California continues to demonstrate fiscal resilience, supported by strong liquidity balances and the absence of projected cash‑flow borrowing through FY 2026–27. However, Medicaid cost pressures, a progressive tax structure highly sensitive to equity market swings, and constitutional spending constraints remain key differentiators between California and other large states.
Home prices fell for the first time in eight months in March according to the S&P Cotality Case-Shiller index, as the housing slowdown intensifies. On a seasonally adjusted basis, the national index dropped 0.2% month-over-month and was up 0.7% year-over-year, the slowest pace since June 2023.
The exchange-traded fund marketplace continues to expand. Now with more than $20 trillion in assets under management ($14 trillion in the U.S., growing at an 18% five-year annualized clip), 2026’s volatility and emerging investment themes have taken the universe to new heights.
Space has evolved from a niche corner of the stock market into an area that offers the potential for diversity and growth. The euphoria around SpaceX’s market entry is driving fresh investor flows into the sector. Since the news of the offering first became public in early December, smaller space and related stocks have soared.
Leaders often have trouble focusing on the longer-term. In the corporate arena, pressure to produce quarterly earnings can truncate planning horizons. In public life, popular opinion and election cycles can impose myopia. It takes a unique set of ingredients to set, and stick to, a lasting vision.
Despite compositional differences – public equities generally represent larger companies with more scale, liquidity, and financial flexibility than the typically smaller, private-equity-owned issuers that dominate the software loan market – the outcome is the same: Neither market has been able to fully retrace the year-to-date sell-off in a meaningful way.
Given the combined weight of these markets within EM portfolios, Templeton Global Investments believe incremental improvements in capital discipline could have a meaningful impact on aggregate index-level earnings quality.
On paper, Super Micro Computer Inc. is the type of company that Wall Street can’t get enough of, with soaring sales, an enviable list of partners like Nvidia Corp. and its placement at the center of the artificial intelligence boom.
For investors, understanding the full anatomy of fixed income is critical, not only to capture attractive risk-adjusted returns in today’s environment but also to appreciate its indispensable role in powering economic growth and financial stability.
The conflict in the Middle East has raised concerns about oil prices, global growth and market volatility. Chief Investment Officer Sean Taylor assesses the potential economic impacts of the crisis and its implications for growth and diversification in emerging markets and Asia.
The surge in active ETF launches aligns with broader market trends. For example, active ETF strategies accounted for roughly 60% of new ETF launches in the early months of 2025, underscoring the category’s growing momentum and advisor interest.
The start of 2026 has brought no shortage of challenges for advisors, ranging from shifting rate expectations to valuation concerns in a top-heavy market. Nonetheless, ETFs gathered an impressive $165 billion of new money in January, more than the previous three Januaries combined, according to State Street Investment Management.
Municipal credit remains strong in 2026 with high reserves and sector resilience. Still, policy changes and economic pressures ahead warrant attention.
Last week in our latest Cyclical Outlook, “Compounding Opportunity,” we argued that beneath the economy’s broad resilience lies a stark divergence. U.S. policy pivots combined with the surge in adoption of AI technology have created winners and losers.
The probability of strong earnings and growth-friendly policies should make emerging markets attractive to investors in 2026, in the view of Templeton Global Investments.
Artificial-intelligence-related investment is one of the trends likely to sustain the rise of emerging market equities in 2026, as policy support also contributes to a favorable backdrop.
In this year-end reflection, we eschew the typical theater of market predictions to instead examine the "knew-it-all-along" effect and the cognitive illusions that make past volatility seem orderly.
Preparing for the new year? It helps to look back on the big stories in fund management that can inform plans for 2026.
Today, one in three of the 65-69 cohort, one in five of the 70-74 cohort, and one in ten of the 75+ cohort are in the labor force.
Despite facing rising tariffs and trade barriers globally since the U.S.-China trade war began in 2017, Chinese exports have surprisingly continued to grow. Total annual exports have expanded by 58% since 2017, reaching a staggering $3.58 trillion, which is a performance far better than many analysts predicted given the severity of the trade conflict.
The wealth management industry is on a collision course with a talent crisis due to a looming retirement wave and rising demand for financial professionals. The key to survival hinges on making talent development a strategic priority and adapting to the next generation of clients.
With an economy exceeding $1.1 trillion and a proven record of conservative budgeting, New York City stands apart as both a global capital and a dependable municipal credit. Let’s look at 10 reasons why we believe NYC’s fiscal health and credit strength may continue.
