If you review the investment research articles and notes published during the 1970s and early 1980s, what you pick up is that during periods of high inflation, equity markets failed to live up to expectations.
Within the space of just half a year, US President Joe Biden has completed a necessary economic-policy regime shift that started chaotically under his predecessor.
For many, paying off debt and putting money away for retirement are the first financial goals to work toward.
The automotive market is running lean.
ESG proponents claim that “green” high-yield bond returns offer better risk-adjusted returns. New research disproves this claim, although ESG investors do not incur a penalty by owning green bonds.
Last week witnessed a bold adventure in in-person conferencing… and lessons in how to manage clients (and their portfolios) in an unprecedented market environment. But the memorable moment at the ENGAGE conference was David Kelly’s statement that bitcoin is a cult and not a currency.
Here are 12 types of clients who have recently established DAF accounts with the assistance and encouragement of their financial, legal, tax advisors.
Frank Pape is the senior director, portfolio consulting for Russell Investments’ advisor and intermediary solutions business. In this interview, he discusses the latest research on how advisors can maximize the after-tax income for their clients.
Valid until the market close on August 31, 2021.
The S&P 500 closed July with a monthly gain of 2.27% after a gain of 2.22% in June. At this point, after close on the last day of the month, all five S&P 500 strategies are signaling "invested" — Vanguard Total Stock Market ETF (VTI), Vanguard FTSE All-World ex-US ETF (VEU), iShares Barclays 7-10 Treasury (IEF), Vanguard REIT Index ETF (VNQ), and Invesco DB Commodity Index Tracking (DBC) — up from last month's quadruple "invested" signal.
A consensus is emerging around an idea Americans used to scorn: That government cash payments are a good way to help struggling citizens and give the economy a boost.
A common reaction to hearing about a pregnancy is to say congrats and perhaps send a onesie. But there are other ways to celebrate and support newly expecting parents.
So many Americans are pushed into 529 plans and told it's the only way to save for college. 529s are touted as tax-advantaged because the contributions to the plans are invested and grow in the accounts tax-free.
With the release of this morning's report on June's Personal Incomes and Outlays, we can now take a closer look at "Real" Disposable Personal Income Per Capita. At two decimal places, the nominal -0.04% month-over-month change in disposable income is cut to -0.55% when we adjust for inflation. This is an increase from last month's -2.74% nominal and -3.33% real decreases. The year-over-year metrics are 0.46% nominal and -3.41% real.
Personal Income (excluding Transfer Receipts) in June rose 0.7% and is up 8.8% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, Real Personal Income (excluding Transfer Receipts) MoM was up 0.16%. The real number is up 4.7% year-over-year. Revisions were made.
What is the degree of Emerging Markets (EM) stocks’ undervaluation relative to United States (US) equities?
New York City Democratic mayoral nominee Eric Adams told a group of House lawmakers that the limit on the state and local tax deduction enacted in 2017 is a top issue harming the city, according to two congressional aides familiar with the conversation.
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.
I’ve coached many advisors over the years and spoken to thousands of others. Here’s what I’ve learned.
Senate Majority Leader Chuck Schumer and progressive Senator Elizabeth Warren warned that the U.S. economic recovery could take a major hit if the Biden administration fails to extend the federal government’s pandemic moratorium on student-loan payments past September.
Everyone was eager to put 2020 behind us, yet the Covid hangover lingers.
The headline number of 129.1 was an increase of 0.2 from the final reading of 128.9 for June. This was above the Investing.com consensus of 123.9.
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.
New research documents the abject failure of the vast majority of municipal bond funds to outperform a passive benchmark.
Here are a few tips for finding – and keeping – great advisors during a talent shortage.
Tweedy Browne is one of the most respected value managers in the world, with a legacy that includes having Benjamin Graham and Warren Buffett as clients. In this interview, members of its investment committee explain why value investing is on the cusp of a resurgence.
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.
Over the next 10 years, the global automotive industry is expected to face one of the most significant changes in its history – the replacement of internal combustion engine (ICE) vehicles with electric vehicles (EVs).
The impacts of passive investing are not as well understood as they should be.
What exactly is “transitory?”
Frontier markets are popular to investors that seek higher returns, and Central Asia’s Kazakhstan is regarded with particular interest.
The imminent return of the U.S. debt ceiling is causing angst for money-market traders once again.
