Japan can thank its high debt loads and aging demographics for the inflation restraint. But the cost paid in stagnant growth and diminished prosperity for its citizens has been dear. We do not fear an inflationary spike in the U.S.; instead, we are concerned that the economic doldrum that has infected Japan for over 25 years will slowly work its way here.
The U.S. economy remains resilient despite headwinds including sticky inflation, trade instability and rising geopolitical tensions. State and local government tax revenues have followed suit and have posted solid growth, aided by robust equity market returns.
The tectonic plates of the global economy have shifted. Across the world, yields on long government bonds — keystone of the entire financial system — have climbed to their highest in decades. A trend that had been clear ever since the brief post-pandemic boom turned into resurgent inflation and higher rates has suddenly accelerated.
Trump Accounts are now available nationwide. Explore how the new tax-advantaged accounts work, who can contribute and key considerations for families evaluating their long-term savings options.
Artificial intelligence (AI) technologies are developing faster than investors anticipated just a few years ago, fueling a popular narrative that AI will trigger widespread job cuts. Yet there’s little evidence to back this view. Instead, we find that AI is changing hiring patterns, altering skill requirements and shifting the mix of work performed within firms.
The week began with calls for a potential slowdown in AI spending amid growing safety concerns and included a midweek Fed rate hike for the first time since 2023. The S&P 500 finished slightly lower for the second week in a row despite continuing signs that economic growth is strong. Shorter-term bond yields pushed higher as investors priced in the potential for additional rate hikes, both in the U.S. and abroad.
A full-ride academic or athletic scholarship is the gold standard for college funding, an unrealistic dream for many families and an achievement to celebrate for a few. A recent conversation with one of those scholarship recipients gave me a new perspective on that dream.
Advisors equipped with outcome-based allocation frameworks and cash-flow-focused strategies like dividend-growth investing can help business owners translate a singular liquidity event into a wealth plan aligned with their lifestyle, generational, and aspirational goals.
As ETF strategies continue to expand into new asset classes and structures, the SEC has been taking a closer look at how some of these products fit within existing regulations.
The recent global bond sell-off may be more than a temporary repricing. Rising government debt, persistent inflation risks and shifting economic expectations could keep longer-term yields elevated relative to the post-financial-crisis era.
Most coverage of Trump Accounts treats them as a parenting question, or a discussion comparing them to 529s. For founders and business owners the analysis of them is slightly more nuanced.
As students get closer to making a final college decision, the last two years of high school are particularly important. Parents will want to review their financial strategy to meet the costs of college, including a review of current savings, financial and merit aid, scholarships and loan options.
The recent IPO of SpaceX and the anticipated IPOs of Anthropic and OpenAI are focusing attention on how to invest following a liquidity event. Here, we discuss several important decision points.
Funding a college education can be one of the biggest financial goals for a family, and it often requires a comprehensive approach.
European equities have long been written off as the ultimate value trap — a sleepy, slow-growth market living in the shadow of Wall Street’s tech-fueled mega-rally. But a massive shift in market dynamics is unfolding across the Atlantic.
In the first part of this series, I promised that the next enemy we would face is the one you cannot fire, mute, or unfollow, because it is “You.” You can learn every valuation metric ever invented, memorize the two questions that decide everything, and still hand most of your returns back to the market for one simple reason.
Artificial intelligence is the topic of the day. It seems everyone has an opinion but not much actual factual knowledge. I’ve been dragging emails and research into my AI folder for a very long time. Today (and next week) I review those emails, as we are going to look at the reasons there is so much opposition to AI data centers.
The 2026 midterms could reshape control of Congress, raising the odds of divided government and near-term market volatility, but investors should stay focused on long-term goals.
We are in a debt trap. Our political process can’t reduce spending and/or raise taxes enough to balance the budget, so the debt grows and grows. This has to end, and I think it will do so in the event I’ve called The Great Reset.
College planning begins long before college. Learn why welcoming a new child is the ideal time to build a strong financial foundation, explore education savings options and prepare for your family’s future.
In the span of a few weeks, a new college student takes on loan debt, gets their first credit card offer, and starts managing daily expenses on their own. They're buying groceries, splitting costs with roommates, saying yes to things they probably can't afford yet. No other period of life throws that many financial decisions at someone with that little experience.
The concept of the 530A accounts is sound, and the initial $1,000 deposit is worth having. So claim the seed money if your child qualifies. But before you make additional contributions, compare these accounts to the other options and choose what is appropriate for your circumstances.
Learn what Trump Accounts for advisors mean for financial planning, including contribution rules, employer funding, 529comparisons, and ETFs.
Discover Aberdeen’s closed-end funds (CEFs) for high yields, illiquid assets, long-term investments, and resilient income for 2026.
Election season often follows a familiar script. Investors debate congressional control, speculate on policy outcomes and search for clues about what markets might do next.