For many crypto investors, it’s fine to focus on Bitcoin and Ethereum. After all, those two assets combine for nearly $2.7 trillion of the crypto universe’s total market capitalization of $3.75 trillion. “Dominant” doesn’t begin to underscore the status of bitcoin and ether.
Global equity markets have surged this year, in spite of moderate economic growth and an accumulating series of risks. This has led some to worry that valuations have been stretched a little too far. The same can be said of credit markets, which have seen spreads fall to levels last seen in 2007.
Nuclear-related stocks have seen significant positive momentum this year. In addition to policy tailwinds, investors are recognizing the critical need for reliable, carbon-free power generation for years to come. Nuclear represents a compelling opportunity in that vein.
Though deemed to be “Modern” portfolio theory (MPT), the primary framework used to construct diversified portfolios and deliver risk-adjusted investment returns is now well over 50 years old. Enhancements have helped keep MPT’s 60% equity and 40% bond allocation formula relevant for decades.
Here are some key areas of focus as you think about solidifying your current team or preparing to transition and join a new team.
Bond issuance linked to environmental, social and governance (ESG) purposes dipped in the first half of 2025 following a strong second half in 2024. But we expect issuance of ESG-labeled bonds will pick up for several reasons.
I grew up in an era, like many people, where we were told not to talk about politics or religion in the workplace. We were often told not to even do it with friends and family, just to avoid bad feelings and difficult conversations! Now, if you don’t have a point of view and share it, there is something wrong with you.
The buildout of data centers and the power grid may offer the best opportunity to generate sustained growth. The scale of investment is large enough to matter, the economic multipliers are high, and the timeline aligns with when fiscal pressure will peak.
The Fed lowered rates by a quarter of a percentage point (0.25%) at its September meeting, citing increased risks to employment; Powell emphasized ongoing inflation and a divided Committee, with future moves dependent on incoming data.
Investors enjoying the pairing of domestic stocks and the momentum factor are likely familiar with some related ETFs. This includes the Invesco S&P 500 Momentum ETF (SPMO).
Japan represents a compelling investment case, where local insight and rigorous research can uncover under-owned assets with the potential to deliver strong returns.
The ICE BofA Fixed Rate Preferred Index returned 1.45% in July, bringing YTD gains to 2.47%. The $25 par ICE BofA Core Plus Fixed Rate Preferred Securities Index rebounded with a 2.77% return, while ETF inflows exceeded $150 million.
A sharp shift in Fed expectations may trigger bond-market volatility while concerns about the economy may impact equities.
In this video, Chuck Carnevale, co-founder of FAST Graphs, aka Mr. Valuation revisits Elevance Health (formerly Anthem), an undervalued long-term opportunity, a major U.S. for-profit health insurer.
Green life, sustainable mutual funds, buying local, the “buy nothing” movement, plastic-free living, eco-fashion, electric vehicles.
Paramount Global’s merger with Skydance Media was approved by the US Federal Communications Commission, which backed the deal after the Trump administration extracted concessions on the news and entertainment company’s political coverage and diversity practices.
In January, our emerging markets (EM) debt outlook called for steady growth, manageable inflation, and resilience in the face of geopolitical noise.
“The size, scale and scope of JPMorgan Chase also offer huge advantages,” Jamie Dimon wrote in a letter to shareholders — his first as chief executive officer at the end of 2005.
How the Matthews Emerging Markets Equity Fund’s strategy helped it achieve outperformance during a historic period for global markets.
Investors looking for cash flow from commercial real estate may want to check out the debt side.
The Federal Reserve is aiming to lessen the costly fluctuations in bank capital demands created by its annual stress tests. But big lenders are pushing for more relief while the central bank is politically weakened and some board members seem keen to please the White House.
If you are considering merging or acquiring another practice, consider having each party answer some of the following questions to see where you both stand.
How do direct indexing ideas fit into a fixed income portfolio? These two powerful strategies make one compelling combination with potential tax and risk management opportunities.
Alex Veroude, Global Head of Fixed Income, believes fixed income investors can prepare for an uncertain journey by recognising trends and diversifying across different assets.
Global markets may be more rattled than ever, but advisors can count on closed-end funds to offer yield, portfolio diversity, and more.
Retail traders using sophisticated quantitative strategies are starting to have a surprising and noticeable impact on financial prices.
On the latest episode of ETF 360, senior industry analyst Kirsten Chang spoke to TEMA ETFs founder and CEO Maurits Pot. He dug into TEMA’s latest offering, DSPY, which uses a novel historical weight strategy.
