FINRA has released new data for margin debt, now available through March. The latest debt level is at $880.316 billion, down 4.3% from February. This is the second straight month the debt level has declined and is the largest monthly drop since October 2023.
A successful single-pane-of-glass strategy not only enhances compliance but also improves operational efficiency and agility in an increasingly complex regulatory environment.
Kestra Private Wealth Services (Kestra PWS), a registered investment adviser subsidiary of Kestra Financial, Inc., today announced it has welcomed Turas Wealth Partners (Turas), a wealth management firm led by father-son duo John and Shea Marmion, to its platform.
A reintroduction of SLR relief to balance treasury market stability and systemic risk would likely produce several market effects.
BNY’s Ben Slavin provides an in-depth look at recent ETF trading and flows, and unpacks the latest on the ETF share class structure and product innovation. VettaFi’s Kirsten Chang highlights five noteworthy ETF launches.
Bitcoin advanced to the highest level since early March, fueling optimism that the biggest digital token is finally breaking free of a longstanding tendency to move in tandem with US tech stocks.
If the US slides into recession, banks will be ready – at least according to commentary on their earnings calls last week.
Compare corporate and municipal bonds, including risks, returns, and tax benefits. Learn which bond type fits your investment goals.
As we have learned repeatedly, the Fed will take extensive emergency measures if it perceives liquidity problems. Even above their congressional mandated objective of managing employment and prices, the Fed's top priority is preserving the banks.
KKR & Co. is eyeing one of the riskiest deals going right now — buying the owner of London’s creaking water and sewage system, Thames Water. Giving a private equity firm the chance to profit from fixing the mess Thames got into under past private ownership looks bad but makes sense.
If there’s one thing investors have learned in recent days, it’s that there’s no way to guess what America will do next. With its on-again, off-again tariffs, the US administration has demonstrated a rare and reckless willingness to shock markets.
If your business isn’t strategically managing its digital presence, it could be losing customers without even realizing it. The brands that master GEO and SEO today will be the ones shaping the marketplace of tomorrow.
The current market unrest over the potential for tariff increases and their impact is unpredictable. The volatility can be unnerving.
VettaFi’s Cinthia Murphy looks at several surprising ETF developments from a wild week in the markets. VistaShares CEO Adam Patti highlights the firm’s unique approach to ETFs, which includes the VistaShares Target Berkshire Select Income ETF (OMAH).
Markets have had a wild ride these past couple of weeks, alongside chaotic tariff-related news, with volatility (and its policy triggers) most elevated in the bond market.
After sinking nearly $2 billion into a triple-levered semiconductor fund last week, retail investors are enduring a volatile ride as the Nasdaq 100 swings between gains and losses.
Unlike traditional methods that rely on selling assets, crypto lending 2.0 enables investors to borrow against their bitcoin, unlocking liquidity while preserving the upside potential.
Travel on all roads and streets declined in February. The 12-month moving average was down 0.11% month-over-month but was up 0.95% year-over-year. However, if we factor in population growth, the 12-month MA of the civilian population-adjusted data (age 16-and-over) was down 0.17% MoM and down 0.95% YoY.
A new cryptocurrency aims to occupy the final frontier of investor safety — cash that doesn’t lose purchasing power to inflation.
On Monday, April 7, the S&P 500 dropped as much as 4.7% at the session low before whiplashing higher on reports of a potential tariff delay—closing the day up 3.4% from Friday’s close.
Significant government policy shifts, particularly in tariffs and regulatory restructuring, have created uncertainty and volatility. We continue monitoring potential risks like inflation and recession while remaining focused on identifying profitable investment opportunities amidst these changes.
Swap spreads measure the difference between the interest rate on a swap and the yield on a Treasury bond with the same maturity.
Commodity markets face uncertainty from tariffs, global growth risks and geopolitics, but may show resilience. Tight supply and global stimulus support a constructive long-term outlook.