Prices continue to climb, with the US CPI rising in June by the most since 2008.
I can shed some light on one of the most significant issues for many: the effective date of any increase in the long-term capital gains tax rate.
The title of this comment may seem odd, given that – as I write this on July 14, 2021 – the S&P 500 is at a record high.
We've updated this series to include the June release of the Consumer Price Index as the deflator and the monthly employment update. The latest hypothetical real (inflation-adjusted) annual earnings are at $43,784, down 7.2% from 45-plus years ago.
Here’s how to help your clients reevaluate their life goals and needs as they enter the next stage of their lives.
In May, our municipal bond team published some thoughts on US President Biden’s $2 trillion infrastructure package called “The American Jobs Plan.” As this package makes its way through Congress, the team will provide updates—here’s the latest from our Muni Bond Director Jennifer Johnston.
During the second quarter, global equity markets extended their strong performance.
The only feasible explanation for the 10x run-up in Tesla’s stock price was a spreading narrative that it is more than a car company.
Delta has the potential to alter the path of recovery; central banks are rising to face heavy challenges; and U.S. states have survived a major stress event.
June’s Consumer Price Index (CPI) again surprised to the upside, adding fuel to headline-writers’ panic about inflation spikes and market speculation that the Federal Reserve (Fed) will need to act soon to rein in prices.
New research shows that a company’s history of bad ESG events foretells poor stock performance. That contrasts with other research showing that ESG ratings lack such predictive power.
Choosing a fund or ETF with a positive ESG profile is fraught with risk. New research shows how carefully investors must weigh considerations such as screening criteria, factor exposures, industry concentration and expenses.
Our Chief Market Strategist Stephen Dover explores how quantum computers will soon unlock and slice through infrastructure and financial systems’ public key cryptography.
As summer hits its stride, here are some musings about municipal bond performance to mull over as you unwind at the beach or on the couch (no judging!).
Heading into the second half of the year, pandemic concerns are not completely in the rear-view mirror.
The influx of federal aid to U.S. municipal-bond issuers has papered over longstanding credit risks that threaten to come back to bite investors when the relief runs dry.
The global economy is in a mid-cycle expansion, following peaks in policy support and growth, and what is likely a transitory spike in inflation. We expect global growth to moderate to a still above-trend pace in 2022.
Charitable giving is triggered by one of five events, when clients have:
1. Experienced a financial life-changing liquidity or similar event;
2. Had a life-threatening health situation themselves or have a family member who has, and they want to honor them;
3. Expressed an interest in talking to the next generation about their wealth;
4. Stated the intention to establish a legacy; or
5. Volunteered their time or sit on a nonprofit board.
As the global economy continued to reopen and the recovery gained speed, markets reached new highs.
The Northern Trust Economics team shares its outlook for the U.S. economy.
Be forewarned – we are going to empty the quote bin this quarter.
The concept of retirement has changed over the decades—as have the ways of funding it.
The headline number for June came in at 102.5, up 2.9 from the previous month. The index is at the 84th percentile in this series.
Workers have the upper hand, but not for long; Latin America stagflates; and Sweden provides a case study in COVID-19 response.
New research has uncovered a paradox. Energy firms have been, by far, the most prolific producers of “green” innovations and patents. But those are the stocks that are routinely shunned by ESG investors. Are ESG investors’ goals aligned with their dollars?
Gold notched its third straight week of higher prices as the yield on the 10-year Treasury dipped below 1.3% for the first time since February. The highly transmissible Delta variant was also ruled the most dominant strain of coronavirus in the U.S., threatening economic growth and raising uncertainty about the next interest rate hike.
TINA has been applied to investing. You must buy stocks because TINA. You can’t make money any other way. Just close your eyes, buy and hold forever. Or at least through a full market cycle. Frankly, I think that’s stupid.
The financial stress from starting a new advisory firm is no joke, and it sets up outcomes that are potentially disastrous for everyone involved. Here are six ideas for how to start an RIA firm today without living in poverty and having to eat cat food.
Our Chief Market Strategist Stephen Dover explores blockchain and digital assets through an equity-investor lens with Anthony Hardy and Christophe Vande Walle.
A bipartisan deal on infrastructure spending would likely be followed by a separate partisan deal funded by tax increases.
