Andrew Leigh is a very good storyteller, making “How Economics Explains the World” an easy and fun read. In the hands of someone unfamiliar with basic economic reasoning, it might lead them to pursue economics further. Even if you’re farther along in your economic education, we almost always benefit from relearning things we already know, but in a new light.
No matter what form of compensation you take, it is impossible to eliminate “conflicts” to the extent assumed by the proponents of a new fiduciary standard.
Back in 1980, fear persuaded me that gold was a sure thing. I forgot an essential caveat—there are no sure things in investing.
Less favorable seasonal technicals, increased focus on municipal-specific policy risks, and severe volatility spurred by higher-than-anticipated tariff increases weighed heavilyon sentiment and resulted in deeply negative total returns and significant underperformance versus Treasuries in March and early April.
Rapid U.S. policy changes pose challenges for investors accustomed to a global financial system anchored in U.S. markets and assets.
In the week ending April 12th, initial jobless claims were at a seasonally adjusted level of 215,000. This represents a decrease of 9,000 from the previous week's figure. The latest reading was lower than the 225,000 forecast.
As homeowner insurance rates rise, advisors share ways individuals can create a financial safety net should catastrophe impact their homes.
Inflation affects everything from grocery bills to rent, making the Consumer Price Index one of the most closely watched economic indicators. What does inflation mean at the micro level — specifically to your household?
Builder confidence inched up in April thanks to a recent dip in mortgage rates however economic uncertainty stemming from tariff concerns kept sentiment negative for a 12th straight month. The National Association of Home Builders (NAHB) Housing Market Index (HMI) rose to 40 this month, up 1 point from March. The latest reading was above the 38 forecast.
Inflation affects everything from grocery bills to rent, making the Consumer Price Index (CPI) one of the most closely watched economic indicators. The Bureau of Labor Statistics (BLS) tracks this by categorizing spending into eight categories, each weighted by its relative importance.
The current market unrest over the potential for tariff increases and their impact is unpredictable. The volatility can be unnerving.
The "Connelly case "is more than just a legal precedent; it is a call to action for business owners to reevaluate their succession plans and take the necessary steps to protect their interests.
This month’s roller-coaster ride through the markets has been more frightening than exhilarating for many Americans, who have more than $44 trillion invested in retirement accounts.
Portfolio rebalancing helps advisors uncover a new investment plan of action that aligns with a client's long-term financial milestones. It also considers how the current market will impact asset diversification.
Last week’s data can be summarized by a volatile market reacting to tariff news and a backwards-looking inflation reprieve.
After starting the year on a high note with the S&P 500 index of U.S. Large Cap stocks posting an all-time high on February 19th, equities retreated during the second half of the quarter, officially falling into correction territory (down 10 percent) on March 13.
Spending cuts, tariffs and recession risk—Jan van Eck’s latest outlook breaks down what to watch and why he’s focused on gold, bitcoin, semiconductors and India.
JPMorgan Chase & Co.’s stock traders took in a record haul in the first quarter, boosted by chaotic market moves set off by President Donald Trump’s policy announcements after he took office in January.
Taxpayers plan to use their tax refunds for essentials and debt repayment, as well as savings strategies. Bill Cass shares ideas and strategies to consider this year.
Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.
US inflation cooled broadly in March, indicating some relief for consumers prior to widespread tariffs that risk contributing to price pressures.
Federal Reserve officials are prepared to hold their policy rate steady to minimize the risk that President Donald Trump’s tariffs trigger a persistent rise in inflation, even if the labor market softens further.
The month of March featured a varied mix of articles among Advisor Perspectives’ top 10 most-read list, including book reviews, analysis of current events and primers on different subjects among its ranks.
Inflation cooled for a second straight month in March, falling to its lowest level in over four years. According to the Bureau of Labor Statistics, the headline figure for the Consumer Price Index was at 2.4% year-over-year, lower than the expected 2.5% growth.
The fifth edition of our annual “Voice of the American Workplace” survey, conducted by The Harris Poll on behalf of Franklin Templeton, includes the perspectives of both employers and workers. The 2025 survey found US workers are prioritizing work-life balance and their mental health. Employers are listening and strengthening their focus on improving benefits and communication. In this piece, our Jacque Reardon shares findings from the survey and potential implications for employers.