In a tumultuous environment, investors increasingly turned to actively managed bond ETFs this year according to JPMAM research.
If Trump is successful in ending — or at least significantly changing — the current global economic structure, the economy and geopolitics will change dramatically. Initially, this will be highly challenging from an investment perspective.
As with all decisions involving uncertainty, we want to find the answer which maximizes your expected risk-adjusted return, not your base-case or expected return. This means that we have to go beyond the industry standard and explicitly account for risk in our analysis.
Yield spreads are critical to understanding market sentiment and predicting potential stock market downturns. While yield spreads have widened, they remain well below the long-term averages. However, if recession risks increase due to tariffs, sentiment, or illiquidity, those yield spreads will widen further.
Credit investors are looking to pounce on new opportunities resulting from the wild swings in global financial markets triggered by the US-China trade war.
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.
Getting into Donald Trump’s head is no easy task. And to the extent his economic intentions are decipherable and coherent, can Trump impose his economic will on other countries? As tariffs go into place, albeit with a partial pause, that remains to be seen.
Markets responded swiftly to President Trump’s recent announcement of sweeping reciprocal tariffs, with the S&P 500 falling more than 3% in a single day.
Shorter-term Treasuries gained after an unexpected ebb in US inflation last month calmed bond traders shaken by President Donald Trump’s evolving trade policy.
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.
In an era when a select group of tech behemoths has dominated market returns, investors are growing increasingly wary of the concentration risk it poses.
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.
VettaFi addresses common questions on midstream/MLPs, oil prices, recessions, and tariffs following last week’s equity sell-off.
With a number of factors at play, the short-term pullback in gold will likely meet resistance to the long-term, unchanged fundamentals,
DoubleLine Global Bond Portfolio Manager Bill Campbell shares DoubleLine’s outlook for risk markets, the U.S. Treasury curve, inflation, growth and Federal Reserve policy in light of Washington’s reciprocal tariffs and reactions of U.S. trade partners.
Treasury Secretary Scott Bessent played down a selloff in US Treasuries, saying that there was nothing systemic at play, and also served warning against China not to attempt to devalue its exchange rate in retaliation for American tariff hikes.
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.
The announcement of global tariffs by President Trump has rocked markets and much is uncertain, but there are key facts for investors to keep in mind.
Good news: Tariffs will not make the world end. American businesses will do what they do best, which is adapt. While the probability of a recession has increased, we always get through it and the best businesses thrive. Unless directly affected by tariffs, don’t change your personal plans that much.
The Nasdaq-100 Index (NDX) slipped nearly 2.5% last week. That sparked fresh fears that current geopolitical and macroeconomic climates remain headwinds to growth stocks. Those headwinds may imply investors aren’t flocking to AI stocks
Ideally, nobody would have to worry about the burgeoning and multifaceted realm of nonbank finance: Let hedge funds, securities dealers and the like take whatever risks they want, as long as they bear the full consequences.
The latest employment report showed that 228,000 jobs were added in March, exceeding the expected 137,000 addition. Meanwhile, the unemployment rate unexpectedly inched up to 4.2%.
To summarize the market action of March of 2025: U.S. stocks (SPX) did poorly, international stocks (especially Europe, VGK) did well in dollar terms, and gold (IAU) did spectacularly well. The main culprit appears to market concerns about the Trump administration’s tariff policies.
Adam Hetts, Global Head of Multi-Asset & Portfolio Manager, and Oliver Blackbourn, Portfolio Manager, give their thoughts on how US President Trump’s ‘Liberation Day’ tariffs have reshaped global trade dynamics, emphasising the benefits of diversification at a time of heightened uncertainty about the prospects for growth.
The tariffs that the U.S. is imposing on its trading partners will bring about several costs that are important for investors to understand. Some of those costs are inherent to what a tariff is, while others stem from the fact that U.S. industrial policy has, and looks to continue to have, a huge amount of uncertainty associated with it.
