Warren Buffett is getting out from the middle of a potentially contentious split.
The US birthrate fell to another record low in 2020, extending a trend which began in the mid-1960s, and this pattern is also happening in most other parts of the world.
Sir John Templeton famously said that “this time is different” are the four most dangerous words for investors.
Managed futures strategies have historically delivered attractive returns over the long run with low equity correlations.
The Fed is talking about tapering its asset purchases.
The Biden administration’s proposals won’t have much impact on the merely wealthy, but some changes will have huge consequences for the very wealthy.
Six competing vendors rate how companies perform along ESG standards. But because those ratings differ widely across vendors, investors cannot reliably construct portfolios that meet their personal criteria.
Domestic business travel is well on its way to recovery. Forty percent of poll respondents said that business travel within the country where their firm is based has already resumed, while a third said that their company has either decided on a start date or is working toward a date.
The Fed made no changes to its interest rate or balance sheet policies; but some of the language in its statement was tweaked, reflecting recent hotter inflation data.
As expected, the Federal Reserve made no significant changes to monetary policy today.
We begin with last week’s surprising report on inflation in May, which saw consumer prices rise the most in 13 years.
Month-over-month nominal sales in May was down 1.35% but was up 28.15% YoY. Real Retail Sales, calculated with the seasonally adjusted Consumer Price Index, decreased by 1.98% and was up 22.13% YoY.
Keeping that broker-dealer license comes with costs, both financial and emotional, in the form of two sets of compliance obligations.
Whenever I talk to financial advisors about autism, the response I get is something like, “Sara, my clients are high net worth individuals. They are not autistic.” Well, think again.
COVID made demographic challenges even more complicated, but that hasn't slowed demand for houses in the U.S.
A brief monthly update on what's happening in the municipal bond market.
Millions of people – many of whom are excellent financial planning prospects – may not realize that they have to deal with cross-border planning complications which, if handled clumsily or not at all, will significantly reduce their wealth.
I’ve been writing about the possibility of higher inflation for months, and now it looks to have finally made landfall. The headline consumer price index (CPI) came in at 5% year-over-year, the highest in over a decade.
The interplay between governments and businesses impacts your investments. So does the interplay of governments with other governments. Thus the drive to create an international corporate tax. So you can’t escape politics… but you can try to analyze it calmly, without partisan histrionics.
Wall Street’s top regulator is calling for a broad review of rules that underpin U.S. equity trading, the latest evidence that the meme-stock mayhem is likely to trigger an overhaul.
Inflation has been top of mind for investors throughout 2021, as a combination of supply chain disruptions and pent up demand have led to higher prices throughout the economy.
Take a look at real (inflation-adjusted) charts of the S&P 500, Dow 30, and Nasdaq Composite since 2000. We've updated this through the May 28, 2021 close
Although prominent cryptocurrency advocates are politically connected and have democratized their base, regulators simply cannot sit on their hands forever.
The recent focus of the U.S. Securities and Exchange Commission (SEC) on better quality, more comprehensive reporting on environmental, social and corporate governance (ESG) standards is a welcome development, particularly as investor interest in ESG products continues to grow rapidly.
Americans are shedding their masks, buying concert tickets and booking vacations like it’s 2019. But there’s one thing that’s doesn’t appear to be going anywhere as the pandemic fades: remote work.
Once ideas about how to manage the economy become entrenched, it can take generations to dislodge them. Something big usually has to happen to jolt policy onto a different track. Something like Covid-19.
The International Energy Agency (IEA) was founded in 1974 in response to oil embargos the previous year that caused the global price of oil to surge 300% from $3 per barrel to $12 per barrel. From the start, the IEA’s mission has been to help member nations deal with major oil supply disruptions.
Personal Income (excluding Transfer Receipts) in April rose 1.1% and is up 13.1% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, Real Personal Income (excluding Transfer Receipts) MoM was up 0.49%. The real number is up 9.2% year-over-year.
On the latest edition of Market Week in Review, Director of Investment Strategies Shailesh Kshatriya and Head of Portfolio & Business Consulting Sophie Antal Gilbert discussed the meeting minutes from the U.S. Federal Reserve (the Fed), the latest inflation data and the recent volatility in cryptocurrency markets.
Chief Economist Scott Brown discusses current economic conditions.
We look at specific equity industries commonly available in ETFs as an alternative to commodities as a hedge against inflation.
