If you're thinking about adding subscription services to your financial planning practice, you're not alone. More advisors are moving beyond the traditional AUM model to offer monthly subscription plans, and for good reason.
Below, we recount highlights from constituents of the ROBO Global Robotics and Automation Index (ROBO) and the ROBO Global Artificial Intelligence Index (THNQ).
In last week’s letter, I referenced Torsten Sløk’s excellent midyear outlook for Apollo Global Management. Today I’ll share some longer quotes which will, I hope, help you visualize where the economy is headed.
The Senate has approved its own version of the "One Big Beautiful Bill" tax-and-spending plan. Here's how it differs from the version the House passed in May, and what's next.
Index futures inched upward premarket as the headline May PCE data landed in line with expectations, though the core data and annual figures were up slightly.
The Fed left rates unchanged and signaled it’s still in wait-and-see mode, even as inflation risks and policy uncertainty persist.
Given the uncertainty of future events, global investors seek a “safe haven” for investment dollars. As such, U.S. Treasury Bonds and the U.S. dollar appreciate given their perceived “financial safety.” Last week, global investors were already starting to make that shift with the dollar rising.
529 plans are a popular choice among families looking to save for college due to their flexibility and tax benefits. However, each family’s educational journey and associated costs can vary significantly. This means you may require a tailored savings strategy to best meet your future student’s needs.
A 529 plan is a popular tool for saving for college expenses. When it comes to who maintains control over the 529 plan’s assets, in most cases, it’s the account owner. This is often a parent or grandparent. The owner also has the ability to make investment choices and manage withdrawals.
When planning for future financial needs, take the time to understand the key differences between a 529 plan vs. IUL insurance. Both are valuable tools, but they serve different purposes and offer unique benefits.
When we think of the U.S. government's finances, we often focus on the massive debt. But what about Uncle Sam's assets? This video provides an update on the Fed's Financial Assets through Q1 2025
When we think of the U.S. government's finances, we often focus on the massive debt. But what about the assets? What does Uncle Sam actually own, and which asset is the largest?
A 529 plan can influence financial aid eligibility and the amount awarded. While these savings plans arevaluable for covering education expenses, they are considered parental assets on the Free Applicationfor Federal Student Aid (FAFSA).
Describes how what is happening to the economy is bigger than tariffs, it is the business cycle. It includes a comment on the FOMC meeting tomorrow, uses economic data up through this morning (retail sales), and includes a nice cartoon which can be used as a thumbnail (below).
Blackstone Inc. hired Joseph Cassanelli, a banker who drove major Wall Street deals, as the private equity firm prepares to invest more in banks and insurers.
A 529 plan can play a strategic role in estate planning, especially for families looking to reduce taxes while saving for education. Contributions to a 529 plan may be excluded from your taxable estate, potentially lowering future estate tax liability.
In part one of our new series, AI Alpha, we explored the sweeping potential of artificial intelligence (AI) as a transformative force.
The U.S. economy and stock market face a confluence of challenges in the second half of the year, keeping the bar relatively (but not restrictively) high for outperformance.
Advisors can help clients and their families plan for the rising costs of tuition and other educational expenses by knowing the benefits of 529 plans — and staying up-to-date on evolving rules around these investment vehicles.
The Fear Trade is what most Western investors are familiar with. It’s the flight to safety during times of uncertainty, driven by concerns over inflation, interest rates, geopolitical risk and more.
The push to put private assets in the hands of individual investors is breathing new life into a relatively quiet corner of the asset management industry: interval funds.
In the last three months tariff news has whipped financial markets around remarkably in response to President Trump’s ever changing tariff policies. The most pronounced reactions were concentrated in the US stock market.
Investors may revisit international exposure in their portfolios amidst reduced market reactions to tariff announcements, uncertain U.S. policy and lagging U.S. stock performance.
Here are some important insights and good open-ended questions to ask your clients to make sure they are thinking through life decisions.
Our role isn’t just to manage assets; it’s to help clients stay grounded. We remind clients that investing is a long-term journey, and short-term volatility doesn’t have to knock them off course.
Here are three universal, time-tested principles, that will protect you from“over-delivering” with information and value, and ultimately missing out on the opportunity to add a new, paying client.
