Dr. Illah Nourbakhsh, Professor of Robotics at Carnegie Mellon University, brings his research expertise to a frank conversation about which jobs physical AI will genuinely displace, which are more resilient than the headlines suggest, and how families can make smarter decisions about education and career planning in a world where the robots are already showing up for work
Join the team at CoinShares for an educational session exploring opportunities in bitcoin equities and how investors can capture the tailwinds generated by AI infrastructure.
What if your core equity allocation could work a little harder for you? Join David Wright, Head of Quantitative Investments at Pictet Asset Management, as he explains how a proprietary, tree based machine learning approach seeks to outperform the benchmark while maintaining a similar risk profile and low tracking error. He’ll walk through how the strategy is engineered and, most importantly for advisors, where it can fit in a portfolio.
Join the experts at SS&C ALPS Advisors and CIBC Private Wealth for a product due diligence session covering the ALPS Clean Energy ETF (ACES).
The OBBBA created something the industry rarely gets: a defined planning window without a hard deadline attached. Exemptions are historically high, the law has no sunset, and there's a real body of existing work that needs revisiting. The advisors who treat this as an opportunity, rather than waiting for a client to ask, will drive much stronger outcomes compared to those who don’t.
Even people whose money beliefs and behaviors align more closely are not necessarily an ideal match. Partners whose predominant money scripts fall into the money vigilance category may both track expenses, openly discuss finances, and hold similar values around saving.
These are dark days for free-market economists when one of the few areas of bipartisan consensus is for a terrible idea: Both Vice President JD Vance and Senator Bernie Sanders want the federal government to take an explicit stake in AI firms.
The ETF ecosystem is always changing and growing. Thanks to the ETF’s flexibility, transparency, and tradability, it can help investors achieve plenty of bespoke goals. That even includes investing with an eye towards philanthropic causes as with philanthropic ETFs ASD and DUTY.
Chip stocks are heading for their best quarter ever, extending an extraordinary start to the year driven by insatiable demand for artificial intelligence equipment. But after recent jitters sent the stocks tumbling, investors are wondering how much further the rally can go.
A sharp rise in the dollar may emerge as one of the biggest “pain trades” in the second half of the year, according to HSBC Holdings Plc.
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.
The money is REAL. The question was never whether it exists. It’s who’s spending it, and what they borrowed to do it. When the wall of cash and the bottom half finally commit to risk at the same moment the Fed turns hawkish, that’s not the start of something. That’s the part of the cycle where the careful investor gets paid to be careful.
Ten years ago this week, the world watched the United Kingdom vote to walk away from the European Union. While the political class was clutching its pearls and every talking head on television was promising Armageddon by Christmas, I told you something different.
Alan Greenspan passed away last week at the ripe old age of 100. Other than presidents, few Americans have wielded as much power in the arena of economic policy as Greenspan did during his roughly eighteen years and five months at the helm of the Federal Reserve.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
Despite strong gains in 2026 so far, commodities have remained supported by constrained supply, resilient demand and long investment lead times, pointing to a cycle that seems to remain fundamentally intact.
Whether you’re a seasoned RIA owner looking to accelerate organic growth or a next-gen Advisor building your practice from the ground up, the same fundamentals apply: say clearly who you help, show up consistently where prospects look, and make sure your online presence tells the right story.
Investing is hard enough - This video explains why avoiding overpaying for stocks is one of the most important principles of successful long-term investing. Chuck Carnevale argues that while investing is never risk-free, many costly mistakes can be avoided by understanding a company's intrinsic value rather than reacting to market emotions.
A widening confidence gap in non-traded investment vehicles is testing private credit valuations, sharpening the case for manager selection and diversification beyond direct lending.
It’s hard to believe we’re nearing the halfway point of 2026 – and what an eventful start it’s been. Markets have pushed through a geopolitically driven energy shock, rising inflation pressures and accelerating disruption from the artificial intelligence boom.
AI infrastructure spending is driving record equity market raisings and has lifted expectations for long-term GDP growth in the US. But what will happen to growth when the AI capex surge has peaked? Today’s elevated long-bond yields suggest that the market expects AI-related productivity gains to support faster growth over the longer term.
What has started to stand out more recently is not the opportunity itself, but the behavior forming around it. The conversation has shifted. It is no longer centered on understanding what is being built or how it will be monetized over time.
The top 10 active ETFs YTD by fund flows show some intriguing trends and successful names that may pique the interest.
Markets will continue to shift. Headlines will change. Volatility will come and go. What endures is the value of having a thoughtful, well-constructed plan. Planning creates structure during uncertain periods and helps clients stay focused on long-term goals instead of short-term noise.
Jesse Livermore’s prolific trading stories about the fortunes he made and lost are well documented in two books. While his career was marked by the incredible volatility of his wealth, and some consider him a failure as he died broke, his market knowledge is invaluable. Accordingly, we share his 21 market rules.
The way the SPIVA U.S. Scorecard evaluates performance is not well aligned with the experience of investors. Adjusting for this reveals a more balanced view of active fund performance. While active and passive U.S. equity funds perform similarly, active bond funds tend to outperform.