The shine has come off silver since it skyrocketed to over $100 an ounce in January. The price has dropped by over 50 percent from the record high. However, there are still reasons to be bullish on silver moving forward, including persistent supply deficits and growing industrial demand.
Housing starts jumped 19.0% in June to a seasonally adjusted annual rate of 1.427 million, beating forecasts driven by a massive surge in multi-family units.
Meme mania swept through Wall Street in 2021. Retail investors gathered on social media and coordinated trading strategies to short squeeze high-profile hedge funds.
Kevin Warsh, the new chairman of the FOMC, has long been critical of forward guidance, which is the Fed’s practice of explicitly signaling the future path of interest rates (e.g., “rates will stay low for an extended period” or publishing a projected path for policy rates). His concern is that the guidance could give the impression that policymakers might have a high degree of confidence about the future path of the economy and rates.
We all know that Congress is never going to allow Social Security not to be paid. This begs a number of questions. Will the shortfall be addressed by tax increases, benefit reductions, increasing the retirement age, changing the inflation measures, means testing or some combination of these and other solutions?
Kevin Warsh came out as a hawk during his first press conference as Federal Reserve (Fed) chair. Franklin Templeton Fixed Income CIO Sonal Desai believes that he may be the most hawkish chair since Paul Volcker. Warsh stressed that the Fed can and will bring inflation back to 2%, and signaled his preference for a smaller balance sheet and no forward guidance—a welcome return to more orthodox monetary policy.
For long-time shareholders, the IPO is more than just a liquidity event. It represents the end of years of uncertainty and provides a rare opportunity to monetize investments that have generated extraordinary paper returns while remaining largely illiquid.
Quantum computing is being hailed as the next technology to revolutionize computing, following in AI's footsteps. But promising headlines loaded with industry jargon have a long history of appearing well ahead of reality. Accordingly, it’s important to better understand what quantum computing is, why it matters, and whether the hype is justified and worth investing in.
AI is a transformative technology with both near-term and long-term implications for the economy. For investors, while the debt-funded AI buildout has the potential to become a secular driver of risk premia, we believe any such shift would only play out through a multi-year adjustment and would not override the cyclical forces that affect markets.
Ahead of next week’s May employment report, the summer jobs market is coming into focus as teenagers and students finish the school year. According to Challenger, Gray & Christmas, teen hiring from May through July is expected to total just 790,000 jobs this summer, down slightly from 801,000 last summer.
May is 529 Month. As college costs rise, learn five practical ways to maximize your plan’s tax benefits, flexibility and growth potential to prepare for the future.
Since early April, U.S. stocks have rallied sharply despite an ongoing war, rising inflation fueled by soaring oil prices (near $100/barrel), higher bond yields (up 0.6 to 0.7 percentage points), and frothy valuations (21 times projected earnings vs. a historical average of 17 times for the S&P 500 Index).
Private markets (private equity, private credit and real estate) have historically delivered an “illiquidity premium”. Institutions and family offices have recognized this illiquidity premium and have historically allocated significant capital to capture it.
Some institutional investors who had grown accustomed to outperforming the broader private equity composites are finding they have not done so consistently in recent years. Their diagnoses of the problem often center on specific decisions or biases they made in their recent manager selection, whereas a likely culprit is a falloff in the persistence of outperformance among private equity managers.
College costs continue to rise, and for many families, education is one of the most meaningful investments they will make. Preparing for those expenses often requires planning years, sometimes decades, in advance.
Concerned about overfunding your 529 plan? Discover the strategic flexibility of modern 529 accounts. From tax-free Roth IRA transfers to building a multi-generational educational legacy, learn how to maximize your unused education savings for long-term wealth building.
Watching your children step into financial independence is one of the most rewarding and complex milestones families experience. As young adults begin earning income, managing expenses, and making major life decisions, the habits and financial knowledge they develop can shape their long-term success.
Student loan debt is a legitimate concern, and the return on a college degree varies enormously by field, institution, and student. The key is to look realistically and specifically at each student’s needs and interests, each family’s finances, and all the sources of funding and support that might be available.
The summit in Beijing between US President Donald Trump and Chinese President Xi Jinping delivered little in the way of diplomatic breakthroughs but bears important cross-asset implications.
Chemistry is a vital component when building an organizational powerhouse. This applies not only to just sports, but also the executive world. In the NBA, the New York Knicks assembled the “Nova Knicks.” This effectively reunited a championship-caliber core of Villanova alumni in Jalen Brunson, Josh Hart, and Mikal Bridges.
You are undoubtedly seeing in the news that high earners are leaving New York, Los Angeles, and other metro areas. This does not begin to address the magnitude of the problem. There are dozens of cities that are trending towards fiscal collapse. Indeed, taxpayers are leaving.
David Mann, our Head of Global Exchange-Traded Funds (ETFs) Product and Capital Markets, explains how meatloaf—the dish, not the singer—serves as a perfect example of how his ETF thinking has evolved over the past decade.
