Trade pacts with America will not mean a return to the old normal.
Investors dumped US stocks Wednesday afternoon following a disappointing Treasury auction that sent bond yields surging past levels seen during April’s market rout.
As one of the world’s largest sovereign wealth funds warned this week that private equity is “very troubled” right now, a spate of recent buyout deals in Europe and the US points to a possible route out of the mire.
In a year dominated by multimodal marvels and reasoning breakthroughs, perhaps the most economically significant shift in AI went largely underplayed: cost collapse.
In the aftermath of the 2018 trade skirmishes with China and the pandemic, nearshoring and friendshoring quickly became buzzwords. But like many other catch phrases, these two may soon fade from usage and memory.
Common sense and economic theory often collide. Take the stubborn belief that government stimulus spending and debt issuance reliably boost economic growth. It is a simple and seductive idea—when the economy falters, the government can step in, inject capital, and jumpstart growth.
The shifting change in market leadership to international outperformance may call for a portfolio review to assess overexposure risks.
Innovative ETFs are making waves as investors look for fresh ways to navigate a market marked by rapid growth and ongoing volatility.
Bitcoin options traders are setting their sights on much higher prices while the largest cryptocurrency flirts with its fairly recent all-time high.
Nvidia Corp. chief Jensen Huang blasted the “failure” of US restrictions intended to help contain China’s technological ascent, calling on the White House to lower barriers to AI chip sales before American firms cede that market to up-and-coming rivals such as Huawei Technologies Co.
With mainstream investment products increasingly finding a second home on the blockchain, it’s a good time to ask what role central banks would play if everything they have learned while policing double-entry bookkeeping over the last 350 years becomes irrelevant.
Last week I talked about the upward sloping Treasury yield curve, a welcome change from the inverted yield curve that lingered for years. The upward sloping curve means that investors are rewarded more for taking on duration.
As investors, we need to step back and examine the history of previous debt downgrades and their outcomes for the stock and bond markets. Let’s start with what Moody’s rating agency stated about its rating change.
Moody’s Ratings has followed S&P Global Ratings and Fitch Ratings in stripping the US of its top-notch credit score, lowering it one level to Aa1.
Globalt remains conservatively positioned with an underweight in global equities, and neutral duration in fixed income.
Stephen Hemsley never fully dropped the reins when he stepped down as UnitedHealth Group Inc.’s chief executive officer eight years ago. With the health giant in crisis, he’s taking back his old job – and confronting one of the toughest turnaround tasks any executive has ever faced.
Goldman Sachs Group Inc. is looking to open more offices and boost headcount in the Middle East, joining Wall Street peers expanding in the region to tap its deep pools of capital.
Traders plowed cash into exchange-traded funds that buy emerging market stocks for a fourth straight week as risk-apetite grew, turning flows this year positive for the first time since early April.
President Donald Trump’s first overseas trip since returning to the White House is turning heads across the aerospace & defense and semiconductor industries.
With financial markets whipsawing on every tweet and press release, Maharrey urged listeners to step back, take a breath, and consider the big picture — particularly on the issues of debt, inflation, and de-dollarization.
President Trump’s tariff maneuvers sent financial markets on a rollercoaster. The shock from his aggressive trade policies triggered a surge in volatility, briefly pushing the VIX above 50 – an extremely rare event.
Macroeconomic and structural trends are finally moving in favor of emerging local currency bonds, after recent setbacks.
The signal of announcing trade pacts is an important start.
The geography of employment in the US is being shaped by two distinct trends. The first is low levels of housing churn and, therefore, interstate migration, a normal part of the business cycle that should eventually turn around.
Recent revisions to the IMF’s World Economic Outlook reflect a sobering message: the world economy is entering a more volatile and fragmented era.
After Friday’s close, Moody’s downgraded U.S. treasuries, as S&P had 14 years ago, in 2011. I criticized the downgrade then…and I do now. The government cannot technically default, as the Fed can always buy the bonds for any auction.
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research, Todd Rosenbluth, discussed the Thornburg International Equity ETF (TXUE) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
The shareholder meeting began to be streamed about ten years ago, but that has had no impact on attendance. This is one reason why I think Buffett is at peace with the idea of no longer presiding at the meeting – people will still come to Omaha the weekend before Mother’s Day.