VettaFi head of sector and industry research Roxana Islam talked to T. Rowe Price PM Dom Rizzo on active tech ETF investing.
Global markets are in freefall in response to President Donald Trump’s universal 10% tariff on all goods being imported into the U.S., with as many as 60 countries facing “reciprocal” tariffs on top of that.
The underrepresentation of women in financial services leadership is not a reflection of their ability – it’s a symptom of an industry that hasn’t evolved quickly enough to meet the challenges of the modern world. Addressing this gap requires more than a commitment to diversity...
Even in the best-case scenarios, implicit trust tends to erode when a marriage unravels. On occasion, the divorce process uncovers secrets, hidden rifts, and breaches of trust that can expose both parties to scrutiny and trouble.
Green bond issuers tend to excel at reducing greenhouse gas emissions, per a Bank for International Settlements study.
Muni issuers are generally sound, so cuts in aid would be felt but dealt with.
Value investing and emerging markets are not often associated with one another. Conventional wisdom says that emerging markets, with their rapidly developing economies and rising consumer classes, are naturally the hunting ground of growth-oriented investors.
A decade after being engulfed by a controversy that culminated in multiple enforcement actions and a regulator clampdown, these off-exchange trading platforms are touting a way to buy and sell stocks that’s even more opaque.
As more advisors look to private equity as an effective means of diversifying their clients’ portfolios and providing a fertile source of uncorrelated alpha, the middle market merits a closer look.
The virtue economy, the only bubble I have ever called, has now completely burst.
Overall, it is a system deeply rooted in familial interdependence. The responsibility for widows rests squarely with family members, reflecting a culture where support networks are built on kinship rather than institutional safety nets.
For the latest Road to Exchange video, TMX VettaFi Investment Strategist Cinthia Murphy interviewed Lead-Lag Report publisher Michael Gayed. The two discussed market uncertainty, trusted filters, and the value of in-person events.
“Debanking” is about to get a lot of airtime in US politics, but be warned: This debate is a chimera. Crypto enthusiasts, culture warriors and banks all have dogs in the hunt, with each leaning on the others’ interests and narratives to advance their own.
US bond funds actively managed by industry heavyweights like Pacific Investment Management Co. attracted the most new investment last year as money returned after a two-year dry spell.
As the industry matures, innovative operating models have emerged to address the diverse needs of both acquiring and selling firms. This analysis examines the primary models driving consolidation in the RIA space and explores their strategic implications for industry participants.
Donald Trump opened his second term as US president with a market-jolting recalibration of his tariff policies, in a sign of turbulence ahead for investors and corporate executives.
Most people don’t pay much attention to the political process, either local or federal. This year I think it is something we should all be paying attention to as it might affect our various lives.
Federal Reserve Chair Jerome Powell has indicated that the central bank’s communication will be part of its 2025 monetary policy review.
The C-suites and boardrooms of corporate America should be on high alert entering 2025.
Start the new year right by reviewing and revamping your financial plan.
Many hot trends have been turned into equity portfolios. But fads aren’t investing themes and may be flawed as standalone investments.
To improve potential returns and mitigate risks, investors should choose from the widest range of opportunities.
The next few years are set to see a significant expansion in global LNG export capacity, led by North America and Qatar.
It’s the anniversary of the first-ever controlled nuclear fission chain reaction. And it’s the day that Enron filed for Chapter 11 bankruptcy in 2001.
You're interested in investing in municipal bonds, but which type—general obligation or revenue—is best for you? We break it down.
For most of the last fifty years, fixed income investing has been characterized by owning some combination of Municipals, Corporates, Treasuries and Agency Mortgage-Backed Securities.
For most of the last fifty years, fixed income investing has been characterized by owning some combination of Municipals, Corporates, Treasuries and Agency Mortgage-Backed Securities which has worked well with periods of secular disinflation.
You might not be able to do all of what’s needed to bring together strong teams and help your employees succeed, but even if you focus on just doing one thing differently and better, it can help improve outcomes.
The global transition to clean energy should open opportunities for fixed income investors in bond funds that focus on the ESG theme.
Franklin Templeton Fixed Income believes investing in companies promoting gender equality and diversity can lead to inclusivity and strong financial returns. Despite the persistent gender gap, there's an increase in women in leadership roles, positively impacting financial performance, corporate governance and crisis resilience.
The "ideal life" is a harmful myth that can distort perceptions of success and happiness. By recognizing different values and goals, you can foster a more inclusive – and realistic – understanding of what it means to lead a fulfilling life.