ClearBridge Investments: The ongoing energy crisis is pushing global oil inventories, including many critical product inventories, toward all-time lows, and it may be time to position portfolios given the potential for supply shortages to emerge.
America is fast becoming a country with two economies: a stagnant one for men and a growing one for women. So far this year, the US has created more than 165,000 private-sector jobs, and 72% of them went to women. To some extent this reflects a structural change in the economy, as growth is in industries more likely to employ women, such as healthcare.
Stock markets have been hitting all-time highs and credit spreads remain low, yet higher interest rates and mounting floating-rate debt are straining lower-rated borrowers. This tension is surfacing first in leveraged loans as “quiet defaults” become more common — opening up a dynamic set of opportunities for investors specialized in stressed and distressed assets.
Today, 529 plans offer flexible, tax-advantaged savings beyond traditional college. Recent updates expand their use to K-12 tuition, vocational training and the option to transfer unused funds to a Roth IRA. Our Bill Cass explains the ways to optimize the benefits of 529 savings plans.
Addressing common 529 Savings Plan concerns and how recent legislative updates have broadened the 529 scope.
The College for Financial Planning is a degree-granting institution offering various financial certification programs. It provides graduate degree, non-degree and continuing professional education programs for students. Founded in 1972, today it is part of Kaplan Financial and has trained over 165,000 professionals.
The inflation dragon is alive and well. Last November, Donald Trump called himself “the affordability president.” However, it appears that the message is falling flat with your average American.
Once clients’ taxes are filed, most assume the story is over for another year. For many, filing season ends with relief, frustration, or confusion — a refund that feels arbitrary, a payment that stings, or little clarity about what to do differently next time. That’s where you, as the advisor, can step in.
Explore the new 529 rules, including Roth IRA rollovers, the grandparent loophole, and higher K-12 limits.
Artificial intelligence unknowns are creating stress in the market, and we don’t see that ending any time soon. For long-term investors, these stressors can create opportunities.
Opening a 529 plan is a tax-advantaged way to set aside money for college. The money you contribute can grow tax-deferred and qualified withdrawals are tax-free.
Research Affiliates explains how a fundamental growth strategy can outperform traditional market-cap-weighted growth indices.
Gen Z is coming of age in a world very different from that of their parents. Advisors who want to connect with this cohort need be conscious, not only of Gen Z’s biases and unique perspectives, but also of their own preconceptions and tendencies.
It’s no secret that college is expensive. And alongside mounting costs come almost as many strategies for mitigating them. When you need money to pay for college expenses, tapping your Roth IRA is one option you might consider.
Amid rising college costs and mounting student debt, parents are looking for more ways to lessen the financial burden of higher education. Luckily, 529 college savings plans can help. These unique savings vehicles offer several tax breaks for parents as they save for their children’s future education.
Military households often possess uncommon balance-sheet advantages; however, those advantages do not create wealth on their own. They matter only when a family uses them deliberately, in the right order, and with a clear understanding of the trade-offs.
Focusing on tax planning year-round can significantly improve your financial situation. By reviewing your recently filed 1040 form, you can uncover valuable opportunities to optimize investments, maximize deductions and strategically plan for retirement, ensuring long-term financial health and tax efficiency.
Saving for education can feel like a race against rising tuition costs, but 529 college savings plans offer families a powerful way to stay ahead.
While artificial intelligence is unlikely to replace financial advisors, it can certainly enhance both the quality and the productivity of advisors who embrace it. I agree that AI will boost productivity, but I wanted to put it through the test now to see how accurate and insightful it was. To do so, I gave Anthropic’s Claude a spin.
Today, I freely confess that I don’t have that 2007 certitude. I can certainly see a crisis coming in our future, but the timing, severity, and circumstances around it are cloudy at best. I can make an argument for numerous outcomes.
Learn how advisors can optimize late-start 529 plans using superfunding, SECURE 2.0 Roth rollovers, and multi-scenario modeling.
While families have limited control over rising tuition, certain college tuition tax deductions may help ease the overall cost of higher education.
529 Plans are a huge part of many families' investing lives, but up until recently rarely involved advisors. Could that change?
Leveraging 529 plans and community support can significantly boost college savings. These plans offer potential tax benefits and flexibility. Our Bill Cass explains that involvement from family and friends can provide additional resources and motivation.
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.
As tax law changes from the OBBBA take effect, taxpayers may want to evaluate their financial plans. Our Bill Cass shares some essential strategies—including Roth conversions that may help taxpayers optimize savings.
A SEP IRA offers small businesses and sole proprietors a flexible, tax advantaged way to fund 2025 retirement savings. With high contribution limits, simplified administration and deadlines extending through tax filing, it can provide a practical solution for boosting long term financial security.
The advisors who build systematic processes around employer dependence risk won't just retain these clients. They'll become the firm these clients refer their colleagues to.
Every few months, a headline appears declaring that the U.S. dollar’s reign as the world’s reserve currency is over. China is dumping Treasuries. Central banks are hoarding gold.