Last week’s employment report offered what may be the last clear picture of the US job market before President Donald Trump’s tariff shock. Overall, it looked pretty healthy, with a 4.2% unemployment rate, 80.4% of the prime-age population employed and 1.9 million nonfarm payroll jobs added over the past 12 months.
When it’s finally completed seven years from now, Citadel LLC’s New York tower will be the second tallest building in the city, after the World Trade Center. It will also loom over the headquarters of JPMorgan Chase & Co. just a few hundred yards south along Park Avenue.
We’re adjusting our stance in response to rising risk while maintaining a disciplined view on long-term strategy.
We reexamine our macroeconomic outlook in light of newly announced tariffs, which have exceeded market expectations and prompted us to update our assumptions and analysis.
What does the ratio of unemployment claims to the civilian labor force tell us about where we are in the business cycle and recession risk?
There is a general belief that there are four big indicators that the NBER Business Cycle Dating Committee weighs heavily in their cycle identification process. This commentary focuses on one of these indicators: nonfarm employment. In March, total nonfarm payrolls increased by 228,000, while the unemployment rate inched up to 4.2%.
Here is a look at real (inflation-adjusted) charts of the S&P 500, Dow 30, and Nasdaq composite since their 2000 highs. We've updated this through the March 2025 close.
The March U.S. Services Purchasing Managers' Index (PMI) from S&P Global came in at 54.4, just above the 54.3 forecast. The reading marks the 26th consecutive month of expansion and the fastest growth of the year so far.
The world has entered a period of geopolitical uncertainty, with the U.S. now at the center of the storm.
When you discover your identity has been used in a pump-and-dump scheme on WhatsApp or other platforms, taking swift and decisive action is essential. This guide outlines the specific steps you should take to report the crime, protect your clients, and help authorities bring the perpetrators to justice.
In the current installment of The Roundup, Oaktree experts explore various investment risks and opportunities, including the heightened demand for mezzanine financing, potential entry points for special situations investors, the limited competition for unrated asset-backed finance investments, and the growing need for specialized life sciences lenders.
Personal income (excluding transfer receipts) rose 0.4% in February and is up 3.7% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, real personal income (excluding transfer receipts) was up 0.1% month-over-month and up 1.1% year-over-year.
The substantial shift in U.S. trade policy will put a significant dent in growth in major markets.
Britain’s property-transaction tax, known as stamp duty, is set to rise sharply. Currently, first-time buyers pay no tax on properties worth up to £425,000 ($550,000). Starting next month, that threshold drops to £300,000, which will result in a charge of £6,250 on a £425,000 purchase.
Longtime Investor Alert readers have often seen me say that government policy is a precursor to change. What this means is that, when policymakers act—whether through subsidies, sanctions, tariffs or regulations—markets can sometimes respond swiftly and dramatically. We’re seeing that play out right now in real time, especially in the copper market.
From New York to London and Hong Kong, investors are cutting back risk ahead of next week’s tariff announcements, while keeping cash ready to pounce the moment opportunities arise.
How recent market volatility has contributed to a sharp reversal in global equities.
Portfolio Managers John Kerschner, Nick Childs, and Jessica Shill discuss the AAA CLO ETF landscape and highlight the most important considerations for investors.
The National Association of Realtors® (NAR) pending home sales index increased more than expected in February, rebounding from the previous month's record low. The index came in at 72.0, a 2.0% rise from the previous month but a 3.6% drop from one year ago. Pending home sales were expected to rise 0.9% month-over-month.
While we sympathize with consumers who have had difficult interactions with the healthcare system, we believe that much of the antipathy toward health insurers is misplaced. Their role as middlemen is a vital and increasingly important one in a U.S. healthcare system that struggles to balance between the incentives of providers and consumers.
For taxable investors with sizable gains in their brokerage accounts, the decision when to realize that capital gain is intensely personal—depending of course on individual circumstances, while also factoring in market return expectations and the prevailing tax structure.
Changing market narratives in the third quarter led to ongoing market volatility.
I suspect many people yawned when the popular online brokerage Robinhood Markets Inc. announced it will offer sports and other prediction market derivatives, starting with betting on the NCAA March Madness basketball games.
Though you may not agree with my view on all seven of these terms, it may be beneficial for you and your clients to at least consider them.
It has been an interesting correction. The average retail investor was “buying the dip” despite having an extremely bearish outlook.
Banks’ businesses don’t change radically year to year so nor should their capital requirements.