One of the world’s most exclusive clubs just got a new member, with a second aspirant knocking on the door.
For international investors, we believe the United Kingdom is home to many companies that offer an especially attractive combination of growth, value and quality.
In July, families eligible for the federal child tax credit will begin receiving monthly payments instead of waiting to receive an annual credit when they file their 2021 tax returns.
More than 75% of the West is in an extreme or exceptional drought, with over 58 million people living in a drought area—and expectations are that it will get worse.
Many analysts have been thinking and writing about the "twin deficits" and whether the record-breaking size of those two deficits, combined, mean the US dollar is about to plummet versus other currencies.
Financial theory predicts that stocks of “green” or climate-friendly companies should underperform brown ones, but empirical evidence demonstrates that has not been the case. New research explains that paradox, showing that green stocks have had a temporary benefit from adverse climate-related news.
Much is being written on the state of extreme equity and bond valuations. Surprisingly, there is little research focusing on what keeps valuations at such levels. Liquidity is our asset bubble's lift and worth closely examining to better assess the markets' potential flight path.
Rising inequality is but one symptom that the U.S. has swung to a society that is characterized by a disproportionate focus on individuals over the collective good. A national priority, similar to the Apollo moon project of the 1960s, is needed to reverse that trend, and there is an obvious candidate.
There may be many reasons why people spread misinformation about Bitcoin. Much of the misinformation may originate from Ripple, which is currently under investigation by the Securities and Exchange Commission (SEC). The fintech firm is believed to employ a great number of bots on Twitter and other social media platforms with the intent of tearing Bitcoin down in favor of its own XRP coin.
Raymond James Chief Investment Officer Larry Adam examines the current investing environment through the lens of classic games.
Reflecting on a busy six months of vaccines, inflation, trade relations, supply chains, and policy challenges.
Ken Leech, Chief Investment Officer at Western Asset takes a dive into his outlook for various segments of the fixed income markets in the second half of 2021.
Here are several ways you can make yourself a household name in your area, and they don’t involve throwing thousands of dollars at an advertising budget.
As predicted by theory, increased investor demand has resulted in higher returns for public stocks with good environmental, social and governance (ESG) characteristics. Unfortunately, that means future returns will be lower for those stocks. New research confirms that this is also the case for private “impact” investments.
Let me begin with a confession. Govcoin is a made-up name.
High-quality companies are always in style. In good times and bad, features that define resilient businesses and stocks underpin consistent and solid equity return potential.
Summer is a good time to sit down and reflect on what you would like to see happen in the fall and 2022.
Here is a checklist to help your clients evaluate their financial health as a small business owner.
Celebrity couple Tom Brady and Gisele Bündchen have taken an equity stake in crypto firm FTX as part of a long-term partnership, marking the duo’s newest foray into the world of digital assets.
A rare show of bipartisan unity over tax policy unfolded Tuesday evening, with 18 lawmakers making their case on why House Speaker Nancy Pelosi should include an expansion of the state and local tax deduction in upcoming legislation.
We buy stocks with a mind toward dividend sustainability and a history of payment hikes. This contrasts with normal bias toward dividend shopping, where one would simply buy the highest-yielding companies as though nothing else mattered.
There is a significant difference among the members of social media platforms. If you’ve seen little ROI from social media, you are spending too much time or money on the wrong platform.
We have observed that additions and deletions to the S&P 500 Index follow a dependable pattern: additions underperform and deletions overperform over the subsequent 12-month period.
Brexit is as complicated as we expected, but restaurants are reviving and aircraft tariffs are suspended.
Claiming Social Security too early is economically equivalent to delaying claiming, withdrawing $100,000 from a portfolio, and setting it on fire.
Tax Planning
The Limits of Equities as an Inflation Hedge
If you review the investment research articles and notes published during the 1970s and early 1980s, what you pick up is that during periods of high inflation, equity markets failed to live up to expectations.
Biden's Neo-Populist Economic Doctrine
Within the space of just half a year, US President Joe Biden has completed a necessary economic-policy regime shift that started chaotically under his predecessor.
So, You've Maxed Out Your Retirement Contributions. Now What?: Erin Lowry
For many, paying off debt and putting money away for retirement are the first financial goals to work toward.
Auto Inventories: Pass the Chips
The automotive market is running lean.