Wall Street bankers are on a high after record-setting offerings from SpaceX and Google parent Alphabet Inc., lifting expectations for deal activity in the rest of 2026. More deals are on the way, including a steady stream of initial public offerings in the coming weeks, and a potential mega-deal for Anthropic PBC as soon as October.
European firms in critical sectors like nuclear energy and quantum computing are flocking to the US, despite efforts by European authorities and bourses to make the region’s markets more appealing and accessible.
Microsoft Corp. shares are heading for their worst month in years as investors continue to fret about how the software giant will fare in a world marked by artificial intelligence.
Social Security is now just six years away from insolvency, according to the latest annual assessment. Many in Congress might like to keep on ignoring the problem, as they have for years, but this won’t be an option much longer. Senators elected in November will see the system’s trust fund empty during their terms.
The Federal Reserve’s new chairman, Kevin Warsh, plans to convene no fewer than five task forces to review the central bank’s methods and operations. They will ask how the Fed can improve its communications, balance-sheet policy, use of data, understanding of “productivity and jobs in an era of transformation,” and delivery of price stability.
Friedman was reasoning from the equation of exchange, MV = PQ. Money times velocity equals prices times real output. It’s an identity, not a theory. Where it gets interesting is when you ask which variable does the work.
Transformative new technologies and geopolitical tensions have become powerful disruptive forces, redefining business models, global supply chains and the economy. These seismic shifts are upending competitive dynamics across industries and drawing trillions of dollars in capital flows that we believe are reshaping the sources of long-term equity returns.
Markets have been hyper-focused on AI, crypto and buffer ETFs, but REIT ETFs have quietly staged an impressive comeback. The REIT terrain has shifted rapidly over recent years, and forward-looking investors and advisors have taken notice.
As expectations have shifted toward slower growth, higher inflation, and higher rates, investors have rotated back to sectors like large-cap technology and semiconductors, capable of delivering durable earnings in a tougher macro environment.
Circumstances since 2020 have repeatedly demonstrated how adaptable the economy is in the face of new challenges. We see no reason for that resilience to fade in the balance of the year.
During the past month, the ETF market has seen a wave of excitement surrounding a concentrated group of companies. While investors still want exposure to the tech giants that have dominated the past few years, the successful launch of SpaceX in early June created widespread anticipation for planned IPOs like Anthropic and OpenAI.
I’m hopeful new chair Kevin Warsh will help change the Fed’s inflation-tolerating institutional culture. Early signs look positive. Today we’ll talk about how insidious inflation is and why those who think a little inflation is fine should have their heads examined. It is not fine… for anyone.
The AI boom goes from strength to strength. Big technology companies are pouring hundreds of billions of dollars into chips, data centers and power-hungry infrastructure. One estimate puts annual AI infrastructure investment above $650 billion in 2025 and potentially over $800 billion in 2026..
Before your firm starts using AI across operations, client service, reporting, or advisor workflows, there’s one basic question leadership needs to answer: what kind of AI are we talking about?
This roller-coaster week for tech stocks from Seoul to New York fueled by extreme investor positioning and worries over chip demand is sending a strong signal: the case for the artificial-intelligence trade is still strong, but the days of everything going up in a straight line appear to be over.
The dollar is wrapping up one of its best months in a year as a raft of Wall Street banks see a turnaround of fortunes for the US currency.
SpaceX’s blockbuster bond sale is weakening so quickly in the secondary market that traders say they can’t recall another recent deal that widened this sharply.
In a world of high starting yields and rupturing economic alliances, investors who actively diversify across regions, sectors, and currencies can be better positioned to pursue durable returns.
As the market continues to broaden in 2026, a balanced approach matters more than ever.
AI is both a foundational technology and the ultimate replacement product, which we believe explains why it has attracted unprecedented levels of capital and why the investment opportunities are so compelling.
Kevin Warsh, the newly appointed Federal Reserve chair, led his first committee meeting in June. The decision to leave short-term interest rates unchanged didn’t surprise anybody, but there was plenty for markets to chew on. Warsh seems likely to make structural changes that may not impact near-term monetary policy but could matter much more to the US economy over the long run.
Halfway through 2026, this market perspective is harder to write with confidence than most. That’s not a phrase I use lightly. Over four decades of markets, there have been plenty of uncertain moments, but the number of significant, unresolved issues I’m watching right now is unusually high.
VettaFi currently has index products tied to ETFs issued by American Century, Victory Capital, and ALPS ETFs, but the addition of RAFI products issued by Invesco and PIMCO that are fundamentally weighted is really exciting, according to Rosenbluth.
Market professionals already on edge about the staying power of soaring artificial intelligence stocks are starting to grapple with another risk: public anger toward the technology.
President Donald Trump signed executive orders Monday aimed at accelerating quantum research, laying the groundwork for federal agencies to adopt the technology and strengthen US defenses against cyberattacks.
Alphabet Inc.’s addition to the Dow Jones Industrial Average marks another step in the benchmark’s effort to catch up with a market increasingly defined by Big Tech.