This year’s whiplash headlines and thrashing in equity markets have done little to slow down the ETF industry.
The last time the dollar needed policy intervention was in 1985. The dollar was ascendant, and that put American exports at a disadvantage.
The world has entered a period of geopolitical uncertainty, with the U.S. now at the center of the storm.
Connective Communication’s CEO & Founder Jennifer Morgan lit up the Exchange stage with her workshop, Escape the Sea of Sameness.
Clinging to the hope that a “maybe” will somehow turn into a commitment doesn’t serve you or them. It simply allows your qualified prospects to walk away without having their problem solved, leaving you without a client – a losing situation for both parties.
Investors are fretting that a year-long rally in global credit is papering over the risk that US policy uncertainty tips the world’s largest economy into a recession.
Amid a market correction and heightened policy, inflation and growth concerns, valuations are back in the spotlight.
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.
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.
Portfolio Managers John Kerschner, Nick Childs, and Jessica Shill discuss the AAA CLO ETF landscape and highlight the most important considerations for investors.
When you grow up with a father who worked in the brokerage business, you hear a lot of stories.
VettaFi examines free cash flow yields for midstream MLPs and corporations using 2025 estimates and compares with energy and the S&P 500.
Investing requires more than just understanding global markets. Geopolitical risk matters, from China to Russia to Europe and more.
Real gross domestic product (GDP) is comprised of four major subcomponents. In the Q4 GDP second estimate, three of the four components made positive contributions.
Total assets held by actively run ETFs in the US have hit the $1 trillion milestone, as investors sink cash into a new generation of strategies — shaking up the passive reputation of this booming corner of money management.
Junk bonds don’t seem quite so junky anymore. US investors are piling into an asset class that has grown a little safer in recent years, and in recent weeks has drawn investors seeking a safe harbor from market turbulence.
Changing market narratives in the third quarter led to ongoing market volatility.
Margin debt is the amount of money an investor borrows from their broker via a margin account. Trading with a margin debt can magnify gains because an investor can benefit from the upside of any stock without having to invest 100%, resulting in greater profit. On the flip side, trading with margin debt can also exacerbate losses because if a stock's value were to depreciate, the investor may face a margin call and would need to come up with additional cash to reach the minimum requirement.
The $5 trillion industry is embarking on a campaign to change the way taxes for indebted businesses are tallied. Leading lobbyists want to tack two letters — DA — back to an earnings formula used to help calculate tax deductions, a change potentially worth billions.
Home prices continued to trend upwards in December as the benchmark national index rose for a 24th consecutive month to a 19th straight record high. The seasonally adjusted home prices for the national index saw a 0.6% increase MoM, and a 4.1% increase YoY. After adjusting for inflation, the MoM fell to 0.3% and YoY fell to -0.5%.
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.
Emerging markets offer the potential for long-term diversified investment returns but they can endure challenging periods of volatility and uncertainty. Head of Portfolio Strategy David Dali maps out the issues to consider when constructing and managing a portfolio for emerging markets.
The sense of gloom on Wall Street is putting pressure on some of the most committed backers of American exceptionalism: South Korea’s risk-seeking retail investors.
Banks’ businesses don’t change radically year to year so nor should their capital requirements.
Investment-grade floating-rate notes prices tend to be more stable than their fixed-rate counterparts, so they may be worth considering during periods of volatility.
The equity market tends to see a correction every 18 months. If it's not a recession-induced bear market, it may be a buying opportunity.
It's been full steam ahead for active ETFs, with total assets now rapidly approaching the $1 trillion milestone.
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.”
Recession fears have risen sharply of late as economic soft data have rolled over, upping the risk that hard data start to catch down.
I’ve spent much of my career coaching and providing learning opportunities for those professionals who want to improve. This week I had an experience that moved me to write a column about the difficulty in opening one’s self up to being willing to be coached, and of making behavioral change.