Existing home sales rebounded in February with their largest monthly increase in a year. According to the National Association of Realtors (NAR), existing home sales rose 4.2% from January, reaching a seasonally adjusted annual rate of 4.26 million units in February.
Human stupidity is the one thing you can rely on in financial markets. I recently read a great piece by Joe Wiggins at Behavioral Investment, which discusses why “Investing is hard.”
Receiving an unexpected gift or inheritance is something that people may dream about. Our Bill Cass discusses some key considerations if that dream becomes reality and you do receive a financial windfall.
The Defined Outcome investment landscape is rapidly evolving, offering new opportunities for managing risk and return with greater precision.
The U.S. housing market has been a critical factor in the broader economic landscape, and its trends have profound implications.
Although annuities can offer a guaranteed income stream in retirement, they come with significant risks and complexities. It's essential to thoroughly understand these products and consider whether they align with your financial goals and risk tolerance.
Every so often we hear a theory that makes sense superficially but on closer examination doesn’t add up. The most recent one is that the Trump Administration wants a recession (or at least wouldn’t mind one) because interest rates would drop, making it easier to service the national debt.
Policies to support mainstream crypto adoption are underway.
On the latest edition of Market Week in Review, Director and Senior Investment Strategist Alex Cousley discussed recent developments in the trade war and the impact on markets. He also dug into the latest U.S. economic data and provided an update on investor sentiment.
VettaFi’s Head of Research Todd Rosenbluth discussed the Vanguard 0-3 Month Treasury Bill ETF (VBIL) on this week’s “ETF of the Week” podcast with Chuck Jaffe of “Money Life.”
An “insurance renaissance” is quietly reshaping a traditionally sleepy industry as a surge in annuities sales fuels demand for investment products with shorter duration and less liquidity, according to AllianceBernstein, an $806 billion asset manager owned by insurer Equitable.
In a world of rich valuations and heightened geopolitical uncertainties, we believe Japanese equities are well positioned to deliver attractive returns.
If you have ever filed a homeowners insurance claim, you know it can feel more like an endurance test than a straightforward process. While insurers are legally required to honor valid claims, they have strong financial incentives to delay, underpay, or deny them whenever possible.
US consumer prices rose at the slowest pace in four months in February, offering some reprieve ahead of tariffs that are expected to drive costs higher.
Blackstone Inc. has won approval from the US Securities and Exchange Commission to launch its newest private credit fund, one of the latest efforts to give individuals access to assets that are mostly backed by institutions.
The Federal Reserve is widely expected to keep interest rates unchanged at its policy meeting next week, shifting the market’s focus to signals about what comes next.
Ever since interest rates got up off the floor in 2022, there’s been increased interest in credit, and that’s why I’m devoting this memo to it. It’ll come a little closer than usual to “talking my book,” but I think the subject justifies that.
In the week ending March 1st, initial jobless claims were at a seasonally adjusted level of 221,000. This represents a decrease of 21,000 from the previous week's figure. The latest reading was lower than the 234,000 forecast.
A holistic approach may help insurance investors navigate an expansive opportunity set.
In this primer we define small cap growth funds, provide practical suggestions on how to invest in them, and explain why we believe they are a strategically important asset class.
Russ Koesterich discusses the risk of higher interest rates and the potential impact (both positive and negative) such a move could have on markets.
Is the US already in recession? Probably not. But in the first quarter, real GDP is very likely to have a minus sign in front of it. Yes, a negative reading for real growth!
The central question we want to address in this note is how to quantify how “price sensitive” insurance buyers should be, and in the context of insurance, what is the “price” they should be sensitive to?
They’re a tempting proposition for anyone getting worried about the bull market’s longevity: exchange-traded funds that keep you from losing money — should stocks suddenly go south.
Many independent firms and Registered Investment Advisors aspire to move upmarket, targeting wealthier clients who demand more sophisticated financial solutions.
AI drug developer Recursion Pharmaceuticals Inc. is considering an Amazon Prime-style subscription model for selling its pipeline of medicines.
We delve into the unprecedented level of equity risk investors are taking, the record-high uncertainty measures facing further impacts from deglobalization, and the benefits of maintaining a diversified portfolio through it all.
An aggressive U.S. tariff regime will come down hard on major economies.
Senator Cynthia Lummis (R-WY) takes a pivotal role in shaping how America approaches cryptocurrency and blockchain technology.
Warren Buffett's latest shareholder letter contains the usual folksy mix of wisdom and humor.
