Join the experts at iMGP and DBi for an educational webcast as they unpack all things managed futures.
Bitcoin options traders are already setting their sights on higher prices as the original cryptocurrency extends its record-breaking rally for a second day.
JPMorgan Chase & Co. bosses grew curious last summer as they clocked an unusual number of absences at the training sessions that kicked off their ultra-competitive junior analyst program.
With the price of digital assets testing the boundaries of plausibility, and Congress promising legislation to boost the industry further, now might be a good time for bank regulators to take notice.
The valuation of small-cap stocks relative to large caps remains historically attractive, and small-cap recoveries in the past have resulted in meaningful periods of outperformance.
One of the more storied headlines this year has been President Trump’s disappointment with the Fed for not cutting rates. We should all know by now that the President cannot fire a Fed Chair simply because he/she is not lowering interest rates to their liking.
Considering the spate of sizable inflows into spot bitcoin ETFs and the recent ebullience surrounding equities, some investors are vexed by recent lethargy displayed by the largest cryptocurrency. However, sluggishness is in the eye of the beholder. Bitcoin gained about 3.3% for the week ending June 26, but HODLers wanted more.
As we reach the midpoint of 2025, we reflect on the notably volatile trajectory of bond yields so far this year, considering the potential opportunity for tax-aware fixed income investors to harvest losses.
After mid-level performance in Q1, financials sector earnings are seen slowing in Q2, according to analysts, though favorable signs like the yield curve could help margins.
Franklin Mutual Series shares its mid-year outlook, focusing on corporate fundamentals as a catalyst to unlock value in the midst of ongoing market volatility.
Global central bankers have ducked a chance to push for tight borrowing constraints on the biggest hedge funds, whose importance to core government bond and other financial markets has grown enormously in the past decade.
Huawei Technologies Co. is trying to export small quantities of AI chips to the Middle East and Southeast Asia, an effort to establish a foothold in markets dominated by Nvidia Corp. despite ongoing manufacturing challenges.
US equities swung between small gains and losses at the open Thursday as investors parsed through a slew of tariff headlines and looked ahead to corporate results that are due to start in the earnest next week.
Private equity firms are bringing their portfolio companies back to the US IPO market, testing investor demand for firms that have more debt than other recent listings.
Liberation Day seems like a lifetime ago. But the 90-day pause is almost over, and—thus far—there are few deals that have been consummated.
We expect tariff policy to remain a key part of the narrative pushed by the administration.
In this month’s issue, Franklin Templeton Emerging Markets Equity explains how markets in many regions are weathering US policy uncertainty and offers an upbeat assessment of Vietnam after a recent research visit.
In the weeks leading up to last month’s Israeli and U.S. strikes on Iran, oil prices climbed – not due to actual supply disruptions, but in response to a geopolitical risk premium.
In this article, you’ll learn how to evaluate crypto ETFs with the same rigor you apply to traditional investment products.
A new era of regulation is bound to bring high hopes for the crypto bulls. House Republicans are now gearing up for “Crypto Week” – during which the committee has agreed to prioritize digital asset legislation and review several crypto-related bills.
At the recent 2025 Morningstar Investment Conference, CEO Kunal Kapoor highlighted a growing trend that is reshaping the investment landscape.
Our strategy work and quantitative insights suggest the conditions behind more than a decade of U.S. equity outperformance are starting to shift.
Looking at the first half of 2025 reveals a nuanced landscape for private equity (PE) and principal investors.
The artificial intelligence investment landscape reached a critical inflection point in Q2 2025, with the ROBO Global Artificial Intelligence Index (THNQ) delivering exceptional returns of 24.4%.
Advisors who rely solely on instinct or inertia will get left behind, because having a real business plan is a powerful differentiator. But any plan is only as strong as its execution.
ClearBridge Investments believes positive forces from One Big Beautiful Bill Act passage and future interest rate cuts should soon outweigh negative forces of tariff actions.
If you're thinking about adding subscription services to your financial planning practice, you're not alone. More advisors are moving beyond the traditional AUM model to offer monthly subscription plans, and for good reason.