With back-to-back announcements this week, SK Hynix Inc. and Micron Technology Inc. have solidified the memory chip market as the hottest part of the AI industry.
According to Gleason, the freezing of Russian assets following the 2022 invasion of Ukraine accelerated the global push toward de-dollarization. Nations around the world took notice that access to the dollar-based financial system could be restricted, increasing the appeal of gold as a reserve asset that cannot be frozen or sanctioned by foreign governments.
Kevin Warsh’s first Federal Reserve meeting as chair mattered less for the rate decision than for what he revealed about how the Fed intends to operate. Warsh signaled a shift toward less guidance and more flexibility.
On May 5, 2026, researchers from Cleveland Clinic, RIKEN, and IBM successfully simulated a 12,635-atom protein complex using quantum-centric supercomputing, a problem relevant to drug discovery that classical computing could not match at comparable speed and accuracy.
Total-portfolio thinking is gaining momentum across institutional investing, with investors looking to adopt portfolio-wide approaches that integrate risk, liquidity, and capital allocation decisions. As institutions manage broader opportunity sets and place greater emphasis on portfolio integration, total-portfolio thinking is increasingly influencing how they set objectives, allocate capital, implement strategies, and govern portfolios.
In a digital-first environment, reputation is no longer a byproduct of success; it is an asset class in its own right. For ultra-high-net-worth families, reputation capital can influence investment opportunities, business partnerships, philanthropic impact, and multigenerational legacy. It can also be exposed, amplified, or undermined in real time.
It’s easy to understand why investors are skeptical about value stocks. After nearly two decades of chronic weakness, value’s strong rebound since early 2025 hasn’t offered enough proof that the turnaround has staying power.
That gap — between believing you are excellent and being able to prove it — is the central problem this article addresses. And solving it is precisely what “The 80/20 Manifesto” was written to do.
I have run sales teams, developed sales teams, trained salespeople and trained advisors for many years. Education is your best bet, but if people are focused on growth at all costs, sometimes they aren’t in a position to really listen.
Advisors have largely made up their minds about AI. What they have not settled is governance. AI adoption ran ahead of policy, the way it usually does, and the gap between the two is where the trouble starts.
US technology stocks rebounded, lifting key indexes, after the latest flareup of concerns about the scale of the artificial-intelligence-fueled rally wiped nearly $1.3 trillion from the market capitalization of Nasdaq 100 companies over the first two days of the week.
The most important development this week was not the Federal Reserve meeting itself, but the sharp and unexpected decline in oil prices. Just days ago, many market participants expected crude to remain elevated amid ongoing tensions in the Middle East. Instead, WTI crude briefly traded with a 73 handle, only modestly above its pre-conflict levels and far below the $90-$100 range that many feared.
Equities rallied after President Trump announced an agreement with Iran to end their conflict and reopen the Strait of Hormuz. The S&P 500 and the NASDAQ finished the holiday-shortened week with solid gains, led by the technology sector.
Alan Greenspan, the titan of global central banking who led the Federal Reserve during decades of prosperity, has died at 100, just when elements of his free-market philosophy are experiencing a renaissance.
Kevin Warsh, the newly appointed Federal Reserve chair, led his first committee meeting in June. The decision to leave short-term interest rates unchanged didn’t surprise anybody, but there was plenty for markets to chew on.
The ongoing World Cup showcases three countries working together. The USMCA review will reveal whether that cooperation extends beyond sport. A shared platform can continue to deliver strong outcomes, but only if the rules remain clear, stable and broadly accepted.
SpaceX is seeking to raise between $20 billion and $25 billion from a debut bond offering on Tuesday, after attracting about $30 billion of investor orders even before the sales process had formally begun, according to people with knowledge of the matter. At that size, the deal would rank among the biggest of the year, according to Bloomberg-compiled data.
U.S. equities posted a modest advance during the holiday-shortened trading week despite a Wednesday sell-off following a more hawkish than expected Federal Reserve meeting under its new chair, Kevin Warsh.
The rising debt burden of the U.S. government is becoming an increasingly serious economic concern. While it may not be an immediate crisis, it has the characteristics of a slow-moving domestic pandemic.
The corporate world is awash in capex. Leaders in the artificial intelligence (AI) arms race are pouring hundreds of billions of dollars into tech projects, and uncertainty surrounds their profitability. For now, the market rewards this use of cash, but it’s not without pitfalls. Share buybacks, for instance, are seen as a net loser, while the S&P 500® dividend yield has sunk toward all-time lows near 1%.
Nouriel Roubini, the economist known for predicting the 2008 financial crisis and later for his sharp criticism of crypto, is putting one of his investment products on the blockchain.
SpaceX launched a demonstration mission Tuesday to send a reusable capsule into space and then recover it, part of a new program that may allow the Elon Musk-led company to tap into the emerging market of in-space manufacturing.
On June 11, security researchers showed how to subvert OpenClaw, one of the most widely used AI agents. Instructions hidden in something as ordinary as a shared contact or a pinned location could make the agent run an attacker’s code and hand over its secrets.
