with analysts quadrupling their one-year aggregate EBITDA (earnings before interest, taxes, depreciation, and amortization) growth expectations, from 5% at the end of January to more than 20% as of 30 June.
Is US Democracy at Risk?
As we move toward the mid-term elections, many are making the argument that “democracy is at risk.” We get politicians making this argument, but when supposedly sober political and economic analysts start to make it, we do get worried.
The Evolution of Dividend Growth Investing in the ETF Era
Dividend growth investing is inherently long-term in nature. The philosophy emphasizes companies capable of growing earnings, cash flow, and dividends over time, with the goal of generating a growing income stream alongside capital appreciation potential.
Q2 2026 Earnings Preview: Navigating High Expectations, Tariff Rebates, and War Uncertainties
What makes this earnings setup truly unique is the behavior of Wall Street analysts over the last 90 days. Because corporate guidance tends to be conservative, analysts historically cut estimates ahead of time.
Tax-Loss Harvesting: How Often Should It Happen?
For investors using direct-indexed equity strategies, tax-loss harvesting becomes a major focus, as it may help improve after-tax returns—but we think the calendar for tax-loss selling can make a big difference. Weekly tax-loss harvesting, in our view, offers the potential for more efficient tax-loss harvesting and more effective index tracking in turbulent markets.
Four Themes to Watch as Earnings Season Shifts into Focus
Despite geopolitical headwinds, the broader macro backdrop remained constructive in the first half of the year. Economic growth proved resilient, consumers kept spending and the S&P 500 gained 10%. That favorable mix drove strong earnings growth, with S&P 500 earnings rising 27% year over year in 1Q26, led by the tech sector.
2026 Mid-Year Outlook: A Soft Landing Meets a Broader Market
Markets enter the second half of 2026 facing a familiar wall of worry—geopolitical conflict, oil prices, inflation, Federal Reserve policy, and questions around the durability of an AI-led equity rally. Yet the economic backdrop still looks resilient: growth remains solid, inflation has moderated, unemployment is reasonable, and market leadership appears to be broadening.
Quantum Computing Goes Mainstream: What 2 Executive Orders Mean for Investors
For investors who have been tracking this space, the signing is a continuation of a policy architecture that has been assembling with surprising speed.
The Great Migration: ICI Data Highlights Shift From Mutual Funds to ETFs
Unpack the latest ICI flow data as long-term mutual funds bleed billions directly into low-cost, model-ready ETFs.
Great Moderation Era: Drift(ing) Away
The Great Moderation has given way to a more volatile era, where inflation shocks and market dispersion favor flexibility and diversification.
Midterm Elections and Geopolitical Risk Will Drive the Market
As we move through 2026, the political and geopolitical landscapes remain key drivers of policy uncertainty. For the midterm elections, our base case is a Democratic House and Republican Senate, a historically favorable outcome for equities.
Q2 2026 Baird Chautauqua International and Global Growth Fund Commentary
Assessing the year so far, much of the portfolios’ declines have been a compression of valuations, not a deterioration of earnings. For many of our holdings, the two have moved in opposite directions. Revenues, profitability, and cash flow have continued to build, even as the multiples placed against them have fallen.
Moving Averages of the Ivy Portfolio and S&P 500: June 2026
Valid until the market close on July 31, 2026
This article provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
Governments Must Fix Their Debt Messes Before It's Too Late
Almost two decades ago, when trillions of dollars in private housing debt proved unsustainable, governments had to step in to prevent the worst financial crisis since the Great Depression from eclipsing it.
Stop Chasing a ‘Magic Number’ for Retirement
It used to be a considered something of a tawdry question, although it could be flattering as well: “What’s your number?” Nowadays, your inquisitor is probably asking about retirement — as in, how much you think you need to retire. And, as it often was before, it’s the wrong question.
The Long View: Not a Straight Line
ClearBridge Investments: Although markets often pause to digest after large gains, history suggests these episodes usually prove fleeting, meaning major indexes could move higher in the second half of 2026.
The Case for Active Small Caps
For much of the last decade, investing felt relatively one dimensional. Falling inflation, near zero interest rates and abundant liquidity rewarded long duration growth assets, compressed dispersion and made passive exposure difficult to challenge.
Closing the Curtain on Rate Cuts
The June jobs report underscored our thesis that while the labor market remains in the 'economic plus column,' some of the prior months' increases in new hiring seemed a bit too high.
