New home sales reached a six-month high in March while the median price fell for a second straight month.
Private lenders led by Apollo Global Management Inc. and Blackstone Inc. are providing a $4 billion loan to support Thoma Bravo’s acquisition of Boeing Co.’s flight navigation unit and other digital assets, according to people with knowledge of the deal.
Theoretical forecasts and earnings announcements may provide initial insights as to the impact of current tariff proposals, although estimates may be imprecise.
It’s been another strong year for ETF demand. ETFs gathered approximately $350 billion of new money year-to-date through April 16.
A global trade war can’t possibly be good news for a city-state whose exports and imports add up to more than 300% of its gross domestic product. Yet there are good reasons to believe that real estate in Singapore may offer a sanctuary to investors fleeing extreme anxiety.
Tariff uncertainty, a weakening US dollar, and surging Treasury yields are flashing warning signs for investors. Explore how political risks, fiscal policy, and global volatility are reshaping capital flows and market confidence.
We’ve expected a recession for more than a year now. Simply put…the Era of Easy Everything is Over. Expanding deficits and easy money (that have lifted the economy since COVID) are no longer with us. At the same time, tariff negotiations have created an unbelievable amount of uncertainty.
Compare corporate and municipal bonds, including risks, returns, and tax benefits. Learn which bond type fits your investment goals.
U.S. defensives and international lead.a
These are scary times. No surprise, the typical advice is to stay the course — that it will all work out fine — but those near retirement should take heed.
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.
Wall Street is already looking past what’s expected to be Corporate America’s slowest gain in quarterly earnings in a year, instead focusing on a number that rarely captures the limelight: capital expenditures.
Markets were rattled by tariff announcements in early April. Here are three takeaways for investors considering preferred securities, investment-grade and high-yield corporate bonds.
The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.
Retail sales surged as consumers seemingly bought ahead of tariffs while a volatile stock market experienced a sharp mid-week sell-off.
While the April 2 tariff announcements were more severe than anticipated, Vanguard’s active fixed income managers were well-prepared for the subsequent market reaction.
Rapid U.S. policy changes pose challenges for investors accustomed to a global financial system anchored in U.S. markets and assets.
If I had a dollar for every time I heard or read the word recession in the last week, well, I’d have enough not to be financially worried about one. Add a dollar for every mention of tariffs and I’d be comfortably flushed with cash.
One day doesn’t make a trend, but wary small-caps investors may find some comfort in knowing the Russell 2000 Index jumped 8.50% on Wednesday
The yield on the 10-year note ended April 17, 2025 at 4.34%. Meanwhile, the 2-year note ended at 3.81% and the 30-year note ended at 4.80%.
Home values fell for the first time in two years in March, according to the Zillow Home Value Index. However, after adjusting for inflation, real home values declined for an 11th straight month, hitting their lowest level since May 2021.
In the latest report by the Census Bureau, building permits unexpectedly rose to a seasonally adjusted annual rate of 1.482 million in March. This marks a 1.6% increase from February but a 0.2% decline compared to one year ago.
In the latest report by the Census Bureau, housing starts plummeted to a seasonally adjusted annual rate of 1.324 million in March. This marks an 11.4% decrease from February, the largest monthly decline in a year, but a 1.9% increase compared to one year ago.
The month of April will unfortunately go down in financial market folklore as being one of the more noteworthy on record.
In this article, we examine everything from the yield curve to CAPE ratios to gain a sense of where we are, and where we might be headed next.
As homeowner insurance rates rise, advisors share ways individuals can create a financial safety net should catastrophe impact their homes.
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.
In San Francisco’s financial district, the One Montgomery building evokes the opulence of America’s turn of the 20th century gilded age. With its Tuscan columns, marble staircases and bronze doors, the Renaissance Revival landmark once housed Crocker Bank, named after one of the tycoons who built the western portion of America’s first transcontinental railroad.
While we continue to feel the U.S. has structural investment advantages, we are mindful that the scope of the current administration's policy shifts may present challenges to our sustained economic momentum.
2025 has marked a striking reversal, with European stocks delivering exceptional returns that have handily surpassed US market performance.
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.
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.
Bitcoin and its peers are speculative assets. They have value because enough people believe they do, not because they’re backed by a central authority or tied to any intrinsic utility.