The fixed income environment continues to project uncertainty, as higher-for-longer interest rates persist amid sticky inflation. Investors may want to lean on the expertise of active managers when deciding between an active and indexed fund.
The advisory profession is entering a new era. AI will not replace advisors — but advisors who use AI will replace those who don’t. And the actuarial approach is uniquely well suited to this transition.
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.
The US-Iran conflict – and its impact on oil prices – has dominated headlines over the past three months. Higher oil prices have pushed inflation to a three‑year high, reshaping the Federal Reserve’s rate outlook.
Humanoid robots grab headlines, but they are just a fraction of the physical AI ecosystem. Autonomous robots, drones, cobots, and eVTOLs are rapidly scaling across industrial and defense sectors.
On Monday, President Donald Trump announced that the U.S. and Iran have reached a peace deal to reopen the Strait of Hormuz, the 21-mile chokepoint through which roughly 20% of the world’s oil supply normally flows.
Discover why DoubleLine's Jeffrey Gundlach is urging a structural defensive rotation into emerging markets and international assets.
As geopolitical factors increasingly impact returns in a changing market, active portfolio management will become an increasingly necessary approach for advisors seeking to navigate uncertainty and deliver consistent results.
For the first time in four years, companies in emerging markets are beating profit estimates, giving investors a fresh reason to believe the bull market is just getting started.
Water utilities are selling bonds at a record pace to upgrade aging pipes and meet tougher regulations as they prepare for a potential pullback in federal funding.
SpaceX is selling investment-grade bonds for the first time in what’s expected to be the start of a massive borrowing spree to fund the company’s AI ambitions following its record $75 billion IPO.
Data center developers are struggling to connect to the power grid and, not unrelatedly, connect with people. Perhaps half the data center projects due to start operating this year won’t arrive on time, according to Currence, an artificial intelligence analytics firm.
At graduation ceremonies, audiences are often reminded to limit their audible reactions and hold applause, so that all graduates’ names can be heard. But a few viral videos this year showed a new disturbance to be managed: graduating students booing speakers if they extolled the virtues of artificial intelligence (AI).
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?
Artificial Intelligence
The Robot in the Room: Physical AI, Humanoids, and the Careers Your Clients' Kids Will Actually Have
Dr. Illah Nourbakhsh, Professor of Robotics at Carnegie Mellon University, brings his research expertise to a frank conversation about which jobs physical AI will genuinely displace, which are more resilient than the headlines suggest, and how families can make smarter decisions about education and career planning in a world where the robots are already showing up for work
Bitcoin Miners & the AI Infrastructure Opportunity
Join the team at CoinShares for an educational session exploring opportunities in bitcoin equities and how investors can capture the tailwinds generated by AI infrastructure.
Enhanced index using AI: What if your core did a bit more?
What if your core equity allocation could work a little harder for you? Join David Wright, Head of Quantitative Investments at Pictet Asset Management, as he explains how a proprietary, tree based machine learning approach seeks to outperform the benchmark while maintaining a similar risk profile and low tracking error. He’ll walk through how the strategy is engineered and, most importantly for advisors, where it can fit in a portfolio.
The Mid-Year Renewable Energy Market Update: War, AI and the Ongoing Energy Transition
Join the experts at SS&C ALPS Advisors and CIBC Private Wealth for a product due diligence session covering the ALPS Clean Energy ETF (ACES).
Estate Plans Designed Before OBBBA May Now Be Costing Your Clients Money
The OBBBA created something the industry rarely gets: a defined planning window without a hard deadline attached. Exemptions are historically high, the law has no sunset, and there's a real body of existing work that needs revisiting. The advisors who treat this as an opportunity, rather than waiting for a client to ask, will drive much stronger outcomes compared to those who don’t.
Financial Matchmaking: Why Potential Partners’ Money Beliefs Matter
Even people whose money beliefs and behaviors align more closely are not necessarily an ideal match. Partners whose predominant money scripts fall into the money vigilance category may both track expenses, openly discuss finances, and hold similar values around saving.
AI Might Be a Great Investment, But Not for the Government
These are dark days for free-market economists when one of the few areas of bipartisan consensus is for a terrible idea: Both Vice President JD Vance and Senator Bernie Sanders want the federal government to take an explicit stake in AI firms.
How 2026’s Philanthropic ETFs ASD & DUTY Invest
The ETF ecosystem is always changing and growing. Thanks to the ETF’s flexibility, transparency, and tradability, it can help investors achieve plenty of bespoke goals. That even includes investing with an eye towards philanthropic causes as with philanthropic ETFs ASD and DUTY.
Chip Stocks’ Best Quarter Ever Is Ending With Some Wild Swings
Chip stocks are heading for their best quarter ever, extending an extraordinary start to the year driven by insatiable demand for artificial intelligence equipment. But after recent jitters sent the stocks tumbling, investors are wondering how much further the rally can go.