Washington: What to Watch Now
Congress is in recess from June 30 through July 13 for the annual July 4 break, so it's relatively quiet in the nation's capital. But there is still plenty worth paying attention to.
Midyear Outlook 2026: Key Takeaways for the Second Half
Over the first half of 2026, markets faced some expected — and unexpected — tailwinds and headwinds, ranging from geopolitical developments, blockbuster corporate earnings, increasing artificial intelligence (AI) scrutiny, resilient economic data, and a new Federal Reserve (Fed) Chair.
Direct indexing: An innovative and Customizable Capital Markets Strategy
The capital markets have become an increasingly complex space for investors, complexities that are heightened by the sheer number of ways one can invest.
The Survivor Stress Test: When the Couple’s Retirement Plan Becomes a Widow’s Plan
Widowhood does not happen on paper. It happens in the middle of grief, changing income, tax questions, family expectations, housing decisions, administrative demands, and a profound shift in identity. The math may still work, but the human operating system has changed. And that is why advisors need to stress test — not only for portfolio survival, but for survivor usability.
Inoculate Before They Leave: How a Proactive Strategy Stops Client Attrition
After years of working with advisors and studying client behavior, the reasons clients leave come down to three core patterns. They are predictable. They are preventable. And they almost always trace back to a conversation that never happened in the first meeting.
Independent Advisors Are Usually the Last to Know About a Breach
I have spent the better part of my career watching how organizations manage access to sensitive data — who has it, who should have it, and how long it takes anyone to notice when those two things stop matching. In financial services, that gap tends to be measured in months.
US Small-Caps Stay on Top in the Second Quarter
Royce Investment Partners: In this second quarter recap, Francis Gannon discusses how US small-and micro-cap stocks have continued to lead the US equity market in a robust period for equities.
Mid-Year Update
The first half of 2026 has provided a considerable amount of news for investors to digest. Notably, equity markets were higher by nearly 10%, oil prices spiked over 50% before retreating nearly back to where they started, there is a new Chair of the Federal Reserve in Kevin Warsh, and AI infrastructure spending surged.
Observations of An Industrial Revolution
Significant interest appears to be accumulating around capacity expansion in the market. The primary mechanism driving this activity may be a structural capital expenditure cycle (CapEx). One where a prevailing market dynamic could transform one company’s CapEx directly into another company’s revenue. .
Gasoline Prices Down for 8th Straight Week
Gasoline prices fell for an eighth straight week, reaching their lowest level in nearly four months. As of July 6th, weekly prices were down 5 cents for regular and premium gasoline.
Why Asking The Fiduciary Question Is No Longer Enough
The word fiduciary no longer answers the only question that matters: Whether the advice you are given is shaped by what the advisor earns from giving it. Many advisors will tell you, accurately, that they are fiduciaries, and many will say they have no conflicts without disclosing the ones they hold.
Who’s Right? Two-Year Yields or Two-Year Breakeven Rates?
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
A Growing Divide in Leveraged Finance
Higher rates, weaker underwriting, and software concentration are exposing vulnerabilities in direct lending and leveraged loans, while high yield bonds appear better positioned.
250 Years In, and the Case for America Has Never Been Stronger
Close to 40 years ago, I moved from Canada to the U.S. after acquiring a controlling interest in U.S. Global Investors. I’ve built my entire life and career here, and in all that time, I’ve never stopped marveling at my adopted country.
What Drove This Closed-End Fund ETF's Performance In June?
Bypass the headaches of individual closed-end funds. Discover how Invesco's PCEF bundles over 100 CEFs to capture June's debt rallies.
Initial 5-ETF Lineup Released for Newly Launched Trump Accounts
The U.S. Treasury launched the Trump Accounts for childhood wealth building. Discover the five low-cost index ETFs anchoring the program.
S&P Global Services PMI: Growth Reaches 4-Month High
The June U.S. Services Purchasing Managers' Index (PMI) from S&P Global rose 0.5 points to 51.2, indicating a modest rise in service sector activity. The latest reading was just below the forecast of 51.3 and marked the strongest expansion in four months.
ISM Services PMI: Continued Expansion in June
The Institute for Supply Management (ISM) released its June Services Purchasing Managers' Index (PMI), with the headline composite index at 54.0. This was slightly lower than the forecast of 54.2 but keeps the index in expansion territory for a 24th consecutive month.