The entrepreneurial culture and meritocracy of the wealth management is what makes this profession unique. But have you ever wondered what we could learn from other industries?
Banking technology provider Zeta raised $250 million from SoftBank Vision Fund II at a valuation of $1.45 billion, winning its first venture backing to help fuel its expansion.
China was the first nation to enter recovery, and high U.S. import demand has helped it.
I use a mathematical model to illustrate the parallel paths traveled by infectious viruses and market volatility.
US President Joe Biden recently announced an ambitious new $2 trillion infrastructure plan, which touches many areas of the US economy. Jennifer Johnston, director of research, Franklin Templeton Municipal Bonds, outlines some highlights of this sweeping legislation, and how it could impact the muni market.
US President Joe Biden recently announced an ambitious new $2 trillion infrastructure plan, which touches many areas of the US economy.
The pandemic forced us all to communicate via Zoom.
We’re optimistic that environmental, social and governance (ESG)-linked bonds will help create a better, more sustainable world.
Harvard urged the Supreme Court to reject an effort to bar colleges from using race as a factor in admissions, saying the appeal seeks to upend four decades of legal precedent.
The most consequential program in the financial planning world is being ignored by those to whom it matters most – aspiring advisors and the firms that will benefit from hiring them.
Equity markets are not a bubble, according to Howard Marks. He expects six to nine months of very good economic news, followed by “decent” growth for several years.
A market crash is pending and could possibly be imminent. I am quite certain about this for reasons I will provide shortly.
Blockchain has the potential to launch a new global digital renaissance, transforming financial services, supply chains, healthcare, backend offices, and more. Our Chief Market Strategist Stephen Dover outlines how we continue to evaluate its risks and opportunities as active investors.
While much of Wall Street is ringing alarms about out-of-control inflation, Federal Reserve Chair Jerome Powell and his colleagues are expressing confidence in a more benign outlook.
The world’s largest SPAC – Pershing Square’s “tontine” – is “deeply engaged” in a transaction that could close in the next few weeks, according to Bill Ackman.
The US Centers For Disease Control and Prevention reported last week that the US birth rate plunged for its sixth consecutive year in 2020. The US fertility rate also hit a new record low. Demographers are puzzled at this potentially troubling trend...
Today, we find ourselves with particularly high confidence in the likelihood of three scenarios to which we believe all investors should be paying close attention. First, we anticipate the current market euphoria will likely last through the summer.
Do I let this go? Do I confront him? What if he makes it seem like I was the one who was guilty of the misunderstanding?
After a strong rally for value stocks in recent months, some investors are wondering if the rebound will continue.
Overflowing cargo ships, snarled production lines, copper above $10,000 and a start to earnings season that’s smashing records.
I am one of five partners at an advisory firm and the only female. I get paraded out whenever there are important prospects or firm-wide client events.
Momentum in China’s property market remains strong so far in 2021, driven by healthy demand for housing.
April 3rd marked the 1-year anniversary of the first investments deployed by GMO’s Quality Cyclicals Strategy,1 within a fortnight of the trough that ended 2020’s quickfire bear market.
What do financial folly and religious frenzy have in common?
We believe Asia is the core of growth and innovation within emerging markets, and companies domiciled in Asia comprise over 75% of the benchmark universe.
With everything up, where are the value buying opportunities?
Here’s one way the federal government could help America’s black colleges and universities: expand the market for their tax-exempt bonds.
The reflation trade continued in earnest during the first quarter of 2021. Commodities were up another 13.3% from January to March, following a 14.7% move in the fourth quarter of 2020.
Much has changed since the oil-market collapse in the early pandemic days of 2020, when prices actually turned negative. Franklin Templeton Fixed Income Research Analyst/Portfolio Manager Bryant Dieffenbacher looks back at industry developments since then, and outlines opportunities he sees in the high-yield energy bond market today.
Now that the leaders of the most popular tech companies are going into outer space, we thought it appropriate to consider the return implications of this urge to “explore strange new worlds.”
U.S. college enrollment dropped to the lowest level in almost two decades last year, as the pandemic shut down schools and persuaded students to put their academic plans on hold rather than pay large sums to attend online-only classes.
Review the latest Weekly Headings by CIO Larry Adam.
Checkout.com is leading a $110 million funding round for Saudi payments firm Tamara in one of the Middle East’s largest-ever startup investments as demand booms for e-commerce and fintech solutions.