Unfortunately, I hear stories about people unwilling to seek HR help for many reasons. It is a tragedy when this happens because good HR support can be the key to helping with so many things.
In the second half of 2024 the risk premia associated with inflation releases declined relative to labor market data as the Fed shifted focus toward labor market and away from inflation risk. With elevated S&P 500 Index concentration and the market leadership of the artificial intelligence (AI) theme, some single company earnings (NVIDIA) have been rising risk events for the entire index.
Consider estate planning strategies to minimize the impact of taxes on your estate. Our Bill Cass highlights several key actions including document reviews, naming beneficiaries and the use of 529 college savings plans to enhance tax efficiency.
The healthcare industry's bellwether event, the JP Morgan Healthcare Conference (JPM25), kicked off the year as it traditionally does,
Many boomers are business owners who are selling their businesses. This article provides guidance for these retiring business owners, their heirs and their advisors. This article also discusses opportunities for investors to capitalize on this once-in-a-lifetime mass exodus of baby boomer business owners.
We are about to enter a new era – the era of the personal defined benefit pension. And I predict that over the next few years, it will be RIAs that deliver these personal plans to millions of Americans. Before I explain how this transformation will unfold, let me first explain why it must unfold.
For a few months now, I’ve been referring to today’s heightened geopolitical climate as the “new red Cold War,” where artificial intelligence (AI)—not necessarily fighter jets and nuclear weapons—serves as the primary battleground between the U.S. and its adversaries, most notably Russia and China.
For 2025 tax planning, our Bill Cass shares income tax planning strategies that can help manage current tax bills and prepare for future changes. Here are the highlights.
The professional development journey for financial professionals is best approached through a structured three-step process involving foundational designations, advanced level specializations, and niche market concentrations.
Insurance & Annuities
Is Economics About Everything? A Review of ‘How Economics Explains the World'
Andrew Leigh is a very good storyteller, making “How Economics Explains the World” an easy and fun read. In the hands of someone unfamiliar with basic economic reasoning, it might lead them to pursue economics further. Even if you’re farther along in your economic education, we almost always benefit from relearning things we already know, but in a new light.
Separating ‘Fiduciary’ From ‘Compensation’
No matter what form of compensation you take, it is impossible to eliminate “conflicts” to the extent assumed by the proponents of a new fiduciary standard.
Protect Yourself From Fear-Based Gold Fever
Back in 1980, fear persuaded me that gold was a sure thing. I forgot an essential caveat—there are no sure things in investing.
2025 Muni Outlook: Stay Invested and Remain Nimble
Less favorable seasonal technicals, increased focus on municipal-specific policy risks, and severe volatility spurred by higher-than-anticipated tariff increases weighed heavily
on sentiment and resulted in deeply negative total returns and significant underperformance versus Treasuries in March and early April.
Trade Wars and the U.S. Dollar
Rapid U.S. policy changes pose challenges for investors accustomed to a global financial system anchored in U.S. markets and assets.
Unemployment Claims Down 9K, Lower Than Expected
In the week ending April 12th, initial jobless claims were at a seasonally adjusted level of 215,000. This represents a decrease of 9,000 from the previous week's figure. The latest reading was lower than the 225,000 forecast.
Advisors Share Solutions for Rising Homeowner Insurance Costs
As homeowner insurance rates rise, advisors share ways individuals can create a financial safety net should catastrophe impact their homes.
Inside the Consumer Price Index: March 2025
Inflation affects everything from grocery bills to rent, making the Consumer Price Index one of the most closely watched economic indicators. What does inflation mean at the micro level — specifically to your household?
NAHB Housing Market Index: Uncertainty Continues to Weigh on Builder Confidence
Builder confidence inched up in April thanks to a recent dip in mortgage rates however economic uncertainty stemming from tariff concerns kept sentiment negative for a 12th straight month. The National Association of Home Builders (NAHB) Housing Market Index (HMI) rose to 40 this month, up 1 point from March. The latest reading was above the 38 forecast.
Inside the Consumer Price Index: March 2025
Inflation affects everything from grocery bills to rent, making the Consumer Price Index (CPI) one of the most closely watched economic indicators. The Bureau of Labor Statistics (BLS) tracks this by categorizing spending into eight categories, each weighted by its relative importance.
Risk Management Amid Economic Uncertainty
The current market unrest over the potential for tariff increases and their impact is unpredictable. The volatility can be unnerving.