When we think of the U.S. government's finances, we often focus on the massive debt. But what about the assets? What does Uncle Sam actually own, and which asset is the largest?
Let me lay out the case for what should be the answer. Today we will explore how long this condition could last and what we can do about. I think it will make for interesting letter.
The past three weeks have been unsettling, and not just for markets, but for anyone paying attention to what is happening in the world.
It’s human instinct to want to know what the future holds and to protect and grow our nest egg based on our perceived knowledge of the future. It takes courage to ignore those economic forecasts from brilliant, well-meaning experts with very impressive credentials. Their logic is always compelling, but investing based on that logic can be hazardous to your wealth.
There has been so much data released in the past week it’s hard to know where to begin. Much of the data is inconclusive or not helpful, but it is not as bad as many click-bait pundits suggest as they take each data point and extrapolate it into the future.
Investing is an exercise in decision making under uncertainty. No single signal—no matter how intuitive or well supported by history—captures the full complexity of markets.
The opening months of 2026 have been hectic. A partial inventory of major developments during the year to date would include the removal of Venezuela’s leader; a government investigation into the Chairman of the Federal Reserve; tension with Europe over Greenland; and a broad swath of U.S. tariffs stricken down by the Supreme Court. It’s been a lot to digest.
The Debt Black Hole keeps getting bigger. Household debt grew modestly in the fourth quarter of 2025, ending the year at another record high.
Tax reform in 2017 reduced the statutory tax rate for corporations from 35% to 21%. As a result, lawmakers had to address taxes paid by noncorporate business owners who are considered “pass-through” entities for purposes of income taxation.
Carry is an important return driver for multi-asset futures and forwards. Simple trend signals have benefited from trading in line with, not against, the carry of an asset.
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.
The article from the Wall Street Journal titled “Why My Generation Is Turning to Financial Nihilism” by Kyla Scanlon argues that Gen Z is embracing high-risk financial behavior out of despair and detachment, but the data shows something very different.
For families navigating public benefits, long-term care planning, and lifetime financial sustainability, this change represents both an opportunity and a planning strategy worth considering. While ABLE accounts can be powerful tools, they are most effective when coordinated thoughtfully with benefits, trusts, and broader financial strategies.
Since the beginning of the year, we have discussed the “reflation trade” and its impact on specific market sectors. This past weekend’s newsletter also showed some of these more extreme returns in various market sectors since the beginning of the yea
529/College Planning
Japan Disproved the “Debt Causes Inflation” Narrative
Japan can thank its high debt loads and aging demographics for the inflation restraint. But the cost paid in stagnant growth and diminished prosperity for its citizens has been dear. We do not fear an inflationary spike in the U.S.; instead, we are concerned that the economic doldrum that has infected Japan for over 25 years will slowly work its way here.
Municipal Bonds: Fiscal 2027 State Outlook
The U.S. economy remains resilient despite headwinds including sticky inflation, trade instability and rising geopolitical tensions. State and local government tax revenues have followed suit and have posted solid growth, aided by robust equity market returns.
The Big One Is Rumbling in the Bond Market
The tectonic plates of the global economy have shifted. Across the world, yields on long government bonds — keystone of the entire financial system — have climbed to their highest in decades. A trend that had been clear ever since the brief post-pandemic boom turned into resurgent inflation and higher rates has suddenly accelerated.
Trump Accounts Are Here: What Families Need to Know
Trump Accounts are now available nationwide. Explore how the new tax-advantaged accounts work, who can contribute and key considerations for families evaluating their long-term savings options.
So Far, AI Is Reshaping More Than Cutting the Workforce
Artificial intelligence (AI) technologies are developing faster than investors anticipated just a few years ago, fueling a popular narrative that AI will trigger widespread job cuts. Yet there’s little evidence to back this view. Instead, we find that AI is changing hiring patterns, altering skill requirements and shifting the mix of work performed within firms.
The Fed Hikes Rates Amid Sticky Inflation and Strong Economic Data
The week began with calls for a potential slowdown in AI spending amid growing safety concerns and included a midweek Fed rate hike for the first time since 2023. The S&P 500 finished slightly lower for the second week in a row despite continuing signs that economic growth is strong. Shorter-term bond yields pushed higher as investors priced in the potential for additional rate hikes, both in the U.S. and abroad.
Any Scholarship or Financial Reward Comes at a Price
A full-ride academic or athletic scholarship is the gold standard for college funding, an unrealistic dream for many families and an achievement to celebrate for a few. A recent conversation with one of those scholarship recipients gave me a new perspective on that dream.
Navigating the $14-Trillion Transition: How Advisors Can Guide Business Owners Through Liquidity Events
Advisors equipped with outcome-based allocation frameworks and cash-flow-focused strategies like dividend-growth investing can help business owners translate a singular liquidity event into a wealth plan aligned with their lifestyle, generational, and aspirational goals.