Last week the Labor Department released its Consumer Price Index for March, and it was the highest monthly reading in more than eight years.
Leon Cooperman declined an invitation from Senator Elizabeth Warren to testify at a tax hearing.
During this closing keynote session, Stephanie will address a variety of questions relating to the global economy, key market indicators, investing insights on the latest trends, as well as discuss how our industry can facilitate more diversity in investment strategist roles.
National corporate tax policies need global coordination; U.S. unemployment rates don't tell the full story.
Right now, the stock market is in the land-where-there-should-be-sea phase. What we don’t know is when the wave is coming. Maybe there’s time to venture out and see what treasure was hidden beneath the waves... or maybe not. Prudence would suggest that we go searching for treasure on higher ground.
President Joe Biden’s strategy of bolstering labor unions as a way to enhance American workers’ pay is running up against a half century of setbacks for organizing workers.
As the pandemic slammed the Black community and amplified the conversation around racism in America, the economics profession grappled with an uncomfortable truth: that its historical roots and practices today are mired in systemic racial bias.
Institutions are increasingly allocating to digital assets, but their role in a portfolio is not yet well defined or studied. This piece focuses on Bitcoin and reviews its relationship with major asset classes in the context of an institutional caliber portfolio. Standard techniques are used to help advisors better understand position sizing and the associated risk/reward tradeoff.
Our nation’s major divisions are wealth and health inequality. Protracting both divisions are voters who want more benefits or lower taxes. I offer actuarially based solutions to both inequalities.
Infrastructure merits more investment, everywhere; we look at the specifics of the U.S. proposal.
Joel Bruckenstein of T3 and I just released the 2021 T3/Inside Information Advisor Software Survey, which includes user ratings and market share statistics (and year-on-year changes to both) for more than 400 different software products and services in 32 different categories.
For Black Americans, the prospect of student debt forgiveness, currently under consideration by President Joe Biden, would be especially welcome.
Low-income Americans bore the brunt of job losses when the pandemic arrived. Now they’re getting hit hardest by price increases as the economy recovers.
The first quarter looks to be the turning point, both for the pandemic here in the U.S. and for the economic damage it has caused.
President Biden’s massive $2.25 trillion infrastructure bill is on the tracks, rolling toward what many in Washington believe will be speedy passage in the House and Senate.
Well, let’s just say things are different in 2021.
Despite a strong March 2021 jobs report, full employment remains far away.
Today’s market environment taps into bond investors’ primal fears.
A fast-growing stock – what clients believe is the next Google – is likely to be a disappointing investment. New research, which validates the theory of behavioral economics, shows that “representativeness” explains why clients overweight stocks with high asset growth.
AAM has been providing carefully sourced, vetted, and supported solutions for over 40 years. We offer access to a diverse range of investment solutions to meet today’s challenges. See why we are a trusted resource for financial professionals.
To view all of AAM’s Market Commentary videos, please visit our video gallery page. Here, you can subscribe to our video channel, to receive AAM’s newest videos straight to your inbox. Video topics include market updates & insights, media appearances, & firm updates.
The acceptance of digital currencies as a form of payment expanded greatly this week, foreshadowing the increasingly important role cryptos such as Bitcoin and Ether will play in our lives going forward.
The corporate tax-cut party President Donald Trump kicked off will soon be over if his successor proves able to enact proposals to roll back half of the 2017 domestic income-tax reduction and to radically revamp levies on profits earned abroad.
LVMH Moët Hennessy Louis Vuitton is a leading global luxury brands group.
We forecast a strong global recovery in 2021 amid significant fiscal support, accommodative monetary policy, diminishing lockdowns, and accelerating vaccinations.
Standard neoclassical economics is a failure and is driving many of the crises facing our world.
Might the federal government launch a digital or cryptocurrency? Early forecasts say the “fedcoin” has bipartisan support.
Diversity & Inclusion
Warren Buffett Steps Away From Middleman Spot in Gates Divorce
Warren Buffett is getting out from the middle of a potentially contentious split.
Birthrates Around World Are Falling – Should We Worry?
The US birthrate fell to another record low in 2020, extending a trend which began in the mid-1960s, and this pattern is also happening in most other parts of the world.
Quick Thoughts: Sourcing Income in Bonds, Real Estate, and Multi-Asset Solutions
Sir John Templeton famously said that “this time is different” are the four most dangerous words for investors.