Last week's economic data presented a mixed but generally more positive outlook. Inflation continued its downward trend in April.
The "One Big Beautiful Bill" tax-and-spending plan was passed by the House of Representatives and now moves on to the Senate. Here's what's in it.
529 plans do not earn interest like a traditional savings account. However, they offer strong growth potential through a range of investment options.
Few leading men of the 1960s and 1970s were more dashing than Clint Eastwood. He played a series of gritty heroes, trying to do right in a world gone wrong.
The Republican tax bill contains flashy goodies for families with kids. The flashiest: savings accounts for children — branded Trump Accounts — created and initially funded by the Treasury Department. These will consist of $1,000 in invested assets for each American citizen born through 2028, plus whatever funds parents later add.
A KEY PLANK of the new administration’s economic policy has been to embrace tariffs, a sharp reversal of decades of free market trade.
529 plans and Roth IRAs are two tax-advantaged accounts designed to help you save for future expenses.
Markets rallied after a surprise tariff rollback, but with valuations stretched and policy signals still mixed, investors appear to be leaning toward flexibility, fundamentals, and selective exposure.
Though silver has been quiet lately, it’s important to be aware of the many bullish factors that are setting the stage for a strong move higher.
529 plans offer tax-free savings for a variety of education expenses, including K-12 tuition, vocational training and apprenticeships. Our Bill Cass discusses the trends in 529 savings plans.
Debt collectors have been unpopular since ancient times, but they play a necessary role in the lending lifecycle. Their jobs are not easy: I recall one collector noting that there are few ways to communicate with defaulted borrowers.
The share of outstanding US consumer debt that’s in delinquency rose in the first quarter to the highest in five years, reflecting an end to the pandemic-era pause on reporting delinquent student loan payments on credit reports.
529 plans provide tax benefits, estate planning advantages, and flexible education savings. Our Bill Cass explains how 529 plans can be part of an estate planning strategy.
We maintain a focus on resiliency as elevated yields within high quality fixed income continue to offer attractive opportunities.
While the U.S. and U.K. have different economic and regulatory landscapes, there are clear opportunities for the U.S. to improve retirement readiness by adopting some best practices from across the pond.
US inflation rose by less than forecast in April amid tame prices for clothing and new cars, suggesting little urgency so far by companies to pass along the cost of higher tariffs to consumers.
At Wednesday’s press conference, Chair Jay Powell signaled a wait-and-see approach, as the Fed keeps a close eye on inflation pressures and the job market.
The federal government recently resumed student loan collections after a multi-year pause. This affects millions of borrowers who have been in forbearance since March 2020. Our Bill Cass outlines some options for borrowers in default.
Over the past two weeks, the market has had a furious nine-day rally, the longest winning streak in 21 years.
In recent times, central bank independence has been taken as gospel. Political pressure for easy money contributed to extremes of inflation in the 1970s.
One of the best-known market trends, the “sell in May” effect is backed by decades of historical performance: Investing in a fund that debuted in 1993 and tracks the S&P 500 during the May-October period yielded a cumulative return of 171%, compared to a 731% gain for November-April, an analysis from Bespoke Investment Group found.
Ultimately, advisors should choose a rebalancing strategy that best serves their client’s needs without putting undue strain on their own operations.
Unexpected wider and larger-scope tariff announcements have sent tremors through bond and equity markets, resulting in a brisk sell-off that signals investors’ caution.
Tesla Inc. reported abysmal numbers for the first quarter on Tuesday evening. Naturally, Chief Executive Officer Elon Musk kicked off the call with a discussion on why he must fix America’s finances, facing down an army of alleged moochers.
Many retirees hold substantial assets in traditional IRAs and taxable brokerage accounts. When planning for retirement income and considering your legacy, Roth IRA conversions can be a strategic way to reduce your tax burden and maximize the wealth you pass on to your heirs.
A tax-advantaged account offers certain tax benefits to encourage individuals to save or invest for specific purposes, such as retirement, education or healthcare. These accounts can help you lower your taxable income, defer taxes or avoid taxes altogether if used for qualified expenses.
Inflation risk has been a significant topic of discussion in the mainstream media for the last few years.
Navigating market volatility can be challenging for investors. Our Bill Cass shares several tax planning strategies to consider.
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.
With uncertainty in abundance, we think investors should avoid drastic moves.
