Active Management

In this video The Most Powerful Growth Stock, Chuck Carnevale, co-founder of FAST Graphs and known as “Mr. Valuation,” examines NVIDIA through the lens of growth, valuation, financial strength, and long-term return potential. He explains why growth investing is still value investing when a company’s future earnings justify the price being paid.

A recent VettaFi webcast explored advice on navigating retirees' behavioral tendencies in decumulating assets in retirement.

In his latest insight, Richard Bernstein, Global Head of Macro & Customized Investing, examines why the Fed’s actions tend to lag the economic cycle, how deglobalization may limit its flexibility, and what a potentially longer period of tighter monetary policy could mean for investors.

Chris Galipeau discusses high-conviction insights that go beyond media headlines.

In the first quarter of this year, as the Strait of Hormuz closed and oil prices exploded, Berkshire Hathaway made a couple of moves that might have flown under people’s radars.It cut its stake in Chevron by roughly a third. Then it bought an airline.

Understanding why investor optimism wins over a full market cycle is one of the most underrated edges an investor can own, and it has almost nothing to do with waving pom-poms. 

Before evaluating whether a long-short strategy belongs in a portfolio, we think it helps to understand what's actually happening under the hood. Let's start at the beginning.

The BlackRock Model Portfolio Solutions team made significant allocation shifts during the week ended September 24, 2026. The team recently managed over $300 billion and often causes shockwaves in the ETF industry.

Northern Trust Asset Management will move six mutual funds with $33 billion in assets into ETFs in early 2027, its first such conversions.

A number has been making the rounds all year, and it’s misleading. The claim: roughly 13% of credit card balances are 90 days or more past due, the worst since 2008. Here’s the twist. That number is real, and it comes straight from the New York Fed.

The yield on the 30-year hit a multi-decade high this week, spiking amid continued fiscal and monetary concerns. The 30-year hitting 5.45%, its highest mark since 2004, comes amid an already busy year for bonds.

The exchange-traded fund (ETF) market is pacing toward a record-breaking year in 2026, driven by an unprecedented wave of new product launches and historic capital inflows.

This year has presented no shortage of challenges for investors. Geopolitical conflict, trade tensions, rising energy prices, shifting interest rate expectations and an increasingly active political backdrop have each taken turns dominating the headlines. Yet despite these obstacles, the economy has continued to expand, corporate profits have marched higher and markets have climbed one wall of worry after another.

Confluence Investment Management offers various asset allocation products, which are managed based on “top down,” or macro, analysis. We publish asset allocation thoughts on a bi-weekly basis, updating the report every other Monday, along with an accompanying podcast.

The Federal Reserve hiked rates, and we expect there are more to come. With a hawkish Fed and a resilient economy, long-term yields may stay elevated.

Investment bubbles are inherently dangerous beasts. Like a natural Ponzi scheme, an investment bubble needs to draw in ever larger amounts of capital to keep it going. Nothing attracts capital like apparent success, so an inflating bubble that is creating fortunes for those who got in early will inevitably draw in capital. Unfortunately, this means the amount of money lost when the bubble bursts can outstrip the gains created on its way up.

LPL Research analyzes S&P 500 margin expansion, assessing how much is structural versus cyclical and what that means for future earnings forecasts.

It’s really starting to feel like autumn now. August PPI, CPI, and Retail Sales are in the books, the September FOMC meeting is out of the way, and we can now look forward to Jobs Week on Wall Street. Football is in full swing, and earnings season begins before you know it, with Pepsi (PEP) posting results on Thursday, October 8, followed the next morning by Delta (DAL).

While the AI trade absorbs nearly all available investor attention, owning energy covers our absolute risk while creating the risk budget to cover the AI relative risk more effectively.

The Texas Stock Exchange (TXSE) is more than a regional milestone — it is a shift in competition among U.S. capital markets. After months of anticipation, the TXSE reached a major landmark last week as Texas Capital’s TXS and OILT ETFs became its first primary listings, followed a day later by PWRX as the first new ETF to launch on the exchange.

Markets have dealt with serious whiplash from the Federal Reserve’s dramatic policy pivot this year. In just six months, the Fed funds futures market went from pricing in two rate cuts totaling 50 basis points to now pricing in two rate hikes in 2026.

Share buybacks are when a company purchases its own shares, reducing the total number of shares on the market. Oftentimes, these buybacks occur on the open market, but companies may also look to buy shares from existing shareholders as well.

Goldman Sachs Asset Management launched two new ETFs Monday, expanding exposure to emerging and international equities. The ETF duo includes the Goldman Sachs Data Enhanced Emerging Markets Equity ETF (GEMQ) and the Goldman Sachs Data Enhanced International Equity ETF (GIEQ). That pair joins an ETF landscape in which those segments are seeing growing interest.

This has been an incredible year in that Wall Street has spent all of it raising its earnings estimates, and the second-quarter season only accelerated the trend. Analysts began the year expecting S&P 500 earnings to grow about 15%.

Early this week, I was in Los Angeles at the All-In Summit along with about 4,000 others, including tech investors, money managers and entrepreneurs. The ticket wasn’t cheap, but it was well worth it.

In August, a flurry of ETF-related deals were announced and expected to close by early 2027. Goldman Sachs is buying NEOS Investments. T. Rowe Price plans to add F/M Investments. Victory Capital is acquiring First Eagle.