This is the story of how we got to a moment in history defined by global and national crises. It is the story about how a radical geopolitical transition is taking place as old socio-economic and institutional cycles in the US end and new ones begin.
US stocks delivered their second-best weekly gain of the year on Friday, as Big Tech fueled a rally that brought the S&P 500 Index closer to an all-time high set nearly three months ago.
Nvidia Corp. Chief Executive Officer Jensen Huang outlined plans to let customers deploy rivals’ chips in data centers built around its technology, a move that acknowledges the growth of in-house semiconductor development by major clients from Microsoft Corp. to Amazon.com Inc.
Long-dated Treasuries fell on Monday as investor attention turned to the US’ ballooning debt after Moody’s Ratings stripped the nation of its last top credit rating.
Wall Street’s emerging-market faithful are finally seeing better returns after missing out for years as US stocks soared.
The recent rally began when Treasury Secretary Scott Bessent struck a more conciliatory tone with China, saying he expected a de-escalation shortly.
Chief Economist Eugenio J. Alemán discusses current economic conditions.
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.
While equities are on their way to recovering January 1 levels, enhanced volatility lends itself to active ETF strategies this year.
If only Europe could offer property investors the kind of buffet the US provides. For now, its listed real estate sector is fragmented and dysfunctional, the raison d’etre seemingly to create cheap takeover targets for buyout firms.
President Donald Trump said he would set tariff rates for US trading partners “over the next two to three weeks,” saying his administration lacks the capacity to negotiate deals with all of its trading partners.
Global funds are pouring money back into India, driving billion-dollar corporate financing deals and sending stocks prices to near a seven-month high, as investors bet that Asia’s third-largest economy can emerge as a winner in President Donald Trump’s trade war.
Emirates Global Aluminium plans to start building a $4 billion plant in Oklahoma next year as Donald Trump pushes for massive investments from oil-rich Gulf states to avoid his tariffs.
The 90-day reduction on tariffs between the US and China is a positive development, but some questions remain.
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).
We maintain a focus on resiliency as elevated yields within high quality fixed income continue to offer attractive opportunities.
Despite the announcement of new tariffs, long-term inflation expectations—as measured by the 5y5y inflation rate—have remained stable
On Monday, the U.S. and China announced they will temporarily suspend the high import tariffs they imposed on each other earlier this year.
Builder confidence fell sharply in May as uncertainty stemming from elevated rates, tariffs, building costs, and the cloudy economic outlook dragged builder sentiment to its lowest level in 18 months.
The selloff in Japan’s long-dated bonds is drawing international investors, who expect the securities to rebound as global trade turmoil abates.
Saudi Arabia is ramping up efforts to lure high frequency trading firms — a campaign that’s already brought in major players from Citadel Securities to Hudson River Trading — as it looks to bolster activity on the Middle East’s largest stock market.
Gold steadied as investors pulled away from risky assets and waited for more clues on the Federal Reserve’s rate path.
JPMorgan Chase & Co.’s chief of global markets strategy said the US could dodge a recession as the probability of that scenario has decreased following better clarity over global trade.
China has been a focal point of American trade policy for many years, but tensions were escalated early in the second Trump term.
The agreement between the US and China to roll back their respective tariffs for 90 days has led to renewed optimism that the worst of America’s trade wars is over.
Equity investors pushed back into the market by a relentless rally are about to find out that the real challenge is just beginning.
Anyone betting on the end of the private credit boom has been on the back foot of late as the upstart $1.6 trillion asset class has notched up a string of wins. But the industry’s naysayers won’t be conceding defeat just yet.
Warren Buffett has finally answered a question that has long intrigued investors: What sparked his interest in five Japanese trading houses in 2020, a bet that is now worth more than $25 billion?
Flows of gold into Asian ETFs exploded in April, driving global ETF gold holdings higher for the fifth straight month.
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.
The U.S. may not walk back all of the new tariffs.
Alexandra Levis, Founder & CEO of Arro Financial Communications, provides an in-depth look at how ETF issuers should think about approaching marketing. VettaFi’s Roxanna Islam breaks down some of the year’s top-performing ETFs, from international plays to precious metals.
While the U.S. and U.K. have different economic and regulatory landscapes, there are clear opportunities for the U.S. to improve retirement readiness by adopting some best practices from across the pond.