QuantStreet July 2026 Letter: Sector Rotation
The most interesting shift in market price action in June was the strong outperformance of value stocks compared to the broad market and tech
Does AI Raise or Lower Neutral Rates?
A growing share of central bankers argue that artificial intelligence will ultimately push neutral interest rates higher. Intuitively, if AI boosts productivity and lifts long-run growth, then households have less incentive to save, pushing up the real neutral rate.
Mid-Year Money Check-In: Is Your Plan Still Working?
Six months is enough time for a lot to change. Your income, your expenses, your goals, and even the broader economy may look different than they did at the start of the year. And a plan that made sense in January might not fit the reality you're living in now.
The World Didn’t Break: 2026 Mid-Year Investment Outlook
Midway through 2026, Franklin Templeton Institute’s Global Investment Outlook framework remains a valuable lens—but the landscape has shifted.
Tuning Out the Noise
AI-related disruption, asset valuations and borrower stress have put private credit under a microscope lately. Is this a market facing its first major test after a decade of rapid growth? If it is, we expect it to pass comfortably.
Celebrate Financial Independence Day: What True Freedom Looks Like for High Earners
This July, the United States marks its 250th anniversary, and that has many Americans thinking about what independence really means. In many ways, genuine independence is about more than political rights. It’s financial.
Fed’s Warsh Era Begins with Hawkish Tone
The Federal Reserve left interest rates unchanged at its June 17 meeting, but investors were more focused on the future under new Fed Chair Kevin Warsh, whom Trump appointed in May.
Planning Considerations for State Death Taxes
Federal estate taxes may not affect most households, but state death taxes can still be significant. Learn key planning considerations and strategies to help preserve wealth.
The Business Of The World Cup
Productivity is an essential component of economic success. It allows for growth without inflation; compensates for demographic deficits; and helps nations attract investment.
A Coiled Spring: The Dollar’s Next Move
The dollar holds a central place in global markets due to its role as the world’s reserve currency. Its movements influence cross-asset correlations, shape liquidity conditions, and often offer early indications of shifts in the broader macro regime. In short, it is a critical variable that warrants close attention.
Investing Outlook: Strength, Surprises and the Road Ahead
Today’s market backdrop reflects a tension between expectations and reality. Despite higher oil prices and plenty of geopolitical noise, the US economy remains resilient and durable, supported by steady consumer spending, a labor market finding its footing, ongoing fiscal support and a surge in AI and infrastructure investment.
Should The Fed Look Forward?
Former Fed Chair Alan Greenspan’s passing has brought a stream of retrospectives on his approaches to managing the economy. He erred on the side of parsimony, favoring short public statements. Greenspan’s vague communication style offered little clarity over the future path of interest rates.
What to Watch This Earnings Season
The second quarter wraps up today, and it was a good one. With the S&P 500 having returned more than 14% (including dividends) with just one trading day left, it will almost certainly end up being the best quarter for the index since the second quarter of 2020. Technology was the leader despite the June weakness.
AI Power Crunch Has Investors Seeking Next IPO Winners
The artificial intelligence boom has a power problem, and Wall Street is betting billions on companies that promise to solve it — even if some of the technology hasn’t been fully developed yet.
Global Investment Outlook—Resilience
A look at the resilient global economy, evolving market opportunities, and key risks shaping the investment outlook.
Beneath the Surface: Uncovering True Diversification in Emerging Markets
At first glance, allocating to emerging markets appears to add diversification to a portfolio. Look more closely, and the reality is more nuanced. In the late 1990s, the MSCI EM index was dominated by materials and telecoms, driven by the growth of mobile telephony and the internet bubble.
‘Warshing’ the Balance Sheet
There’s no doubt the most important aspect to the June FOMC meeting was the fact that policymakers kept the Fed funds rate unchanged and removed its prior easing bias. But, this was not just your normal, run-of-the-mill policy gathering. It was Kevin Warsh’s first meeting as Fed Chair and instead of being a ‘rubber stamp’ for rate cuts, as some market observers were opining, the new FOMC leader put his stamp on the Fed in a different way.
June Review: Markets Remain Resilient Amid Oil and Inflation Uncertainty
June saw strong market fundamentals once again in conflict with macroeconomic uncertainties, creating a choppy market. While a durable peace plan with Iran is seemingly underway, investors have regarded the negotiations with caution, pricing in potential setbacks.