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.
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.
You probably noticed we are having one of those “weeks when decades happen.” Notice also, however, that we are still here. Your investments and businesses may be bruised but you’re still in the game.
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.
On 9 April, President Donald Trump announced a 90-day pause on the higher “add-on” reciprocal tariffs on 50-plus countries that had been announced the previous week, precipitating a historic equity market rally and showing that there was seemingly a limit to how far he would go to move forward with his trade agenda.
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.
Bonds have gained as investors sought shelter amid growing fears around a tariff-driven global economic slowdown.
On 2 April, the Trump administration announced sweeping tariffs that were more aggressive than many had expected. Then on 9 April, the administration announced a 90-day pause on most of the new country-specific “reciprocal tariffs.”
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.
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.
Markets were jolted last week after President Trump announced sweeping tariffs, including steep increases on China, Japan, and the EU, leading to a 10.5% drop in the S&P 500 over two days—an event seen only during major crises in the past 75 years.
Callable bonds make up a large share of the bond market—and introduce one more variable into the bond-investing process.
An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth.
While there are no absolute winners in a trade war, there may be relative winners in the global stock market for investors to consider.
Lost in the focus on the bludgeoning that tariff policy has had on equity markets, is the impact on global currencies. From the end of February through April 3rd, the U.S. Dollar is down 5.1% relative to other developed market currencies (DXY). In addition, we’ve also seen a violent unwinding of the popular currency carry trade.
We’re adjusting our stance in response to rising risk while maintaining a disciplined view on long-term strategy.
The recent market drawdown highlights risks of a concentrated S&P 500—and the case for diversification now.
The markets face a challenging path as tariff policies intensify economic uncertainty, yet opportunities persist for discerning investors.
Like a crossword puzzle, President Trump has been bombarding the media with clues about his economic policy. Given the importance of inflation and interest rates to the economy and the financial markets, it's worth assessing his clues and formulating some answers about what Trump may be up to.
Global markets are in freefall in response to President Donald Trump’s universal 10% tariff on all goods being imported into the U.S., with as many as 60 countries facing “reciprocal” tariffs on top of that.
The tariff chaos continues … but the economy remains intact. For now.
In the report, Fixed Income Portfolio Managers John Lloyd and Greg Wilensky discuss how fixed income markets are responding to Trump’s sweeping tariffs and the implications for investors.
We’d like to discuss our three worst-performing securities in the US portfolio to help our investors understand why we are sitting on our hands and allowing our discipline to proceed.
In the report, Fixed income portfolio managers Brent Olson and Tim Winstone reflect on the initial credit market response to President Trump’s tariffs.
Investors crushed the stocks of consumer discretionary companies on Thursday in response to President Donald Trump’s tariff announcement, making little distinction between home goods companies such as Williams-Sonoma Inc., apparel names including Nike Inc. or restaurants such as Cheesecake Factory Inc.
The combination of slowing economic growth and stubborn inflation, combined with uncertainty about U.S. tariff policy, is keeping investors cautious.
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.
Active ETFs just topped the $1 trillion threshold, making up nearly 10% of the total ETF pie. Enhanced yield is the name of the game.
The Institute for Supply Management (ISM) released its March Services Purchasing Managers' Index (PMI), with the headline composite index at 50.8—below the forecast of 53.0. This marks the ninth consecutive month of expansion but the slowest growth since June 2024.
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.
Compensation dynamics are commanding investor attention once more. For the first time in decades, Japan's pay increases—finalized at +5.46% in this year's shunto negotiations—have notably exceeded compensation growth rates in the United States.
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.
Investors face new challenges as their wealth grows. So it’s a good thing that direct indexing is designed to fit their allocations just the way they are.
An early-term recession, though difficult, can create strategic opportunities to push a bold and transformative agenda forward.
This video provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
The underrepresentation of women in financial services leadership is not a reflection of their ability – it’s a symptom of an industry that hasn’t evolved quickly enough to meet the challenges of the modern world. Addressing this gap requires more than a commitment to diversity...
Goldman Sachs Group Inc. is expanding its private equity offering to wealthy individuals across Wall Street and beyond, in the latest sign of investment firms gradually broadening access to the much sought-after private markets.
