In seasoned investment circles, nearly everyone reads the memos from Howard Marks, the co-chairman of Oaktree Capital Management, which he’s been writing for his clients since 1990. The most widely read of these memos, “Something of Value,” is foundational reading for anyone serious, or anyone who wants to get serious, about investing.
History suggests that it is better to embrace progress than hinder it.
Softening inflation supports the potential for a Federal Reserve interest rate cut in coming months, but there are complexities below the surface.
The S&P 500 posted a near-perfect week, with gains every day except Thursday.
Many people want the passive income that can come with rental properties, but they come with risks and responsibilities.
Lately, I have been getting many questions about investing in private equity. Such is common during raging bull markets, as individuals seek higher rates of return than the market generates.
We are in the time of year when Americans pack transatlantic airliners for their European vacations. I had actually hoped to be one of them. That didn’t work out but we can still talk about events in Europe. And we probably should, because potentially major changes are happening.
As many of you are no doubt aware by now, France’s left-wing New Popular Front alliance thwarted Marine Le Pen’s National Rally party in a stunning upset, leaving the country without a clear majority in parliament.
Heading into the second half of 2024, it appears the markets are no longer focusing on the odds for a recession.
Following Russia's invasion of Ukraine in the early months of 2022, and the subsequent sanctions imposed by the U.S., some investors were forced to liquidate their Russian investments. Many investors, uncertain about the potential scope of the coming war, also took the opportunity to liquidate their investments in all of Eastern Europe.
As we survey the economic landscape, we are reminded of Otis Redding’s classic hit, which is all about patience. “Looks like nothing’s gonna change, everything still remains the same.”
Welcome to our new weekly blog series, “Navigating the Earnings Season.” In this series, I dive into the world of earnings reports from major companies, spanning giants like JP Morgan and Pepsi, as well as niche players in various sectors.
We’ve seen the active ETF take in about 1/3 of all net asset inflows year-to-date, which is an impressive haul by historical standards.
More inflows into active bond ETFs during the month of June is following the overall trend of higher inflows since the start of the year.
Net interest income helped big banks, which begin reporting second-quarter earnings July 12, but there's concern about how long it can keep going.
I have been looking forward to writing this blog for a long time. I joined Russell Investments on July 12, 2004 and now that it is my 20th anniversary, I feel it’s the right moment to share some of what I have learned along the way.
Taking on credit risk but not interest rate risk has been relatively rewarding to ETF investors thus far in 2024.
There’s more to artificial intelligence (AI) than the US tech giants. Equity investors can find overlooked opportunities in emerging-market companies.
The second half narrative remains dominated by the path of interest rates, inflation, and the looming election.
Comparing public fixed income and private credit markets involves weighing factors related to liquidity, transparency, credit quality, risk premium, and opportunity costs.
Although the market is off to a rough start to the year, we think it should recover.
The UST yield curve has been inverted, but there is speculation about when it will “un-invert" and move out of negative territory.
After a fruitful career and plenty of practice paying taxes, you may feel prepared for the tax man in retirement. But a review of your post-retirement taxable income may yield some surprising insights.
With high yields and compelling opportunities, we think the muni market looks exceptionally attractive today.
Provisions in the SECURE 2.0 Act introduced new ways this year to avoid a 10% early withdrawal penalty from retirement accounts. Our Bill Cass explains the implications for savers.
Demand for alternatives has spotlighted convertible arbitrage for portfolio diversification and risk-adjusted returns, after decades of underappreciation. Advisors must understand these strategies to effectively guide clients in the evolving market.
The economy is off to a strong start in 2024, with a strong employment picture and the Dow Jones Industrial Average crossing 40,000 for the first time. But even with those tailwinds, questions about the economy and the markets remain as we head into the second half of 2024.
AI worked well in equity markets in the first half and could deliver for investors over the next six months.
For the 12 months ending July 3, the average return posted by the widely followed Russell 2000 and S&P SmallCap 600 indexes was 8.3%.
No investor wants to miss the wave of a massive, transformational technology. Spot these big shifts early, and you have a chance at Nvidia-like returns.
The outlook for the Federal Reserve (Fed) through the first six months of 2024 has been a bit of a roller-coaster ride to say the least. While one could argue the overarching premise has been for rate cuts, it has certainly not been a smooth ride.
It’s an election year, which means you can expect to hear presidential candidates being asked about their plan for preventing Social Security from going bankrupt.
A strategic alignment within the workplace is an opportunity for financial advisors, employers and retirement savers seeking financial planning advice. See Kevin Murphy’s views on emerging trends in workplace savings.
Explore the complexities of the high-yield market through comprehensive insights from our experts.
An increasing number of investors believe that value investing might never again be successful. We think that is a strange conclusion because valuation is critical to every transaction in the economy. An economy cannot function properly without thoughtful value assessments. In our latest insight, we analyze the differences between value and growth investing over time and outline the generational opportunities that investors may be overlooking.
With so much uncertainty in the political landscape, investors may be nervous — and they may be reluctant to remain in the market. This is why an advisor's role as a behavioral coach is so important.
Municipal bonds posted their strongest June performance since 2019. The asset class outperformed amid improving seasonal supply-and-demand dynamics. Looking ahead, July has historically been the strongest performing month of the year.
The expectation of rate cuts is not only fueling news-sensitive trades in emerging markets equities, but also in bonds.
Investors continue to pile into bond funds, looking to add yield now before the Federal Reserve starts instituting rate cuts.
Almost every industry could ultimately incorporate AI, leaving a puzzle for investors seeking exposure. Using the internet as an example may provide some breadcrumbs.
The world could be undergoing a transformation akin to past technological revolutions. But the speed, size and impact of that investment is highly uncertain. We think leaning into the transformation and adapting as the outlook changes will be key.
The global population has surpassed 8 billion and according to the United Nations, it is projected to reach 9.7 billion in 2050.¹ However, the rate of population growth is slowing and is expected to continue to decline. Seems counterintuitive, no?
Over the last four years, we have maintained that the U.S. middle-class consumer is on firmer ground than many believe. The first wave of inflation that seems to be receding is just that—the first wave of a set—and oil and gas companies are fundamentally well-positioned for the next decade.
While the temperatures were rising, the U.S. stock market continued its climb higher as well. The S&P 500 returned 3.5% and Emerging Market stocks delivered an impressive 3.9%. Bonds also returned positively in June.
Morgan Stanley recently discussed the outsized impact of fiscal policy as well as the U.S. dollar looking ahead.
Many investors hold a concentrated stock position that represents a large percentage—typically 10% to 20%—of their overall portfolio value. Let’s review the risks of concentrated positions and then survey some of the possible solutions.
What should equity investors look for to find companies with strong economic profits, backed by clear business advantages?
The China trade shock of the 1990s and 2000s is widely blamed for hollowing out the US manufacturing sector. But anyone who thinks that unwinding trade with China will not result in price increases and significant political backlash is in for a rude awakening.
Earnings season is just around the corner. It could prove critical to justifying the record rally we’ve seen thus far in 2024.
We think all signs point to the labor market as the oracle – personal consumption supports earnings upside.