PIMCO Trends: Managed Futures: Seeking Diversification and Returns
Managed futures strategies have historically delivered attractive returns over the long run with low equity correlations.
The Fed's Next Steps
The Fed is talking about tapering its asset purchases.
Five Tax Planning Strategies for the Ultra-Wealthy
The Biden administration’s proposals won’t have much impact on the merely wealthy, but some changes will have huge consequences for the very wealthy.
Do Wide Divergences in ESG Ratings Doom Investors?
Six competing vendors rate how companies perform along ESG standards. But because those ratings differ widely across vendors, investors cannot reliably construct portfolios that meet their personal criteria.
When Will Business Travel Recover? Sooner Than You Might Think
Domestic business travel is well on its way to recovery. Forty percent of poll respondents said that business travel within the country where their firm is based has already resumed, while a third said that their company has either decided on a start date or is working toward a date.
Fed Still Hasn’t Found What it’s Looking For
The Fed made no changes to its interest rate or balance sheet policies; but some of the language in its statement was tweaked, reflecting recent hotter inflation data.
Fed Hawks Hatch
As expected, the Federal Reserve made no significant changes to monetary policy today.
Consumer Prices Rise Most In 13 Years, Up 5% In May
We begin with last week’s surprising report on inflation in May, which saw consumer prices rise the most in 13 years.
The Big Four: May Real Retail Sales Down Almost 2%
Month-over-month nominal sales in May was down 1.35% but was up 28.15% YoY. Real Retail Sales, calculated with the seasonally adjusted Consumer Price Index, decreased by 1.98% and was up 22.13% YoY.
The Hidden Costs of Maintaining Registered Rep Licenses
Keeping that broker-dealer license comes with costs, both financial and emotional, in the form of two sets of compliance obligations.
What if Your Next Client is Autistic?
Whenever I talk to financial advisors about autism, the response I get is something like, “Sara, my clients are high net worth individuals. They are not autistic.” Well, think again.
Economic Commentary: Demographics, Housing, Olympics
COVID made demographic challenges even more complicated, but that hasn't slowed demand for houses in the U.S.
Monthly Municipal Market Update, May 2021
A brief monthly update on what's happening in the municipal bond market.
Bringing Cross-Border Planning Expertise to the Advisory Profession
Millions of people – many of whom are excellent financial planning prospects – may not realize that they have to deal with cross-border planning complications which, if handled clumsily or not at all, will significantly reduce their wealth.
Transitory or Not, Inflation Is Here. It Could Be Much Higher Than You Realize
I’ve been writing about the possibility of higher inflation for months, and now it looks to have finally made landfall. The headline consumer price index (CPI) came in at 5% year-over-year, the highest in over a decade.
Politics with No Labels
The interplay between governments and businesses impacts your investments. So does the interplay of governments with other governments. Thus the drive to create an international corporate tax. So you can’t escape politics… but you can try to analyze it calmly, without partisan histrionics.
SEC Chairman Proposes Review of Rules Underpinning Stock Trading
Wall Street’s top regulator is calling for a broad review of rules that underpin U.S. equity trading, the latest evidence that the meme-stock mayhem is likely to trigger an overhaul.
Inflation in 2021: Why It Could Be Different This Time
Inflation has been top of mind for investors throughout 2021, as a combination of supply chain disruptions and pent up demand have led to higher prices throughout the economy.
The S&P 500, Dow and Nasdaq Since Their 2000 Highs
Take a look at real (inflation-adjusted) charts of the S&P 500, Dow 30, and Nasdaq Composite since 2000. We've updated this through the May 28, 2021 close
A Curse Worse than Cash
Although prominent cryptocurrency advocates are politically connected and have democratized their base, regulators simply cannot sit on their hands forever.
SEC “Risk Alert” A Good Step Toward Improving ESG Standards
The recent focus of the U.S. Securities and Exchange Commission (SEC) on better quality, more comprehensive reporting on environmental, social and corporate governance (ESG) standards is a welcome development, particularly as investor interest in ESG products continues to grow rapidly.
Americans Are Done With 5-Days a Week in the Office. Here’s What That Means for the Economy
Americans are shedding their masks, buying concert tickets and booking vacations like it’s 2019. But there’s one thing that’s doesn’t appear to be going anywhere as the pandemic fades: remote work.