HSBC Says ‘Explosive’ Dollar Rally Is Among Biggest Pain Trades
A sharp rise in the dollar may emerge as one of the biggest “pain trades” in the second half of the year, according to HSBC Holdings Plc.
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.
Record Retail Inflows: Where Is All The Money Coming From?
The money is REAL. The question was never whether it exists. It’s who’s spending it, and what they borrowed to do it. When the wall of cash and the bottom half finally commit to risk at the same moment the Fed turns hawkish, that’s not the start of something. That’s the part of the cycle where the careful investor gets paid to be careful.
Four Lessons Brexit Taught Me About Gold and Protecting Your Wealth
Ten years ago this week, the world watched the United Kingdom vote to walk away from the European Union. While the political class was clutching its pearls and every talking head on television was promising Armageddon by Christmas, I told you something different.
Alan Greenspan, RIP
Alan Greenspan passed away last week at the ripe old age of 100. Other than presidents, few Americans have wielded as much power in the arena of economic policy as Greenspan did during his roughly eighteen years and five months at the helm of the Federal Reserve.
Rotation Nation. Large-Cap Growth on Sale.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
Commodities Midyear Outlook 2026: Is There Still Room to Run?
Despite strong gains in 2026 so far, commodities have remained supported by constrained supply, resilient demand and long investment lead times, pointing to a cycle that seems to remain fundamentally intact.
What Makes an Advisory Firm Easy to Refer? (And Why Many Fail This Test)
Whether you’re a seasoned RIA owner looking to accelerate organic growth or a next-gen Advisor building your practice from the ground up, the same fundamentals apply: say clearly who you help, show up consistently where prospects look, and make sure your online presence tells the right story.
Investing is Hard Enough: Here's How to Avoid Obvious Mistakes
Investing is hard enough - This video explains why avoiding overpaying for stocks is one of the most important principles of successful long-term investing. Chuck Carnevale argues that while investing is never risk-free, many costly mistakes can be avoided by understanding a company's intrinsic value rather than reacting to market emotions.
The Credit Market Lens: What BDC Redemptions and NAV Pressures Mean for Investors
A widening confidence gap in non-traded investment vehicles is testing private credit valuations, sharpening the case for manager selection and diversification beyond direct lending.
Markets: What to Watch Midway Through 2026
It’s hard to believe we’re nearing the halfway point of 2026 – and what an eventful start it’s been. Markets have pushed through a geopolitically driven energy shock, rising inflation pressures and accelerating disruption from the artificial intelligence boom.
Can AI Deliver Lasting Growth?
AI infrastructure spending is driving record equity market raisings and has lifted expectations for long-term GDP growth in the US. But what will happen to growth when the AI capex surge has peaked? Today’s elevated long-bond yields suggest that the market expects AI-related productivity gains to support faster growth over the longer term.
FOMO in Market Cycles
What has started to stand out more recently is not the opportunity itself, but the behavior forming around it. The conversation has shifted. It is no longer centered on understanding what is being built or how it will be monetized over time.
What the Top 10 Active ETFs YTD Can Tell Us
The top 10 active ETFs YTD by fund flows show some intriguing trends and successful names that may pique the interest.
Why Planning, Not Prediction, Wins in Volatile Markets
Markets will continue to shift. Headlines will change. Volatility will come and go. What endures is the value of having a thoughtful, well-constructed plan. Planning creates structure during uncertain periods and helps clients stay focused on long-term goals instead of short-term noise.
Old Lessons From Jesse Livermore for Today’s Market
Jesse Livermore’s prolific trading stories about the fortunes he made and lost are well documented in two books. While his career was marked by the incredible volatility of his wealth, and some consider him a failure as he died broke, his market knowledge is invaluable. Accordingly, we share his 21 market rules.
The SPIVA Scorecard Does Not Capture the Actual Experience of Investors
The way the SPIVA U.S. Scorecard evaluates performance is not well aligned with the experience of investors. Adjusting for this reveals a more balanced view of active fund performance. While active and passive U.S. equity funds perform similarly, active bond funds tend to outperform.
SpaceX Pushes US Share Sales to Record $251 Billion at Midyear
Wall Street bankers are on a high after record-setting offerings from SpaceX and Google parent Alphabet Inc., lifting expectations for deal activity in the rest of 2026. More deals are on the way, including a steady stream of initial public offerings in the coming weeks, and a potential mega-deal for Anthropic PBC as soon as October.
Europe’s Boldest Tech Startups Are Reaching for US SPACs Again
European firms in critical sectors like nuclear energy and quantum computing are flocking to the US, despite efforts by European authorities and bourses to make the region’s markets more appealing and accessible.
Microsoft’s $530 Billion Rout Sets Up Its Worst Month Since 2008
Microsoft Corp. shares are heading for their worst month in years as investors continue to fret about how the software giant will fare in a world marked by artificial intelligence.
Fixing Social Security Is Urgent — and Difficult
Social Security is now just six years away from insolvency, according to the latest annual assessment. Many in Congress might like to keep on ignoring the problem, as they have for years, but this won’t be an option much longer. Senators elected in November will see the system’s trust fund empty during their terms.