Reckoner Capital Management is testing investors’ hunger for a new category of risky bets with an exchange-traded fund that uses leverage to juice returns on collateralized loan obligations.
Futures traders have been unwinding some large bullish bets on Treasury bonds, adding to the recent upward pressure on US yields after a surprisingly strong jobs report last week.
Nearly six months into Donald Trump’s presidency, a Trump Doctrine is coming into view.
Markets rebounded sharply in 2Q 2025 following April’s tariff-driven selloff. Our mid-year market outlook breaks down the recovery, Fed policy, and where to invest next.
Tariff volatility rocked markets for much of the second quarter, creating pressure on U.S. bonds and equities. In the challenging environment, rife with uncertainty and investor concern, a handful of funds generated significant performance.
How the Matthews Emerging Markets Equity Fund’s strategy helped it achieve outperformance during a historic period for global markets.
In the latest Alternative Allocations, with guest Brian Ullsperger from Andersen, Tony Davidow examines the traditional 60/40 portfolio and how it can be expanded to include alternatives to meet clients’ needs.
Apple Inc.’s top executive in charge of artificial intelligence models is leaving for Meta Platforms Inc., another setback in the iPhone maker’s struggling AI efforts.
If you’ve been following the mainstream financial media lately, you might think the airline industry is in crisis. From headlines about tariffs and labor costs to geopolitical tensions and delays at Newark Airport, it sounds like air travel should be tanking.
We upgrade equities to neutral from underweight as falling interest rates and improving economic conditions in emerging markets offset uncertainty over US tariff policies.
For those breaking into the financial industry, it’s an exciting time. The opportunity to achieve success and make an impact on an industry that could help people for years to come .
Private equity has officially conquered the registered investment advisor (RIA) landscape. It is now responsible for a significant portion of RIA-linked M&A activity.
The earnings bar is fairly low for the second quarter, setting companies up for a potential easy jump—but there will likely be more focus on forward guidance.
As the second half gets underway, we think a modest overweight to risk assets is called for.
Below, we recount highlights from constituents of the ROBO Global Robotics and Automation Index (ROBO) and the ROBO Global Artificial Intelligence Index (THNQ).
Semiconductor equities and related ETFs notched impressive performances in the first half of the year. They were buoyed by ongoing enthusiasm for the AI trade and post-Liberation Day resurgence by the Magnificent Seven.
U.S. stocks are no longer the best-performing asset class this year. Gold and foreign stocks are the best performers.
In part 2 of this series, this article looks past the data center operators and focuses on the natural gas pipelines and the manufacturers of natural gas power plant equipment.
As leaders of the China-led group of emerging-market economies known as the BRICS descend on Rio de Janeiro for their summit starting Sunday, expect the usual coterie of talking heads offering prepared remarks to the media with the city’s iconic Sugarloaf mountain serving as a picturesque backdrop.
A pre-summer frenzy in junk loans is seeing the market start to overheat, prompting investors to get a bit more picky about deals after spreads reached the tightest levels in years.
BlackRock Inc. is considering a sale of its stake in the leasing rights to Saudi Aramco’s natural-gas pipeline network back to the energy giant, according to people familiar with the matter.
Tariffs have been the dominant theme in economic policy this year. While President Trump has long held protectionist views, his administration’s approach to international commerce has been more belligerent than was seen in his first term.
Investors looking for cash flow from commercial real estate may want to check out the debt side.
This quarter might best be described as the “Big Beautiful Bounce”. Or the BBB. History has proven time and time again that markets do come back – but this was a historically quick market turnaround.
After a tumultuous few months, June of 2025 saw a strong rally which took global markets to (or close to) new highs. The rally was broad-based, with international and U.S. markets all up strongly.
From investing to economics to politics, patterns emerge, lessons resurface and the past becomes a powerful guide for navigating today’s unpredictable landscape. Timing, perspective and adaptability can make all the difference in managing the complexities of modern markets.
Sharp U.S. policy shift and elevated uncertainty reflect an evolution of the new macro regime. What matters: getting a grip on uncertainty by identifying its core features.
Value investing has long been out of favor in US stocks and last quarter was no different, as an index of beaten-down shares badly trailed the broader market’s furious rally.