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.
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.
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.
We examine the April 2 tariff announcement from President Trump, outlining key proposals and the potential implications for trade and market sentiment.
Social Security faces funding issues by 2035, but major changes to the program are unlikely in the near term.
As policy uncertainty grows, we consider how tariffs and other government actions might impact inflation, interest rates, and market sentiment.
The theme among so many writers seems to be “vibe shift.” And indeed, there is a concern the economy is slowing and may even be in a recession.
After years of poor decision-making, the federal government’s $1.64 trillion student loan program is in critical condition. Congress needs to stanch the bleeding — and give serious thought to overhauling this flawed system for the longer term.
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.
Last week’s economic data was plagued by uncertainty. A brief respite in inflation pressures was overshadowed by sentiment concerns.
This morning’s retail sales report is a bit of relief. The economy, as of the end February, is not in free fall as the control group increase of 1.0% offset the same decline in January. Nevertheless, the underlying concerns that emerged over the last few days cannot be ignored.
Navigating tax season can be even more confusing when facing the range of rules around IRA withdrawals, 529 plan distributions, and charitable deductions. Our Bill Cass details some common questions around tax filing.
The risk of a recession in the U.S. is not zero. This is particularly true as the current Administration tackles Government bloat and implements tariffs. However, before we discuss why the risk of a recession could increase, it is crucial to remember the 2022 experience.
Most of us associate 529 accounts with college savings. They’re flexible, allowing you to transfer assets to anyone, including yourself, for the express purpose of furthering the education of your beneficiary. But did you know that a 529 can be a powerful estate planning tool?
For decades, the U.S. dollar’s dominance has rested on two pillars: America’s deep capital markets and its global security alliances. Today, both are under strain.
The world’s recent experience of faster inflation may make it harder for central banks to control prices in future, former US Federal Reserve Chair Ben Bernanke said.
Just recently, S&P Global released its 2026 earnings estimates, which, for lack of a better word, have gone parabolic. Such should not be surprising given the ongoing exuberance on Wall Street. Unsurprisingly, rationalizations justify illogic when too much money is chasing too few assets.
Looming U.S. and global policy shifts may potentially rattle markets, but a tactical and flexible approach could help investors navigate risks and opportunities regardless of how events play out.
Investor sentiment around small-cap companies is worse than it’s been in months. As it turns out, the mood isn’t much better inside their corporate boardrooms.
General Motors Co. plans to step up its program of buybacks by repurchasing $6 billion in shares and raising its dividend, rewarding investors by pushing more cash off its balance sheet.
When constructing a target-date fund (TDF) glide path, providers have many decisions to make, such as what asset classes to include, when to include them, and how much to allocate to each.
Chief Investment Officer of Global Asset Allocation, Anwiti Bahuguna, Ph.D., outlines the investment themes and return expectations from our new 10-year outlook.
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.
Meta Platforms Inc.’s recent record-breaking, 20-day rally propelled the share price to a level where investors may start calling on the company to split its stock for the first time since going public in 2013.
The latest reports on consumer & wholesale prices indicated persistent inflation pressures. Retail sales posted a large drop.
Our research shows how artificial intelligence can potentially enhance performance of equity investing.
Investors in America’s biggest company are increasingly focused on China, where Apple Inc. is striving to win over a crucial customer base while also facing tariff-related risks.
We explore why extreme market concentration is unsustainable, how competition and innovation drive broader market performance, and why diversification is key as volatility rises. Don’t let market extremes catch you off guard.
Tariff threats offer a glimpse of what is in store.
We analyze the impact of U.S. tariff proposals on markets and how investors can manage their portfolios accordingly.
Prepare for 2024 taxes by organizing forms, documenting charitable contributions, maximizing retirement savings and reporting rental income.
The stock market posted some noteworthy streaks of its own in the fourth quarter.
529/College Planning
Breaking Down the Regulatory Requirements for Subscription Services
If you're thinking about adding subscription services to your financial planning practice, you're not alone. More advisors are moving beyond the traditional AUM model to offer monthly subscription plans, and for good reason.
The AI Arms Race Heats Up: June’s Robotics & Automation Playbook
Below, we recount highlights from constituents of the ROBO Global Robotics and Automation Index (ROBO) and the ROBO Global Artificial Intelligence Index (THNQ).