Many investors today use EM debt for the wrong reasons, manage it imprudently, or overlook the best parts.
The demographic makeup of America is changing. Latinos now make up almost 20 percent of Americans, up from seven percent in 1980. But while the number of Latino Americans continues to grow, only about four percent of financial advisors identify as Latino.
Just 5% of board directors are under the age of 50. But research indicates that more age-diverse boards may possess unique business advantages.
Two senior Wall Street executives complained this week that over-regulation is discouraging initial public offerings. JPMorgan Chase & Co. CEO Jamie Dimon partly blamed the zeal of securities regulators for the drop in IPOs that began in March 2022, a sentiment echoed by Citadel Securities CEO Peng Zhao.
Expanding outreach to include a well-orchestrated digital lead generation strategy is the most effective and efficient way to grow a client roster and help new generations navigate the Great Wealth Transfer with optimal financial strategies.
Historically, investors have struggled to add meaningful alpha through security selection. A dynamic new credit scoring approach could change that.
As GMO celebrates its 30th anniversary managing emerging debt this year, we offer our comprehensive guide to emerging debt markets. Given the tumultuous recent events – a global pandemic, defaults, repricing of interest rates, relentless strength in the U.S. dollar – we’ll focus on the Why as a starting point. Then we’ll dive into the proliferating How, covering strategies and vehicles.
In my cycles book I’m reviewing the forecasts of Neil Howe, Peter Turchin, George Friedman, and Ray Dalio. For different historical reasons and patterns, all see a crisis culminating at the end of this decade. Some readers have legitimately pushed back, saying no one knows the future.
The most glaring uncertainties today, which contributed to early August seeing some of the largest market moves in the last several years, are the risks associated with the Federal Reserve’s dual mandate.
Ethical Capital's Sloane Ortel marshals the data to counter the arguments against aggressively fighting climate change laid out in Larry Siegel's recent article.
Women & Planning
California Municipals: What Matters Now
California continues to demonstrate fiscal resilience, supported by strong liquidity balances and the absence of projected cash‑flow borrowing through FY 2026–27. However, Medicaid cost pressures, a progressive tax structure highly sensitive to equity market swings, and constitutional spending constraints remain key differentiators between California and other large states.
S&P Cotality Case-Shiller Index: Housing Slowdown Intensifies
Home prices fell for the first time in eight months in March according to the S&P Cotality Case-Shiller index, as the housing slowdown intensifies. On a seasonally adjusted basis, the national index dropped 0.2% month-over-month and was up 0.7% year-over-year, the slowest pace since June 2023.
The ETF Universe Keeps Expanding. So Does the Complexity of Tracking It.
The exchange-traded fund marketplace continues to expand. Now with more than $20 trillion in assets under management ($14 trillion in the U.S., growing at an 18% five-year annualized clip), 2026’s volatility and emerging investment themes have taken the universe to new heights.
SpaceX Going Public Is Igniting Wall Street’s Own Race to Orbit
Space has evolved from a niche corner of the stock market into an area that offers the potential for diversity and growth. The euphoria around SpaceX’s market entry is driving fresh investor flows into the sector. Since the news of the offering first became public in early December, smaller space and related stocks have soared.
The Gulf May Need New Vision
Leaders often have trouble focusing on the longer-term. In the corporate arena, pressure to produce quarterly earnings can truncate planning horizons. In public life, popular opinion and election cycles can impose myopia. It takes a unique set of ingredients to set, and stick to, a lasting vision.
Software Stuck in a Trough
Despite compositional differences – public equities generally represent larger companies with more scale, liquidity, and financial flexibility than the typically smaller, private-equity-owned issuers that dominate the software loan market – the outcome is the same: Neither market has been able to fully retrace the year-to-date sell-off in a meaningful way.
Emerging Markets at a Capital Allocation Inflection Point?
Given the combined weight of these markets within EM portfolios, Templeton Global Investments believe incremental improvements in capital discipline could have a meaningful impact on aggregate index-level earnings quality.
‘Uninvestable’ Super Micro Sends Investors Racing to the Exits
On paper, Super Micro Computer Inc. is the type of company that Wall Street can’t get enough of, with soaring sales, an enviable list of partners like Nvidia Corp. and its placement at the center of the artificial intelligence boom.
An Anatomy of the U.S. Fixed Income Market
For investors, understanding the full anatomy of fixed income is critical, not only to capture attractive risk-adjusted returns in today’s environment but also to appreciate its indispensable role in powering economic growth and financial stability.