Some say private credit hasn’t been tested. We disagree…and stress can sharpen the senses.
The first half of 2025 may not have been kind to private equity, but new data suggests that things could turn around soon.
The Institute for Supply Management (ISM) released its June Services Purchasing Managers' Index (PMI), with the headline composite index at 50.8. This was consistent with the forecast and moves the index back into expansion territory after one month of contraction.
The June U.S. Services Purchasing Managers' Index (PMI) from S&P Global came in at 52.9, above the 52.8 forecast. The reading marks the 29th consecutive month of expansion but was a slight slow down from May's 53.7 reading.
With mortgage rates still near 7%, even relatively wealthy households are choosing to rent rather than buy, and it’s easy to understand why.
Israel-Iran hostilities brought a short-term market focus on oil. Longer term, artificial intelligence (AI) electricity needs could create a power shortage, as well as opportunities and risks for investors.
Equity markets continued to march higher in June, seemingly unfazed by heightened Middle East tensions (which were short-lived) and the looming July 8 deadline for the administration’s pause on reciprocal tariffs.
We began the year optimistic that an environment of slowing growth, disinflation and easier monetary policy would be favorable for fixed income markets. Now at midyear, we maintain that view, while acknowledging that policy uncertainty and geopolitical risks may likely result in continued volatility.
An economy cannot subsist on services alone.
The US economy is important, but it’s not the only one in a global approach.
When the Fed increased the M2 money supply by over 40% during the COVID crisis, our instinct was that the implications would extend far beyond a temporary boost to the U.S. stock market and higher inflation. That intuition is proving accurate. We’re now seeing the long-term ripple effects play out in real time across multiple asset classes and global markets.
The S&P 500 real monthly averages of daily closes reached a new all-time high in December 2024 but has retreated from it over the past few months. Let's examine the past to broaden our understanding of the range of historical bull and bear market trends in market performance.
Financial advice is going to be in more demand than ever in 10 years. Is your firm ready for the challenge?
For good reasons, many investors have a love-hate relationship with commodity investments. Operationally, the annoying K-1 form complicates tax filing, although thankfully the industry has started to launch “no K-1” funds.
Investors may be tempted to imagine how much higher the S&P 500 Index would be if three of its most influential stocks weren’t lagging behind.
JPMorgan Chase & Co. is developing a new service to tokenize carbon credits and is partnering with a trio of carbon companies for an initial trial.
Our monthly market valuation updates have long had the same conclusion: US stock indexes are significantly overvalued, which suggests cautious expectations for investment returns. This analysis focuses on the P/E10 ratio, key indicator of market valuation, and its correlation with inflation and the 10-year Treasury yield.
The marathon Senate budget vote took center stage early and stocks slipped from yesterday's all-time highs. Job openings, Powell, and manufacturing data are top of mind.
As direct lending matures and other private credit areas expand, active investors can apply relative value strategies across sectors – and even entire markets – to pursue enhanced outcomes.
Only a subset of subsidies will be rolled back.
Easing trade tensions and hopes the Senate could pass a budget gave stocks an early lift after Friday's record highs. The week is packed with jobs news and Powell talks tomorrow.
Based on the June S&P 500 average of daily closes, the Crestmont P/E of 40.0 is 163% above its arithmetic mean, 187% above its geometric mean, and is in the 99th percentile of this 14-plus-decade series.
True fiduciary duty isn’t fulfilled by following the crowd. It’s fulfilled by doing the harder thing: making the right call even when it’s the unpopular one. The world doesn’t need more advisors playing not to lose. It needs more who are willing to lead — even if they walk alone.
US lenders are on a tear and hedge funds are snapping up shares at a furious pace, underscoring Wall Street’s increasing conviction that their record-breaking rally has more room to run.
A turf war is breaking out in the vast world of digital payments — and the incumbents are suddenly on defense.
UniCredit SpA will offer its professional clients a structured product tied to BlackRock Inc.’s iShares Bitcoin Trust ETF that features full protection against losses, as European banks seek new ways to tap into appetite for digital assets.
Readers of a certain age will no doubt recall President Ronald Reagan launching one of the most ambitious military buildups in American history.
Growth is expected to decelerate, but not come crashing down.