The Covid Trauma Has Changed Economics-Maybe Forever
Once ideas about how to manage the economy become entrenched, it can take generations to dislodge them. Something big usually has to happen to jolt policy onto a different track. Something like Covid-19.
The Race for Copper, the Metal of the Future
The International Energy Agency (IEA) was founded in 1974 in response to oil embargos the previous year that caused the global price of oil to surge 300% from $3 per barrel to $12 per barrel. From the start, the IEA’s mission has been to help member nations deal with major oil supply disruptions.
The Big Four: Real Personal Income in April
Personal Income (excluding Transfer Receipts) in April rose 1.1% and is up 13.1% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, Real Personal Income (excluding Transfer Receipts) MoM was up 0.49%. The real number is up 9.2% year-over-year.
Caught off guard: Why the Fed meeting minutes surprised markets
On the latest edition of Market Week in Review, Director of Investment Strategies Shailesh Kshatriya and Head of Portfolio & Business Consulting Sophie Antal Gilbert discussed the meeting minutes from the U.S. Federal Reserve (the Fed), the latest inflation data and the recent volatility in cryptocurrency markets.
Weekly Economic Commentary
Chief Economist Scott Brown discusses current economic conditions.
Inflation Hedging Without Commodities
We look at specific equity industries commonly available in ETFs as an alternative to commodities as a hedge against inflation.
What Wealth Management Can Learn from Other Industries
The entrepreneurial culture and meritocracy of the wealth management is what makes this profession unique. But have you ever wondered what we could learn from other industries?
Banking Tech Startup Is Unicorn With $250 Million From SoftBank
Banking technology provider Zeta raised $250 million from SoftBank Vision Fund II at a valuation of $1.45 billion, winning its first venture backing to help fuel its expansion.
Economic Commentary: China's Recovery, U.S. Trade Deficit, Household Well-Being
China was the first nation to enter recovery, and high U.S. import demand has helped it.
The Epidemiology of Volatility Transmission
I use a mathematical model to illustrate the parallel paths traveled by infectious viruses and market volatility.
Muni Market View of The American Jobs Plan
US President Joe Biden recently announced an ambitious new $2 trillion infrastructure plan, which touches many areas of the US economy. Jennifer Johnston, director of research, Franklin Templeton Municipal Bonds, outlines some highlights of this sweeping legislation, and how it could impact the muni market.
Muni Market View on The American Jobs Plan
US President Joe Biden recently announced an ambitious new $2 trillion infrastructure plan, which touches many areas of the US economy.
Zooming To Booming
The pandemic forced us all to communicate via Zoom.
Making Sense of ESG Bond Structures
We’re optimistic that environmental, social and governance (ESG)-linked bonds will help create a better, more sustainable world.
Harvard Urges Supreme Court to Back 40 Years of Race in Admissions
Harvard urged the Supreme Court to reject an effort to bar colleges from using race as a factor in admissions, saying the appeal seeks to upend four decades of legal precedent.
The Program That Will Transform the Advisory Profession
The most consequential program in the financial planning world is being ignored by those to whom it matters most – aspiring advisors and the firms that will benefit from hiring them.
Howard Marks – Equity Prices are Not in a Bubble
Equity markets are not a bubble, according to Howard Marks. He expects six to nine months of very good economic news, followed by “decent” growth for several years.
4 Reasons I Do Not Fear A Market Crash
A market crash is pending and could possibly be imminent. I am quite certain about this for reasons I will provide shortly.
Quick Thoughts: Blockchain Innovates and Disrupts
Blockchain has the potential to launch a new global digital renaissance, transforming financial services, supply chains, healthcare, backend offices, and more. Our Chief Market Strategist Stephen Dover outlines how we continue to evaluate its risks and opportunities as active investors.
Fed Officials Have Six Reasons to Bet Inflation Spike Will Pass
While much of Wall Street is ringing alarms about out-of-control inflation, Federal Reserve Chair Jerome Powell and his colleagues are expressing confidence in a more benign outlook.
Bill Ackman’s SPAC is “Deeply Engaged” in a Transaction
The world’s largest SPAC – Pershing Square’s “tontine” – is “deeply engaged” in a transaction that could close in the next few weeks, according to Bill Ackman.
US Birth & Fertility Rates Hit New Record Lows: Why?