ESG High-Yield Bonds Have Not Outperformed
ESG proponents claim that “green” high-yield bond returns offer better risk-adjusted returns. New research disproves this claim, although ESG investors do not incur a penalty by owning green bonds.
The Bold Return to In-Person Conferences
Last week witnessed a bold adventure in in-person conferencing… and lessons in how to manage clients (and their portfolios) in an unprecedented market environment. But the memorable moment at the ENGAGE conference was David Kelly’s statement that bitcoin is a cult and not a currency.
Which Clients Should Open Donor-Advised Funds
Here are 12 types of clients who have recently established DAF accounts with the assistance and encouragement of their financial, legal, tax advisors.
How Advisors Can Maximize After-Tax Returns
Frank Pape is the senior director, portfolio consulting for Russell Investments’ advisor and intermediary solutions business. In this interview, he discusses the latest research on how advisors can maximize the after-tax income for their clients.
Moving Averages: S&P Up 2.3% in July
Valid until the market close on August 31, 2021.
The S&P 500 closed July with a monthly gain of 2.27% after a gain of 2.22% in June. At this point, after close on the last day of the month, all five S&P 500 strategies are signaling "invested" — Vanguard Total Stock Market ETF (VTI), Vanguard FTSE All-World ex-US ETF (VEU), iShares Barclays 7-10 Treasury (IEF), Vanguard REIT Index ETF (VNQ), and Invesco DB Commodity Index Tracking (DBC) — up from last month's quadruple "invested" signal.
Invest in Children and Equality: Hand Out Baby Bonds: Andrea Gabor
A consensus is emerging around an idea Americans used to scorn: That government cash payments are a good way to help struggling citizens and give the economy a boost.
The Best Gifts for Kids Who Aren’t Your Own: Erin Lowry
A common reaction to hearing about a pregnancy is to say congrats and perhaps send a onesie. But there are other ways to celebrate and support newly expecting parents.
Saving for College? Don't Assume a 529 Is Best: Teresa Ghilarducci
So many Americans are pushed into 529 plans and told it's the only way to save for college. 529s are touted as tax-advantaged because the contributions to the plans are invested and grow in the accounts tax-free.
Real Disposable Income Per Capita in June Down 0.6%, Revisions Made
With the release of this morning's report on June's Personal Incomes and Outlays, we can now take a closer look at "Real" Disposable Personal Income Per Capita. At two decimal places, the nominal -0.04% month-over-month change in disposable income is cut to -0.55% when we adjust for inflation. This is an increase from last month's -2.74% nominal and -3.33% real decreases. The year-over-year metrics are 0.46% nominal and -3.41% real.
The Big Four: Real Personal Income in June
Personal Income (excluding Transfer Receipts) in June rose 0.7% and is up 8.8% year-over-year. However, when adjusted for inflation using the BEA's PCE Price Index, Real Personal Income (excluding Transfer Receipts) MoM was up 0.16%. The real number is up 4.7% year-over-year. Revisions were made.
Measuring EM Stocks’ Undervaluation
What is the degree of Emerging Markets (EM) stocks’ undervaluation relative to United States (US) equities?
SALT Cap Is Hurting New York City, Adams Tells House Lawmakers
New York City Democratic mayoral nominee Eric Adams told a group of House lawmakers that the limit on the state and local tax deduction enacted in 2017 is a top issue harming the city, according to two congressional aides familiar with the conversation.
Speculation & Margin of Safety Value Investing
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.
The Common Elements of Successful Advisory Firms
I’ve coached many advisors over the years and spoken to thousands of others. Here’s what I’ve learned.
Schumer Says Ending Student-Loan Pause Would Risk U.S. Recovery
Senate Majority Leader Chuck Schumer and progressive Senator Elizabeth Warren warned that the U.S. economic recovery could take a major hit if the Biden administration fails to extend the federal government’s pandemic moratorium on student-loan payments past September.
Inflation Or Not, The Bond Market Is No Safe Haven For Investors
Everyone was eager to put 2020 behind us, yet the Covid hangover lingers.
Consumer Confidence Mostly Unchanged in July
The headline number of 129.1 was an increase of 0.2 from the final reading of 128.9 for June. This was above the Investing.com consensus of 123.9.
Weekly Market Snapshot
Chief Economist Scott Brown discusses the latest market data.