In a recent newsletter, we explored the explosive growth of ETFs and the implications for portfolio construction. In this follow-up blog post, Lauren and I wanted to take that conversation a step further—diving deeper into how advisors can navigate the ever-expanding ETF universe while staying true to their investment philosophy.
Chief Economist Eugenio J. Alemán discusses current economic conditions.
Thematic investing has experienced cycles of popularity over time. In less cautious market environments, investors often turn their attention to ambitious ideas — such as disruptive technologies or other transformative future trends — looking beyond traditional equity ETFs.
This article will help you evaluate whether it’s still a good time for clients to gain Bitcoin exposure—even after its recent all-time high—and how to do so responsibly. You’ll learn how Bitcoin fits into a diversified portfolio, what leading financial institutions forecast for its future, and why spot Bitcoin ETFs offer a regulated, practical entry point for long-term investors.
Valid until the market close on July 31, 2025
This article provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
For years, Americans have lamented that rising housing prices and elevated mortgage rates have made homeownership unaffordable for too many first-time homebuyers, while prompting many homeowners to stay put rather than sell.
Thematic ETFs are making a comeback, and one theme in particular dominates conversation. Artificial Intelligence remains top of mind for investors. TMX VettaFi’s Zeno Mercer and Todd Rosenbluth discussed the disruptive technology.
Alternative Investments
If you’re allocating to alternatives, you should consider a managed futures ETF
Join the experts at iMGP and DBi for an educational webcast as they unpack all things managed futures.
Bitcoin Options Traders Eye $120,000 as Token Extends Record Run
Bitcoin options traders are already setting their sights on higher prices as the original cryptocurrency extends its record-breaking rally for a second day.
Big Banks Are Tired of Losing Recruits to Private Equity
JPMorgan Chase & Co. bosses grew curious last summer as they clocked an unusual number of absences at the training sessions that kicked off their ultra-competitive junior analyst program.
Crypto Renaissance Means It’s Time to Protect Banks
With the price of digital assets testing the boundaries of plausibility, and Congress promising legislation to boost the industry further, now might be a good time for bank regulators to take notice.
Are Small Caps Next in Line to Shine?
The valuation of small-cap stocks relative to large caps remains historically attractive, and small-cap recoveries in the past have resulted in meaningful periods of outperformance.
No Rate Cut for You…At Least Not Yet
One of the more storied headlines this year has been President Trump’s disappointment with the Fed for not cutting rates. We should all know by now that the President cannot fire a Fed Chair simply because he/she is not lowering interest rates to their liking.
CoinShares Channel Share Bitcoin Unusually Calm, But That Won’t Last Long
Considering the spate of sizable inflows into spot bitcoin ETFs and the recent ebullience surrounding equities, some investors are vexed by recent lethargy displayed by the largest cryptocurrency. However, sluggishness is in the eye of the beholder. Bitcoin gained about 3.3% for the week ending June 26, but HODLers wanted more.
Active Tax Loss Harvesting in Fixed Income: Checking In at Midyear
As we reach the midpoint of 2025, we reflect on the notably volatile trajectory of bond yields so far this year, considering the potential opportunity for tax-aware fixed income investors to harvest losses.
Q2 Bank Earnings Preview: A Dimmer Light?
After mid-level performance in Q1, financials sector earnings are seen slowing in Q2, according to analysts, though favorable signs like the yield curve could help margins.
Fundamentals Are a Lighthouse in the Storm
Franklin Mutual Series shares its mid-year outlook, focusing on corporate fundamentals as a catalyst to unlock value in the midst of ongoing market volatility.
Central Banks are Flying Blind on Hedge Fund Leverage
Global central bankers have ducked a chance to push for tight borrowing constraints on the biggest hedge funds, whose importance to core government bond and other financial markets has grown enormously in the past decade.
Huawei Seeks AI Chip Customers in Middle East, Southeast Asia
Huawei Technologies Co. is trying to export small quantities of AI chips to the Middle East and Southeast Asia, an effort to establish a foothold in markets dominated by Nvidia Corp. despite ongoing manufacturing challenges.