Novel ETFs: New Strategies Push Boundaries
As ETF strategies continue to expand into new asset classes and structures, the SEC has been taking a closer look at how some of these products fit within existing regulations.
Higher Yields May Be More Structural Than Cyclical
The recent global bond sell-off may be more than a temporary repricing. Rising government debt, persistent inflation risks and shifting economic expectations could keep longer-term yields elevated relative to the post-financial-crisis era.
Trump Accounts for Business Owners: Two Decisions, Not One
Most coverage of Trump Accounts treats them as a parenting question, or a discussion comparing them to 529s. For founders and business owners the analysis of them is slightly more nuanced.
High School Action Plan Part 2: Junior and Senior Years
As students get closer to making a final college decision, the last two years of high school are particularly important. Parents will want to review their financial strategy to meet the costs of college, including a review of current savings, financial and merit aid, scholarships and loan options.
Investing After a Liquidity Event
The recent IPO of SpaceX and the anticipated IPOs of Anthropic and OpenAI are focusing attention on how to invest following a liquidity event. Here, we discuss several important decision points.
High School Action Plan Part 1: Freshman and Sophomore Years
Funding a college education can be one of the biggest financial goals for a family, and it often requires a comprehensive approach.
European ETFs: Back in the Game
European equities have long been written off as the ultimate value trap — a sleepy, slow-growth market living in the shadow of Wall Street’s tech-fueled mega-rally. But a massive shift in market dynamics is unfolding across the Atlantic.
Investor Psychology Is Sabotaging Your Returns (Chapter 2 of 5)
In the first part of this series, I promised that the next enemy we would face is the one you cannot fire, mute, or unfollow, because it is “You.” You can learn every valuation metric ever invented, memorize the two questions that decide everything, and still hand most of your returns back to the market for one simple reason.
AI In Your Backyard: The Water and the Wires
Artificial intelligence is the topic of the day. It seems everyone has an opinion but not much actual factual knowledge. I’ve been dragging emails and research into my AI folder for a very long time. Today (and next week) I review those emails, as we are going to look at the reasons there is so much opposition to AI data centers.
What the 2026 Midterms Could Mean for the Markets
The 2026 midterms could reshape control of Congress, raising the odds of divided government and near-term market volatility, but investors should stay focused on long-term goals.
Caught in a Debt Trap
We are in a debt trap. Our political process can’t reduce spending and/or raise taxes enough to balance the budget, so the debt grows and grows. This has to end, and I think it will do so in the event I’ve called The Great Reset.
College Planning Starts Earlier Than You Think
College planning begins long before college. Learn why welcoming a new child is the ideal time to build a strong financial foundation, explore education savings options and prepare for your family’s future.
The Financial Skills Your College Student Needs Before Move-In Day
In the span of a few weeks, a new college student takes on loan debt, gets their first credit card offer, and starts managing daily expenses on their own. They're buying groceries, splitting costs with roommates, saying yes to things they probably can't afford yet. No other period of life throws that many financial decisions at someone with that little experience.
Trump Accounts: Take the Seed Money but Compare Other Options Before Adding More
The concept of the 530A accounts is sound, and the initial $1,000 deposit is worth having. So claim the seed money if your child qualifies. But before you make additional contributions, compare these accounts to the other options and choose what is appropriate for your circumstances.
What Advisors Should Know About Trump Accounts
Learn what Trump Accounts for advisors mean for financial planning, including contribution rules, employer funding, 529comparisons, and ETFs.
As Uncertainty Persists, Consider Closed-End Fund Exposure
Discover Aberdeen’s closed-end funds (CEFs) for high yields, illiquid assets, long-term investments, and resilient income for 2026.
The Biggest Election Risk: Tunnel Vision
Election season often follows a familiar script. Investors debate congressional control, speculate on policy outcomes and search for clues about what markets might do next.
The Bullish Case for Silver
The shine has come off silver since it skyrocketed to over $100 an ounce in January. The price has dropped by over 50 percent from the record high. However, there are still reasons to be bullish on silver moving forward, including persistent supply deficits and growing industrial demand.
Housing Starts Jump 19% in June
Housing starts jumped 19.0% in June to a seasonally adjusted annual rate of 1.427 million, beating forecasts driven by a massive surge in multi-family units.
An Epic David vs. Goliath Stock Battle Is Underway
Meme mania swept through Wall Street in 2021. Retail investors gathered on social media and coordinated trading strategies to short squeeze high-profile hedge funds.
Kevin Warsh Could Shake Up the Fed
Kevin Warsh, the new chairman of the FOMC, has long been critical of forward guidance, which is the Fed’s practice of explicitly signaling the future path of interest rates (e.g., “rates will stay low for an extended period” or publishing a projected path for policy rates). His concern is that the guidance could give the impression that policymakers might have a high degree of confidence about the future path of the economy and rates.
Social Insecurity, Surprise Edition
We all know that Congress is never going to allow Social Security not to be paid. This begs a number of questions. Will the shortfall be addressed by tax increases, benefit reductions, increasing the retirement age, changing the inflation measures, means testing or some combination of these and other solutions?