The Connelly Case Is a Wake-Up Call for Business Owners
The "Connelly case "is more than just a legal precedent; it is a call to action for business owners to reevaluate their succession plans and take the necessary steps to protect their interests.
Social Security Is Protection From Volatility
This month’s roller-coaster ride through the markets has been more frightening than exhilarating for many Americans, who have more than $44 trillion invested in retirement accounts.
How Advisors Can Assist Clients in Rebalancing Their Portfolio Over Time
Portfolio rebalancing helps advisors uncover a new investment plan of action that aligns with a client's long-term financial milestones. It also considers how the current market will impact asset diversification.
Weekly Economic Snapshot: Tariff Swings, Inflation Relief in the Rearview, & Sinking Sentiment
Last week’s data can be summarized by a volatile market reacting to tariff news and a backwards-looking inflation reprieve.
Tariffs Add Another Challenge for Investors to Consider
After starting the year on a high note with the S&P 500 index of U.S. Large Cap stocks posting an all-time high on February 19th, equities retreated during the second half of the quarter, officially falling into correction territory (down 10 percent) on March 13.
Q2 2025 Outlook: In the Middle of the 3% Reckoning
Spending cuts, tariffs and recession risk—Jan van Eck’s latest outlook breaks down what to watch and why he’s focused on gold, bitcoin, semiconductors and India.
JPMorgan Stock Traders Notch Record Revenue on Market Chaos
JPMorgan Chase & Co.’s stock traders took in a record haul in the first quarter, boosted by chaotic market moves set off by President Donald Trump’s policy announcements after he took office in January.
Putting Your Tax Refund to Work
Taxpayers plan to use their tax refunds for essentials and debt repayment, as well as savings strategies. Bill Cass shares ideas and strategies to consider this year.
Strategic Income Outlook: Magic 8-Ball Says, “Ask Again Later"
Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.
US Inflation Unexpectedly Slows Down Ahead of Tariffs Impact
US inflation cooled broadly in March, indicating some relief for consumers prior to widespread tariffs that risk contributing to price pressures.
Fed Leans Against Inflation and Away From Preemptive Rate Cuts
Federal Reserve officials are prepared to hold their policy rate steady to minimize the risk that President Donald Trump’s tariffs trigger a persistent rise in inflation, even if the labor market softens further.
March 2025’s Most-Read Articles Offer Something for Everyone
The month of March featured a varied mix of articles among Advisor Perspectives’ top 10 most-read list, including book reviews, analysis of current events and primers on different subjects among its ranks.
Consumer Price Index: Inflation Cools to 2.4% in March
Inflation cooled for a second straight month in March, falling to its lowest level in over four years. According to the Bureau of Labor Statistics, the headline figure for the Consumer Price Index was at 2.4% year-over-year, lower than the expected 2.5% growth.
Aligning for Success: From Conflict to Consensus
The fifth edition of our annual “Voice of the American Workplace” survey, conducted by The Harris Poll on behalf of Franklin Templeton, includes the perspectives of both employers and workers. The 2025 survey found US workers are prioritizing work-life balance and their mental health. Employers are listening and strengthening their focus on improving benefits and communication. In this piece, our Jacque Reardon shares findings from the survey and potential implications for employers.
Tariffs or Not, Health Care Is Where the Jobs Are
Last week’s employment report offered what may be the last clear picture of the US job market before President Donald Trump’s tariff shock. Overall, it looked pretty healthy, with a 4.2% unemployment rate, 80.4% of the prime-age population employed and 1.9 million nonfarm payroll jobs added over the past 12 months.
Shadow Banks Are Too Big to Stay in the Shadows
When it’s finally completed seven years from now, Citadel LLC’s New York tower will be the second tallest building in the city, after the World Trade Center. It will also loom over the headquarters of JPMorgan Chase & Co. just a few hundred yards south along Park Avenue.
Recalibrating for Higher Risk Without Overcorrecting
We’re adjusting our stance in response to rising risk while maintaining a disciplined view on long-term strategy.
The Price of Protectionism - Tariffs Toll On Growth
We reexamine our macroeconomic outlook in light of newly announced tariffs, which have exceeded market expectations and prompted us to update our assumptions and analysis.
Unemployment Claims and the CLF as a Recession Indicator: March 2025
What does the ratio of unemployment claims to the civilian labor force tell us about where we are in the business cycle and recession risk?