At The Crossroads
In last week’s letter, I referenced Torsten Sløk’s excellent midyear outlook for Apollo Global Management. Today I’ll share some longer quotes which will, I hope, help you visualize where the economy is headed.
Senate Approves Revised Tax and Spending Bill
The Senate has approved its own version of the "One Big Beautiful Bill" tax-and-spending plan. Here's how it differs from the version the House passed in May, and what's next.
Core Inflation Rose in May, Indexes Near High
Index futures inched upward premarket as the headline May PCE data landed in line with expectations, though the core data and annual figures were up slightly.
Continued Risk to Both Sides of the Dual Mandate
The Fed left rates unchanged and signaled it’s still in wait-and-see mode, even as inflation risks and policy uncertainty persist.
Iran Struck By U.S.: Markets, Risk, and Rational Investing
Given the uncertainty of future events, global investors seek a “safe haven” for investment dollars. As such, U.S. Treasury Bonds and the U.S. dollar appreciate given their perceived “financial safety.” Last week, global investors were already starting to make that shift with the dollar rising.
529 Investment Strategy by Age
529 plans are a popular choice among families looking to save for college due to their flexibility and tax benefits. However, each family’s educational journey and associated costs can vary significantly. This means you may require a tailored savings strategy to best meet your future student’s needs.
Who Maintains Control Over a 529 Plan’s Assets?
A 529 plan is a popular tool for saving for college expenses. When it comes to who maintains control over the 529 plan’s assets, in most cases, it’s the account owner. This is often a parent or grandparent. The owner also has the ability to make investment choices and manage withdrawals.
529 Plans vs. Indexed Universal Life (IUL) Insurance
When planning for future financial needs, take the time to understand the key differences between a 529 plan vs. IUL insurance. Both are valuable tools, but they serve different purposes and offer unique benefits.
The Fed's Financial Accounts: What Are Uncle Sam's Largest Assets? (Q1 2025)
When we think of the U.S. government's finances, we often focus on the massive debt. But what about Uncle Sam's assets? This video provides an update on the Fed's Financial Assets through Q1 2025
The Fed's Financial Accounts: What Are Uncle Sam's Largest Assets?
When we think of the U.S. government's finances, we often focus on the massive debt. But what about the assets? What does Uncle Sam actually own, and which asset is the largest?
Will a 529 Plan Affect Financial Aid Eligibility or Amount Awarded?
A 529 plan can influence financial aid eligibility and the amount awarded. While these savings plans are
valuable for covering education expenses, they are considered parental assets on the Free Application
for Federal Student Aid (FAFSA).
Bigger Than Tariffs
Describes how what is happening to the economy is bigger than tariffs, it is the business cycle. It includes a comment on the FOMC meeting tomorrow, uses economic data up through this morning (retail sales), and includes a nice cartoon which can be used as a thumbnail (below).
Blackstone Taps Ex-Lazard Top Dealmaker, Aims to Back More Banks
Blackstone Inc. hired Joseph Cassanelli, a banker who drove major Wall Street deals, as the private equity firm prepares to invest more in banks and insurers.
How 529 Plans Are Treated for Estate Planning and Taxes
A 529 plan can play a strategic role in estate planning, especially for families looking to reduce taxes while saving for education. Contributions to a 529 plan may be excluded from your taxable estate, potentially lowering future estate tax liability.
AI: The Challenges for Investors
In part one of our new series, AI Alpha, we explored the sweeping potential of artificial intelligence (AI) as a transformative force.
2025 Mid-Year Outlook: U.S. Stocks and Economy
The U.S. economy and stock market face a confluence of challenges in the second half of the year, keeping the bar relatively (but not restrictively) high for outperformance.
It Can Be Tricky to Navigate 529 Plan Rules, But Advisors Can Help
Advisors can help clients and their families plan for the rising costs of tuition and other educational expenses by knowing the benefits of 529 plans — and staying up-to-date on evolving rules around these investment vehicles.
Meet the “Hermès of Gold” the Chinese Can’t Get Enough Of
The Fear Trade is what most Western investors are familiar with. It’s the flight to safety during times of uncertainty, driven by concerns over inflation, interest rates, geopolitical risk and more.
