Active Management

Stocks have rebounded since the White House delayed steep tariffs that were announced in early April, but trade policy remains a potential driver of volatility.

A recent Gallup poll shows gold just passed stocks as Americans’ favorite long-term investment. We explore why it might deserve the top spot.

Major gauges of investment-grade corporate bonds were stung by the April bout of volatility that permeated the bond market.

Technology and trends have made individual investors an important part of the private market.

While equities are on their way to recovering January 1 levels, enhanced volatility lends itself to active ETF strategies this year.

Technology stocks have been buffeted by market volatility in early 2025, with shares tied to artificial intelligence (AI) hit especially hard.

So far in 2025, markets have had plenty to absorb: the Trump administration’s tariffs, Germany’s latest investment commitments, the implications of the DeepSeek moment, and escalating military conflicts (now including one on the India-Pakistan border).

When volatility ripped through markets last month, many investors scrambled to respond. Some wanted to quickly adjust specific security exposures. Others wanted to flee to cash or build in protection against additional downside moves. And some rushed to buy the dip.

Certificates of deposit (CDs) and Treasuries both can offer steady, predictable investment income—but how to decide between them? Here are five factors to help you choose.

Assessing a bear market rally proves challenging when you experience it firsthand. It is only in hindsight that the complete picture reveals itself to investors. Of course, after a bear market rally, investors tend to review their investments and speculate on what they should have done differently.

The surprisingly large reduction in mutual tariffs between China and the U.S. announced early Monday morning has sent the markets flying. Trump has softened his approach dramatically and markets are expecting future deals. The base case: everyone at 10%, China at say 20% is still a jump, but at least will likely prevent a recession. Trade and tariffs remain the main focus for markets.

In the report, Portfolio Managers John Kerschner, Nick Childs, and Thomas Polus highlight three reasons why agency mortgage-backed securities (MBS) look attractive in the present environment.

Commonwealth Financial Network®, a national RIA dedicated to providing financial advisors with holistic, integrated business solutions, has initiated a new partnership with Messina College, a two-year, all-residential degree program of Boston College that welcomed its first-ever class of students to the school’s Brookline Campus last summer.

The early-April announcement of a broad new round of tariffs against virtually all U.S. trading partners—followed by a pause for many of them—has triggered a tidal shift in the global economy. Uncertainty created by tariff negotiations, as well as burgeoning federal debt levels and other ongoing concerns, has far-reaching economic implications, leading us to reassess our 2025 outlook.

Tariff talk has been at a fever pitch for the past three months. Its dominance of the news cycle has crowded out discussion of other important economic issues, such as the sustainability of America’s national debt.

In the latest edition of Design Matters, titled “What’s the Frequency… Russell?” Greg Behar of Westwood’s Managed Investment Solutions (MIS) team examines how the Russell U.S. Indexes’ decision to return to a semi-annual reconstitution schedule is transforming risk management practices, market participation and the future of custom indexing.

The April plunge in stocks ushered in a huge washout in investor sentiment, but more so on the attitudinal side as opposed to the behavioral side.

The Q1 2025 earnings season heads into its final peak week with mostly positive results from S&P 500 companies thus far. With 90% of companies from the index now reporting, 78% have beaten Wall Street’s expectations, slightly better than what we’ve seen historically.

For my entire decades-long career in capital markets, I’ve made the case that gold is not just a shiny relic of the past, but a serious, strategic asset for modern investors. After years of pounding the table, it feels pretty good to say that the world’s central banks—and now the U.S. banking system—are finally catching up.

Back on January 10, 2025, it cost $1.024 to buy one Euro. Last Friday, the $/Euro exchange rate was $1.125 – a drop in the value of the dollar of about 10%. Similar moves in the value of the US dollar versus the British pound, Japanese yen, and Canadian dollar also occurred.

Kevin Flanagan, head of fixed income at WisdomTree, joined a VettaFi panel to break down the most attractive fixed income strategies.

While coming in much stronger than expected, the latest employment data confirmed what we already suspected: the economy is slowing.

Warren Buffett opened his 60th—and final as CEO—Berkshire Hathaway annual meeting with the same understated clarity that has defined his career: "This is my 60th annual meeting... I think it'll be the best yet."

When navigating the unknown, an experienced guide can ensure you don’t veer off the path to your chosen destination, can prevent you from stumbling across hazards, and ensure you have the tools you need to finish the journey safely and soundly.

As the effects of US import tariffs begin to emerge, we shift our stance on equities to underweight.

At Wednesday’s press conference, Chair Jay Powell signaled a wait-and-see approach, as the Fed keeps a close eye on inflation pressures and the job market.

Preparing for retirement involves more than finances and should include a focus on health, wellbeing and goals. Our Mike Dullaghan explains why it’s important to start preparing 10 years ahead of retirement.

The federal government recently resumed student loan collections after a multi-year pause. This affects millions of borrowers who have been in forbearance since March 2020. Our Bill Cass outlines some options for borrowers in default.

As investors wait for updates on trade deals during the pause in tariff implementation, the focus for many has turned to economic growth and the conflicting data surrounding it.

The Federal Reserve held rates steady today, while emphasizing that elevated uncertainty has clouded the path forward. If, when, and how much tariff policy will change in the months to come will play a large part in dictating the next move for the Fed.

Once again, the Federal Open Market Committee (FOMC) decided to keep rates unchanged at today’s meeting, leaving the Fed Funds trading range at 4.25%-4.50%, keeping the level for overnight money 100 basis points (bps) below last year’s peak reading.

S&P 500^® earnings per share estimates have come down sharply. According to FactSet, calendar year 2025 is now expected to show $266 in operating EPS for the Index.

“Compounding” is a word often used among investors to describe what they hope to achieve for their capital. Compounding is invoked so frequently that one would think it was the standard aim and practice among investors.

Currently, the Three Tactical Rules are a “flashing yellow light” - a roughly neutral rating which represents a slight downgrade.

After entering the year with a cautious outlook, managers have become more defensively postured as the U.S. tariff policy has increased uncertainty.

Market headlines may change daily, but the role of a financial advisor remains remarkably consistent: to be the calm in the storm, the strategist with a plan and—most importantly—the voice of reason when clients need it most.

Over years, the US cemented its position as an exceptional source of earnings growth that fueled outsize equity returns. Many investors are now questioning whether the US will retain its advantages as President Trump’s trade policies add uncertainty to the outlook across industries.

When I was much younger, I worked as a bond salesman for a small regional bank in the southwest. I sold some short-term T-bills to yield 17% and some ten-year T-bonds to yield 14%. Paul Volcker, the Fed chairman at the time, had reduced inflation dramatically but the bond market had not yet accepted that new reality and kept interest rates very high for a while after Volker achieved his lower level of inflation.

In light of the announcement that Warren Buffett is stepping down, we thought it very useful to share some of the keynote talk I did at the University of Nebraska-Omaha Business School last Friday night (thanks to its wonderful director, Robert Miles).

Private equity transaction volumes remain limited despite predictions for a boom in 2025. With interest rates remaining elevated and the economic backdrop increasingly uncertain, executing acquisitions and IPOs is proving a challenge, leading financial sponsors to hold portfolio companies for longer.

Trend-following strategies can offer attractive, positively skewed returns, with large positive outperformance often coinciding with large equity selloffs, thereby offering tail protection.