The Big Four Recession Indicators: March Employment
There is a general belief that there are four big indicators that the NBER Business Cycle Dating Committee weighs heavily in their cycle identification process. This commentary focuses on one of these indicators: nonfarm employment. In March, total nonfarm payrolls increased by 228,000, while the unemployment rate inched up to 4.2%.
The S&P 500, Dow and Nasdaq Since 2000 Highs as of March 2025
Here is a look at real (inflation-adjusted) charts of the S&P 500, Dow 30, and Nasdaq composite since their 2000 highs. We've updated this through the March 2025 close.
S&P Global Services PMI: Growth Picked Up in March
The March U.S. Services Purchasing Managers' Index (PMI) from S&P Global came in at 54.4, just above the 54.3 forecast. The reading marks the 26th consecutive month of expansion and the fastest growth of the year so far.
Seeking Stability
The world has entered a period of geopolitical uncertainty, with the U.S. now at the center of the storm.
Responding to Digital Identity Theft: A Guide for Financial Advisors
When you discover your identity has been used in a pump-and-dump scheme on WhatsApp or other platforms, taking swift and decisive action is essential. This guide outlines the specific steps you should take to report the crime, protect your clients, and help authorities bring the perpetrators to justice.
Top Takeaways from Oaktree’s Quarterly Letters – March 2025 Edition
In the current installment of The Roundup, Oaktree experts explore various investment risks and opportunities, including the heightened demand for mezzanine financing, potential entry points for special situations investors, the limited competition for unrated asset-backed finance investments, and the growing need for specialized life sciences lenders.
The Big Four Recession Indicators: Real Personal Income Up 0.1% in February
Personal income (excluding transfer receipts) rose 0.4% in February and is up 3.7% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, real personal income (excluding transfer receipts) was up 0.1% month-over-month and up 1.1% year-over-year.
Believe It or Not
The substantial shift in U.S. trade policy will put a significant dent in growth in major markets.
Don't Rush to Buy in Britain's Broken Property Market
Britain’s property-transaction tax, known as stamp duty, is set to rise sharply. Currently, first-time buyers pay no tax on properties worth up to £425,000 ($550,000). Starting next month, that threshold drops to £300,000, which will result in a charge of £6,250 on a £425,000 purchase.
Copper and Gold Soar as Trump’s Trade War Reshapes Global Markets
Longtime Investor Alert readers have often seen me say that government policy is a precursor to change. What this means is that, when policymakers act—whether through subsidies, sanctions, tariffs or regulations—markets can sometimes respond swiftly and dramatically. We’re seeing that play out right now in real time, especially in the copper market.
Macro Traders From New York to Hong Kong Prep for Tariff Day
From New York to London and Hong Kong, investors are cutting back risk ahead of next week’s tariff announcements, while keeping cash ready to pounce the moment opportunities arise.
Volatility Brings Changes to Market Leadership
How recent market volatility has contributed to a sharp reversal in global equities.
The Art and Science of Managing AAA CLO Portfolios
Portfolio Managers John Kerschner, Nick Childs, and Jessica Shill discuss the AAA CLO ETF landscape and highlight the most important considerations for investors.
Pending Home Sales Rebound 2.0% in February
The National Association of Realtors® (NAR) pending home sales index increased more than expected in February, rebounding from the previous month's record low. The index came in at 72.0, a 2.0% rise from the previous month but a 3.6% drop from one year ago. Pending home sales were expected to rise 0.9% month-over-month.
Don’t Blame the Middleman
While we sympathize with consumers who have had difficult interactions with the healthcare system, we believe that much of the antipathy toward health insurers is misplaced. Their role as middlemen is a vital and increasingly important one in a U.S. healthcare system that struggles to balance between the incentives of providers and consumers.
Tax Managed Investing: Deciding When to Realize Capital Gains
For taxable investors with sizable gains in their brokerage accounts, the decision when to realize that capital gain is intensely personal—depending of course on individual circumstances, while also factoring in market return expectations and the prevailing tax structure.
Navigating Volatility Using Options
Changing market narratives in the third quarter led to ongoing market volatility.
Gambling Is No Longer Investing’s Evil Twin
I suspect many people yawned when the popular online brokerage Robinhood Markets Inc. announced it will offer sports and other prediction market derivatives, starting with betting on the NCAA March Madness basketball games.