Stocks Steady as Traders Look Through Chaos to Corporate Results
US equities swung between small gains and losses at the open Thursday as investors parsed through a slew of tariff headlines and looked ahead to corporate results that are due to start in the earnest next week.
Private Equity-Backed US IPOs Return With Plenty of Leverage
Private equity firms are bringing their portfolio companies back to the US IPO market, testing investor demand for firms that have more debt than other recent listings.
At the Midway Point: Returning to the Fundamentals
Liberation Day seems like a lifetime ago. But the 90-day pause is almost over, and—thus far—there are few deals that have been consummated.
Midyear Commodity Outlook: Better for Commodities than Consumers
We expect tariff policy to remain a key part of the narrative pushed by the administration.
Emerging Markets Insights: Seeking Clarity on Tariffs
In this month’s issue, Franklin Templeton Emerging Markets Equity explains how markets in many regions are weathering US policy uncertainty and offers an upbeat assessment of Vietnam after a recent research visit.
Charting Commodity Markets
In the weeks leading up to last month’s Israeli and U.S. strikes on Iran, oil prices climbed – not due to actual supply disruptions, but in response to a geopolitical risk premium.
How to Choose a Crypto ETF: A Practical Guide for Financial Advisors
In this article, you’ll learn how to evaluate crypto ETFs with the same rigor you apply to traditional investment products.
Beyond Bitcoin ETFs: The Blockchain Trade
A new era of regulation is bound to bring high hopes for the crypto bulls. House Republicans are now gearing up for “Crypto Week” – during which the committee has agreed to prioritize digital asset legislation and review several crypto-related bills.
Morningstar’s Kunal Kapoor on the Public/Private Market Convergence
At the recent 2025 Morningstar Investment Conference, CEO Kunal Kapoor highlighted a growing trend that is reshaping the investment landscape.
Non-U.S. Investing In a Fragmenting World
Our strategy work and quantitative insights suggest the conditions behind more than a decade of U.S. equity outperformance are starting to shift.
Private Equity Halftime Report: Key Trends for Advisors
Looking at the first half of 2025 reveals a nuanced landscape for private equity (PE) and principal investors.
AI Posts Strong Q2 Returns as Inference Economy Takes Hold
The artificial intelligence investment landscape reached a critical inflection point in Q2 2025, with the ROBO Global Artificial Intelligence Index (THNQ) delivering exceptional returns of 24.4%.
The Building Blocks of a Scalable Business Plan: How Intention Helps to Drive Growth
Advisors who rely solely on instinct or inertia will get left behind, because having a real business plan is a powerful differentiator. But any plan is only as strong as its execution.
The Long View: Push-pull
ClearBridge Investments believes positive forces from One Big Beautiful Bill Act passage and future interest rate cuts should soon outweigh negative forces of tariff actions.
Breaking Down the Regulatory Requirements for Subscription Services
If you're thinking about adding subscription services to your financial planning practice, you're not alone. More advisors are moving beyond the traditional AUM model to offer monthly subscription plans, and for good reason.
First Leveraged CLO ETF Tests Retail Crowd’s Appetite for Risk
Reckoner Capital Management is testing investors’ hunger for a new category of risky bets with an exchange-traded fund that uses leverage to juice returns on collateralized loan obligations.
Treasury Bulls Unwind Big Bets as Strong Data Pushes Yields Up
Futures traders have been unwinding some large bullish bets on Treasury bonds, adding to the recent upward pressure on US yields after a surprisingly strong jobs report last week.
Trump Is Opening a New Chapter in US Foreign Policy
Nearly six months into Donald Trump’s presidency, a Trump Doctrine is coming into view.
2025 Market Review & Mid-Year Market Outlook: Resilience in the Face of Uncertainty
Markets rebounded sharply in 2Q 2025 following April’s tariff-driven selloff. Our mid-year market outlook breaks down the recovery, Fed policy, and where to invest next.
WGMI a Second Quarter Top Performer
Tariff volatility rocked markets for much of the second quarter, creating pressure on U.S. bonds and equities. In the challenging environment, rife with uncertainty and investor concern, a handful of funds generated significant performance.