The Fed Needs to Follow the Rules. But Which One?
The Federal Reserve’s new chairman, Kevin Warsh, plans to convene no fewer than five task forces to review the central bank’s methods and operations. They will ask how the Fed can improve its communications, balance-sheet policy, use of data, understanding of “productivity and jobs in an era of transformation,” and delivery of price stability.
Friedman Was Right, Just Mostly Misquoted.
Friedman was reasoning from the equation of exchange, MV = PQ. Money times velocity equals prices times real output. It’s an identity, not a theory. Where it gets interesting is when you ask which variable does the work.
Thematic Equity Investing in a World of Disruption and Realignment
Transformative new technologies and geopolitical tensions have become powerful disruptive forces, redefining business models, global supply chains and the economy. These seismic shifts are upending competitive dynamics across industries and drawing trillions of dollars in capital flows that we believe are reshaping the sources of long-term equity returns.
REIT ETFs: Real Estate’s Quiet Revival
Markets have been hyper-focused on AI, crypto and buffer ETFs, but REIT ETFs have quietly staged an impressive comeback. The REIT terrain has shifted rapidly over recent years, and forward-looking investors and advisors have taken notice.
Tech Rally Grounded in Fundamentals
As expectations have shifted toward slower growth, higher inflation, and higher rates, investors have rotated back to sectors like large-cap technology and semiconductors, capable of delivering durable earnings in a tougher macro environment.
Mid-Year Themes
Circumstances since 2020 have repeatedly demonstrated how adaptable the economy is in the face of new challenges. We see no reason for that resilience to fade in the balance of the year.
From Tech Giants to MANGOS: A New ETF Trend Emerges
During the past month, the ETF market has seen a wave of excitement surrounding a concentrated group of companies. While investors still want exposure to the tech giants that have dominated the past few years, the successful launch of SpaceX in early June created widespread anticipation for planned IPOs like Anthropic and OpenAI.
Inflation Sinks Deeper
I’m hopeful new chair Kevin Warsh will help change the Fed’s inflation-tolerating institutional culture. Early signs look positive. Today we’ll talk about how insidious inflation is and why those who think a little inflation is fine should have their heads examined. It is not fine… for anyone.
Is AI Inflationary or Deflationary?
The AI boom goes from strength to strength. Big technology companies are pouring hundreds of billions of dollars into chips, data centers and power-hungry infrastructure. One estimate puts annual AI infrastructure investment above $650 billion in 2025 and potentially over $800 billion in 2026..
Open vs. Closed AI: What Advisory Firm Leaders Need to Know
Before your firm starts using AI across operations, client service, reporting, or advisor workflows, there’s one basic question leadership needs to answer: what kind of AI are we talking about?
AI Trade’s Bruising Week Forces Investors to Be More Selective
This roller-coaster week for tech stocks from Seoul to New York fueled by extreme investor positioning and worries over chip demand is sending a strong signal: the case for the artificial-intelligence trade is still strong, but the days of everything going up in a straight line appear to be over.
Wall Street Embraces Dollar as Warsh’s Fed Activates Bulls
The dollar is wrapping up one of its best months in a year as a raft of Wall Street banks see a turnaround of fortunes for the US currency.
Bond Traders Stunned as Losses on SpaceX’s New Debt Keep Growing
SpaceX’s blockbuster bond sale is weakening so quickly in the secondary market that traders say they can’t recall another recent deal that widened this sharply.
Global Bond Diversification: Higher Yields and New Opportunities for Alpha
In a world of high starting yields and rupturing economic alliances, investors who actively diversify across regions, sectors, and currencies can be better positioned to pursue durable returns.
Market Broadening, AI, and the Case for Diversification
As the market continues to broaden in 2026, a balanced approach matters more than ever.
AI Is a Secular Growth Unicorn
AI is both a foundational technology and the ultimate replacement product, which we believe explains why it has attracted unprecedented levels of capital and why the investment opportunities are so compelling.
The Federal Reserve’s New Leader Lays Out His Agenda
Kevin Warsh, the newly appointed Federal Reserve chair, led his first committee meeting in June. The decision to leave short-term interest rates unchanged didn’t surprise anybody, but there was plenty for markets to chew on. Warsh seems likely to make structural changes that may not impact near-term monetary policy but could matter much more to the US economy over the long run.
More Moving Parts Than Usual: A Mid-2026 Market Perspective
Halfway through 2026, this market perspective is harder to write with confidence than most. That’s not a phrase I use lightly. Over four decades of markets, there have been plenty of uncertain moments, but the number of significant, unresolved issues I’m watching right now is unusually high.
Rosenbluth Discusses Thematics & RAFI Acquisition on Schwab Network
VettaFi currently has index products tied to ETFs issued by American Century, Victory Capital, and ALPS ETFs, but the addition of RAFI products issued by Invesco and PIMCO that are fundamentally weighted is really exciting, according to Rosenbluth.
AI Backlash Is the Risk Wall Street Fears Can Stop Tech Stocks
Market professionals already on edge about the staying power of soaring artificial intelligence stocks are starting to grapple with another risk: public anger toward the technology.