A Perspective on the Middle East Crisis
The conflict in the Middle East has raised concerns about oil prices, global growth and market volatility. Chief Investment Officer Sean Taylor assesses the potential economic impacts of the crisis and its implications for growth and diversification in emerging markets and Asia.
What Advisors Need to Know About the Rapid Rise of Active ETFs
The surge in active ETF launches aligns with broader market trends. For example, active ETF strategies accounted for roughly 60% of new ETF launches in the early months of 2025, underscoring the category’s growing momentum and advisor interest.
January Trends: What Advisor Data Reveals for 2026
The start of 2026 has brought no shortage of challenges for advisors, ranging from shifting rate expectations to valuation concerns in a top-heavy market. Nonetheless, ETFs gathered an impressive $165 billion of new money in January, more than the previous three Januaries combined, according to State Street Investment Management.
2026 Municipal Sector Outlook: Resilience with Room for Surprises
Municipal credit remains strong in 2026 with high reserves and sector resilience. Still, policy changes and economic pressures ahead warrant attention.
Why U.S. Productivity Gains No Longer Reach Workers
Last week in our latest Cyclical Outlook, “Compounding Opportunity,” we argued that beneath the economy’s broad resilience lies a stark divergence. U.S. policy pivots combined with the surge in adoption of AI technology have created winners and losers.
Adapting to Achieve Growth
The probability of strong earnings and growth-friendly policies should make emerging markets attractive to investors in 2026, in the view of Templeton Global Investments.
Global Emerging Markets Outlook 2026
Artificial-intelligence-related investment is one of the trends likely to sustain the rise of emerging market equities in 2026, as policy support also contributes to a favorable backdrop.
When the Future Becomes the Past
In this year-end reflection, we eschew the typical theater of market predictions to instead examine the "knew-it-all-along" effect and the cognitive illusions that make past volatility seem orderly.
Looking Back to Look Ahead: 3 Fund Takeaways From 2025
Preparing for the new year? It helps to look back on the big stories in fund management that can inform plans for 2026.
Employment Trends for the 50+ Workforce: September 2025
Today, one in three of the 65-69 cohort, one in five of the 70-74 cohort, and one in ten of the 75+ cohort are in the labor force.
Will Tariffs Crush Chinese Export Competitiveness?
Despite facing rising tariffs and trade barriers globally since the U.S.-China trade war began in 2017, Chinese exports have surprisingly continued to grow. Total annual exports have expanded by 58% since 2017, reaching a staggering $3.58 trillion, which is a performance far better than many analysts predicted given the severity of the trade conflict.
The Future of Wealth Management Depends on Next Generation Talent
The wealth management industry is on a collision course with a talent crisis due to a looming retirement wave and rising demand for financial professionals. The key to survival hinges on making talent development a strategic priority and adapting to the next generation of clients.
10 Reasons New York City’s Credit Remains Resilient
With an economy exceeding $1.1 trillion and a proven record of conservative budgeting, New York City stands apart as both a global capital and a dependable municipal credit. Let’s look at 10 reasons why we believe NYC’s fiscal health and credit strength may continue.
With Crypto, It Can Pay to Keep an Open Mind
For many crypto investors, it’s fine to focus on Bitcoin and Ethereum. After all, those two assets combine for nearly $2.7 trillion of the crypto universe’s total market capitalization of $3.75 trillion. “Dominant” doesn’t begin to underscore the status of bitcoin and ether.
Credit Markets Are Being Tested
Global equity markets have surged this year, in spite of moderate economic growth and an accumulating series of risks. This has led some to worry that valuations have been stretched a little too far. The same can be said of credit markets, which have seen spreads fall to levels last seen in 2007.
Not All Nuclear Exposure Is Created Equally
Nuclear-related stocks have seen significant positive momentum this year. In addition to policy tailwinds, investors are recognizing the critical need for reliable, carbon-free power generation for years to come. Nuclear represents a compelling opportunity in that vein.
Revolution—Not Evolution: Better Living Through Investing
Though deemed to be “Modern” portfolio theory (MPT), the primary framework used to construct diversified portfolios and deliver risk-adjusted investment returns is now well over 50 years old. Enhancements have helped keep MPT’s 60% equity and 40% bond allocation formula relevant for decades.
Teaming is Not the Future – It’s Already Here
Here are some key areas of focus as you think about solidifying your current team or preparing to transition and join a new team.
Why Data Centers May Help Drive ESG-Labeled Bond Issuance
Bond issuance linked to environmental, social and governance (ESG) purposes dipped in the first half of 2025 following a strong second half in 2024. But we expect issuance of ESG-labeled bonds will pick up for several reasons.