Investors often debate the merits of value versus growth investing, but when it comes to developed international equities, the conversation isn't static; it moves in cycles.
The world has entered a period of geopolitical uncertainty, with the U.S. now at the center of the storm.
Fixed income investors can opt for corporate bonds to maximize yield opportunities without sacrificing too much credit risk.
Kristin Myers, Editor-in-Chief at etf.com, offers a preview of their highly anticipated 2025 industry awards ceremony. VettaFi’s Zeno Mercer breaks down the recent surge in gold and international equity ETFs.
U.S. manufacturing growth stalled in March amid economic and tariff uncertainty. The S&P Global U.S. Manufacturing PMI remained in expansion territory for a third straight month in March at 50.2 signaling a marginal improvement in operating conditions. The latest reading was higher than the 49.8 forecast.
Amid a market correction and heightened policy, inflation and growth concerns, valuations are back in the spotlight.
Dr. David Kelly, chief global market strategist, J.P. Morgan Asset Management, provided insight on current opportunities at Exchange.
CNBC Senior Markets Correspondent Bob Pisani and Research Affiliates Founder and Chairman Rob Arnott talked value at Exchange.
Valid until the market close on April 30, 2025
This article provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
Last week's economic reports painted a stark picture of rising inflationary pressures and plummeting consumer confidence.
With the release of February's report on personal incomes and outlays, we can now take a closer look at "real" disposable personal income per capita. At two decimal places, the nominal 0.83% month-over-month change in disposable income comes to 0.50% when we adjust for inflation, the largest monthly gain since January 2024. The year-over-year metrics are 3.63% nominal and 1.06% real.
BlackRock Inc. Chief Executive Officer Larry Fink pledged to open up private markets to millions of everyday investors, not just the wealthy few, contending individuals should share more of the gains from economic growth.
A standoff between homebuyers and sellers played out in much of the country over the past two years, and particularly in internal migration destinations such as Florida and Texas. The number of homes on the market rose as poor affordability constrained would-be buyers, but sellers rejected offers significantly below the 2022 peaks.
The substantial shift in U.S. trade policy will put a significant dent in growth in major markets.
History suggests a rebound could be in order.
One is known as the Oracle of Omaha, the other as Superman. Warren Buffett and Li Ka-shing are the two most revered investors in the West and East.
Portfolio Managers John Kerschner, Nick Childs, and Jessica Shill discuss the AAA CLO ETF landscape and highlight the most important considerations for investors.
Real Estate
New Home Sales Reach Six-Month High in March
New home sales reached a six-month high in March while the median price fell for a second straight month.
Apollo, Blackstone Lead $4 Billion Loan for Boeing Unit
Private lenders led by Apollo Global Management Inc. and Blackstone Inc. are providing a $4 billion loan to support Thoma Bravo’s acquisition of Boeing Co.’s flight navigation unit and other digital assets, according to people with knowledge of the deal.
Early Impacts of the Trade War
Theoretical forecasts and earnings announcements may provide initial insights as to the impact of current tariff proposals, although estimates may be imprecise.
Risk-Off Fixed Income in Demand in April
It’s been another strong year for ETF demand. ETFs gathered approximately $350 billion of new money year-to-date through April 16.
Singapore Property May Be a Good Place to Hide
A global trade war can’t possibly be good news for a city-state whose exports and imports add up to more than 300% of its gross domestic product. Yet there are good reasons to believe that real estate in Singapore may offer a sanctuary to investors fleeing extreme anxiety.
Smoke Signals: Dollar Decline, Tariffs and Treasury Yields Surge Signal Market Volatility
Tariff uncertainty, a weakening US dollar, and surging Treasury yields are flashing warning signs for investors. Explore how political risks, fiscal policy, and global volatility are reshaping capital flows and market confidence.
Near Zero Q1, Uncertainty Ahead
We’ve expected a recession for more than a year now. Simply put…the Era of Easy Everything is Over. Expanding deficits and easy money (that have lifted the economy since COVID) are no longer with us. At the same time, tariff negotiations have created an unbelievable amount of uncertainty.
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.
Quarterly Recap Q1 2025
U.S. defensives and international lead.a
A Warning to Baby Boomers and Others Regarding the China-U.S. Trade War
These are scary times. No surprise, the typical advice is to stay the course — that it will all work out fine — but those near retirement should take heed.