In 2025, liquidity is not a background variable — it's a front-line risk factor, one that’s being tested repeatedly as global markets navigate a web of geopolitical uncertainty and macroeconomic signals.
The price of Wegovy, Novo Nordisk’s blockbuster weight-loss drug, is $1,349 a month in the US; in Germany, it’s $328. The US price for Keytruda, a cancer treatment, is $191,000 a year; in Japan, it’s $44,000.
Companies are launching a number of debt deals designed to pay out a dividend to their private equity owners, at a time when buyout firms are under pressure to return money to clients.
US inflation rose by less than forecast in April amid tame prices for clothing and new cars, suggesting little urgency so far by companies to pass along the cost of higher tariffs to consumers.
Global AI, a US tech firm, plans to collaborate with a Saudi Arabian artificial intelligence venture, Humain, in an agreement expected to be worth billions of dollars, according to a person familiar with the mattter.
A wave of municipal-bond sales scheduled for this week will test a recent rebound in buyer demand after investors sold their holdings during April’s market rout.
The roller coaster continues! A stronger than expected first quarter earnings season and encouraging signs on the trade front—highlighted by the US-UK trade deal—helped lift the S&P 500 from its April 8 near-bear market lows, reversing nearly all post-Liberation Day (April 2) losses.
China and the U.S. conducted their first formal trade talks of 2025 over the weekend. And on Monday, May 12, they announced the outcome of their negotiations.
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.
Seven of the nine indexes on our world watch list have posted gains through May 12, 2025. Hong Kong's Hang Seng is in the top spot with a year to date gain of 20.01%. Germany's DAXK is in second with a year to date gain of 15.71% while France's CAC 40 is in third with a year to date gain of 6.24%.
Today Tesla is not trading based on car sales but on future dreams of self-driving robo-taxis, robots, semis, and whatever else Elon dreams up. The car company may be worth $100 billion to $180 billion; the rest is what investors are willing to pay for Elon’s dreams.
As April’s volatility storm fades into memory, traders are left balancing calmer markets and the ever-present risk of a fresh round of headline shocks.
For most of human history, an enchanted box that contained all knowledge and answered all questions would’ve been the stuff of allegory. For modern internet users, Google is one more thing to take for granted.
A KKR & Co. debt sale shows how far Wall Street is willing to go to keep leveraged underwriting business from slipping away to private credit after periods of turmoil.
The dollar soared and Treasuries fell as the trade war between China and the US eased, stoking appetite for risk assets.
The US and China will temporarily lower tariffs on each other’s products in a dramatic ratcheting down of trade tensions that buys the world’s two largest economies three months to work toward a broader agreement.
With Wall Street kicking off another rally, American stocks are now trading like Donald Trump’s “Liberation Day” shock never happened.
I’ve been writing about tariffs for a couple of months now, focusing mostly on the macroeconomic harm and the costs they impose on small businesses. Today I want to consider something else: the new risks they are adding to the financial system alongside the old risks.
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."
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.
China drove the surge in retail investment demand, charting the second strongest quarter on record.
US equity investors will be watching closely as trade talks kick off between the Trump administration and China, with trillions of dollars hanging in the balance for American companies.
US stocks opened higher Friday as traders weighed comments from President Donald Trump suggesting that an 80% tariff on China seemed right, just as negotiations between the two countries are set to begin on Saturday.
The culture clash between Bitcoin enthusiasts and gold bugs is about to be played out in the world of exchange-traded funds.
Central banks continued to stockpile gold in the first quarter.
Asian/European Markets
A New Dawn?
Trade pacts with America will not mean a return to the old normal.
Market Tests Investors’ Nerves as Stocks Sell Off After Auction
Investors dumped US stocks Wednesday afternoon following a disappointing Treasury auction that sent bond yields surging past levels seen during April’s market rout.
Private Equity's Big Guns Are Tearing Up the Rules on Leverage
As one of the world’s largest sovereign wealth funds warned this week that private equity is “very troubled” right now, a spate of recent buyout deals in Europe and the US points to a possible route out of the mire.
The Real AI Revolution Is Accessibility
In a year dominated by multimodal marvels and reasoning breakthroughs, perhaps the most economically significant shift in AI went largely underplayed: cost collapse.