Trump Orders US to Speed Quantum Adoption, Boost Cyber Defenses
President Donald Trump signed executive orders Monday aimed at accelerating quantum research, laying the groundwork for federal agencies to adopt the technology and strengthen US defenses against cyberattacks.
Alphabet’s Dow Debut Shows Index Headache in Tech-Driven Economy
Alphabet Inc.’s addition to the Dow Jones Industrial Average marks another step in the benchmark’s effort to catch up with a market increasingly defined by Big Tech.
SK Hynix, Micron Solidify the Memory Chip as Runaway Star of AI
With back-to-back announcements this week, SK Hynix Inc. and Micron Technology Inc. have solidified the memory chip market as the hottest part of the AI industry.
Gold, Fort Knox, and the Dollar’s Future
According to Gleason, the freezing of Russian assets following the 2022 invasion of Ukraine accelerated the global push toward de-dollarization. Nations around the world took notice that access to the dollar-based financial system could be restricted, increasing the appeal of gold as a reserve asset that cannot be frozen or sanctioned by foreign governments.
Will Greater Monetary Policy Uncertainty Lead to Tighter Financial Conditions?
Kevin Warsh’s first Federal Reserve meeting as chair mattered less for the rate decision than for what he revealed about how the Fed intends to operate. Warsh signaled a shift toward less guidance and more flexibility.
Why the Tech Giants Are Always in the Room
On May 5, 2026, researchers from Cleveland Clinic, RIKEN, and IBM successfully simulated a 12,635-atom protein complex using quantum-centric supercomputing, a problem relevant to drug discovery that classical computing could not match at comparable speed and accuracy.
The Rise of Total Portfolio Investing
Total-portfolio thinking is gaining momentum across institutional investing, with investors looking to adopt portfolio-wide approaches that integrate risk, liquidity, and capital allocation decisions. As institutions manage broader opportunity sets and place greater emphasis on portfolio integration, total-portfolio thinking is increasingly influencing how they set objectives, allocate capital, implement strategies, and govern portfolios.
Managing Family Reputation Capital in a Digital-First World
In a digital-first environment, reputation is no longer a byproduct of success; it is an asset class in its own right. For ultra-high-net-worth families, reputation capital can influence investment opportunities, business partnerships, philanthropic impact, and multigenerational legacy. It can also be exposed, amplified, or undermined in real time.
Value Stocks: The Cash-Flow Case for a Continuing Comeback
It’s easy to understand why investors are skeptical about value stocks. After nearly two decades of chronic weakness, value’s strong rebound since early 2025 hasn’t offered enough proof that the turnaround has staying power.
Can You Prove You're Better? Understanding ‘The 80/20 Manifesto’
That gap — between believing you are excellent and being able to prove it — is the central problem this article addresses. And solving it is precisely what “The 80/20 Manifesto” was written to do.
Education Is Key for Effecting Change
I have run sales teams, developed sales teams, trained salespeople and trained advisors for many years. Education is your best bet, but if people are focused on growth at all costs, sometimes they aren’t in a position to really listen.
3 AI Governance Failures in Financial Advisory: What the File Needs to Show
Advisors have largely made up their minds about AI. What they have not settled is governance. AI adoption ran ahead of policy, the way it usually does, and the gap between the two is where the trouble starts.
Tech Stocks Lead Bounce After $1.3 Trillion Rout on Nasdaq 100
US technology stocks rebounded, lifting key indexes, after the latest flareup of concerns about the scale of the artificial-intelligence-fueled rally wiped nearly $1.3 trillion from the market capitalization of Nasdaq 100 companies over the first two days of the week.
Disinflation Trend Keeps Rate Hikes Unlikely
The most important development this week was not the Federal Reserve meeting itself, but the sharp and unexpected decline in oil prices. Just days ago, many market participants expected crude to remain elevated amid ongoing tensions in the Middle East. Instead, WTI crude briefly traded with a 73 handle, only modestly above its pre-conflict levels and far below the $90-$100 range that many feared.
Iran Peace Deal Leads Equities Higher
Equities rallied after President Trump announced an agreement with Iran to end their conflict and reopen the Strait of Hormuz. The S&P 500 and the NASDAQ finished the holiday-shortened week with solid gains, led by the technology sector.
Greenspan’s Stumbles Hold Lessons for Warsh’s Fed
Alan Greenspan, the titan of global central banking who led the Federal Reserve during decades of prosperity, has died at 100, just when elements of his free-market philosophy are experiencing a renaissance.
The Federal Reserve’s New Leader Lays Out His Agenda
Kevin Warsh, the newly appointed Federal Reserve chair, led his first committee meeting in June. The decision to leave short-term interest rates unchanged didn’t surprise anybody, but there was plenty for markets to chew on.
North America’s Trade Test
The ongoing World Cup showcases three countries working together. The USMCA review will reveal whether that cooperation extends beyond sport. A shared platform can continue to deliver strong outcomes, but only if the rules remain clear, stable and broadly accepted.