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.
Investors Want to Know What Firms Are Spending More Than Earning
Wall Street is already looking past what’s expected to be Corporate America’s slowest gain in quarterly earnings in a year, instead focusing on a number that rarely captures the limelight: capital expenditures.
Market Volatility and Corporate Bonds: 3 Takeaways
Markets were rattled by tariff announcements in early April. Here are three takeaways for investors considering preferred securities, investment-grade and high-yield corporate bonds.
Tariff Tremors, Market Rotations, and the Imperative of Optimization
The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.
Weekly Economic Snapshot: Pre-Tariff Spending Spike Amid Fed Warning
Retail sales surged as consumers seemingly bought ahead of tariffs while a volatile stock market experienced a sharp mid-week sell-off.
Fixed Income Remains Key to Long-Term Diversification
While the April 2 tariff announcements were more severe than anticipated, Vanguard’s active fixed income managers were well-prepared for the subsequent market reaction.
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.
Are Dividend Cuts on the Horizon in 2025?
If I had a dollar for every time I heard or read the word recession in the last week, well, I’d have enough not to be financially worried about one. Add a dollar for every mention of tariffs and I’d be comfortably flushed with cash.
Small-Caps May Yet Have Their Redemption Day
One day doesn’t make a trend, but wary small-caps investors may find some comfort in knowing the Russell 2000 Index jumped 8.50% on Wednesday
Treasury Yields Snapshot: April 17, 2025
The yield on the 10-year note ended April 17, 2025 at 4.34%. Meanwhile, the 2-year note ended at 3.81% and the 30-year note ended at 4.80%.
Zillow Home Value Index: "Real" Home Values at Lowest Level Since May 2021
Home values fell for the first time in two years in March, according to the Zillow Home Value Index. However, after adjusting for inflation, real home values declined for an 11th straight month, hitting their lowest level since May 2021.
Building Permits Unexpectedly Rise 1.6% in March
In the latest report by the Census Bureau, building permits unexpectedly rose to a seasonally adjusted annual rate of 1.482 million in March. This marks a 1.6% increase from February but a 0.2% decline compared to one year ago.
Housing Starts Plummet 11.4% in March
In the latest report by the Census Bureau, housing starts plummeted to a seasonally adjusted annual rate of 1.324 million in March. This marks an 11.4% decrease from February, the largest monthly decline in a year, but a 1.9% increase compared to one year ago.
The Fed Can Use the “Alphabet” if Need Be
The month of April will unfortunately go down in financial market folklore as being one of the more noteworthy on record.
Do Indicators Point to Potential Further Stock Market Declines?
In this article, we examine everything from the yield curve to CAPE ratios to gain a sense of where we are, and where we might be headed next.
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.
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.
Billionaires and CEOs Bet on Cheap San Francisco Real Estate
In San Francisco’s financial district, the One Montgomery building evokes the opulence of America’s turn of the 20th century gilded age. With its Tuscan columns, marble staircases and bronze doors, the Renaissance Revival landmark once housed Crocker Bank, named after one of the tycoons who built the western portion of America’s first transcontinental railroad.
Equity Outlook: American Exceptionalism Reexamined
While we continue to feel the U.S. has structural investment advantages, we are mindful that the scope of the current administration's policy shifts may present challenges to our sustained economic momentum.
From Magnificent 7 to European Revival
2025 has marked a striking reversal, with European stocks delivering exceptional returns that have handily surpassed US market performance.
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.
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.
National Bitcoin Reserve Makes No Financial Sense
Bitcoin and its peers are speculative assets. They have value because enough people believe they do, not because they’re backed by a central authority or tied to any intrinsic utility.
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.
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.
The Uncertainty Recession
You probably noticed we are having one of those “weeks when decades happen.” Notice also, however, that we are still here. Your investments and businesses may be bruised but you’re still in the game.
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.
President Trump Blinks for Now, But Tariffs Remain High
On 9 April, President Donald Trump announced a 90-day pause on the higher “add-on” reciprocal tariffs on 50-plus countries that had been announced the previous week, precipitating a historic equity market rally and showing that there was seemingly a limit to how far he would go to move forward with his trade agenda.
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.