Microsoft Corp., the biggest backer of Sam Altman’s OpenAI, and BlackRock Inc., which has an executive on the artificial intelligence startup’s board, are joining forces with one of its chief rivals.
Private equity firms are called that because they own stakes in the companies they buy. Today, this assumption is looking ever more outdated.
Times have changed. Emails used to be read because information was valued. Now emails are ignored and even seen as a nuisance. Free information is everywhere, and it’s no longer trusted.
One of the textbook drivers of alpha is an information edge. Having more information, advanced ways to use that information, and the ability to react to it before anyone else has been a massive advantage throughout the history of markets.
The U.S. housing market has been a critical factor in the broader economic landscape, and its trends have profound implications.
A time-honored belief holds that inflation is bad for stocks, but recent developments may be challenging this view.
With market uncertainty abound in today's macro and geopolitical climate, Berkshire Hathaway hasn't been immune to the volatility.
One of the biggest challenges investors face today is navigating the most concentrated U.S. stock market in history, where the largest stocks represent a record share of total market value.
Recent economic data has been all over the map. Consumer confidence sank this month to the lowest level since November 2022, yet the labor market remains strong, with historically low unemployment and rising wages.
News related to tariffs, DOGE, geopolitical unrest, NVIDIA earnings, and more significantly impacted U.S. stock markets recently, with the S&P 500 retreating over 2.5% during the second half of February. There are signs that meaningful structural shifts are taking place in the market.
The 60/40 portfolio, where 60% is invested in stocks and 40% in bonds, is the initial starting point for many portfolios. The exact asset mix is often adjusted based on an investor’s time horizon, risk tolerance, and financial goals, but the simple, proportional stock-bond combination is what is often considered a “balanced” portfolio.
Leveraged and Inverse Funds
Margin Debt Sinks to 5-Month Low in March
FINRA has released new data for margin debt, now available through March. The latest debt level is at $880.316 billion, down 4.3% from February. This is the second straight month the debt level has declined and is the largest monthly drop since October 2023.
The Single Pane of Glass: Unifying Communications Supervision Across Channels
A successful single-pane-of-glass strategy not only enhances compliance but also improves operational efficiency and agility in an increasingly complex regulatory environment.
Turas Wealth Partners Joins Kestra Private Wealth Services To Further Focus on Client Experience
Kestra Private Wealth Services (Kestra PWS), a registered investment adviser subsidiary of Kestra Financial, Inc., today announced it has welcomed Turas Wealth Partners (Turas), a wealth management firm led by father-son duo John and Shea Marmion, to its platform.
Balancing Treasury Market Stability and Systemic Risk
A reintroduction of SLR relief to balance treasury market stability and systemic risk would likely produce several market effects.
BNY’s Ben Slavin on ETF Trading, Flows, Share Class Structure, & Innovation
BNY’s Ben Slavin provides an in-depth look at recent ETF trading and flows, and unpacks the latest on the ETF share class structure and product innovation. VettaFi’s Kirsten Chang highlights five noteworthy ETF launches.
Bitcoin Rallies 20% During Market Turmoil to Diverge From Tech
Bitcoin advanced to the highest level since early March, fueling optimism that the biggest digital token is finally breaking free of a longstanding tendency to move in tandem with US tech stocks.
As US Recession Looms, Banks Brace for Worse
If the US slides into recession, banks will be ready – at least according to commentary on their earnings calls last week.
Corporate vs. Municipal Bonds: Key Differences Every Investor Should Know
Compare corporate and municipal bonds, including risks, returns, and tax benefits. Learn which bond type fits your investment goals.
Swaps & Basis Trades Signal Mounting Liquidity Problems
As we have learned repeatedly, the Fed will take extensive emergency measures if it perceives liquidity problems. Even above their congressional mandated objective of managing employment and prices, the Fed's top priority is preserving the banks.