The Friendshoring Dilemma
In the aftermath of the 2018 trade skirmishes with China and the pandemic, nearshoring and friendshoring quickly became buzzwords. But like many other catch phrases, these two may soon fade from usage and memory.
Stimulus Does Not Stimulate
Common sense and economic theory often collide. Take the stubborn belief that government stimulus spending and debt issuance reliably boost economic growth. It is a simple and seductive idea—when the economy falters, the government can step in, inject capital, and jumpstart growth.
Why International and Why Now
The shifting change in market leadership to international outperformance may call for a portfolio review to assess overexposure risks.
First-of-Their-Kind Innovative ETFs Launched in 2025
Innovative ETFs are making waves as investors look for fresh ways to navigate a market marked by rapid growth and ongoing volatility.
Bitcoin Options Traders Eye $300,000 With Record High In Sight
Bitcoin options traders are setting their sights on much higher prices while the largest cryptocurrency flirts with its fairly recent all-time high.
Nvidia CEO Urges US to Ease AI Curbs After ‘Failure’ With China
Nvidia Corp. chief Jensen Huang blasted the “failure” of US restrictions intended to help contain China’s technological ascent, calling on the White House to lower barriers to AI chip sales before American firms cede that market to up-and-coming rivals such as Huawei Technologies Co.
What Will Central Banks do When Tokens Replace Money?
With mainstream investment products increasingly finding a second home on the blockchain, it’s a good time to ask what role central banks would play if everything they have learned while policing double-entry bookkeeping over the last 350 years becomes irrelevant.
Growing U.S. Debt – Trouble Ahead?
Last week I talked about the upward sloping Treasury yield curve, a welcome change from the inverted yield curve that lingered for years. The upward sloping curve means that investors are rewarded more for taking on duration.
Moody’s Debt Downgrade – Does It Matter?
As investors, we need to step back and examine the history of previous debt downgrades and their outcomes for the stock and bond markets. Let’s start with what Moody’s rating agency stated about its rating change.
Moody’s Market Jolt Will Leave Its Mark
Moody’s Ratings has followed S&P Global Ratings and Fitch Ratings in stripping the US of its top-notch credit score, lowering it one level to Aa1.
Changing the World Takes Time
Globalt remains conservatively positioned with an underweight in global equities, and neutral duration in fixed income.
The Man Who Built UnitedHealth Into an Industry Giant Now Has to Turn It Around
Stephen Hemsley never fully dropped the reins when he stepped down as UnitedHealth Group Inc.’s chief executive officer eight years ago. With the health giant in crisis, he’s taking back his old job – and confronting one of the toughest turnaround tasks any executive has ever faced.
Goldman to Boost Middle East Headcount, Eyes Wealth Fund Deals
Goldman Sachs Group Inc. is looking to open more offices and boost headcount in the Middle East, joining Wall Street peers expanding in the region to tap its deep pools of capital.
Emerging Market ETFs See Fourth Consecutive Week of Inflows
Traders plowed cash into exchange-traded funds that buy emerging market stocks for a fourth straight week as risk-apetite grew, turning flows this year positive for the first time since early April.
Trump’s Gulf Visit Ignites Record Military Sales and AI Infrastructure Boom
President Donald Trump’s first overseas trip since returning to the White House is turning heads across the aerospace & defense and semiconductor industries.
Beyond the Headlines: Why Gold Still Matters in a Debt-Soaked, Dollar-Weary World
With financial markets whipsawing on every tweet and press release, Maharrey urged listeners to step back, take a breath, and consider the big picture — particularly on the issues of debt, inflation, and de-dollarization.
Market Turnaround Raises Question: Where Do We Go From Here?
President Trump’s tariff maneuvers sent financial markets on a rollercoaster. The shock from his aggressive trade policies triggered a surge in volatility, briefly pushing the VIX above 50 – an extremely rare event.
The Growing Appeal of Emerging Market Local Currency Debt
Macroeconomic and structural trends are finally moving in favor of emerging local currency bonds, after recent setbacks.
Trade Progress: Small Steps
The signal of announcing trade pacts is an important start.
The Next Great Job Churn Is Already Starting
The geography of employment in the US is being shaped by two distinct trends. The first is low levels of housing churn and, therefore, interstate migration, a normal part of the business cycle that should eventually turn around.