The US Centers For Disease Control and Prevention reported last week that the US birth rate plunged for its sixth consecutive year in 2020. The US fertility rate also hit a new record low. Demographers are puzzled at this potentially troubling trend...
Three Fixed Income Predictions for the Roaring 2020’s
Today, we find ourselves with particularly high confidence in the likelihood of three scenarios to which we believe all investors should be paying close attention. First, we anticipate the current market euphoria will likely last through the summer.
Dealing with a Colossal Miscommunication
Do I let this go? Do I confront him? What if he makes it seem like I was the one who was guilty of the misunderstanding?
Value Stocks—Still Plenty of Fuel in the Tank
After a strong rally for value stocks in recent months, some investors are wondering if the rebound will continue.
Inflation Haunts Stock Traders in Blockbuster Earnings Season
Overflowing cargo ships, snarled production lines, copper above $10,000 and a start to earnings season that’s smashing records.
Should My Firm “Showcase” Its Female Partners?
I am one of five partners at an advisory firm and the only female. I get paraded out whenever there are important prospects or firm-wide client events.
China Property Sector Remains Robust Despite Policy Headwind
Momentum in China’s property market remains strong so far in 2021, driven by healthy demand for housing.
A Year Of Investing In Quality Cyclicals
April 3rd marked the 1-year anniversary of the first investments deployed by GMO’s Quality Cyclicals Strategy,1 within a fortnight of the trough that ended 2020’s quickfire bear market.
Financial Folly, Religious Frenzy and the Delusions of Crowds
What do financial folly and religious frenzy have in common?
Matthews Emerging Markets Small Companies Fund
We believe Asia is the core of growth and innovation within emerging markets, and companies domiciled in Asia comprise over 75% of the benchmark universe.
With Everything Up Right Now, Where are the Value Buying Opportunities?
With everything up, where are the value buying opportunities?
Congress Urged to Use Muni Tax Breaks to Help Black Colleges
Here’s one way the federal government could help America’s black colleges and universities: expand the market for their tax-exempt bonds.
2021 Q1 Letter
The reflation trade continued in earnest during the first quarter of 2021. Commodities were up another 13.3% from January to March, following a 14.7% move in the fourth quarter of 2020.
High Yield Bonds in View: Energy
Much has changed since the oil-market collapse in the early pandemic days of 2020, when prices actually turned negative. Franklin Templeton Fixed Income Research Analyst/Portfolio Manager Bryant Dieffenbacher looks back at industry developments since then, and outlines opportunities he sees in the high-yield energy bond market today.
Star Trek Stock Market
Now that the leaders of the most popular tech companies are going into outer space, we thought it appropriate to consider the return implications of this urge to “explore strange new worlds.”
U.S. College Enrollment Hits Two-Decade Low in 2020
U.S. college enrollment dropped to the lowest level in almost two decades last year, as the pandemic shut down schools and persuaded students to put their academic plans on hold rather than pay large sums to attend online-only classes.
Weekly Investment Strategy
Review the latest Weekly Headings by CIO Larry Adam.
Checkout.com Leads $110 Million Round for Saudi Fintech Tamara
Checkout.com is leading a $110 million funding round for Saudi payments firm Tamara in one of the Middle East’s largest-ever startup investments as demand booms for e-commerce and fintech solutions.
Is Inflation Finally Back? Maybe, Maybe Not
Last week the Labor Department released its Consumer Price Index for March, and it was the highest monthly reading in more than eight years.
Leon Cooperman Won’t Attend Elizabeth Warren’s Tax Hearing, But Will Watch It
Leon Cooperman declined an invitation from Senator Elizabeth Warren to testify at a tax hearing.
Fireside Chat with Stephanie Link, Chief Investment Strategist and Portfolio Manager at Hightower Advisors, moderated by industry leader Suzanne Siracuse
During this closing keynote session, Stephanie will address a variety of questions relating to the global economy, key market indicators, investing insights on the latest trends, as well as discuss how our industry can facilitate more diversity in investment strategist roles.
Economic Commentary: Corporate Taxes, Labor Market Slack, Chip Shortages
National corporate tax policies need global coordination; U.S. unemployment rates don't tell the full story.
Tsunami Warning
Right now, the stock market is in the land-where-there-should-be-sea phase. What we don’t know is when the wave is coming. Maybe there’s time to venture out and see what treasure was hidden beneath the waves... or maybe not. Prudence would suggest that we go searching for treasure on higher ground.