Outperformance in Extraordinary Times
How the Matthews Emerging Markets Equity Fund’s strategy helped it achieve outperformance during a historic period for global markets.
Examining the 60/40 Portfolio With Brian Ullsperger
In the latest Alternative Allocations, with guest Brian Ullsperger from Andersen, Tony Davidow examines the traditional 60/40 portfolio and how it can be expanded to include alternatives to meet clients’ needs.
Apple Loses Top AI Models Executive to Meta’s Hiring Spree
Apple Inc.’s top executive in charge of artificial intelligence models is leaving for Meta Platforms Inc., another setback in the iPhone maker’s struggling AI efforts.
Wall Street Is Wrong on Airlines: Americans Are Flying Like Never Before
If you’ve been following the mainstream financial media lately, you might think the airline industry is in crisis. From headlines about tariffs and labor costs to geopolitical tensions and delays at Newark Airport, it sounds like air travel should be tanking.
Equities Enter Slightly Calmer Waters
We upgrade equities to neutral from underweight as falling interest rates and improving economic conditions in emerging markets offset uncertainty over US tariff policies.
Lessons on Building a Successful Career in Finance
For those breaking into the financial industry, it’s an exciting time. The opportunity to achieve success and make an impact on an industry that could help people for years to come .
The Great RIA Consolidation: Private Equity Reshapes Wealth Management
Private equity has officially conquered the registered investment advisor (RIA) landscape. It is now responsible for a significant portion of RIA-linked M&A activity.
2Q Earnings: The Beat Goes On?
The earnings bar is fairly low for the second quarter, setting companies up for a potential easy jump—but there will likely be more focus on forward guidance.
Multi-Asset Midyear Outlook: Selectivity Matters
As the second half gets underway, we think a modest overweight to risk assets is called for.
The AI Arms Race Heats Up: June’s Robotics & Automation Playbook
Below, we recount highlights from constituents of the ROBO Global Robotics and Automation Index (ROBO) and the ROBO Global Artificial Intelligence Index (THNQ).
After Impressive First Half, This Chip ETF Has Fuel for More Upside
Semiconductor equities and related ETFs notched impressive performances in the first half of the year. They were buoyed by ongoing enthusiasm for the AI trade and post-Liberation Day resurgence by the Magnificent Seven.
A Concise and Comprehensive Review of Asset Class Performance in 1H 2025
U.S. stocks are no longer the best-performing asset class this year. Gold and foreign stocks are the best performers.
Behind the Meter Solutions Investing Guide
In part 2 of this series, this article looks past the data center operators and focuses on the natural gas pipelines and the manufacturers of natural gas power plant equipment.
Brazil's BRICS Fixation Has Delivered Few Benefits
As leaders of the China-led group of emerging-market economies known as the BRICS descend on Rio de Janeiro for their summit starting Sunday, expect the usual coterie of talking heads offering prepared remarks to the media with the city’s iconic Sugarloaf mountain serving as a picturesque backdrop.
Hot Junk Loan Market Hits Stumbling Blocks as Investors Feel Squeeze
A pre-summer frenzy in junk loans is seeing the market start to overheat, prompting investors to get a bit more picky about deals after spreads reached the tightest levels in years.
BlackRock Weighs Selling Stake in Saudi Aramco Gas Pipelines
BlackRock Inc. is considering a sale of its stake in the leasing rights to Saudi Aramco’s natural-gas pipeline network back to the energy giant, according to people familiar with the matter.
Mid-Year Themes
Tariffs have been the dominant theme in economic policy this year. While President Trump has long held protectionist views, his administration’s approach to international commerce has been more belligerent than was seen in his first term.
Need Income? Europe’s Commercial Real Estate Debt is Worth a Look
Investors looking for cash flow from commercial real estate may want to check out the debt side.
Growth Equity Portfolio Second Quarter Review June 30, 2025
This quarter might best be described as the “Big Beautiful Bounce”. Or the BBB. History has proven time and time again that markets do come back – but this was a historically quick market turnaround.
Quantstreet July 2025 Letter: Geopolitics and Markets
After a tumultuous few months, June of 2025 saw a strong rally which took global markets to (or close to) new highs. The rally was broad-based, with international and U.S. markets all up strongly.
