With the US economy humming and the Fed seemingly pushing all the right buttons, it makes sense to expect more of the same in 2018. That means more rate hikes on the way. The question is: How many?

Millennials are becoming a powerful force in emerging markets (EM). Understanding the social and consumer dynamics of this generation can lead to surprising investment opportunities in diverse sectors.

The volatility bond investors expected when 2017 began never showed up. We suspect it will come out of hiding in 2018. With valuations stretched and monetary policy turning, investors will want to think carefully about which risks they take.

We’ve had, finally, after many years, an acceleration in earnings growth, far faster than the kind of growth we’ve seen in developed markets, and that’s expected to continue into 2018; and I think that’s going to be an important underpinning of strong returns for emerging-market investors.

This year may be remembered for its low volatility and the strong performance of nearly all asset classes across almost all geographic markets. But 2018 may follow a different playbook.

The US Senate approved a tax bill last weekend, and it now appears highly likely that final tax legislation will be passed in the next few weeks. Big changes to the tax rules will impact the economy, taxpayers and financial markets.

One of the things I teach in my history course about the history of financial fraud is that, interestingly, the fraud cycle tracks the financial cycle but with a lag. And the longer that you have a bull market, the more and more specious companies begin to float, to go public...

With the Federal Reserve hiking and US rates on the rise, there’s never been a better time to reposition into global bonds as your core mandate. But when you do, it’s crucial to fully hedge against currency risk.

Tackling global poverty requires more than just charity. Investors can contribute to the effort—and find good sources of return potential—by focusing on companies that behave ethically or provide solutions to key poverty-related challenges.

My good friend Ryan is lucky. His parents bought him a one-bedroom apartment in Boston’s once-gritty South End last year. He promptly quit his job and rented out his condo through Air BnB to support a year of travel.

Many investors are scrutinizing US earnings growth, given that stock valuations are somewhat elevated. Companies that can maintain a successful moat around their business in a changing environment are best positioned to deliver growth and returns.

Emerging markets offer investors plenty of opportunity, but managing downside risk effectively is critical. A flexible framework that integrates multiple asset classes can help.

Giving Day, the Tuesday after Thanksgiving, is fast approaching and with it the year-end charitable-giving season kicks off in earnest. In light of that, here is the response to one of the most common refrains we hear as we work with clients to structure their giving programs: “How can I ensure that my gifts truly make an impact?”

Congressional Republican leaders are hungry for tax reform. The House bill passed. The Senate bill is under debate. But the two versions must be reconciled before final legislation lands on the president’s desk. It’s a lot to digest. Thankfully, we’ve compared the bills and assessed their likely effects on the municipal market.

One of the most common questions we hear from people who have suddenly acquired wealth is, “Should I pay down my debt?” In our view, you should only pay down debt if the costs exceed the benefits.

Tax reform. Interest-rate hikes. Regulatory questions. Inflation. There’s always a reason to put off making changes to your company’s defined contribution (DC) plan. But some improvements will be good for your plan and participants no matter what happens.

The Bank of England recently raised short-term interest rates, as developed-market central banks continue with what we expect to be a gradual withdrawal of monetary stimulus. Can the global economy maintain its steady growth? What factors could impact our forecast?

Cigarettes come with warning labels. Tobacco bonds should, too. These securities are highly volatile, and at current prices they have nowhere to go but down. There are healthier alternatives in the high-yield municipal bond market.

Changing the tax code is disruptive. Some of the proposals would affect the municipal bond market if they were to become law. But it’s far from certain they will. What should investors do? Keep their cool and see what develops. And we have one more piece of advice.

Investors today are questioning whether equities are too pricey. We think it’s important to look at valuations from both a relative and absolute perspective, while keeping an eye on what’s motivating the Fed’s rate moves.

Comprehensive, revenue-neutral tax reform could give the US economy a boost. But tax cuts alone are more likely to lead to higher budget deficits than to increased growth.

Equity investors are facing a moment of truth. Is the stock market going to crest? Verifying the quality of portfolio companies today can make the difference between success and failure if conditions get tougher tomorrow.

Jerome Powell, President Trump’s pick to lead the Federal Reserve, is likely to continue the central bank’s gradual retreat from unconventional policy. But the test for a Powell-led Fed will come when the economic cycle turns.

The fixed-income offerings in a typical defined contribution (DC) menu can sometimes seem uninspired, but it doesn’t take much to improve the selection. The right combination can enhance core fixed-income allocations, providing diversification and reducing risk.