7 Financial Terms Advisors Often Misunderstand
Though you may not agree with my view on all seven of these terms, it may be beneficial for you and your clients to at least consider them.
Retail Investor Buys The Dip Despite Bearish Sentiment
It has been an interesting correction. The average retail investor was “buying the dip” despite having an extremely bearish outlook.
US Banking Rule Reform Is Too Important to Rush
Banks’ businesses don’t change radically year to year so nor should their capital requirements.
Existing Home Sales Rebound 4.2% in February
Existing home sales rebounded in February with their largest monthly increase in a year. According to the National Association of Realtors (NAR), existing home sales rose 4.2% from January, reaching a seasonally adjusted annual rate of 4.26 million units in February.
Stupidity And The 5-Laws Not To Follow
Human stupidity is the one thing you can rely on in financial markets. I recently read a great piece by Joe Wiggins at Behavioral Investment, which discusses why “Investing is hard.”
Your Ship Finally Came In. Now What?
Receiving an unexpected gift or inheritance is something that people may dream about. Our Bill Cass discusses some key considerations if that dream becomes reality and you do receive a financial windfall.
A Deep Dive into Buffered ETFs
The Defined Outcome investment landscape is rapidly evolving, offering new opportunities for managing risk and return with greater precision.
The U.S. Housing Market: Risks, Realities, and the Road Ahead
The U.S. housing market has been a critical factor in the broader economic landscape, and its trends have profound implications.
Are Annuities Right for Retirement?
Although annuities can offer a guaranteed income stream in retirement, they come with significant risks and complexities. It's essential to thoroughly understand these products and consider whether they align with your financial goals and risk tolerance.
A Recession Wouldn't Help the Budget
Every so often we hear a theory that makes sense superficially but on closer examination doesn’t add up. The most recent one is that the Trump Administration wants a recession (or at least wouldn’t mind one) because interest rates would drop, making it easier to service the national debt.
Spreading Stablecoins
Policies to support mainstream crypto adoption are underway.
Volatility Returns With a Vengeance
On the latest edition of Market Week in Review, Director and Senior Investment Strategist Alex Cousley discussed recent developments in the trade war and the impact on markets. He also dug into the latest U.S. economic data and provided an update on investor sentiment.
Vanguard 0-3 Month Treasury Bill ETF (VBIL)
VettaFi’s Head of Research Todd Rosenbluth discussed the Vanguard 0-3 Month Treasury Bill ETF (VBIL) on this week’s “ETF of the Week” podcast with Chuck Jaffe of “Money Life.”
An ‘Insurance Renaissance’ Is Fueling Private Credit Surge, Says AllianceBernstein
An “insurance renaissance” is quietly reshaping a traditionally sleepy industry as a surge in annuities sales fuels demand for investment products with shorter duration and less liquidity, according to AllianceBernstein, an $806 billion asset manager owned by insurer Equitable.
Three Reasons We’re Overweight Japanese Equities
In a world of rich valuations and heightened geopolitical uncertainties, we believe Japanese equities are well positioned to deliver attractive returns.
How to Get Results on Homeowner Insurance Claims
If you have ever filed a homeowners insurance claim, you know it can feel more like an endurance test than a straightforward process. While insurers are legally required to honor valid claims, they have strong financial incentives to delay, underpay, or deny them whenever possible.
US Inflation Eases, Offering Some Relief Ahead of Tariffs
US consumer prices rose at the slowest pace in four months in February, offering some reprieve ahead of tariffs that are expected to drive costs higher.
SEC Approves Retail-Friendly Blackstone Private Credit Fund
Blackstone Inc. has won approval from the US Securities and Exchange Commission to launch its newest private credit fund, one of the latest efforts to give individuals access to assets that are mostly backed by institutions.
The Fed’s Fixation on a 2% Inflation Target Is Risky
The Federal Reserve is widely expected to keep interest rates unchanged at its policy meeting next week, shifting the market’s focus to signals about what comes next.
Gimme Credit
Ever since interest rates got up off the floor in 2022, there’s been increased interest in credit, and that’s why I’m devoting this memo to it. It’ll come a little closer than usual to “talking my book,” but I think the subject justifies that.
Unemployment Claims Down 21K, Lower Than Expected
In the week ending March 1st, initial jobless claims were at a seasonally adjusted level of 221,000. This represents a decrease of 21,000 from the previous week's figure. The latest reading was lower than the 234,000 forecast.
Commercial Real Estate Debt: Time for Insurers to Take a Closer Look?