Lessons From the Past, Strategies for the Future
From investing to economics to politics, patterns emerge, lessons resurface and the past becomes a powerful guide for navigating today’s unpredictable landscape. Timing, perspective and adaptability can make all the difference in managing the complexities of modern markets.
Getting a Grip on Uncertainty
Sharp U.S. policy shift and elevated uncertainty reflect an evolution of the new macro regime. What matters: getting a grip on uncertainty by identifying its core features.
Stock Pickers Shine, Sniffing Out Value During Market Tumult
Value investing has long been out of favor in US stocks and last quarter was no different, as an index of beaten-down shares badly trailed the broader market’s furious rally.
Private Credit Outlook: Five Lessons Learned
Some say private credit hasn’t been tested. We disagree…and stress can sharpen the senses.
Is a Private Equity Comeback on the Horizon?
The first half of 2025 may not have been kind to private equity, but new data suggests that things could turn around soon.
ISM Services PMI Returns to Expansion Territory in June
The Institute for Supply Management (ISM) released its June Services Purchasing Managers' Index (PMI), with the headline composite index at 50.8. This was consistent with the forecast and moves the index back into expansion territory after one month of contraction.
S&P Global Services PMI: Growth Sustained in June
The June U.S. Services Purchasing Managers' Index (PMI) from S&P Global came in at 52.9, above the 52.8 forecast. The reading marks the 29th consecutive month of expansion but was a slight slow down from May's 53.7 reading.
Today’s Housing Math Favors Buying — Even in Austin
With mortgage rates still near 7%, even relatively wealthy households are choosing to rent rather than buy, and it’s easy to understand why.
Energy: Global Excess or Shortage of Power?
Israel-Iran hostilities brought a short-term market focus on oil. Longer term, artificial intelligence (AI) electricity needs could create a power shortage, as well as opportunities and risks for investors.
Equity Markets Found Traction in June
Equity markets continued to march higher in June, seemingly unfazed by heightened Middle East tensions (which were short-lived) and the looming July 8 deadline for the administration’s pause on reciprocal tariffs.
Midyear Fixed Income Outlook: Starting Yields Matter Amid Uncertainty
We began the year optimistic that an environment of slowing growth, disinflation and easier monetary policy would be favorable for fixed income markets. Now at midyear, we maintain that view, while acknowledging that policy uncertainty and geopolitical risks may likely result in continued volatility.
India's Incomplete Growth
An economy cannot subsist on services alone.
Fixed-Income Outlook: Expanding the Field
The US economy is important, but it’s not the only one in a global approach.
The Lasting Impact of the COVID M2 Surge: Why Diversification Is More Crucial Than Ever
When the Fed increased the M2 money supply by over 40% during the COVID crisis, our instinct was that the implications would extend far beyond a temporary boost to the U.S. stock market and higher inflation. That intuition is proving accurate. We’re now seeing the long-term ripple effects play out in real time across multiple asset classes and global markets.
Secular Bull and Bear Market Trends: June 2025
The S&P 500 real monthly averages of daily closes reached a new all-time high in December 2024 but has retreated from it over the past few months. Let's examine the past to broaden our understanding of the range of historical bull and bear market trends in market performance.
The Advisors Who Will Thrive in 2035 Are Planning in 2025
Financial advice is going to be in more demand than ever in 10 years. Is your firm ready for the challenge?
Expand Your Mind and Your Commodity Universe
For good reasons, many investors have a love-hate relationship with commodity investments. Operationally, the annoying K-1 form complicates tax filing, although thankfully the industry has started to launch “no K-1” funds.
Apple, Alphabet and Tesla are Holding the S&P 500 Rally Back
Investors may be tempted to imagine how much higher the S&P 500 Index would be if three of its most influential stocks weren’t lagging behind.
JPMorgan’s Blockchain Unit Explores Tokenizing Carbon Credits
JPMorgan Chase & Co. is developing a new service to tokenize carbon credits and is partnering with a trio of carbon companies for an initial trial.