The Warsh Fed—Return to Orthodoxy
Kevin Warsh came out as a hawk during his first press conference as Federal Reserve (Fed) chair. Franklin Templeton Fixed Income CIO Sonal Desai believes that he may be the most hawkish chair since Paul Volcker. Warsh stressed that the Fed can and will bring inflation back to 2%, and signaled his preference for a smaller balance sheet and no forward guidance—a welcome return to more orthodox monetary policy.
Morgan Stanley, Temasek Set for Big Pay Day From NSE’s India IPO
For long-time shareholders, the IPO is more than just a liquidity event. It represents the end of years of uncertainty and provides a rare opportunity to monetize investments that have generated extraordinary paper returns while remaining largely illiquid.
Quantum Computing: Hype or the Real Deal?
Quantum computing is being hailed as the next technology to revolutionize computing, following in AI's footsteps. But promising headlines loaded with industry jargon have a long history of appearing well ahead of reality. Accordingly, it’s important to better understand what quantum computing is, why it matters, and whether the hype is justified and worth investing in.
AI Financing Needs Do Not Override Cyclical Drivers of Yield
AI is a transformative technology with both near-term and long-term implications for the economy. For investors, while the debt-funded AI buildout has the potential to become a secular driver of risk premia, we believe any such shift would only play out through a multi-year adjustment and would not override the cyclical forces that affect markets.
Where Did all the Teen Summer Jobs Go?
Ahead of next week’s May employment report, the summer jobs market is coming into focus as teenagers and students finish the school year. According to Challenger, Gray & Christmas, teen hiring from May through July is expected to total just 790,000 jobs this summer, down slightly from 801,000 last summer.
May Is 529 Month: Five Action Steps Every Family Should Take
May is 529 Month. As college costs rise, learn five practical ways to maximize your plan’s tax benefits, flexibility and growth potential to prepare for the future.
Why Are Stocks So Resilient? Earnings!
Since early April, U.S. stocks have rallied sharply despite an ongoing war, rising inflation fueled by soaring oil prices (near $100/barrel), higher bond yields (up 0.6 to 0.7 percentage points), and frothy valuations (21 times projected earnings vs. a historical average of 17 times for the S&P 500 Index).
The Cost of Being Too Liquid
Private markets (private equity, private credit and real estate) have historically delivered an “illiquidity premium”. Institutions and family offices have recognized this illiquidity premium and have historically allocated significant capital to capture it.
Letter to the Investment Committee on Private Equity
Some institutional investors who had grown accustomed to outperforming the broader private equity composites are finding they have not done so consistently in recent years. Their diagnoses of the problem often center on specific decisions or biases they made in their recent manager selection, whereas a likely culprit is a falloff in the persistence of outperformance among private equity managers.
How 529 Plans Can Help Fund Your Family’s Future
College costs continue to rise, and for many families, education is one of the most meaningful investments they will make. Preparing for those expenses often requires planning years, sometimes decades, in advance.
Making the Most of an Overfunded 529 Plan
Concerned about overfunding your 529 plan? Discover the strategic flexibility of modern 529 accounts. From tax-free Roth IRA transfers to building a multi-generational educational legacy, learn how to maximize your unused education savings for long-term wealth building.
Graduation Season and Financial Independence: Helping Young Adults Build a Strong Financial Start
Watching your children step into financial independence is one of the most rewarding and complex milestones families experience. As young adults begin earning income, managing expenses, and making major life decisions, the habits and financial knowledge they develop can shape their long-term success.
Is Education As Unaffordable As It Seems?
Student loan debt is a legitimate concern, and the return on a college degree varies enormously by field, institution, and student. The key is to look realistically and specifically at each student’s needs and interests, each family’s finances, and all the sources of funding and support that might be available.
Under the Macroscope: Trump-Xi Summit—A Tactical Relief Rally, Not a Strategic Reset
The summit in Beijing between US President Donald Trump and Chinese President Xi Jinping delivered little in the way of diplomatic breakthroughs but bears important cross-asset implications.
A Very NYSE Reunion for Direxion’s Latest Exec Hires
Chemistry is a vital component when building an organizational powerhouse. This applies not only to just sports, but also the executive world. In the NBA, the New York Knicks assembled the “Nova Knicks.” This effectively reunited a championship-caliber core of Villanova alumni in Jalen Brunson, Josh Hart, and Mikal Bridges.
On the Horizon: America’s Municipal Default Crisis
You are undoubtedly seeing in the news that high earners are leaving New York, Los Angeles, and other metro areas. This does not begin to address the magnitude of the problem. There are dozens of cities that are trending towards fiscal collapse. Indeed, taxpayers are leaving.
Meatloaf and the Evolution of ETF Thinking
David Mann, our Head of Global Exchange-Traded Funds (ETFs) Product and Capital Markets, explains how meatloaf—the dish, not the singer—serves as a perfect example of how his ETF thinking has evolved over the past decade.