KKR Will Have to Fight for Private Equity’s Smelliest Deal
KKR & Co. is eyeing one of the riskiest deals going right now — buying the owner of London’s creaking water and sewage system, Thames Water. Giving a private equity firm the chance to profit from fixing the mess Thames got into under past private ownership looks bad but makes sense.
The Financial Crisis of 2025? Better to Be Ready
If there’s one thing investors have learned in recent days, it’s that there’s no way to guess what America will do next. With its on-again, off-again tariffs, the US administration has demonstrated a rare and reckless willingness to shock markets.
Competing in the Digital Age: How GEO & SEO Are Reshaping Your Brand’s Future
If your business isn’t strategically managing its digital presence, it could be losing customers without even realizing it. The brands that master GEO and SEO today will be the ones shaping the marketplace of tomorrow.
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.
Volatile Markets Spark Unexpected ETF Stories
VettaFi’s Cinthia Murphy looks at several surprising ETF developments from a wild week in the markets. VistaShares CEO Adam Patti highlights the firm’s unique approach to ETFs, which includes the VistaShares Target Berkshire Select Income ETF (OMAH).
Upside Down(side): Markets' Wild Rides
Markets have had a wild ride these past couple of weeks, alongside chaotic tariff-related news, with volatility (and its policy triggers) most elevated in the bond market.
Leveraged ETF Traders Endure Volatile Ride After Chip Bet
After sinking nearly $2 billion into a triple-levered semiconductor fund last week, retail investors are enduring a volatile ride as the Nasdaq 100 swings between gains and losses.
Crypto Lending 2.0: Unlocking the Potential of Bitcoin Without Selling It
Unlike traditional methods that rely on selling assets, crypto lending 2.0 enables investors to borrow against their bitcoin, unlocking liquidity while preserving the upside potential.
America's Driving Habits: February 2025
Travel on all roads and streets declined in February. The 12-month moving average was down 0.11% month-over-month but was up 0.95% year-over-year. However, if we factor in population growth, the 12-month MA of the civilian population-adjusted data (age 16-and-over) was down 0.17% MoM and down 0.95% YoY.
Crypto’s Newest Stablecoin is Inflation-Linked Bond Alternative
A new cryptocurrency aims to occupy the final frontier of investor safety — cash that doesn’t lose purchasing power to inflation.
Lessons From the Dip: A Gameplan for Market Chaos
On Monday, April 7, the S&P 500 dropped as much as 4.7% at the session low before whiplashing higher on reports of a potential tariff delay—closing the day up 3.4% from Friday’s close.
Muhlenkamp Quarterly Market Commentary – April 2025
Significant government policy shifts, particularly in tariffs and regulatory restructuring, have created uncertainty and volatility. We continue monitoring potential risks like inflation and recession while remaining focused on identifying profitable investment opportunities amidst these changes.
Notes From the Desk: Bond Trauma
Swap spreads measure the difference between the interest rate on a swap and the yield on a Treasury bond with the same maturity.
Navigating Resource Equities in a Shifting Macro Landscape
Commodity markets face uncertainty from tariffs, global growth risks and geopolitics, but may show resilience. Tight supply and global stimulus support a constructive long-term outlook.
Investors Turn to Actively Managed Bond ETFs in March
In a tumultuous environment, investors increasingly turned to actively managed bond ETFs this year according to JPMAM research.
Trump’s Economic Revolution: Unraveling a Blessing & a Curse
If Trump is successful in ending — or at least significantly changing — the current global economic structure, the economy and geopolitics will change dramatically. Initially, this will be highly challenging from an investment perspective.
Where Did I Put My Investments?
As with all decisions involving uncertainty, we want to find the answer which maximizes your expected risk-adjusted return, not your base-case or expected return. This means that we have to go beyond the industry standard and explicitly account for risk in our analysis.