Inflation, Shutdowns, Spending
Someone once said, "technology has never moved this fast, and at the same time, will never move this slow again."
A Better Way to Pay for Infrastructure Investments
A revival of the Obama-era Build America Bonds would raise funds with less taxes.
Pushing for Productivity
The debate over post-pandemic scheduling often centers on productivity.
The Dismal Failure of Actively Managed Municipal Bond Funds
New research documents the abject failure of the vast majority of municipal bond funds to outperform a passive benchmark.
How We Attracted Talent During this Financial Advisor Shortage
Here are a few tips for finding – and keeping – great advisors during a talent shortage.
Tweedy Browne: We Are in the Early Stage of Value’s Resurgence
Tweedy Browne is one of the most respected value managers in the world, with a legacy that includes having Benjamin Graham and Warren Buffett as clients. In this interview, members of its investment committee explain why value investing is on the cusp of a resurgence.
Cuba and Venezuela Offer Cautionary Tales of Socialism
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.
Three Disruptive Trends Set to Transform the Auto Industry
Over the next 10 years, the global automotive industry is expected to face one of the most significant changes in its history – the replacement of internal combustion engine (ICE) vehicles with electric vehicles (EVs).
The Consequences of Passive Investing
The impacts of passive investing are not as well understood as they should be.
How Transitory Is Transitory?
What exactly is “transitory?”
Kazakhstan: A Developing Frontier Market with a Western-friendly Attitude
Frontier markets are popular to investors that seek higher returns, and Central Asia’s Kazakhstan is regarded with particular interest.
Debt Ceiling Debacle Threatening Fireworks in Money Market
The imminent return of the U.S. debt ceiling is causing angst for money-market traders once again.
On My Mind: Just a Flesh Wound?
Prices continue to climb, with the US CPI rising in June by the most since 2008.
If the Democratic Tax Bill Passes, Will It Be Retroactive to January 1, 2021?
I can shed some light on one of the most significant issues for many: the effective date of any increase in the long-term capital gains tax rate.
What Triggered the Crash?
The title of this comment may seem odd, given that – as I write this on July 14, 2021 – the S&P 500 is at a record high.
Middle-Class Wages in June 2021
We've updated this series to include the June release of the Consumer Price Index as the deflator and the monthly employment update. The latest hypothetical real (inflation-adjusted) annual earnings are at $43,784, down 7.2% from 45-plus years ago.
A Financial Checklist for Clients in Their 40s and 50s
Here’s how to help your clients reevaluate their life goals and needs as they enter the next stage of their lives.
US Infrastructure Plan and Muni Bond Update
In May, our municipal bond team published some thoughts on US President Biden’s $2 trillion infrastructure package called “The American Jobs Plan.” As this package makes its way through Congress, the team will provide updates—here’s the latest from our Muni Bond Director Jennifer Johnston.
3Q 2021 OUTLOOK
During the second quarter, global equity markets extended their strong performance.
Making Sense of Tesla’s Run-up
The only feasible explanation for the 10x run-up in Tesla’s stock price was a spreading narrative that it is more than a car company.
Delta Force, ECB's Strategy Review, State of the States
Delta has the potential to alter the path of recovery; central banks are rising to face heavy challenges; and U.S. states have survived a major stress event.
Still No Reason to Panic About Inflation
June’s Consumer Price Index (CPI) again surprised to the upside, adding fuel to headline-writers’ panic about inflation spikes and market speculation that the Federal Reserve (Fed) will need to act soon to rein in prices.
Bad ESG News Predicts Poor Stock Performance
New research shows that a company’s history of bad ESG events foretells poor stock performance. That contrasts with other research showing that ESG ratings lack such predictive power.
Why It’s So Hard to Choose ESG Funds and ETFs
Choosing a fund or ETF with a positive ESG profile is fraught with risk. New research shows how carefully investors must weigh considerations such as screening criteria, factor exposures, industry concentration and expenses.
Quick Thoughts: Think Quantum with Cybersecurity
Our Chief Market Strategist Stephen Dover explores how quantum computers will soon unlock and slice through infrastructure and financial systems’ public key cryptography.
What’s Next for Municipal Bonds After a Strong First Half of the Year?
As summer hits its stride, here are some musings about municipal bond performance to mull over as you unwind at the beach or on the couch (no judging!).