As Tariffs Cloud Outlook, Municipal Bonds May Offer Opportunity
Bonds have gained as investors sought shelter amid growing fears around a tariff-driven global economic slowdown.
The U.S. Economy’s Trajectory Amid Higher Tariffs
On 2 April, the Trump administration announced sweeping tariffs that were more aggressive than many had expected. Then on 9 April, the administration announced a 90-day pause on most of the new country-specific “reciprocal tariffs.”
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.
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.
Q1 2025 Baird Chautauqua Global Outlook
Markets were jolted last week after President Trump announced sweeping tariffs, including steep increases on China, Japan, and the EU, leading to a 10.5% drop in the S&P 500 over two days—an event seen only during major crises in the past 75 years.
Callable Bonds: Understanding How They Work
Callable bonds make up a large share of the bond market—and introduce one more variable into the bond-investing process.
2025 Global Market Outlook: The Mechazilla Moment
An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth.
Relative Winners in a Trade War
While there are no absolute winners in a trade war, there may be relative winners in the global stock market for investors to consider.
Carry Trade Destruction
Lost in the focus on the bludgeoning that tariff policy has had on equity markets, is the impact on global currencies. From the end of February through April 3rd, the U.S. Dollar is down 5.1% relative to other developed market currencies (DXY). In addition, we’ve also seen a violent unwinding of the popular currency carry trade.
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.
Market Madness: The 'Elite 8' Are Becoming a Liability
The recent market drawdown highlights risks of a concentrated S&P 500—and the case for diversification now.
Navigating Tariffs, Volatility, and a Slowing Economy
The markets face a challenging path as tariff policies intensify economic uncertainty, yet opportunities persist for discerning investors.
Solving Trump’s Economic Puzzle
Like a crossword puzzle, President Trump has been bombarding the media with clues about his economic policy. Given the importance of inflation and interest rates to the economy and the financial markets, it's worth assessing his clues and formulating some answers about what Trump may be up to.
America’s Tariff Rate Hits the Highest Level Since 1909—And That’s Before Retaliation
Global markets are in freefall in response to President Donald Trump’s universal 10% tariff on all goods being imported into the U.S., with as many as 60 countries facing “reciprocal” tariffs on top of that.
‘Stagflation Frustration’ in the Age of Tariffs
The tariff chaos continues … but the economy remains intact. For now.
Fixed Income Markets Take Trump’s Tariffs in Stride
In the report, Fixed Income Portfolio Managers John Lloyd and Greg Wilensky discuss how fixed income markets are responding to Trump’s sweeping tariffs and the implications for investors.
Thursday’s Post-Mortem
We’d like to discuss our three worst-performing securities in the US portfolio to help our investors understand why we are sitting on our hands and allowing our discipline to proceed.
Credit Reacts to Tariffs
In the report, Fixed income portfolio managers Brent Olson and Tim Winstone reflect on the initial credit market response to President Trump’s tariffs.
Where Will Consumers Go?
Investors crushed the stocks of consumer discretionary companies on Thursday in response to President Donald Trump’s tariff announcement, making little distinction between home goods companies such as Williams-Sonoma Inc., apparel names including Nike Inc. or restaurants such as Cheesecake Factory Inc.
Treasury Bond Markets: Seeking Higher Ground
The combination of slowing economic growth and stubborn inflation, combined with uncertainty about U.S. tariff policy, is keeping investors cautious.
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.
Active ETFs Steal the Show: Topping $1 Trillion Mark
Active ETFs just topped the $1 trillion threshold, making up nearly 10% of the total ETF pie. Enhanced yield is the name of the game.
ISM Services PMI: Lowest Reading Since June
The Institute for Supply Management (ISM) released its March Services Purchasing Managers' Index (PMI), with the headline composite index at 50.8—below the forecast of 53.0. This marks the ninth consecutive month of expansion but the slowest growth since June 2024.
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.
Rising Sun, Rising Wages: Japan's Market Signals New Opportunity
Compensation dynamics are commanding investor attention once more. For the first time in decades, Japan's pay increases—finalized at +5.46% in this year's shunto negotiations—have notably exceeded compensation growth rates in the United States.
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.
How to Fit Direct Indexing into a Client’s Current Portfolio
Investors face new challenges as their wealth grows. So it’s a good thing that direct indexing is designed to fit their allocations just the way they are.