Navigating the World of Tariffs: More Uncertainty, Slower Growth, & Investment Opportunities
Recent revisions to the IMF’s World Economic Outlook reflect a sobering message: the world economy is entering a more volatile and fragmented era.
Downgrades, Debt, and Durable Optimism
After Friday’s close, Moody’s downgraded U.S. treasuries, as S&P had 14 years ago, in 2011. I criticized the downgrade then…and I do now. The government cannot technically default, as the Fed can always buy the bonds for any auction.
Thornburg International Equity ETF (TXUE)
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research, Todd Rosenbluth, discussed the Thornburg International Equity ETF (TXUE) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
Warren Buffett and the Berkshire Hathaway Paradox
The shareholder meeting began to be streamed about ten years ago, but that has had no impact on attendance. This is one reason why I think Buffett is at peace with the idea of no longer presiding at the meeting – people will still come to Omaha the weekend before Mother’s Day.
How We Got Here
This is the story of how we got to a moment in history defined by global and national crises. It is the story about how a radical geopolitical transition is taking place as old socio-economic and institutional cycles in the US end and new ones begin.
S&P 500 Notches Weekly Gain on Big Tech Strength, Trade Optimism
US stocks delivered their second-best weekly gain of the year on Friday, as Big Tech fueled a rally that brought the S&P 500 Index closer to an all-time high set nearly three months ago.
Nvidia Opens AI Ecosystem to Rival Chipmakers to Aid Global Push
Nvidia Corp. Chief Executive Officer Jensen Huang outlined plans to let customers deploy rivals’ chips in data centers built around its technology, a move that acknowledges the growth of in-house semiconductor development by major clients from Microsoft Corp. to Amazon.com Inc.
Treasuries, Dollar Fall as Moody’s Sharpens Focus on US Debt
Long-dated Treasuries fell on Monday as investor attention turned to the US’ ballooning debt after Moody’s Ratings stripped the nation of its last top credit rating.
Wall Street Banks Bet on Emerging Markets After Wasted Years
Wall Street’s emerging-market faithful are finally seeing better returns after missing out for years as US stocks soared.
Is It a New Bull Market?
The recent rally began when Treasury Secretary Scott Bessent struck a more conciliatory tone with China, saying he expected a de-escalation shortly.
Better Tariff News, but Uncertainty to Limit Potential Benefits Near Term
Chief Economist Eugenio J. Alemán discusses current economic conditions.
Schwab Market Perspective: The Tariff Effect
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.
As U.S. Stocks Recover YTD Losses, Look to Active Strategies
While equities are on their way to recovering January 1 levels, enhanced volatility lends itself to active ETF strategies this year.
The Embarrassing Transatlantic Divide in Real Estate Stocks
If only Europe could offer property investors the kind of buffet the US provides. For now, its listed real estate sector is fragmented and dysfunctional, the raison d’etre seemingly to create cheap takeover targets for buyout firms.
Trump Says US to Set Tariff Rates for Other Nations in Weeks
President Donald Trump said he would set tariff rates for US trading partners “over the next two to three weeks,” saying his administration lacks the capacity to negotiate deals with all of its trading partners.
India Is Hot Trade Again as Funds Chase Trump-Era Winners
Global funds are pouring money back into India, driving billion-dollar corporate financing deals and sending stocks prices to near a seven-month high, as investors bet that Asia’s third-largest economy can emerge as a winner in President Donald Trump’s trade war.
EGA to Build US Aluminum Plant Touted by Trump Next Year
Emirates Global Aluminium plans to start building a $4 billion plant in Oklahoma next year as Donald Trump pushes for massive investments from oil-rich Gulf states to avoid his tariffs.
How Does the US-China Trade Truce Impact our Market and Economic Views?
The 90-day reduction on tariffs between the US and China is a positive development, but some questions remain.
India’s Power Play
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).
Income Fund Update: Focus on Stability Amid Turbulence
We maintain a focus on resiliency as elevated yields within high quality fixed income continue to offer attractive opportunities.
Inflation Expectations Hold Firm Amid Tariff Noise
Despite the announcement of new tariffs, long-term inflation expectations—as measured by the 5y5y inflation rate—have remained stable
BIG NUMBER | 30%: A Tariff Turnaround
On Monday, the U.S. and China announced they will temporarily suspend the high import tariffs they imposed on each other earlier this year.
