In a notable shift for the start of 2026, the S&P 500 is experiencing a divergence in factor performance. Typically, high beta (aggressive, high-risk) and low volatility (defensive, safe-haven) factors sit on opposite sides of the seesaw. When one goes up, the other usually comes down.

As the artificial intelligence (AI) transformation unfolds, Portfolio Managers Denny Fish, John Lloyd, and John Kerschner share their views on equity valuations, identifying the next wave of winners, and the impact on fixed income markets as companies aggressively raise capital to finance the AI boom.

The playing field presents broad opportunities for income investors today, with income and growth potential across asset classes. But an effective defense is also critical in capturing that potential. When it comes to the tools of the trade, we think broader is better.

Money – everybody wants it, but few actually have it. As shown in recent financial statistics, the “wealth gap” in America continues to grow between the “haves” and the “have-nots.”

Gold’s sharp swings and a new Federal Reserve chair are not separate stories. In a recent episode of the Money Metals podcast, Mike Maharrey sat down with Axel Merk, President and Chief Investment Officer of Merk Investments, to connect the dots between market turbulence and what may be a structural shift at the Fed.

On Friday, the Supreme Court struck down most of the tariffs the Trump administration had imposed over the past year. The question before the court was not whether the tariffs themselves were illegal, but whether the mechanism by which they were enacted was legal.

Routine physical checkups are an important component of healthcare. A doctor can identify potential problems and coach the patient toward making healthier choices.

LPL Research’s Strategic Asset Allocation (SAA) sits at the center of our portfolio construction process because it defines how we expect diversified portfolios to generate more stable long‑term outcomes across shifting market environments. The SAA is the long‑term plan for how major asset classes work together in a portfolio.

To stay at the forefront of lifecycle investing, fiduciaries must continually evolving to meet the changing realities of markets, participants, and longevity.

The breadth of opportunities in 2026 is unlike anything we’ve seen since 2010. While markets remain fixated on crypto, AI, and speculation, leadership is already shifting toward more fundamentally strong, under-owned regions of the world.

Every market cycle has its own character, but certain patterns appear frequently enough that they deserve attention. This is especially true when evaluating early-year rallies in small caps.

As the hunt for yield and stability remains a cornerstone of portfolios in 2026, a group of iShares short-term bond ETFs have made a strategic move to the Big Board today.

According to the UN World Tourism Organization, an estimated 1.52 billion international tourists traveled the world in 2025. That’s nearly 60 million more than the year before, representing 4% growth, and it marks a return to the steady, pre-pandemic growth trend of 5% annually that the industry enjoyed between 2009 and 2019.

Fourth-quarter GDP came in at 1.4%, a sharp markdown from early estimates that were inflated by a temporary collapse in the trade deficit.

In this video, Chuck Carnevale, co-founder of FAST Graphs and known as “Mr. Valuation,” explains a fundamental truth every investor must understand: valuation matters, and it matters a lot. Responding to subscriber questions about software companies, AI disruption, and specific stock requests, Chuck uses real examples to teach the core principles that drive long-term investment success.

The global energy transition is accelerating, and 2026 is shaping up to be an active year for renewable energy development. As we see it, private credit’s central role in financing the power build-out and its ability to structure flexible solutions for borrowers is likely to generate attractive return opportunities for investors.

Raymond James Chief Economist Eugenio J. Alemán discusses current economic conditions

Get ready each week with high-conviction insights that go beyond media headlines.

As we expected, the Supreme Court struck down most of the new tariffs President Trump had imposed since taking office thirteen months ago.

The U.S. economy is all in on artificial intelligence (AI). But there are some natural limitations to progress which will have to be carefully managed.

Wealth management tech helps RIAs scale, but integration challenges and learning curves remain barriers to maximizing effectiveness.

Income rather than price is the primary driver of FRN returns. As policy rates and SOFR move, FRN coupons adjust accordingly, allowing income to rise in higher-rate environments and decline when rates fall.

The central theme of 2025 was the disconnect between market sentiment and economic reality. The year began with widespread apprehension regarding aggressive tariffs and forecasts of a recession.

“China is dumping US Treasuries to get out of the dollar.” This claim has been circulating the mainstream feeds lately, with the narrative that the “end of the dollar is near,” or “the US will lose its funding base,” and “bond yields will surge.” But are those claims valid? Such is what we will explore in more detail.

Is inflation rising or falling? Is unemployment solid or are there significant issues? Given the massive revisions of labor data, how can we base decisions on employment numbers? And what happens when the various collected data conflicts with themselves?