K2 Advisors Third Quarter Hedge-Fund Strategy Outlook
Heading into the second half of the year, pandemic concerns are not completely in the rear-view mirror.
Muni Risks Papered Over by Federal Aid Threaten to Reappear
The influx of federal aid to U.S. municipal-bond issuers has papered over longstanding credit risks that threaten to come back to bite investors when the relief runs dry.
Mid‑Cycle Investing: Time to Get Selective
The global economy is in a mid-cycle expansion, following peaks in policy support and growth, and what is likely a transitory spike in inflation. We expect global growth to moderate to a still above-trend pace in 2022.
Minisode - A New Resource to Help with Charitable Giving
Charitable giving is triggered by one of five events, when clients have:
1. Experienced a financial life-changing liquidity or similar event;
2. Had a life-threatening health situation themselves or have a family member who has, and they want to honor them;
3. Expressed an interest in talking to the next generation about their wealth;
4. Stated the intention to establish a legacy; or
5. Volunteered their time or sit on a nonprofit board.
Returning to Normal?
As the global economy continued to reopen and the recovery gained speed, markets reached new highs.
View from the Peak
The Northern Trust Economics team shares its outlook for the U.S. economy.
Don’t Get Rugged
Be forewarned – we are going to empty the quote bin this quarter.
Retirement Reimagined
The concept of retirement has changed over the decades—as have the ways of funding it.
NFIB Small Business Survey: "Labor Shortage Remains a Challenge for Small Businesses as Inflation Increases"
The headline number for June came in at 102.5, up 2.9 from the previous month. The index is at the 84th percentile in this series.
The "Summer of Labor", Latin Lethargy and Sweden's Light Lockdowns
Workers have the upper hand, but not for long; Latin America stagflates; and Sweden provides a case study in COVID-19 response.
The Great ESG Paradox
New research has uncovered a paradox. Energy firms have been, by far, the most prolific producers of “green” innovations and patents. But those are the stocks that are routinely shunned by ESG investors. Are ESG investors’ goals aligned with their dollars?
Gold Is Catching a Bid on Pandemic and Inflation Fears. Are You Participating?
Gold notched its third straight week of higher prices as the yield on the 10-year Treasury dipped below 1.3% for the first time since February. The highly transmissible Delta variant was also ruled the most dominant strain of coronavirus in the U.S., threatening economic growth and raising uncertainty about the next interest rate hike.
TINA Is Stupid
TINA has been applied to investing. You must buy stocks because TINA. You can’t make money any other way. Just close your eyes, buy and hold forever. Or at least through a full market cycle. Frankly, I think that’s stupid.
How to Start an RIA Without Eating Cat Food
The financial stress from starting a new advisory firm is no joke, and it sets up outcomes that are potentially disastrous for everyone involved. Here are six ideas for how to start an RIA firm today without living in poverty and having to eat cat food.
Cryptocurrency, Blockchain, and Digital Assets: Love ‘em, Hate ‘em, but Don’t Ignore ‘em
Our Chief Market Strategist Stephen Dover explores blockchain and digital assets through an equity-investor lens with Anthony Hardy and Christophe Vande Walle.
We Have a Deal: U.S. Infrastructure Spending Soon, Tax Increases Likely Later
A bipartisan deal on infrastructure spending would likely be followed by a separate partisan deal funded by tax increases.
Steve Ballmer Becomes Ninth Member of the $100 Billion Club
One of the world’s most exclusive clubs just got a new member, with a second aspirant knocking on the door.
Markets Generally Favored the Wasatch Approach During the Second Quarter
For international investors, we believe the United Kingdom is home to many companies that offer an especially attractive combination of growth, value and quality.
Monthly Child Tax Credit Payments: Understand the Options
In July, families eligible for the federal child tax credit will begin receiving monthly payments instead of waiting to receive an annual credit when they file their 2021 tax returns.
How Will the Western Drought Affect Munis?
More than 75% of the West is in an extreme or exceptional drought, with over 58 million people living in a drought area—and expectations are that it will get worse.
"Twin Deficits" Won't Tank the Dollar
Many analysts have been thinking and writing about the "twin deficits" and whether the record-breaking size of those two deficits, combined, mean the US dollar is about to plummet versus other currencies.