Now that talk of tax reform has taken center stage in Washington, the biggest concern for municipal investors is whether the upside of lower taxes could spell downside for their municipal bond valuations. The good news is that not every proposed change is likely to have a negative impact.

The ECB has begun its big retreat from bond buying. It’s deftly managed to avert a taper tantrum in regional bond markets, which suggests they’ll stay an attractive place for income-seeking investors to drop anchor.

As the European Central Bank (ECB) moves to reduce monetary stimulus to the euro area, it’s treading cautiously to avoid rattling currency or bond markets in the process. Bond purchases will be scaled back next year, but QE won’t be reversed.

International stocks have dominated capital market returns so far this year, prompting investors to pour nearly $75 billion into non-US equities through September 30, according to Morningstar. Yet, the case for overseas investing hinges on a longer-term rationale: Broadening your investment horizons opens up a world of opportunity.

After a relatively quiet third quarter, bond markets are ripe for some volatility and bigger waves as major central banks begin to unwind quantitative easing. For global bond investors, that could lead to new opportunities. But for now, with valuations in many sectors stretched, it pays to be selective.

What’s an investor to do, when faced with a Fed that’s gearing up to raise rates? Many investors over the past year have poured money into bank loans, in hopes of finding a panacea. Unfortunately, the bank loan market is not what it seems.

So the diversity within emerging markets and the lack of transparency within emerging markets is exactly what excites us as stock pickers.

The European Central Bank is widely expected to announce a winding down of its quantitative easing program on October 26. Though investors are nervous, the ECB is doing a good job preparing markets for the change.

Passive strategies have gained ground in some asset classes. But when it comes to municipal bonds, they don’t have a leg to stand on. In a market this complex and illiquid, an active manager is essential.

US economic activity is picking up, and as a result, we’ve raised our growth forecasts for 2017 and 2018. What’s behind the good news—and how will it impact interest rates?

Generating consistent returns under uncertain conditions is a challenge. Can multi-asset strategies make the job a little easier? We think so. But a lot depends on how they’re designed.

Tighter monetary policy in advanced economies. Stretched asset valuations. These are anxious times for income-oriented investors. But don’t worry—it’s still possible to generate income without taking on unnecessary risk.

Emerging market (EM) equities have had a great run recently. But don’t buy EM stocks indiscriminately. Focus on company earnings over macroeconomic trends to find stocks that have stronger return potential with reduced risk.

It’s not normal. When a fixed-income sector beats the S&P 500 over an extended period and by a meaningful amount, investors do a double take.

Global equities advanced in the third quarter, as steady macroeconomic growth supported solid earnings reports. In the evolving market environment, we believe that individual company performance will make a bigger difference to stock returns.

High-yield bonds have had a good run. But with interest rates rising, has the market run out of road? Don’t bet on it. The sector usually motors ahead when rates rise. And when it does decline, it rebounds rapidly.

Investors pursuing high dividend yields are paying a sizable premium today, judging from valuations of the biggest stock holdings across the 10 largest dividend-focused exchange-traded funds (ETFs). In fact, these stocks are trading in line with the valuations of their growth counterparts today.

Amazon.com has shaken up US retailers and manufacturers, a trend amplified by the recent purchase of Whole Foods Market. But despite Amazon’s dominance, investors can still find resilient businesses in a vast sector.

Bonds in the US high-yield market are as varied as the creatures in the sea. Invest carelessly, and you may get stung. But with careful analysis, investors can uncover gems at any stage of the credit cycle.

In the second quarter, the global economy produced its best showing in six years, based on our estimates. Has strong growth continued in the third quarter? Survey data suggest the answer is yes.

The long-anticipated unwinding of quantitative easing (QE) in the US is set to begin, just as the Fed’s leadership faces a wave of turnover. We think a strong foundation should keep steady US economic growth on track.

Investors all over the world often prefer to stay in their home markets. But at what cost? Going global can open up a world of choice to help improve a portfolio’s equity risk and return profile.

Today’s low bond market volatility won’t last forever. But knowing whether a correction will come next week or next year isn’t so important. Having an efficient trading strategy that can execute in both tranquil and turbulent markets is.

Should tighter monetary policy on both sides of the Atlantic worry bond investors? We don’t think so. Bonds have historically delivered positive returns when interest rates rise—particularly when they rise gradually.

Value stocks have underperformed most other styles of investing, as well as the broad market, by a wide margin since the beginning of 2015. We see several reasons why, which point to the catalysts for a potential recovery; we do not think Value is past its prime.

China is dropping its focus on “dirty” industrial growth, while making a massive shift toward renewable energy and a less resource-intensive path to economic success. This reorientation could open up substantial opportunities for equity investors.