Throughout this Indexing Redefined series, we explored how traditional market-capitalization indexing ties portfolio weights directly to stock prices, creating hidden concentration risks. Furthermore, we discussed how fundamental indexing offers a disciplined alternative by weighting companies according to their real-world economic footprint. In this final installment, we address the dilemma investors face in highly concentrated equity markets.

Catherine LeGraw and B.J. Brannan of GMO's Asset Allocation team discussed the role of liquid alternative strategies in today's investment landscape. 

According to the latest SPIVA U.S. Scorecard report, broader isn’t always better for active managers. Following a volatile start to the year, the S&P 500 rebounded sharply in the second quarter to gain 10% through June 30 thanks to robust corporate earnings.

We are never going to get rid of the FOMC for political and practical reasons. For those of us who would like to see the market set rates without an FOMC intervening, this is as good as it’s going to get.

Janus Henderson Investors today announced two senior investment appointments that will further deepen the firm’s leadership across its global equities franchise.

In an environment marked by the Fed’s first rate hike in three years and ongoing market uncertainty, income-focused investors face a unique dilemma. While cash alternatives offer attractive yields in the short-term horizon, they leave portfolios vulnerable to reinvestment risk should the

The new investment case for global power, security and affordability. The phrase “energy transition” has served as a useful political and cultural shorthand, but it has become a misleading framework for capital allocation. Franklin Templeton Institute explodes new opportunities for investors—and where shifts in thinking may be needed.

One of my favorite movies was the Coen Brothers movie, No Country for Old Men. It is the story of a guy who makes off with $2 million stolen by someone else. The ‘someone else’ is a super mean guy with a powerful blow gun. They are both being chased by a policeman. It was the best picture of 2007 and won four Oscars.

In this video The Most Powerful Growth Stock, Chuck Carnevale, co-founder of FAST Graphs and known as “Mr. Valuation,” examines NVIDIA through the lens of growth, valuation, financial strength, and long-term return potential. He explains why growth investing is still value investing when a company’s future earnings justify the price being paid.

The 2026 U.S. midterms are rapidly approaching, with major implications. Muni bonds, in particular, may be impacted.

Vanguard research challenges four myths about women investors, revealing what female clients value from financial advisors, from expertise to collaboration.

ETFs are increasingly breaking down the wall between public and private markets. Asset managers are finding ways to “ETF-ize” private equity and pre-IPO holdings — giving retail investors liquid, fractional access to growth opportunities historically restricted to institutional and accredited buyers. As companies stay private longer, the most explosive growth phases of high-profile startups often occur off public exchanges.

Advancements in technology, combined with significant stock market gains in recent years, have created a new set of opportunities—and challenges—for investors. For example, investors holding a concentrated position in a highly appreciated stock may face a difficult trade-off between the risk of a market downturn and the potentially significant tax cost of diversifying the position.

Janus Henderson launched a new international equity ETF on Wednesday, according to a Janus Henderson press release. The Janus Henderson International Core Alpha ETF (JINT) seeks long-term growth of capital across developed markets outside the U.S.

Single-stock leveraged ETFs were unusual when they first arrived in the U.S. market just four years ago. Today, it might be hard to find a stock without one. Issuers are aggressively pushing beyond megacap tech into niche equities, pre-IPO registrations, and even experimenting with leverage levels and frequency.

With so much attention focused on what the Fed might do at its policy meeting this week, it’s a good time to look back at history to get a sense of how stocks might respond should policymakers hike rates as the market now expects. LPL Research had been characterizing the rate decision as a coin flip until Fed Chair Kevin Warsh’s hawkish comments at the Jackson Hole meeting and the strong August jobs report.

The August employment report was much stronger than expected and reinforces my view that the U.S. economy remains remarkably resilient. Payrolls increased by 162,000, above every estimate, while revisions added another 55,000 jobs to the previous two months.

Discover how autocallables provide steady income and downside risk protection in volatile markets, and how autocallable ETFs can help.

On September 2, TMX VettaFi Head of Research Todd Rosenbluth appeared on the Schwab Network to discuss ETF inflows nearing record highs in 2026 and the 50th anniversary of the first-ever index fund, the Vanguard 500 Index Fund. The fund’s ETF share class, which trades under the ticker VOO, is a bit newer, having launched in 2010.

Chris Galipeau discusses high-conviction insights that go beyond media headlines.

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.

Demand for fixed income ETFs hit a historic high-water mark in September. Investors and advisors turned to fixed income ETFs at a record-breaking pace, driving 2026 net inflows of $446 billion past all-time levels with months to spare. The massive tide of capital arrives at a critical juncture.

In our final chapter for this series, we will dig into that exact question. Unfortunately, there is good and bad news, and it can be summed up in a single sentence.

Last week, the refining margin on European gasoil, the benchmark that sets the price of diesel and heating oil across much of the world, closed at roughly $94 a barrel over Brent crude, according to Bloomberg data. That figure is normally somewhere between $12 and $18.

Attractive yields and resilient credit conditions are creating opportunities across fixed income, but uncertainty around inflation and interest rates makes flexibility, selectivity and disciplined risk management especially important.

In Part III, the focus will center on practical applications of this discipline. In particular, how advisors can integrate the methodology into modern asset allocation, and why it offers an evolutionary leap for passive investing that’s available through exchange-traded funds (ETFs).

Many market participants have highlighted how value investing is back as the equity market rally broadened out beyond high-flying growth names. However, taking an index-based approach to the value style requires looking under the hood. Not all value ETFs are created equally.