Wall Street Has a Hot Way to Sell Private Assets to the Masses
The push to put private assets in the hands of individual investors is breathing new life into a relatively quiet corner of the asset management industry: interval funds.
From Tariff Angst to Optimism
In the last three months tariff news has whipped financial markets around remarkably in response to President Trump’s ever changing tariff policies. The most pronounced reactions were concentrated in the US stock market.
2025 Mid-Year Outlook: Global Stocks and Economy
Investors may revisit international exposure in their portfolios amidst reduced market reactions to tariff announcements, uncertain U.S. policy and lagging U.S. stock performance.
Questions to Ask Clients About Key Milestones
Here are some important insights and good open-ended questions to ask your clients to make sure they are thinking through life decisions.
Turning Client Anxiety Into Opportunity During Volatile Markets
Our role isn’t just to manage assets; it’s to help clients stay grounded. We remind clients that investing is a long-term journey, and short-term volatility doesn’t have to knock them off course.
Are You Over-Educating and Losing the Sale?
Here are three universal, time-tested principles, that will protect you from“over-delivering” with information and value, and ultimately missing out on the opportunity to add a new, paying client.
Weekly Economic Snapshot: Inflation Cools While Sentiment Cautiously Climbs
Last week's economic data presented a mixed but generally more positive outlook. Inflation continued its downward trend in April.
Tax Bill Moves on to the Senate—What's Next?
The "One Big Beautiful Bill" tax-and-spending plan was passed by the House of Representatives and now moves on to the Senate. Here's what's in it.
Does a 529 Plan Earn Interest?
529 plans do not earn interest like a traditional savings account. However, they offer strong growth potential through a range of investment options.
Lights, Camera…Tariffs?
Few leading men of the 1960s and 1970s were more dashing than Clint Eastwood. He played a series of gritty heroes, trying to do right in a world gone wrong.
Trump Accounts? Republicans Have Had Better Ideas
The Republican tax bill contains flashy goodies for families with kids. The flashiest: savings accounts for children — branded Trump Accounts — created and initially funded by the Treasury Department. These will consist of $1,000 in invested assets for each American citizen born through 2028, plus whatever funds parents later add.
Trade Tariffs: What History Teaches Us to Mitigate Their Impact
A KEY PLANK of the new administration’s economic policy has been to embrace tariffs, a sharp reversal of decades of free market trade.
529 Plan vs. Roth IRA
529 plans and Roth IRAs are two tax-advantaged accounts designed to help you save for future expenses.
Tariff U-Turn; Lingering Doubts
Markets rallied after a surprise tariff rollback, but with valuations stretched and policy signals still mixed, investors appear to be leaning toward flexibility, fundamentals, and selective exposure.
Revisiting the Bullish Case for Silver
Though silver has been quiet lately, it’s important to be aware of the many bullish factors that are setting the stage for a strong move higher.
529 Plans: Not Just for College
529 plans offer tax-free savings for a variety of education expenses, including K-12 tuition, vocational training and apprenticeships. Our Bill Cass discusses the trends in 529 savings plans.
Student Debt Default Deluge
Debt collectors have been unpopular since ancient times, but they play a necessary role in the lending lifecycle. Their jobs are not easy: I recall one collector noting that there are few ways to communicate with defaulted borrowers.
Student Loans Drive US Delinquency Rate to Highest Since 2020
The share of outstanding US consumer debt that’s in delinquency rose in the first quarter to the highest in five years, reflecting an end to the pandemic-era pause on reporting delinquent student loan payments on credit reports.
A 529 Plan Can be an Effective Component of an Estate Plan
529 plans provide tax benefits, estate planning advantages, and flexible education savings. Our Bill Cass explains how 529 plans can be part of an estate planning strategy.
Income Fund Update: Focus on Stability Amid Turbulence
We maintain a focus on resiliency as elevated yields within high quality fixed income continue to offer attractive opportunities.
Cross-Atlantic Retirement Readiness: What the U.S. Can Learn from the U.K.
While the U.S. and U.K. have different economic and regulatory landscapes, there are clear opportunities for the U.S. to improve retirement readiness by adopting some best practices from across the pond.
US Inflation Comes In Softer Than Forecast for a Third Month
US inflation rose by less than forecast in April amid tame prices for clothing and new cars, suggesting little urgency so far by companies to pass along the cost of higher tariffs to consumers.