Yield Spreads Suggest The Risk Isn’t Over Yet
Yield spreads are critical to understanding market sentiment and predicting potential stock market downturns. While yield spreads have widened, they remain well below the long-term averages. However, if recession risks increase due to tariffs, sentiment, or illiquidity, those yield spreads will widen further.
Oaktree, TCW and Sona Spot Opportunity in Market Turmoil
Credit investors are looking to pounce on new opportunities resulting from the wild swings in global financial markets triggered by the US-China trade war.
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.
Tariffs Are the First Part of a Larger Project
Getting into Donald Trump’s head is no easy task. And to the extent his economic intentions are decipherable and coherent, can Trump impose his economic will on other countries? As tariffs go into place, albeit with a partial pause, that remains to be seen.
Tariffs, Turbulence, and the Case for Staying Diversified
Markets responded swiftly to President Trump’s recent announcement of sweeping reciprocal tariffs, with the S&P 500 falling more than 3% in a single day.
US Treasuries Rebound Even as Tariff Rout Haunts Long-Dated Debt
Shorter-term Treasuries gained after an unexpected ebb in US inflation last month calmed bond traders shaken by President Donald Trump’s evolving trade policy.
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.
Small Caps, Big Opportunities: Investing Beyond Large-Cap Stocks
In an era when a select group of tech behemoths has dominated market returns, investors are growing increasingly wary of the concentration risk it poses.
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.
Tariff Tantrum: Addressing Questions on Oil & Midstream
VettaFi addresses common questions on midstream/MLPs, oil prices, recessions, and tariffs following last week’s equity sell-off.
Should You Be Concerned About the Pullback in Gold?
With a number of factors at play, the short-term pullback in gold will likely meet resistance to the long-term, unchanged fundamentals,
DoubleLine's Take on the Reciprocal Tariffs
DoubleLine Global Bond Portfolio Manager Bill Campbell shares DoubleLine’s outlook for risk markets, the U.S. Treasury curve, inflation, growth and Federal Reserve policy in light of Washington’s reciprocal tariffs and reactions of U.S. trade partners.
Bessent Sees ‘Normal Deleveraging’ in Bonds, Warns China on Yuan
Treasury Secretary Scott Bessent played down a selloff in US Treasuries, saying that there was nothing systemic at play, and also served warning against China not to attempt to devalue its exchange rate in retaliation for American tariff hikes.
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.
Tariff Tantrum
The announcement of global tariffs by President Trump has rocked markets and much is uncertain, but there are key facts for investors to keep in mind.
The Tariff Recession?
Good news: Tariffs will not make the world end. American businesses will do what they do best, which is adapt. While the probability of a recession has increased, we always get through it and the best businesses thrive. Unless directly affected by tariffs, don’t change your personal plans that much.
Opportunities Still Abound in AI Stocks
The Nasdaq-100 Index (NDX) slipped nearly 2.5% last week. That sparked fresh fears that current geopolitical and macroeconomic climates remain headwinds to growth stocks. Those headwinds may imply investors aren’t flocking to AI stocks
Finance Needs to Be Prepared for the Unexpected
Ideally, nobody would have to worry about the burgeoning and multifaceted realm of nonbank finance: Let hedge funds, securities dealers and the like take whatever risks they want, as long as they bear the full consequences.
Employment Report: 228K Jobs Added in March, More Than Expected
The latest employment report showed that 228,000 jobs were added in March, exceeding the expected 137,000 addition. Meanwhile, the unemployment rate unexpectedly inched up to 4.2%.
April 2025 Update
To summarize the market action of March of 2025: U.S. stocks (SPX) did poorly, international stocks (especially Europe, VGK) did well in dollar terms, and gold (IAU) did spectacularly well. The main culprit appears to market concerns about the Trump administration’s tariff policies.
Liberation Day: The Tariff Man Cometh
Adam Hetts, Global Head of Multi-Asset & Portfolio Manager, and Oliver Blackbourn, Portfolio Manager, give their thoughts on how US President Trump’s ‘Liberation Day’ tariffs have reshaped global trade dynamics, emphasising the benefits of diversification at a time of heightened uncertainty about the prospects for growth.