Asset Allocation Biweekly: Managing an Economic Slowdown
An early-term recession, though difficult, can create strategic opportunities to push a bold and transformative agenda forward.
Moving Averages of the Ivy Portfolio and S&P 500: March 2025
This video provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
Closing the Gender Gap in Financial Services: The Case for Intentional Succession Planning
The underrepresentation of women in financial services leadership is not a reflection of their ability – it’s a symptom of an industry that hasn’t evolved quickly enough to meet the challenges of the modern world. Addressing this gap requires more than a commitment to diversity...
Goldman Is Opening Up Private Equity Deals to Rich Individuals
Goldman Sachs Group Inc. is expanding its private equity offering to wealthy individuals across Wall Street and beyond, in the latest sign of investment firms gradually broadening access to the much sought-after private markets.
The Rhythm of Style: Value vs. Growth in Developed International Markets—Part 1
Investors often debate the merits of value versus growth investing, but when it comes to developed international equities, the conversation isn't static; it moves in cycles.
Seeking Stability
The world has entered a period of geopolitical uncertainty, with the U.S. now at the center of the storm.
Stick With Investment-Grade Corporate Bonds Amid Uncertainty
Fixed income investors can opt for corporate bonds to maximize yield opportunities without sacrificing too much credit risk.
Previewing the Annual ETF Awards
Kristin Myers, Editor-in-Chief at etf.com, offers a preview of their highly anticipated 2025 industry awards ceremony. VettaFi’s Zeno Mercer breaks down the recent surge in gold and international equity ETFs.
S&P Global US Manufacturing PMI™: Growth Stalled in March
U.S. manufacturing growth stalled in March amid economic and tariff uncertainty. The S&P Global U.S. Manufacturing PMI remained in expansion territory for a third straight month in March at 50.2 signaling a marginal improvement in operating conditions. The latest reading was higher than the 49.8 forecast.
The Price You Pay: Valuation Evaluation
Amid a market correction and heightened policy, inflation and growth concerns, valuations are back in the spotlight.
JPMAM’s Dr. David Kelly Discusses Current Investment Opportunities at Exchange
Dr. David Kelly, chief global market strategist, J.P. Morgan Asset Management, provided insight on current opportunities at Exchange.
Arnott Sees 'Opportunity-Rich Environment' in Value, Teases New Funds
CNBC Senior Markets Correspondent Bob Pisani and Research Affiliates Founder and Chairman Rob Arnott talked value at Exchange.
Moving Averages of the Ivy Portfolio and S&P 500: March 2025
Valid until the market close on April 30, 2025
This article provides an update on the monthly moving averages we track for the S&P 500 and the Ivy Portfolio after the close of the last business day of the month.
Weekly Economic Snapshot: Consumer Fears & Inflation Drag Down Markets
Last week's economic reports painted a stark picture of rising inflationary pressures and plummeting consumer confidence.
Real Disposable Income Per Capita Up 0.5% in February
With the release of February's report on personal incomes and outlays, we can now take a closer look at "real" disposable personal income per capita. At two decimal places, the nominal 0.83% month-over-month change in disposable income comes to 0.50% when we adjust for inflation, the largest monthly gain since January 2024. The year-over-year metrics are 3.63% nominal and 1.06% real.
Larry Fink Vows to Unlock Private Investments for the Masses
BlackRock Inc. Chief Executive Officer Larry Fink pledged to open up private markets to millions of everyday investors, not just the wealthy few, contending individuals should share more of the gains from economic growth.
The Housing Market Will Have Some Bargains This Spring
A standoff between homebuyers and sellers played out in much of the country over the past two years, and particularly in internal migration destinations such as Florida and Texas. The number of homes on the market rose as poor affordability constrained would-be buyers, but sellers rejected offers significantly below the 2022 peaks.
Believe It or Not
The substantial shift in U.S. trade policy will put a significant dent in growth in major markets.
Are There Opportunities in Smaller Stocks?
History suggests a rebound could be in order.
What Warren Buffett and Li Ka-shing Hoarding Cash Tells Us
One is known as the Oracle of Omaha, the other as Superman. Warren Buffett and Li Ka-shing are the two most revered investors in the West and East.
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.