Fidelity Debuts Its First ETF Share Classes
It’s been a long time coming for the asset management world, but ETF share classes are now a reality. Fidelity Investments has joined that movement, with the launch of its first ETF share classes for some of its mutual funds.
S&P Global US Manufacturing PMI™: Growth Slips to 3-Month Low Despite Expansion
U.S. manufacturing expanded for an eleventh straight month in June but the growth eased to its lowest level in three months. The S&P Global PMI fell 1.2 points to 53.9 last month, falling short of the 55.7 forecast.
AI Washing and the Advisor Shortage: Why Getting Technology Decisions Right Has Never Mattered More
The firms that operate rigorous vendor evaluation will compound two advantages simultaneously: They buy the right tools now, and their advisors trust them when the next generation of AI arrives. In a decade that will be defined by the industry's capacity to do more with fewer people, that trust is a strategic asset.
Wall Street Firms Bolster Gulf Teams to Tackle Wartime M&A Surge
At the start of the regional war in February, Wall Street banks were grappling with the prospect of a protracted slowdown in the Middle East. Three months in, many firms are rushing to add bankers after local investors largely looked past the conflict and doubled down on dealmaking.
Straitening Out
While the Middle East is still far from calm, it does appear the worst of the volatility in the region is in the past. The U.S.-Iran ceasefire is in place, with negotiations underway for a more durable peace.
Has Stock Market Exuberance Become Irrational?
A strong quarter across major indexes. The second quarter is winding down and what a quarter it has been with the S&P 500 up 12.6% quarter to date, while the Nasdaq-100 and Russell 2000 are both up over 20%. Despite some twists and turns, the path of least resistance for stocks broadly remained up and to the right for much of the last three months.
83(b) Election for Startup Equity: What Founders Need to Know
Startup equity decisions often happen before a founder has a full advisory team in place. Formation documents get signed, vesting schedules are approved, and the tax consequences may not feel urgent because the company is still young.
Markets Broaden as AI Costs Rise and Inflation Pressures Linger
In our view, this divergence continues to reflect how the buildout of artificial intelligence (AI) is influencing both the economy and markets as it progresses across the value chain, even as the associated costs continue to climb.
The Overlooked Opportunity Inside Workplace Retirement Plans
For decades, financial advisors have built strong relationships by helping clients manage IRAs, taxable accounts, and rollover assets after they leave an employer. Meanwhile, a significant, often the largest pool, of client wealth has quietly remained out of reach: assets inside workplace retirement plans.
Estate Plans Designed Before OBBBA May Now Be Costing Your Clients Money
The OBBBA created something the industry rarely gets: a defined planning window without a hard deadline attached. Exemptions are historically high, the law has no sunset, and there's a real body of existing work that needs revisiting. The advisors who treat this as an opportunity, rather than waiting for a client to ask, will drive much stronger outcomes compared to those who don’t.
Financial Matchmaking: Why Potential Partners’ Money Beliefs Matter
Even people whose money beliefs and behaviors align more closely are not necessarily an ideal match. Partners whose predominant money scripts fall into the money vigilance category may both track expenses, openly discuss finances, and hold similar values around saving.
Consumer Confidence Inched Down in June
The Conference Board's Consumer Confidence Index® inched up in June, rising 0.6 points to 91.2. Despite the improvement, the index came in below the forecast of 94.4.
AI Might Be a Great Investment, But Not for the Government
These are dark days for free-market economists when one of the few areas of bipartisan consensus is for a terrible idea: Both Vice President JD Vance and Senator Bernie Sanders want the federal government to take an explicit stake in AI firms.
How 2026’s Philanthropic ETFs ASD & DUTY Invest
The ETF ecosystem is always changing and growing. Thanks to the ETF’s flexibility, transparency, and tradability, it can help investors achieve plenty of bespoke goals. That even includes investing with an eye towards philanthropic causes as with philanthropic ETFs ASD and DUTY.
Four Lessons Brexit Taught Me About Gold and Protecting Your Wealth
Ten years ago this week, the world watched the United Kingdom vote to walk away from the European Union. While the political class was clutching its pearls and every talking head on television was promising Armageddon by Christmas, I told you something different.
Alan Greenspan, RIP
Alan Greenspan passed away last week at the ripe old age of 100. Other than presidents, few Americans have wielded as much power in the arena of economic policy as Greenspan did during his roughly eighteen years and five months at the helm of the Federal Reserve.