NAHB Housing Market Index: Growing Uncertainty Drags Down Builder Confidence
Builder confidence fell sharply in May as uncertainty stemming from elevated rates, tariffs, building costs, and the cloudy economic outlook dragged builder sentiment to its lowest level in 18 months.
Vanguard, RBC BlueBay Scoop Up Battered 30-Year Japanese Bonds
The selloff in Japan’s long-dated bonds is drawing international investors, who expect the securities to rebound as global trade turmoil abates.
Wall Street’s High-Frequency Traders Are Rushing Into Saudi Arabia
Saudi Arabia is ramping up efforts to lure high frequency trading firms — a campaign that’s already brought in major players from Citadel Securities to Hudson River Trading — as it looks to bolster activity on the Middle East’s largest stock market.
Gold Steadies as Risk Appetite Fades With Fed Rate Path in Focus
Gold steadied as investors pulled away from risky assets and waited for more clues on the Federal Reserve’s rate path.
JPMorgan, Apollo Executives Say US Could Dodge a Recession
JPMorgan Chase & Co.’s chief of global markets strategy said the US could dodge a recession as the probability of that scenario has decreased following better clarity over global trade.
Goods Trade: Delayed Aggravation
China has been a focal point of American trade policy for many years, but tensions were escalated early in the second Trump term.
The China Trade Deal Doesn’t Solve the Fed’s Problems
The agreement between the US and China to roll back their respective tariffs for 90 days has led to renewed optimism that the worst of America’s trade wars is over.
Stock Rally Nobody Is Comfortable With Makes It Hard to Chase
Equity investors pushed back into the market by a relentless rally are about to find out that the real challenge is just beginning.
Private Credit’s Latest Golden Moment Is Hiding the Cracks
Anyone betting on the end of the private credit boom has been on the back foot of late as the upstart $1.6 trillion asset class has notched up a string of wins. But the industry’s naysayers won’t be conceding defeat just yet.
Buffett’s Little Japan Handbook and Other Lessons
Warren Buffett has finally answered a question that has long intrigued investors: What sparked his interest in five Japanese trading houses in 2020, a bet that is now worth more than $25 billion?
A Surge of Gold into Asian ETFs Drove Global Holdings Higher in April
Flows of gold into Asian ETFs exploded in April, driving global ETF gold holdings higher for the fifth straight month.
A Bear Market Rally? Or, Just A Correction?
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.
Fed's Rigidity Risks Recession as Tariffs Start to Bite
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.
U.S./Japan Trade Negotiations
The U.S. may not walk back all of the new tariffs.
Arro’s Alexandra Levis: How ETF Issuers Can Stand Out
Alexandra Levis, Founder & CEO of Arro Financial Communications, provides an in-depth look at how ETF issuers should think about approaching marketing. VettaFi’s Roxanna Islam breaks down some of the year’s top-performing ETFs, from international plays to precious metals.
Why Tariffs Won’t Bring Back the “Good Old Days”
While the U.S. and U.K. have different economic and regulatory landscapes, there are clear opportunities for the U.S. to improve retirement readiness by adopting some best practices from across the pond.
Liquidity Risk in 2025: A Strategic Priority, Not a Side Concern
In 2025, liquidity is not a background variable — it's a front-line risk factor, one that’s being tested repeatedly as global markets navigate a web of geopolitical uncertainty and macroeconomic signals.
Cross-Atlantic Retirement Readiness: What the U.S. Can Learn from the U.K.
While the U.S. and U.K. have different economic and regulatory landscapes, there are clear opportunities for the U.S. to improve retirement readiness by adopting some best practices from across the pond.
How to Cut US Drug Prices Without Hurting Innovation
The price of Wegovy, Novo Nordisk’s blockbuster weight-loss drug, is $1,349 a month in the US; in Germany, it’s $328. The US price for Keytruda, a cancer treatment, is $191,000 a year; in Japan, it’s $44,000.
Buyout Firms Ramp Up Debt Deals to Pay Dividends
Companies are launching a number of debt deals designed to pay out a dividend to their private equity owners, at a time when buyout firms are under pressure to return money to clients.
US Inflation Comes In Softer Than Forecast for a Third Month
US inflation rose by less than forecast in April amid tame prices for clothing and new cars, suggesting little urgency so far by companies to pass along the cost of higher tariffs to consumers.