Bad Climate Change News is Good for “Green” Stocks
Financial theory predicts that stocks of “green” or climate-friendly companies should underperform brown ones, but empirical evidence demonstrates that has not been the case. New research explains that paradox, showing that green stocks have had a temporary benefit from adverse climate-related news.
The Critical Role of Liquidity in Supporting Valuations
Much is being written on the state of extreme equity and bond valuations. Surprisingly, there is little research focusing on what keeps valuations at such levels. Liquidity is our asset bubble's lift and worth closely examining to better assess the markets' potential flight path.
What Will Reverse the Dangerous Trends in U.S. Society?
Rising inequality is but one symptom that the U.S. has swung to a society that is characterized by a disproportionate focus on individuals over the collective good. A national priority, similar to the Apollo moon project of the 1960s, is needed to reverse that trend, and there is an obvious candidate.
Bitcoin Mining Uses a Higher Mix of Sustainable Energy Than Any Major Country or Industry
There may be many reasons why people spread misinformation about Bitcoin. Much of the misinformation may originate from Ripple, which is currently under investigation by the Securities and Exchange Commission (SEC). The fintech firm is believed to employ a great number of bots on Twitter and other social media platforms with the intent of tearing Bitcoin down in favor of its own XRP coin.
Investing Is Not a Trivial Pursuit
Raymond James Chief Investment Officer Larry Adam examines the current investing environment through the lens of classic games.
Economic Commentary: Themes of the First Half of 2021
Reflecting on a busy six months of vaccines, inflation, trade relations, supply chains, and policy challenges.
Fixed Income Outlook Cautious Due to Lower-Than-Expected U.S. Growth
Ken Leech, Chief Investment Officer at Western Asset takes a dive into his outlook for various segments of the fixed income markets in the second half of 2021.
Become a Rock Star in Your Community
Here are several ways you can make yourself a household name in your area, and they don’t involve throwing thousands of dollars at an advertising budget.
The Sobering News for Private ESG Impact Investments
As predicted by theory, increased investor demand has resulted in higher returns for public stocks with good environmental, social and governance (ESG) characteristics. Unfortunately, that means future returns will be lower for those stocks. New research confirms that this is also the case for private “impact” investments.
Govcoin
Let me begin with a confession. Govcoin is a made-up name.
The Hunt for Quality: Searching for Durable Stocks in an Uncertain World
High-quality companies are always in style. In good times and bad, features that define resilient businesses and stocks underpin consistent and solid equity return potential.
Summertime Is Here and “Normal” Is Coming Back!
Summer is a good time to sit down and reflect on what you would like to see happen in the fall and 2022.
A Financial Health Checklist for Small Business Owners
Here is a checklist to help your clients evaluate their financial health as a small business owner.
Tom Brady and Gisele Bündchen Take Equity Stake in Crypto Firm FTX
Celebrity couple Tom Brady and Gisele Bündchen have taken an equity stake in crypto firm FTX as part of a long-term partnership, marking the duo’s newest foray into the world of digital assets.
SALT Lawmakers Taking to House Floor in Push for Tax Break
A rare show of bipartisan unity over tax policy unfolded Tuesday evening, with 18 lawmakers making their case on why House Speaker Nancy Pelosi should include an expansion of the state and local tax deduction in upcoming legislation.
Weekly Market Snapshot
Chief Economist Scott Brown discusses the latest market data.
Don’t Overvalue Dividends
We buy stocks with a mind toward dividend sustainability and a history of payment hikes. This contrasts with normal bias toward dividend shopping, where one would simply buy the highest-yielding companies as though nothing else mattered.
Which Social Media Platforms Drive Leads
There is a significant difference among the members of social media platforms. If you’ve seen little ROI from social media, you are spending too much time or money on the wrong platform.
Revisiting Tesla’s Addition to the S&P 500: What’s the Cost, Before and After?
We have observed that additions and deletions to the S&P 500 Index follow a dependable pattern: additions underperform and deletions overperform over the subsequent 12-month period.
Economic Commentary: Brexit, Restaurants, Boeing and Airbus
Brexit is as complicated as we expected, but restaurants are reviving and aircraft tariffs are suspended.
How Claiming Social Security Early Destroys Client Wealth
Claiming Social Security too early is economically equivalent to delaying claiming, withdrawing $100,000 from a portfolio, and setting it on fire.