When Personal Opinion Forces Its Way Into the Office
I grew up in an era, like many people, where we were told not to talk about politics or religion in the workplace. We were often told not to even do it with friends and family, just to avoid bad feelings and difficult conversations! Now, if you don’t have a point of view and share it, there is something wrong with you.
Data Centers And The Power Grid: A Path To Debt Relief?
The buildout of data centers and the power grid may offer the best opportunity to generate sustained growth. The scale of investment is large enough to matter, the economic multipliers are high, and the timeline aligns with when fiscal pressure will peak.
A “Risk-Management” Cut and A “Meeting-by-Meeting Situation”
The Fed lowered rates by a quarter of a percentage point (0.25%) at its September meeting, citing increased risks to employment; Powell emphasized ongoing inflation and a divided Committee, with future moves dependent on incoming data.
IDMO Brings Momentum Factor to International Stocks
Investors enjoying the pairing of domestic stocks and the momentum factor are likely familiar with some related ETFs. This includes the Invesco S&P 500 Momentum ETF (SPMO).
Unlocking Japan—Why Go Active
Japan represents a compelling investment case, where local insight and rigorous research can uncover under-owned assets with the potential to deliver strong returns.
Investor Appetite Buoys Preferreds Amid Macro and Fiscal Shifts
The ICE BofA Fixed Rate Preferred Index returned 1.45% in July, bringing YTD gains to 2.47%. The $25 par ICE BofA Core Plus Fixed Rate Preferred Securities Index rebounded with a 2.77% return, while ETF inflows exceeded $150 million.
Weak U.S. Jobs Report and Revisions Introduce Fed and Market Risks
A sharp shift in Fed expectations may trigger bond-market volatility while concerns about the economy may impact equities.
Elevance Health, Inc: A Deeply Undervalued Long-Term Opportunity
In this video, Chuck Carnevale, co-founder of FAST Graphs, aka Mr. Valuation revisits Elevance Health (formerly Anthem), an undervalued long-term opportunity, a major U.S. for-profit health insurer.
Embracing Sustainability May Benefit Business
Green life, sustainable mutual funds, buying local, the “buy nothing” movement, plastic-free living, eco-fashion, electric vehicles.
Skydance’s Merger With Paramount Global Wins FCC’s Approval
Paramount Global’s merger with Skydance Media was approved by the US Federal Communications Commission, which backed the deal after the Trump administration extracted concessions on the news and entertainment company’s political coverage and diversity practices.
Noise and Opportunity in Emerging Markets Debt
In January, our emerging markets (EM) debt outlook called for steady growth, manageable inflation, and resilience in the face of geopolitical noise.
Dimon’s Success Creates Headaches for JPMorgan
“The size, scale and scope of JPMorgan Chase also offer huge advantages,” Jamie Dimon wrote in a letter to shareholders — his first as chief executive officer at the end of 2005.
Outperformance in Extraordinary Times
How the Matthews Emerging Markets Equity Fund’s strategy helped it achieve outperformance during a historic period for global markets.
Need Income? Europe’s Commercial Real Estate Debt is Worth a Look
Investors looking for cash flow from commercial real estate may want to check out the debt side.
How to Avoid Bank Safety’s Death by Many Cuts
The Federal Reserve is aiming to lessen the costly fluctuations in bank capital demands created by its annual stress tests. But big lenders are pushing for more relief while the central bank is politically weakened and some board members seem keen to please the White House.
Determining Cultural Fit: 25 Key Questions
If you are considering merging or acquiring another practice, consider having each party answer some of the following questions to see where you both stand.
Customize to Optimize: Combining Fixed Income and Direct Indexing
How do direct indexing ideas fit into a fixed income portfolio? These two powerful strategies make one compelling combination with potential tax and risk management opportunities.
Fixed Income Outlook: A Not-so-Random Walk
Alex Veroude, Global Head of Fixed Income, believes fixed income investors can prepare for an uncertain journey by recognising trends and diversifying across different assets.
What Closed-End Funds Could Offer Amid Uncertain Times
Global markets may be more rattled than ever, but advisors can count on closed-end funds to offer yield, portfolio diversity, and more.
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.
ETF 360: TEMA ETFs Has a Concentration Risk Solution
On the latest episode of ETF 360, senior industry analyst Kirsten Chang spoke to TEMA ETFs founder and CEO Maurits Pot. He dug into TEMA’s latest offering, DSPY, which uses a novel historical weight strategy.