SpaceX’s Quickfire Investment-Grade Rating Brings Out Skeptics
SpaceX is seeking to raise between $20 billion and $25 billion from a debut bond offering on Tuesday, after attracting about $30 billion of investor orders even before the sales process had formally begun, according to people with knowledge of the matter. At that size, the deal would rank among the biggest of the year, according to Bloomberg-compiled data.
Fed Signals Keep Rate Risks in Focus
U.S. equities posted a modest advance during the holiday-shortened trading week despite a Wednesday sell-off following a more hawkish than expected Federal Reserve meeting under its new chair, Kevin Warsh.
U.S. Debt, Interest Rates, and the Opportunity in High-Quality Bonds
The rising debt burden of the U.S. government is becoming an increasingly serious economic concern. While it may not be an immediate crisis, it has the characteristics of a slow-moving domestic pandemic.
Beyond AI: Where Investors Can Still Find Dividend Growth in 2026
The corporate world is awash in capex. Leaders in the artificial intelligence (AI) arms race are pouring hundreds of billions of dollars into tech projects, and uncertainty surrounds their profitability. For now, the market rewards this use of cash, but it’s not without pitfalls. Share buybacks, for instance, are seen as a net loser, while the S&P 500® dividend yield has sunk toward all-time lows near 1%.
Crypto Critic Nouriel Roubini Finds a Use for the Blockchain
Nouriel Roubini, the economist known for predicting the 2008 financial crisis and later for his sharp criticism of crypto, is putting one of his investment products on the blockchain.
SpaceX Launches Starfall Mission for In-Space Manufacturing
SpaceX launched a demonstration mission Tuesday to send a reusable capsule into space and then recover it, part of a new program that may allow the Elon Musk-led company to tap into the emerging market of in-space manufacturing.
What Companies Adapting to AI Can Learn From the Plague
On June 11, security researchers showed how to subvert OpenClaw, one of the most widely used AI agents. Instructions hidden in something as ordinary as a shared contact or a pinned location could make the agent run an attacker’s code and hand over its secrets.
Unlocking Active Alpha in Fixed Income with Fidelity
The fixed income environment continues to project uncertainty, as higher-for-longer interest rates persist amid sticky inflation. Investors may want to lean on the expertise of active managers when deciding between an active and indexed fund.
Why It’s Time for Advisors to Add the Actuarial Approach — & Copilot — to Their Retirement Toolkit
The advisory profession is entering a new era. AI will not replace advisors — but advisors who use AI will replace those who don’t. And the actuarial approach is uniquely well suited to this transition.
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.
How a US-Iran Deal Could Influence the Economy and Financial Markets
The US-Iran conflict – and its impact on oil prices – has dominated headlines over the past three months. Higher oil prices have pushed inflation to a three‑year high, reshaping the Federal Reserve’s rate outlook.
Physical AI & Global Reshoring Beyond the Humanoid Hype
Humanoid robots grab headlines, but they are just a fraction of the physical AI ecosystem. Autonomous robots, drones, cobots, and eVTOLs are rapidly scaling across industrial and defense sectors.
A Quarter Century of Data Says the Airline Opportunity Could Just Be Getting Started
On Monday, President Donald Trump announced that the U.S. and Iran have reached a peace deal to reopen the Strait of Hormuz, the 21-mile chokepoint through which roughly 20% of the world’s oil supply normally flows.
Meet the New Boss. Different from the Old Boss.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
Why the Bond King is Betting on Hikes, Hype & Global Rotation
Discover why DoubleLine's Jeffrey Gundlach is urging a structural defensive rotation into emerging markets and international assets.
A New Market Calls for Fresh Investing Strategies
As geopolitical factors increasingly impact returns in a changing market, active portfolio management will become an increasingly necessary approach for advisors seeking to navigate uncertainty and deliver consistent results.
Soaring Profits in Emerging Markets Build Case for a Raging Bull Market
For the first time in four years, companies in emerging markets are beating profit estimates, giving investors a fresh reason to believe the bull market is just getting started.
Record $21 Billion Water Bonds Sold With Trump Budget Cuts Ahead
Water utilities are selling bonds at a record pace to upgrade aging pipes and meet tougher regulations as they prepare for a potential pullback in federal funding.
SpaceX Bankers Kick Off Marketing for Debut High-Grade Bond Sale
SpaceX is selling investment-grade bonds for the first time in what’s expected to be the start of a massive borrowing spree to fund the company’s AI ambitions following its record $75 billion IPO.
Are Backyard Data Centers an Answer to AI's Biggest Problem?
Data center developers are struggling to connect to the power grid and, not unrelatedly, connect with people. Perhaps half the data center projects due to start operating this year won’t arrive on time, according to Currence, an artificial intelligence analytics firm.
AI Downsides Dominate Discourse
At graduation ceremonies, audiences are often reminded to limit their audible reactions and hold applause, so that all graduates’ names can be heard. But a few viral videos this year showed a new disturbance to be managed: graduating students booing speakers if they extolled the virtues of artificial intelligence (AI).
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?