US Firm Global AI Secures Saudi Investment Worth Billions
Global AI, a US tech firm, plans to collaborate with a Saudi Arabian artificial intelligence venture, Humain, in an agreement expected to be worth billions of dollars, according to a person familiar with the mattter.
Busy Week for Muni Debt Sales Tests Investors Wading Into Market
A wave of municipal-bond sales scheduled for this week will test a recent rebound in buyer demand after investors sold their holdings during April’s market rout.
Three Takeaways From Earnings Season
The roller coaster continues! A stronger than expected first quarter earnings season and encouraging signs on the trade front—highlighted by the US-UK trade deal—helped lift the S&P 500 from its April 8 near-bear market lows, reversing nearly all post-Liberation Day (April 2) losses.
Giant Step in U.S./China Tariff Talks Sends Stocks Soaring
China and the U.S. conducted their first formal trade talks of 2025 over the weekend. And on Monday, May 12, they announced the outcome of their negotiations.
Basel III Makes It Official: Gold Is Money Again
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.
Is The Dollar Really Dying?
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.
World Markets Watchlist: May 12, 2025
Seven of the nine indexes on our world watch list have posted gains through May 12, 2025. Hong Kong's Hang Seng is in the top spot with a year to date gain of 20.01%. Germany's DAXK is in second with a year to date gain of 15.71% while France's CAC 40 is in third with a year to date gain of 6.24%.
Current Thoughts on Tesla
Today Tesla is not trading based on car sales but on future dreams of self-driving robo-taxis, robots, semis, and whatever else Elon dreams up. The car company may be worth $100 billion to $180 billion; the rest is what investors are willing to pay for Elon’s dreams.
Traders Eye Longer-Term Options to Hedge Post-Tariff Shock Rally
As April’s volatility storm fades into memory, traders are left balancing calmer markets and the ever-present risk of a fresh round of headline shocks.
Note to Feds: Don’t Destroy Google
For most of human history, an enchanted box that contained all knowledge and answered all questions would’ve been the stuff of allegory. For modern internet users, Google is one more thing to take for granted.
Wall Street Plays Long Game as Deals Go Private
A KKR & Co. debt sale shows how far Wall Street is willing to go to keep leveraged underwriting business from slipping away to private credit after periods of turmoil.
Dollar Surges, Treasuries Fall as US-China Trade Tensions Ease
The dollar soared and Treasuries fell as the trade war between China and the US eased, stoking appetite for risk assets.
US, China to Slash Tariffs During 90-Day Reprieve for Talks
The US and China will temporarily lower tariffs on each other’s products in a dramatic ratcheting down of trade tensions that buys the world’s two largest economies three months to work toward a broader agreement.
‘Buy America’ Sweeps Across Global Markets After Trade Talks
With Wall Street kicking off another rally, American stocks are now trading like Donald Trump’s “Liberation Day” shock never happened.
Tension in the Sandpile
I’ve been writing about tariffs for a couple of months now, focusing mostly on the macroeconomic harm and the costs they impose on small businesses. Today I want to consider something else: the new risks they are adding to the financial system alongside the old risks.
Buffett Steps Back, His Insights Remain
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."
Barometer: Equities Set for Further Falls as Tariffs Bite
As the effects of US import tariffs begin to emerge, we shift our stance on equities to underweight.
Increased Risks to Both Sides of the Dual Mandate
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.
Global Gold Bar and Coin Demand Rose in Q1 But Not in the U.S.
China drove the surge in retail investment demand, charting the second strongest quarter on record.
Traders’ Guide to US Stocks Most Affected in China Trade Talks
US equity investors will be watching closely as trade talks kick off between the Trump administration and China, with trillions of dollars hanging in the balance for American companies.
US Stocks Rise at Open as Investors Look Ahead to China Talks
US stocks opened higher Friday as traders weighed comments from President Donald Trump suggesting that an 80% tariff on China seemed right, just as negotiations between the two countries are set to begin on Saturday.
Wall Street Brings the Bitcoin-Versus-Gold Clash to ETF Masses
The culture clash between Bitcoin enthusiasts and gold bugs is about to be played out in the world of exchange-traded funds.
Central Banks Continued Stockpiling Gold in Q1
Central banks continued to stockpile gold in the first quarter.