T. Rowe Price PM Rizzo on Active Tech ETF Investing at Exchange
VettaFi head of sector and industry research Roxana Islam talked to T. Rowe Price PM Dom Rizzo on active tech ETF investing.
America’s Tariff Rate Hits the Highest Level Since 1909—And That’s Before Retaliation
Global markets are in freefall in response to President Donald Trump’s universal 10% tariff on all goods being imported into the U.S., with as many as 60 countries facing “reciprocal” tariffs on top of that.
Closing the Gender Gap in Financial Services: The Case for Intentional Succession Planning
The underrepresentation of women in financial services leadership is not a reflection of their ability – it’s a symptom of an industry that hasn’t evolved quickly enough to meet the challenges of the modern world. Addressing this gap requires more than a commitment to diversity...
Uncovering Tax Fraud in a Divorce: Lawyer and Advisor Collaboration Crucial
Even in the best-case scenarios, implicit trust tends to erode when a marriage unravels. On occasion, the divorce process uncovers secrets, hidden rifts, and breaches of trust that can expose both parties to scrutiny and trouble.
Study Shows Green Bond Issuers Better at Reducing Emissions
Green bond issuers tend to excel at reducing greenhouse gas emissions, per a Bank for International Settlements study.
Municipal Bonds: Built to Withstand Federal Funding Cuts
Muni issuers are generally sound, so cuts in aid would be felt but dealt with.
Revisiting Seven Sources of Value in Emerging Markets
Value investing and emerging markets are not often associated with one another. Conventional wisdom says that emerging markets, with their rapidly developing economies and rising consumer classes, are naturally the hunting ground of growth-oriented investors.
Darker Than a Dark Pool? Welcome to Wall Street’s ‘Private Rooms’
A decade after being engulfed by a controversy that culminated in multiple enforcement actions and a regulator clampdown, these off-exchange trading platforms are touting a way to buy and sell stocks that’s even more opaque.
Unlock Alpha in Mid-Market Private Equity
As more advisors look to private equity as an effective means of diversifying their clients’ portfolios and providing a fertile source of uncorrelated alpha, the middle market merits a closer look.
Shareholder Capitalism Is Back
The virtue economy, the only bubble I have ever called, has now completely burst.
Can One-Eighth of an Inheritance Be Enough? A Lesson from Jordan
Overall, it is a system deeply rooted in familial interdependence. The responsibility for widows rests squarely with family members, reflecting a culture where support networks are built on kinship rather than institutional safety nets.
The Road to Exchange: Featuring Michael Gayed of Lead-Lag Media
For the latest Road to Exchange video, TMX VettaFi Investment Strategist Cinthia Murphy interviewed Lead-Lag Report publisher Michael Gayed. The two discussed market uncertainty, trusted filters, and the value of in-person events.
Crypto Enters the Debanking Debate With a Weak Case
“Debanking” is about to get a lot of airtime in US politics, but be warned: This debate is a chimera. Crypto enthusiasts, culture warriors and banks all have dogs in the hunt, with each leaning on the others’ interests and narratives to advance their own.
Pimco, Dodge & Cox Lead Revival in Actively Managed Bond Funds
US bond funds actively managed by industry heavyweights like Pacific Investment Management Co. attracted the most new investment last year as money returned after a two-year dry spell.
The Evolution of RIA Acquisition Models: A Strategic Analysis
As the industry matures, innovative operating models have emerged to address the diverse needs of both acquiring and selling firms. This analysis examines the primary models driving consolidation in the RIA space and explores their strategic implications for industry participants.
Trump’s Tariff Shifts Are a Warning for Corporate America to Expect Whiplash
Donald Trump opened his second term as US president with a market-jolting recalibration of his tariff policies, in a sign of turbulence ahead for investors and corporate executives.
A Controversial Start
Most people don’t pay much attention to the political process, either local or federal. This year I think it is something we should all be paying attention to as it might affect our various lives.
Three Ways the Fed's Message Falls Short — and How to Fix Them
Federal Reserve Chair Jerome Powell has indicated that the central bank’s communication will be part of its 2025 monetary policy review.
The 5 Biggest Forces to Watch in Corporate America
The C-suites and boardrooms of corporate America should be on high alert entering 2025.
Financial Resolutions for 2025
Start the new year right by reviewing and revamping your financial plan.
Pets, Pop and Sin Stocks: Not Every Fad Is a Thematic Portfolio
Many hot trends have been turned into equity portfolios. But fads aren’t investing themes and may be flawed as standalone investments.