Investment strategy is never easy, but we have started this year with a remarkable confluence of shifting factors: technological, economic and geopolitical. Understanding how they will play out and interact becomes crucial to asset allocation.

It can sometimes be hard to tell whether the US housing market is hot or cold. Currently, existing-home inventory is tight and prices are stable—indicators of a hot market—while sales volume is down and home price appreciation has slowed. So, what’s the temperature?

While the Court did not explicitly order refunds to be paid — instead sending that decision to the lower courts — by some estimates this decision opens the door to potentially as much as $175 billion in tariff reimbursements to U.S. importers.

In recent editions of Macro Signposts, we’ve emphasized how U.S. policy changes coinciding with the emergence of a new general-purpose technology (AI) may be accelerating adoption and diffusion of that technology – while also driving economic adjustments.

As investor expectations evolve, and tax awareness becomes more central to portfolio construction, active tax management has emerged as a defining feature of sophisticated investment strategies. Across both equities and fixed income, disciplined processes may help investors retain more of what they earn.

For today’s RIAs, the tension is real. Many clients seek portfolios tailored to their individual goals and values, while advisory firms also aim to deliver that level of service efficiently and at scale.

The U.S. economy sent conflicting signals last week as a sharp deceleration in growth collided with unexpectedly stubborn inflation.

Many software stocks have been under pressure in recent months, as investors have started to perceive them as vulnerable to emerging artificial intelligence technology. As highlighted in the “6-Month Price History of the S&P Software and Service Index” chart, software stocks have declined roughly 27% from their September 2025 high.

In a 6-3 decision, the highest court in the U.S. ruled that President Trump lacks the legal authority to impose sweeping tariffs. But the administration has a Plan B in place.

In a 6-3 decision on Friday, the U.S. Supreme Court struck down most of the tariffs implemented by the administration last year. Markets initially showed little reaction to the announcement, with U.S. equities rising by 0.3% while yields on the 10-year Treasury inched up by 2 basis points.

It’s been a busy start to the midterm election year in Washington, marked by a second government shutdown, rising geopolitical tensions - including Iran and Venezuela – and continued uncertainty around tariffs.

Today, the Supreme Court stripped away the Trump Administration's power to impose sweeping tariffs through emergency authority—but the battle over US trade policy is far from over.

With another year of market ebullience behind us, January seems a good time to take stock and share our thoughts on the portfolio for the years ahead.

U.S. equities had another strong year in 2025. Returns were impressive, headlines were dominated by large-cap growth, and investor confidence remained high. Yet a quieter and more important story unfolded beneath the surface. Non-U.S. equities meaningfully outpaced their U.S. counterparts.

Roundhill Financial, GraniteShares, and Bitwise have filed with the Securities and Exchange Commission for prediction market ETFs. These funds would let investors bet directly on election outcomes. That would be a departure from traditional political theme funds that hold baskets of stocks expected to benefit from certain party victories.

Income ETFs have become a key part of the ETF landscape in recent years. With their ability to use tools like call options and FLEX options, as well as dividend-focused stocks, income ETFs can help investors meet their goals.

Municipal bonds have posted strong performance so far this year, despite a news cycle that has many investors questioning the path forward.

It’s a short week for traders and portfolio managers, but a long one for those dissecting macro data points. FOMC Minutes hits before a slew of mid-tier economic updates on Thursday. Friday morning could be the big reveal, with growth and inflation numbers followed by bellwether business and consumer surveys.

There are two sides to the current stock market. One side, ignorance avoidance, requires us to know where the money is. The other side, stock selection, is to know where the money is going.

The rising dispersion in returns and relatively low correlation among S&P 500 stocks has become increasingly apparent on the CBOE S&P 500 Dispersion Index and the CBOE Three-Month Implied Correlation Index.

Emerging-market (EM) corporates have a track record of resilience across market cycles. For over a decade, EM corporate bonds have allowed for participation in rising markets, while exposing investors to less downside during market downdrafts.

Investors have long known balance is a key aspect of portfolio design. It presents a chance to achieve long-term growth and protect hard-earned assets at the same time.

Not long ago, CLO ETFs were niche vehicles only talked about at credit conferences and in sophisticated bond manager circles. But fast forward to 2026, and they’ve entered the mainstream – drawing meaningful interest from both institutions and retail investors.

To love a bubble but hate a crash is to misunderstand the market. A bubble is a crash on its way to becoming. A crash is a bull market on its way to becoming. All we can do is to accept, and as difficult as it may be – embrace – whatever form we have in the present moment, so we can do our best with each of them.

GMO has posted a new 7-Year asset class forecast as of January 31, 2026.