Tariffs: Making the U.S. Exceptional, but Not in a Good Way
The tariffs that the U.S. is imposing on its trading partners will bring about several costs that are important for investors to understand. Some of those costs are inherent to what a tariff is, while others stem from the fact that U.S. industrial policy has, and looks to continue to have, a huge amount of uncertainty associated with it.
ETF Bonanza Hits Overdrive With 1,000 New Funds Seen for 2025
This year’s whiplash headlines and thrashing in equity markets have done little to slow down the ETF industry.
Is Another Currency Accord Ahead?
The last time the dollar needed policy intervention was in 1985. The dollar was ascendant, and that put American exports at a disadvantage.
Seeking Stability
The world has entered a period of geopolitical uncertainty, with the U.S. now at the center of the storm.
Jennifer Morgan Rescues Advisors From the Sea of Sameness
Connective Communication’s CEO & Founder Jennifer Morgan lit up the Exchange stage with her workshop, Escape the Sea of Sameness.
How to Eliminate ‘Maybe’ From Your Sales Meetings
Clinging to the hope that a “maybe” will somehow turn into a commitment doesn’t serve you or them. It simply allows your qualified prospects to walk away without having their problem solved, leaving you without a client – a losing situation for both parties.
US Recession Fear Raises ‘Gray Swan’ Risk for Bond Investors
Investors are fretting that a year-long rally in global credit is papering over the risk that US policy uncertainty tips the world’s largest economy into a recession.
The Price You Pay: Valuation Evaluation
Amid a market correction and heightened policy, inflation and growth concerns, valuations are back in the spotlight.
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.
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.
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.
O-I-L-S, Oil Stocks
When you grow up with a father who worked in the brokerage business, you hear a lot of stories.
Midstream/MLP FCF Yields Stay Positive as Capex Rises
VettaFi examines free cash flow yields for midstream MLPs and corporations using 2025 estimates and compares with energy and the S&P 500.
Ian Bremmer on Geopolitical Market Risk at Exchange
Investing requires more than just understanding global markets. Geopolitical risk matters, from China to Russia to Europe and more.
An Inside Look at the Q4 2024 GDP Third Estimate
Real gross domestic product (GDP) is comprised of four major subcomponents. In the Q4 GDP second estimate, three of the four components made positive contributions.
Active Management Lives On in ETFs After $1 Trillion Asset Haul
Total assets held by actively run ETFs in the US have hit the $1 trillion milestone, as investors sink cash into a new generation of strategies — shaking up the passive reputation of this booming corner of money management.
Junk Bonds Win Over Investors Seeking Calm From Market Storm
Junk bonds don’t seem quite so junky anymore. US investors are piling into an asset class that has grown a little safer in recent years, and in recent weeks has drawn investors seeking a safe harbor from market turbulence.
Navigating Volatility Using Options
Changing market narratives in the third quarter led to ongoing market volatility.
Margin Debt: January 2025
Margin debt is the amount of money an investor borrows from their broker via a margin account. Trading with a margin debt can magnify gains because an investor can benefit from the upside of any stock without having to invest 100%, resulting in greater profit. On the flip side, trading with margin debt can also exacerbate losses because if a stock's value were to depreciate, the investor may face a margin call and would need to come up with additional cash to reach the minimum requirement.
Private Equity Pushes for Two-Letter Tax Change to Save Billions
The $5 trillion industry is embarking on a campaign to change the way taxes for indebted businesses are tallied. Leading lobbyists want to tack two letters — DA — back to an earnings formula used to help calculate tax deductions, a change potentially worth billions.