Seeking Sterling Bond Exposure? Look Beyond the UK
To improve potential returns and mitigate risks, investors should choose from the widest range of opportunities.
Who Will Need the Next Wave of LNG Export Capacity?
The next few years are set to see a significant expansion in global LNG export capacity, led by North America and Qatar.
Enron 2.0 — So Bad It’s Good?
It’s the anniversary of the first-ever controlled nuclear fission chain reaction. And it’s the day that Enron filed for Chapter 11 bankruptcy in 2001.
Choosing Municipal Bonds: GO or Revenue?
You're interested in investing in municipal bonds, but which type—general obligation or revenue—is best for you? We break it down.
CLO Default Rates Are Significantly Lower Than Corporate Default Rates
For most of the last fifty years, fixed income investing has been characterized by owning some combination of Municipals, Corporates, Treasuries and Agency Mortgage-Backed Securities.
Opportunities Beyond the Traditional Bond Indices
For most of the last fifty years, fixed income investing has been characterized by owning some combination of Municipals, Corporates, Treasuries and Agency Mortgage-Backed Securities which has worked well with periods of secular disinflation.
How to Be an Effective Driver of Change for Your Team
You might not be able to do all of what’s needed to bring together strong teams and help your employees succeed, but even if you focus on just doing one thing differently and better, it can help improve outcomes.
Green Energy Transition Opens ESG Opportunities in Bonds
The global transition to clean energy should open opportunities for fixed income investors in bond funds that focus on the ESG theme.
Empowering Change: The Role of Social Bonds in Promoting Gender Equality
Franklin Templeton Fixed Income believes investing in companies promoting gender equality and diversity can lead to inclusivity and strong financial returns. Despite the persistent gender gap, there's an increase in women in leadership roles, positively impacting financial performance, corporate governance and crisis resilience.
The "Ideal" Life is a Harmful Myth
The "ideal life" is a harmful myth that can distort perceptions of success and happiness. By recognizing different values and goals, you can foster a more inclusive – and realistic – understanding of what it means to lead a fulfilling life.
Emerging Markets: The Biggest, Fastest Growing, and Arguably Least Understood Pool of Credit in the World
Many investors today use EM debt for the wrong reasons, manage it imprudently, or overlook the best parts.
Harnessing the Impact of Changing Demographics to Grow Your Practice
The demographic makeup of America is changing. Latinos now make up almost 20 percent of Americans, up from seven percent in 1980. But while the number of Latino Americans continues to grow, only about four percent of financial advisors identify as Latino.
The Case for Multigenerational Corporate Boards
Just 5% of board directors are under the age of 50. But research indicates that more age-diverse boards may possess unique business advantages.
The IPO Slump Is Fine Unless You’re Jamie Dimon
Two senior Wall Street executives complained this week that over-regulation is discouraging initial public offerings. JPMorgan Chase & Co. CEO Jamie Dimon partly blamed the zeal of securities regulators for the drop in IPOs that began in March 2022, a sentiment echoed by Citadel Securities CEO Peng Zhao.
The Great Wealth Transfer: Five Tips for RIAs to Attract New Clients
Expanding outreach to include a well-orchestrated digital lead generation strategy is the most effective and efficient way to grow a client roster and help new generations navigate the Great Wealth Transfer with optimal financial strategies.
Core Score: How a New Approach to Credit Investing May Harness More Alpha
Historically, investors have struggled to add meaningful alpha through security selection. A dynamic new credit scoring approach could change that.
The What-Why-When-How Guide to Owning Emerging Debt
As GMO celebrates its 30th anniversary managing emerging debt this year, we offer our comprehensive guide to emerging debt markets. Given the tumultuous recent events – a global pandemic, defaults, repricing of interest rates, relentless strength in the U.S. dollar – we’ll focus on the Why as a starting point. Then we’ll dive into the proliferating How, covering strategies and vehicles.
The Revolt of the Public
In my cycles book I’m reviewing the forecasts of Neil Howe, Peter Turchin, George Friedman, and Ray Dalio. For different historical reasons and patterns, all see a crisis culminating at the end of this decade. Some readers have legitimately pushed back, saying no one knows the future.
Let’s Get Real (Rates)!
The most glaring uncertainties today, which contributed to early August seeing some of the largest market moves in the last several years, are the risks associated with the Federal Reserve’s dual mandate.
A Rebuttal to an Energy Transition “Realist”
Ethical Capital's Sloane Ortel marshals the data to counter the arguments against aggressively fighting climate change laid out in Larry Siegel's recent article.