A holistic approach may help insurance investors navigate an expansive opportunity set.
What is a Small Cap Growth Fund?
In this primer we define small cap growth funds, provide practical suggestions on how to invest in them, and explain why we believe they are a strategically important asset class.
Rates Still a Risk for Stocks
Russ Koesterich discusses the risk of higher interest rates and the potential impact (both positive and negative) such a move could have on markets.
Recession Alert?
Is the US already in recession? Probably not. But in the first quarter, real GDP is very likely to have a minus sign in front of it. Yes, a negative reading for real growth!
How Much Insurance Is Right for You?
The central question we want to address in this note is how to quantify how “price sensitive” insurance buyers should be, and in the context of insurance, what is the “price” they should be sensitive to?
Boom in Loss-Limiting Funds With $51 Billion Sparks Backlash
They’re a tempting proposition for anyone getting worried about the bull market’s longevity: exchange-traded funds that keep you from losing money — should stocks suddenly go south.
Real Talk With Rias: Considering Moving Upmarket? Here Are Some Issues to Consider
Many independent firms and Registered Investment Advisors aspire to move upmarket, targeting wealthier clients who demand more sophisticated financial solutions.
AI Drug Firm Recursion Wants to Be the Amazon Prime of Pharma
AI drug developer Recursion Pharmaceuticals Inc. is considering an Amazon Prime-style subscription model for selling its pipeline of medicines.
Historically Confident Investors Meet Historically Uncertain World
We delve into the unprecedented level of equity risk investors are taking, the record-high uncertainty measures facing further impacts from deglobalization, and the benefits of maintaining a diversified portfolio through it all.
Tariff-fied
An aggressive U.S. tariff regime will come down hard on major economies.
Leading the Financial Revolution: Senator Lummis, Bitcoin and the Future of U.S. Digital Policy
Senator Cynthia Lummis (R-WY) takes a pivotal role in shaping how America approaches cryptocurrency and blockchain technology.
Is Warren Buffett's True Successor Bill Ackman?
Warren Buffett's latest shareholder letter contains the usual folksy mix of wisdom and humor.
Dealing With Workplace Anxiety
Unfortunately, I hear stories about people unwilling to seek HR help for many reasons. It is a tragedy when this happens because good HR support can be the key to helping with so many things.
What Scares the S&P 500?
In the second half of 2024 the risk premia associated with inflation releases declined relative to labor market data as the Fed shifted focus toward labor market and away from inflation risk. With elevated S&P 500 Index concentration and the market leadership of the artificial intelligence (AI) theme, some single company earnings (NVIDIA) have been rising risk events for the entire index.
Five Estate Planning Ideas for 2025
Consider estate planning strategies to minimize the impact of taxes on your estate. Our Bill Cass highlights several key actions including document reviews, naming beneficiaries and the use of 529 college savings plans to enhance tax efficiency.
2025 Outlook: Healthcare Technology & Innovation
The healthcare industry's bellwether event, the JP Morgan Healthcare Conference (JPM25), kicked off the year as it traditionally does,
Your Millennial Clients Could See Opportunities as Your Boomer Clients Sell Businesses
Many boomers are business owners who are selling their businesses. This article provides guidance for these retiring business owners, their heirs and their advisors. This article also discusses opportunities for investors to capitalize on this once-in-a-lifetime mass exodus of baby boomer business owners.
How RIAs Could Help Solve America’s Retirement Income Crisis
We are about to enter a new era – the era of the personal defined benefit pension. And I predict that over the next few years, it will be RIAs that deliver these personal plans to millions of Americans. Before I explain how this transformation will unfold, let me first explain why it must unfold.
How AI Is Reshaping Aerospace & Defense Investment Opportunities
For a few months now, I’ve been referring to today’s heightened geopolitical climate as the “new red Cold War,” where artificial intelligence (AI)—not necessarily fighter jets and nuclear weapons—serves as the primary battleground between the U.S. and its adversaries, most notably Russia and China.
Key Planning Ideas to Maximize Your 2025 Tax Savings
For 2025 tax planning, our Bill Cass shares income tax planning strategies that can help manage current tax bills and prepare for future changes. Here are the highlights.
The Benefits of Designations for Financial Professionals: A Three Step Approach
The professional development journey for financial professionals is best approached through a structured three-step process involving foundational designations, advanced level specializations, and niche market concentrations.