S&P CoreLogic Case-Shiller Index: 4.1% Annual Gain in January
Home prices continued to trend upwards in December as the benchmark national index rose for a 24th consecutive month to a 19th straight record high. The seasonally adjusted home prices for the national index saw a 0.6% increase MoM, and a 4.1% increase YoY. After adjusting for inflation, the MoM fell to 0.3% and YoY fell to -0.5%.
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.
The Investment Portfolio Approach
Emerging markets offer the potential for long-term diversified investment returns but they can endure challenging periods of volatility and uncertainty. Head of Portfolio Strategy David Dali maps out the issues to consider when constructing and managing a portfolio for emerging markets.
US Tech Rout Fuels Wild Bets From Korean Retail Investors
The sense of gloom on Wall Street is putting pressure on some of the most committed backers of American exceptionalism: South Korea’s risk-seeking retail investors.
US Banking Rule Reform Is Too Important to Rush
Banks’ businesses don’t change radically year to year so nor should their capital requirements.
Floating-Rate Notes: 4 Key Considerations
Investment-grade floating-rate notes prices tend to be more stable than their fixed-rate counterparts, so they may be worth considering during periods of volatility.
New Headlines Overlook U.S. Economic Strength
The equity market tends to see a correction every 18 months. If it's not a recession-induced bear market, it may be a buying opportunity.
Nearing $1 Trillion: Active ETF Engine Roars On
It's been full steam ahead for active ETFs, with total assets now rapidly approaching the $1 trillion milestone.
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.”
A Future Uncertain: Recession Coming?
Recession fears have risen sharply of late as economic soft data have rolled over, upping the risk that hard data start to catch down.
The Painful Experience of Being Coached
I’ve spent much of my career coaching and providing learning opportunities for those professionals who want to improve. This week I had an experience that moved me to write a column about the difficulty in opening one’s self up to being willing to be coached, and of making behavioral change.
Musk’s xAI Startup Joins Microsoft-BlackRock $30 Billion AI Fund
Microsoft Corp., the biggest backer of Sam Altman’s OpenAI, and BlackRock Inc., which has an executive on the artificial intelligence startup’s board, are joining forces with one of its chief rivals.
Private Equity Firms Are Getting Rid of Their Equity
Private equity firms are called that because they own stakes in the companies they buy. Today, this assumption is looking ever more outdated.
Email – Where Your Sale Goes to Die
Times have changed. Emails used to be read because information was valued. Now emails are ignored and even seen as a nuisance. Free information is everywhere, and it’s no longer trusted.
How To Invest with Clarity Through Market Volatility
One of the textbook drivers of alpha is an information edge. Having more information, advanced ways to use that information, and the ability to react to it before anyone else has been a massive advantage throughout the history of markets.
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.
Equities as an Inflation Hedge?
A time-honored belief holds that inflation is bad for stocks, but recent developments may be challenging this view.
Bulls & Bears Weigh in On Berkshire Hathaway
With market uncertainty abound in today's macro and geopolitical climate, Berkshire Hathaway hasn't been immune to the volatility.
How To Survive Falling Markets
One of the biggest challenges investors face today is navigating the most concentrated U.S. stock market in history, where the largest stocks represent a record share of total market value.
Gold Smashes Through $3,000 as Recession Fears Mount
Recent economic data has been all over the map. Consumer confidence sank this month to the lowest level since November 2022, yet the labor market remains strong, with historically low unemployment and rising wages.
Quality Is On Sale
News related to tariffs, DOGE, geopolitical unrest, NVIDIA earnings, and more significantly impacted U.S. stock markets recently, with the S&P 500 retreating over 2.5% during the second half of February. There are signs that meaningful structural shifts are taking place in the market.
Rebuilding Resilience in 60/40 Portfolios
The 60/40 portfolio, where 60% is invested in stocks and 40% in bonds, is the initial starting point for many portfolios. The exact asset mix is often adjusted based on an investor’s time horizon, risk tolerance, and financial goals, but the simple, proportional stock-bond combination is what is often considered a “balanced” portfolio.