Increased Risks to Both Sides of the Dual Mandate
At Wednesday’s press conference, Chair Jay Powell signaled a wait-and-see approach, as the Fed keeps a close eye on inflation pressures and the job market.
For Students With College Debt in Default, it’s Time to Pay the Bill
The federal government recently resumed student loan collections after a multi-year pause. This affects millions of borrowers who have been in forbearance since March 2020. Our Bill Cass outlines some options for borrowers in default.
“Resistance Is Futile” – For Both Bulls And Bears
Over the past two weeks, the market has had a furious nine-day rally, the longest winning streak in 21 years.
Criticism of The Fed: Rule, Not Exception
In recent times, central bank independence has been taken as gospel. Political pressure for easy money contributed to extremes of inflation in the 1970s.
Old Wisdom of ‘Sell in May’ Back in Focus as Stock Market Churns
One of the best-known market trends, the “sell in May” effect is backed by decades of historical performance: Investing in a fund that debuted in 1993 and tracks the S&P 500 during the May-October period yielded a cumulative return of 171%, compared to a 731% gain for November-April, an analysis from Bespoke Investment Group found.
What Is the Optimal Portfolio Rebalancing Strategy?
Ultimately, advisors should choose a rebalancing strategy that best serves their client’s needs without putting undue strain on their own operations.
Bracing for Impact
Unexpected wider and larger-scope tariff announcements have sent tremors through bond and equity markets, resulting in a brisk sell-off that signals investors’ caution.
Tesla’s Cure for Musk’s Missteps Is More Musk
Tesla Inc. reported abysmal numbers for the first quarter on Tuesday evening. Naturally, Chief Executive Officer Elon Musk kicked off the call with a discussion on why he must fix America’s finances, facing down an army of alleged moochers.
Roth IRA Conversions in Retirement: How to Successfully Minimize Taxes & Maximize Wealth
Many retirees hold substantial assets in traditional IRAs and taxable brokerage accounts. When planning for retirement income and considering your legacy, Roth IRA conversions can be a strategic way to reduce your tax burden and maximize the wealth you pass on to your heirs.
Tax-Advantaged Accounts: A Powerful Addition to Your Financial Plan
A tax-advantaged account offers certain tax benefits to encourage individuals to save or invest for specific purposes, such as retirement, education or healthcare. These accounts can help you lower your taxable income, defer taxes or avoid taxes altogether if used for qualified expenses.
Inflation Risk Is Subsiding Rapidly
Inflation risk has been a significant topic of discussion in the mainstream media for the last few years.
Six Tax Planning Ideas for Navigating Market Volatility
Navigating market volatility can be challenging for investors. Our Bill Cass shares several tax planning strategies to consider.
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.
Tariff Shock: Managing a Portfolio Through the Turmoil
With uncertainty in abundance, we think investors should avoid drastic moves.
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.
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.
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.
Navigating Tariff Complexities
We examine the April 2 tariff announcement from President Trump, outlining key proposals and the potential implications for trade and market sentiment.
Will Social Security Change As Spending Cuts Are Considered?
Social Security faces funding issues by 2035, but major changes to the program are unlikely in the near term.
Tariff Tantrum
As policy uncertainty grows, we consider how tariffs and other government actions might impact inflation, interest rates, and market sentiment.
The Inflationista Illuminati, Part 2
The theme among so many writers seems to be “vibe shift.” And indeed, there is a concern the economy is slowing and may even be in a recession.
The Fed's Financial Accounts: What Are Uncle Sam's Largest Assets? (Q4 2024)
When we think of the U.S. government's finances, we often focus on the massive debt. But what about the assets? What does Uncle Sam actually own, and which asset is the largest?
The Student Lending Mess Needs to Be Fixed
After years of poor decision-making, the federal government’s $1.64 trillion student loan program is in critical condition. Congress needs to stanch the bleeding — and give serious thought to overhauling this flawed system for the longer term.
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.
Weekly Economic Snapshot: Inflation Relief Tempered by Sentiment Concerns
Last week’s economic data was plagued by uncertainty. A brief respite in inflation pressures was overshadowed by sentiment concerns.