Biden Confronts Decades of Union Decline in Bid to Boost Pay
President Joe Biden’s strategy of bolstering labor unions as a way to enhance American workers’ pay is running up against a half century of setbacks for organizing workers.
Fed Is Taking On a Racist Legacy in the Field of Economics
As the pandemic slammed the Black community and amplified the conversation around racism in America, the economics profession grappled with an uncomfortable truth: that its historical roots and practices today are mired in systemic racial bias.
Bitcoin: An Asset Allocator’s Perspective
Institutions are increasingly allocating to digital assets, but their role in a portfolio is not yet well defined or studied. This piece focuses on Bitcoin and reviews its relationship with major asset classes in the context of an institutional caliber portfolio. Standard techniques are used to help advisors better understand position sizing and the associated risk/reward tradeoff.
A Proposal to Address Wealth and Health Inequality
Our nation’s major divisions are wealth and health inequality. Protracting both divisions are voters who want more benefits or lower taxes. I offer actuarially based solutions to both inequalities.
Economic Commentary on Infrastructure: U.S. Proposal, Global Gap, Digital Divide
Infrastructure merits more investment, everywhere; we look at the specifics of the U.S. proposal.
The Results of the Veres/T3 Annual Software Survey
Joel Bruckenstein of T3 and I just released the 2021 T3/Inside Information Advisor Software Survey, which includes user ratings and market share statistics (and year-on-year changes to both) for more than 400 different software products and services in 32 different categories.
The Complicated Relationship Between Black Wealth and Education
For Black Americans, the prospect of student debt forgiveness, currently under consideration by President Joe Biden, would be especially welcome.
Inflation Has Gone K-Shaped in the Pandemic Like Everything Else
Low-income Americans bore the brunt of job losses when the pandemic arrived. Now they’re getting hit hardest by price increases as the economy recovers.
Looking Back at the Markets in Q1 and Ahead to Q2 2021
The first quarter looks to be the turning point, both for the pandemic here in the U.S. and for the economic damage it has caused.
Biden Infrastructure Plan Will Hurt, Not Help, Economy
President Biden’s massive $2.25 trillion infrastructure bill is on the tracks, rolling toward what many in Washington believe will be speedy passage in the House and Senate.
Q1 2021 Strategy Letter
Well, let’s just say things are different in 2021.
Don’t Mistake Rapid Jobs Gains for a Strong Labor Market
Despite a strong March 2021 jobs report, full employment remains far away.
Three Strategies for Navigating Turbulent Bond Markets
Today’s market environment taps into bond investors’ primal fears.
The Risk in Stocks of Fast Growing Companies
A fast-growing stock – what clients believe is the next Google – is likely to be a disappointing investment. New research, which validates the theory of behavioral economics, shows that “representativeness” explains why clients overweight stocks with high asset growth.
Advisors Asset Management: 40 Years Strong
AAM has been providing carefully sourced, vetted, and supported solutions for over 40 years. We offer access to a diverse range of investment solutions to meet today’s challenges. See why we are a trusted resource for financial professionals.
To view all of AAM’s Market Commentary videos, please visit our video gallery page. Here, you can subscribe to our video channel, to receive AAM’s newest videos straight to your inbox. Video topics include market updates & insights, media appearances, & firm updates.
We’re on the Cusp of Mass Crypto Acceptance
The acceptance of digital currencies as a form of payment expanded greatly this week, foreshadowing the increasingly important role cryptos such as Bitcoin and Ether will play in our lives going forward.
Biden Aims to End Corporate Tax Cuts Rewarding Investors
The corporate tax-cut party President Donald Trump kicked off will soon be over if his successor proves able to enact proposals to roll back half of the 2017 domestic income-tax reduction and to radically revamp levies on profits earned abroad.
Spotlight LVMH: Bernard Arnault’s Luxury Empire
LVMH Moët Hennessy Louis Vuitton is a leading global luxury brands group.
Dealing With an Inflation Head Fake
We forecast a strong global recovery in 2021 amid significant fiscal support, accommodative monetary policy, diminishing lockdowns, and accelerating vaccinations.
The Coming Revolution in Complexity Economics
Standard neoclassical economics is a failure and is driving many of the crises facing our world.
Say Hello to Fedcoin, the U.S. Digital Currency
Might the federal government launch a digital or cryptocurrency? Early forecasts say the “fedcoin” has bipartisan support.