Rotation Nation. Large-Cap Growth on Sale.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
Commodities Midyear Outlook 2026: Is There Still Room to Run?
Despite strong gains in 2026 so far, commodities have remained supported by constrained supply, resilient demand and long investment lead times, pointing to a cycle that seems to remain fundamentally intact.
What Makes an Advisory Firm Easy to Refer? (And Why Many Fail This Test)
Whether you’re a seasoned RIA owner looking to accelerate organic growth or a next-gen Advisor building your practice from the ground up, the same fundamentals apply: say clearly who you help, show up consistently where prospects look, and make sure your online presence tells the right story.
The Credit Market Lens: What BDC Redemptions and NAV Pressures Mean for Investors
A widening confidence gap in non-traded investment vehicles is testing private credit valuations, sharpening the case for manager selection and diversification beyond direct lending.
Markets: What to Watch Midway Through 2026
It’s hard to believe we’re nearing the halfway point of 2026 – and what an eventful start it’s been. Markets have pushed through a geopolitically driven energy shock, rising inflation pressures and accelerating disruption from the artificial intelligence boom.
Fixing Social Security Is Urgent — and Difficult
Social Security is now just six years away from insolvency, according to the latest annual assessment. Many in Congress might like to keep on ignoring the problem, as they have for years, but this won’t be an option much longer. Senators elected in November will see the system’s trust fund empty during their terms.
The Strait is Open. What's Next for Markets?
The dominant theme this week was a tug of war between improving macroeconomic conditions and weakness in parts of the technology sector.
REIT ETFs: Real Estate’s Quiet Revival
Markets have been hyper-focused on AI, crypto and buffer ETFs, but REIT ETFs have quietly staged an impressive comeback. The REIT terrain has shifted rapidly over recent years, and forward-looking investors and advisors have taken notice.
Mid-Year Themes
Circumstances since 2020 have repeatedly demonstrated how adaptable the economy is in the face of new challenges. We see no reason for that resilience to fade in the balance of the year.
Inflation Sinks Deeper
I’m hopeful new chair Kevin Warsh will help change the Fed’s inflation-tolerating institutional culture. Early signs look positive. Today we’ll talk about how insidious inflation is and why those who think a little inflation is fine should have their heads examined. It is not fine… for anyone.
Is AI Inflationary or Deflationary?
The AI boom goes from strength to strength. Big technology companies are pouring hundreds of billions of dollars into chips, data centers and power-hungry infrastructure. One estimate puts annual AI infrastructure investment above $650 billion in 2025 and potentially over $800 billion in 2026..
Model Portfolios Are Mainstream. Now Advisors Want Personalization.
Model portfolios have helped many advisors solve for scale. The next challenge is more nuanced: how do advisors keep that scale while delivering more personalization, tax awareness and differentiated value to clients?
Open vs. Closed AI: What Advisory Firm Leaders Need to Know
Before your firm starts using AI across operations, client service, reporting, or advisor workflows, there’s one basic question leadership needs to answer: what kind of AI are we talking about?
Market Broadening, AI, and the Case for Diversification
As the market continues to broaden in 2026, a balanced approach matters more than ever.
AI Is a Secular Growth Unicorn
AI is both a foundational technology and the ultimate replacement product, which we believe explains why it has attracted unprecedented levels of capital and why the investment opportunities are so compelling.
A ‘Warsh’ Out at the Fed
New Fed Chair Kevin Warsh is already reshaping policy communication by reducing forward guidance, questioning the dot plot’s future and emphasizing real-time data, potentially increasing Treasury market volatility.
Two Measures of Inflation: May 2026
Inflation remains a hot topic, directly impacting everything from your grocery bill to interest rates. As of the latest data, two key inflation gauges — the Personal Consumption Expenditures (PCE) Price Index and the Consumer Price Index (CPI) — show that prices are still above the Federal Reserve's 2% target, with the core PCE at 3.4% and core CPI at 2.9%.
Could the U.S. Be the Frog in the Pot?
What if the debt crisis investors have feared is not still ahead, but already here, unfolding in plain sight? In his June insight, Richard Bernstein, Global Head of Macro & Customized Investing, makes the case that the market may already be penalizing U.S. fiscal excess, not through a dramatic collapse, but through a slow burn with real consequences for investors and the broader economy.