Positioning for the Reality of Oil Scarcity
ClearBridge Investments: The ongoing energy crisis is pushing global oil inventories, including many critical product inventories, toward all-time lows, and it may be time to position portfolios given the potential for supply shortages to emerge.
In This Job Market, Women Have the Upper Hand
America is fast becoming a country with two economies: a stagnant one for men and a growing one for women. So far this year, the US has created more than 165,000 private-sector jobs, and 72% of them went to women. To some extent this reflects a structural change in the economy, as growth is in industries more likely to employ women, such as healthcare.
‘Quiet Defaults’ Are Driving a More Compelling Backdrop for Opportunistic Credit
Stock markets have been hitting all-time highs and credit spreads remain low, yet higher interest rates and mounting floating-rate debt are straining lower-rated borrowers. This tension is surfacing first in leveraged loans as “quiet defaults” become more common — opening up a dynamic set of opportunities for investors specialized in stressed and distressed assets.
Most Families Don’t Know the Full Power of 529 Plans
Today, 529 plans offer flexible, tax-advantaged savings beyond traditional college. Recent updates expand their use to K-12 tuition, vocational training and the option to transfer unused funds to a Roth IRA. Our Bill Cass explains the ways to optimize the benefits of 529 savings plans.
Addressing Common 529 Savings Plan Concerns
Addressing common 529 Savings Plan concerns and how recent legislative updates have broadened the 529 scope.
What Is The College for Financial Planning?
The College for Financial Planning is a degree-granting institution offering various financial certification programs. It provides graduate degree, non-degree and continuing professional education programs for students. Founded in 1972, today it is part of Kaplan Financial and has trained over 165,000 professionals.
Inflation Is Americans' Biggest Financial Worry and It's Not Even Close
The inflation dragon is alive and well. Last November, Donald Trump called himself “the affordability president.” However, it appears that the message is falling flat with your average American.
Tax Return Filed? Help Clients Start Planning for Next Year Now
Once clients’ taxes are filed, most assume the story is over for another year. For many, filing season ends with relief, frustration, or confusion — a refund that feels arbitrary, a payment that stings, or little clarity about what to do differently next time. That’s where you, as the advisor, can step in.
The 529 Evolution: From College Savings to Versatile Financial Tool
Explore the new 529 rules, including Roth IRA rollovers, the grandparent loophole, and higher K-12 limits.
AI: The Good, the Bad and the Ugly
Artificial intelligence unknowns are creating stress in the market, and we don’t see that ending any time soon. For long-term investors, these stressors can create opportunities.
529 Plan Tax Deductions for Every State
Opening a 529 plan is a tax-advantaged way to set aside money for college. The money you contribute can grow tax-deferred and qualified withdrawals are tax-free.
Rethinking Growth: Why Glamour Isn't a Proxy for Performance
Research Affiliates explains how a fundamental growth strategy can outperform traditional market-cap-weighted growth indices.
Crossing the Digital Divide: 6 Keys for Marketing to Gen Z
Gen Z is coming of age in a world very different from that of their parents. Advisors who want to connect with this cohort need be conscious, not only of Gen Z’s biases and unique perspectives, but also of their own preconceptions and tendencies.
Pros and Cons of Using a Roth IRA to Pay for College
It’s no secret that college is expensive. And alongside mounting costs come almost as many strategies for mitigating them. When you need money to pay for college expenses, tapping your Roth IRA is one option you might consider.
What Are 529 College Savings Plans?
Amid rising college costs and mounting student debt, parents are looking for more ways to lessen the financial burden of higher education. Luckily, 529 college savings plans can help. These unique savings vehicles offer several tax breaks for parents as they save for their children’s future education.
Military Wealth-Building Levers Financial Planners Should Know
Military households often possess uncommon balance-sheet advantages; however, those advantages do not create wealth on their own. They matter only when a family uses them deliberately, in the right order, and with a clear understanding of the trade-offs.
Strategic Planning Opportunities Hidden in Your 1040
Focusing on tax planning year-round can significantly improve your financial situation. By reviewing your recently filed 1040 form, you can uncover valuable opportunities to optimize investments, maximize deductions and strategically plan for retirement, ensuring long-term financial health and tax efficiency.
10 Best 529 Plans for 2026 and Beyond
Saving for education can feel like a race against rising tuition costs, but 529 college savings plans offer families a powerful way to stay ahead.
Analyzing the Analysis: How Do AI Portfolio Recommendations Hold Up?
While artificial intelligence is unlikely to replace financial advisors, it can certainly enhance both the quality and the productivity of advisors who embrace it. I agree that AI will boost productivity, but I wanted to put it through the test now to see how accurate and insightful it was. To do so, I gave Anthropic’s Claude a spin.
The Global Restructuring
Today, I freely confess that I don’t have that 2007 certitude. I can certainly see a crisis coming in our future, but the timing, severity, and circumstances around it are cloudy at best. I can make an argument for numerous outcomes.