Tariffs Shake Markets as Sentiment Plummets
This morning’s retail sales report is a bit of relief. The economy, as of the end February, is not in free fall as the control group increase of 1.0% offset the same decline in January. Nevertheless, the underlying concerns that emerged over the last few days cannot be ignored.
Seeking Clarity at Tax Season: Tackling Common Confusions
Navigating tax season can be even more confusing when facing the range of rules around IRA withdrawals, 529 plan distributions, and charitable deductions. Our Bill Cass details some common questions around tax filing.
The Risk Of A Recession Isn’t Zero
The risk of a recession in the U.S. is not zero. This is particularly true as the current Administration tackles Government bloat and implements tariffs. However, before we discuss why the risk of a recession could increase, it is crucial to remember the 2022 experience.
529s Are More Than a College Savings Tool
Most of us associate 529 accounts with college savings. They’re flexible, allowing you to transfer assets to anyone, including yourself, for the express purpose of furthering the education of your beneficiary. But did you know that a 529 can be a powerful estate planning tool?
Why the U.S. Dollar Is Losing Some of Its Luster
For decades, the U.S. dollar’s dominance has rested on two pillars: America’s deep capital markets and its global security alliances. Today, both are under strain.
Bernanke Says Recent Price Surge May Impact Inflation Control
The world’s recent experience of faster inflation may make it harder for central banks to control prices in future, former US Federal Reserve Chair Ben Bernanke said.
Estimates By Analysts Have Gone Parabolic
Just recently, S&P Global released its 2026 earnings estimates, which, for lack of a better word, have gone parabolic. Such should not be surprising given the ongoing exuberance on Wall Street. Unsurprisingly, rationalizations justify illogic when too much money is chasing too few assets.
Two Policy Risks in the Spotlight
Looming U.S. and global policy shifts may potentially rattle markets, but a tactical and flexible approach could help investors navigate risks and opportunities regardless of how events play out.
Small-Cap Stocks’ Gloom Deepens as Executive Sentiment Sours Too
Investor sentiment around small-cap companies is worse than it’s been in months. As it turns out, the mood isn’t much better inside their corporate boardrooms.
GM Boosts Investor Payout With New Buybacks, Dividend Hike
General Motors Co. plans to step up its program of buybacks by repurchasing $6 billion in shares and raising its dividend, rewarding investors by pushing more cash off its balance sheet.
TDF Glide-Path Essentials: Setting the Right Starting Point
When constructing a target-date fund (TDF) glide path, providers have many decisions to make, such as what asset classes to include, when to include them, and how much to allocate to each.
Capital Market Assumptions: 10-Year Outlook
Chief Investment Officer of Global Asset Allocation, Anwiti Bahuguna, Ph.D., outlines the investment themes and return expectations from our new 10-year outlook.
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.
Meta Platforms’ Record Winning Streak Puts Stock Split in View
Meta Platforms Inc.’s recent record-breaking, 20-day rally propelled the share price to a level where investors may start calling on the company to split its stock for the first time since going public in 2013.
Weekly Economic Snapshot: Inflation Heats Up as Consumer Spending Cools
The latest reports on consumer & wholesale prices indicated persistent inflation pressures. Retail sales posted a large drop.
Exploiting the Benefits of Artificial Intelligence for Factor Investors
Our research shows how artificial intelligence can potentially enhance performance of equity investing.
Apple’s Stock-Market Performance Is Increasingly Made in China
Investors in America’s biggest company are increasingly focused on China, where Apple Inc. is striving to win over a crucial customer base while also facing tariff-related risks.
Narrow Markets Are the Exception, Not the Rule
We explore why extreme market concentration is unsustainable, how competition and innovation drive broader market performance, and why diversification is key as volatility rises. Don’t let market extremes catch you off guard.
Twists and Turns of Tariffs
Tariff threats offer a glimpse of what is in store.
What the U.S. Tariffs Mean for Investors
We analyze the impact of U.S. tariff proposals on markets and how investors can manage their portfolios accordingly.
Early Planning Can Mean Smooth Sailing for Tax Season
Prepare for 2024 taxes by organizing forms, documenting charitable contributions, maximizing retirement savings and reporting rental income.
We're Going Streaking
The stock market posted some noteworthy streaks of its own in the fourth quarter.