Market Valuation, Inflation and Treasury Yields - June 2025
Our monthly market valuation updates have long had the same conclusion: US stock indexes are significantly overvalued, which suggests cautious expectations for investment returns. This analysis focuses on the P/E10 ratio, key indicator of market valuation, and its correlation with inflation and the 10-year Treasury yield.
Stocks Slip From Highs as Senate Marathon Persists
The marathon Senate budget vote took center stage early and stocks slipped from yesterday's all-time highs. Job openings, Powell, and manufacturing data are top of mind.
Active Management Comes for Private Credit
As direct lending matures and other private credit areas expand, active investors can apply relative value strategies across sectors – and even entire markets – to pursue enhanced outcomes.
Rethinking U.S. Infrastructure Investment
Only a subset of subsidies will be rolled back.
Fireworks Ahead: Jobs Data Loom After Record Highs
Easing trade tensions and hopes the Senate could pass a budget gave stocks an early lift after Friday's record highs. The week is packed with jobs news and Powell talks tomorrow.
Crestmont P/E and Market Valuation: June 2025
Based on the June S&P 500 average of daily closes, the Crestmont P/E of 40.0 is 163% above its arithmetic mean, 187% above its geometric mean, and is in the 99th percentile of this 14-plus-decade series.
Thinning the Herd: Herd Investing Is a Disservice to Clients
True fiduciary duty isn’t fulfilled by following the crowd. It’s fulfilled by doing the harder thing: making the right call even when it’s the unpopular one. The world doesn’t need more advisors playing not to lose. It needs more who are willing to lead — even if they walk alone.
Hedge Funds Pile In as Big US Banks Soar to All-Time Highs
US lenders are on a tear and hedge funds are snapping up shares at a furious pace, underscoring Wall Street’s increasing conviction that their record-breaking rally has more room to run.
Visa, Mastercard Race to Capture a $253 Billion Crypto Threat
A turf war is breaking out in the vast world of digital payments — and the incumbents are suddenly on defense.
UniCredit to Offer BlackRock Bitcoin ETF-Linked Product for Some Clients
UniCredit SpA will offer its professional clients a structured product tied to BlackRock Inc.’s iShares Bitcoin Trust ETF that features full protection against losses, as European banks seek new ways to tap into appetite for digital assets.
Trump Succeeds at Pushing NATO to Spend Five Percent as New Arms Race Begins
Readers of a certain age will no doubt recall President Ronald Reagan launching one of the most ambitious military buildups in American history.
Simmering Down
Growth is expected to decelerate, but not come crashing down.
ETFs Are Evolving—Is Your Portfolio Strategy Keeping Up?
In a recent newsletter, we explored the explosive growth of ETFs and the implications for portfolio construction. In this follow-up blog post, Lauren and I wanted to take that conversation a step further—diving deeper into how advisors can navigate the ever-expanding ETF universe while staying true to their investment philosophy.
Not a Good Report on Personal Income and Spending in May
Chief Economist Eugenio J. Alemán discusses current economic conditions.
Thematic ETFs in 2025: What’s Next?
Thematic investing has experienced cycles of popularity over time. In less cautious market environments, investors often turn their attention to ambitious ideas — such as disruptive technologies or other transformative future trends — looking beyond traditional equity ETFs.
Bitcoin’s New Peak: Is It Too Late for Your Clients to Get In?
This article will help you evaluate whether it’s still a good time for clients to gain Bitcoin exposure—even after its recent all-time high—and how to do so responsibly. You’ll learn how Bitcoin fits into a diversified portfolio, what leading financial institutions forecast for its future, and why spot Bitcoin ETFs offer a regulated, practical entry point for long-term investors.
Moving Averages of the Ivy Portfolio and S&P 500: June 2025
Valid until the market close on July 31, 2025
This article provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
Could Housing Finally Start to Become More Affordable?
For years, Americans have lamented that rising housing prices and elevated mortgage rates have made homeownership unaffordable for too many first-time homebuyers, while prompting many homeowners to stay put rather than sell.
Artificial Intelligence Discussion Closes Out Midyear Symposium
Thematic ETFs are making a comeback, and one theme in particular dominates conversation. Artificial Intelligence remains top of mind for investors. TMX VettaFi’s Zeno Mercer and Todd Rosenbluth discussed the disruptive technology.