Howard Marks doesn’t make bets on economic predictions. That’s especially true now when the biggest wildcard is inflation – a phenomenon no one fully understands. But just because something is unknowable doesn’t mean it’s unimportant. That’s why Howard has devoted his latest memo to a topic he largely disavows: macro forecasting.

As expected, in a unanimous vote, the Federal Open Market Committee (FOMC) of the Federal Reserve (Fed) kept the fed funds rate unchanged in its range of 0-0.25%.

Equities continued to rally in the second quarter, but the market remains undecided about whether the recent uptick in inflation is more likely to be transitory or persistent.

This is part 3 of my three-part series dissecting the Dow Jones Industrial Average.

Senior Global Equity Opportunities Analyst Julian Wellesley discusses the role of banking in racial wealth inequality in the US and the steps banks could take toward financial inclusion.

The COVID Delta Variant’s Looming Threat to Risk Assets.

What is the degree of Emerging Markets (EM) stocks’ undervaluation relative to United States (US) equities?

Despite a strengthening economy in the second quarter, investors were highly focused on the Federal Reserve’s response to the recent spike in inflation data.

It's the question that parents around the world know all too well, "Are we there yet?" That was the key question coming into today's Fed meetings. The answer? Not yet, but we're getting closer.

The industry is now seeing an expansion in data-driven practices, with new ESG and climate datasets emerging and becoming mainstream.

In part 1 I looked at the most reasonably valued 10 stocks out of the 30 Dow Jones Industrial Average Constituents.

The Fed stopped short of providing “advance notice,” but a December tapering announcement remains likely.

China’s regulatory crackdown on education and tech companies led early this week to a dramatic sell-off that started in Chinese stocks and extended into offshore Chinese currency and credit markets.

The first chart shows that the market cap of firms trading at over 20x sales has hit $4.5 trillion. This is another example of the reckless speculation underway today. Please read on to see how these speculative 20x price-to-sales firms did post the dot.com bubble and how they look today.

Global EM equities portfolio manager Ashish Chugh shares why he thinks EM inflation and rates fears may be overblown.

Only 10 of 30 stocks are attractively valued blue-chip stocks making up the Dow Jones Industrial Average (DJIA) today.

Chinese stocks have tumbled amid a regulatory crackdown on education and technology companies.

Everyone was eager to put 2020 behind us, yet the Covid hangover lingers.

We will touch on several topics as we go along today, beginning with the economy.

The great philosopher, John Locke, brilliantly captured the way the world works.

Hang on to your hat.

Our economic outlook remains constructive, though we recognize it’s still too soon to know whether the current bout of inflation is transitory. Given the potential for rate increases, particularly after the Fed’s comments in June, we continue to prefer non-investment grade bonds, as they have lower duration and higher yields.

Mental health, addiction, and pain treatment will be fundamentally transformed by psychedelic drugs over the coming decade, giving rise to a multi-billion-dollar industry with the potential to drastically improve patient outcomes across a range of indications. Investors are starting to take notice and major backers are getting involved.

In what shaped up to be a very impressive first half of the year for both the economy and stock market, stellar earnings growth has been a key ingredient.

Chief Economist Scott Brown discusses the latest market data.

Someone once said, "technology has never moved this fast, and at the same time, will never move this slow again."

A revival of the Obama-era Build America Bonds would raise funds with less taxes.

The debate over post-pandemic scheduling often centers on productivity.

It’s now official that the recession of 2020 was the shortest in history.

Recent protests offer hope that change may be right around the corner. But for now, gold and Bitcoin have helped fill the gap created by disastrously mismanaged currencies.