Optimizing Late-Start 529 Plans: Tactical Strategies for Advisors
Learn how advisors can optimize late-start 529 plans using superfunding, SECURE 2.0 Roth rollovers, and multi-scenario modeling.
Tax Deductions: Is College Tuition Tax-Deductible?
While families have limited control over rising tuition, certain college tuition tax deductions may help ease the overall cost of higher education.
Advisors, Families, & 529 Plans: Starting the Conversation
529 Plans are a huge part of many families' investing lives, but up until recently rarely involved advisors. Could that change?
How Family and Friends Can Supercharge a 529 Plan
Leveraging 529 plans and community support can significantly boost college savings. These plans offer potential tax benefits and flexibility. Our Bill Cass explains that involvement from family and friends can provide additional resources and motivation.
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.
Planning Strategies to Optimize Tax Savings in 2026
As tax law changes from the OBBBA take effect, taxpayers may want to evaluate their financial plans. Our Bill Cass shares some essential strategies—including Roth conversions that may help taxpayers optimize savings.
Business Owners Still Have Time to Fund Retirement for 2025
A SEP IRA offers small businesses and sole proprietors a flexible, tax advantaged way to fund 2025 retirement savings. With high contribution limits, simplified administration and deadlines extending through tax filing, it can provide a practical solution for boosting long term financial security.
A Framework for Managing Client Equity Compensation
The advisors who build systematic processes around employer dependence risk won't just retain these clients. They'll become the firm these clients refer their colleagues to.
The Dollar’s Plumbing: Conspiracy vs. Data
Every few months, a headline appears declaring that the U.S. dollar’s reign as the world’s reserve currency is over. China is dumping Treasuries. Central banks are hoarding gold.
The Fed's Financial Accounts: What Are Uncle Sam's Largest Assets?
When we think of the U.S. government's finances, we often focus on the massive debt. But what about the assets? What does Uncle Sam actually own, and which asset is the largest?
The Glass Is Half…?
Let me lay out the case for what should be the answer. Today we will explore how long this condition could last and what we can do about. I think it will make for interesting letter.
Iran War and Your Portfolio: What Investors Need to Know in 2026
The past three weeks have been unsettling, and not just for markets, but for anyone paying attention to what is happening in the world.
The Fallacy of Investing Based on Forecasts
It’s human instinct to want to know what the future holds and to protect and grow our nest egg based on our perceived knowledge of the future. It takes courage to ignore those economic forecasts from brilliant, well-meaning experts with very impressive credentials. Their logic is always compelling, but investing based on that logic can be hazardous to your wealth.
The Fog of Confusion
There has been so much data released in the past week it’s hard to know where to begin. Much of the data is inconclusive or not helpful, but it is not as bad as many click-bait pundits suggest as they take each data point and extrapolate it into the future.
Why Value, Quality, and Momentum Belong Together
Investing is an exercise in decision making under uncertainty. No single signal—no matter how intuitive or well supported by history—captures the full complexity of markets.
War In The Middle East: Economic Implications
The opening months of 2026 have been hectic. A partial inventory of major developments during the year to date would include the removal of Venezuela’s leader; a government investigation into the Chairman of the Federal Reserve; tension with Europe over Greenland; and a broad swath of U.S. tariffs stricken down by the Supreme Court. It’s been a lot to digest.
Household Debt Rose to a New Record High in Q4 2025
The Debt Black Hole keeps getting bigger. Household debt grew modestly in the fourth quarter of 2025, ending the year at another record high.
Maximizing the QBI Deduction: Key Strategies for Business Owners
Tax reform in 2017 reduced the statutory tax rate for corporations from 35% to 21%. As a result, lawmakers had to address taxes paid by noncorporate business owners who are considered “pass-through” entities for purposes of income taxation.
Should Trend Follow Carry: Lessons from Bonds, Gold, and 2022
Carry is an important return driver for multi-asset futures and forwards. Simple trend signals have benefited from trading in line with, not against, the carry of an asset.
Gold Volatility and the Fed’s Next Chapter
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.
Financial Nihilism & The Trap Young Investors Are Walking Into
The article from the Wall Street Journal titled “Why My Generation Is Turning to Financial Nihilism” by Kyla Scanlon argues that Gen Z is embracing high-risk financial behavior out of despair and detachment, but the data shows something very different.
What Families Need to Know Before Opening an Account in 2026
For families navigating public benefits, long-term care planning, and lifetime financial sustainability, this change represents both an opportunity and a planning strategy worth considering. While ABLE accounts can be powerful tools, they are most effective when coordinated thoughtfully with benefits, trusts, and broader financial strategies.
Market Sector Review: Extreme Market Bifurcation
Since the beginning of the year, we have discussed the “reflation trade” and its impact on specific market sectors. This past weekend’s newsletter also showed some of these more extreme returns in various market sectors since the beginning of the yea