Key Takeaways The S&P 500 is currently in a state of excessive concentration and is at the lowest level of diversification since 1973. When the excessive concentration reaches its tipping point, the change in market leadership can be quick and durable. Portfolio...
Key Takeaways o President Trump’s widely telegraphed tariff policies caught global markets by surprise. o Tariffs have the potential to lower economic growth and increase inflation, but distinguishing between noise and actual implementation details is crucial as...
Key Takeaways o We expect the two key themes from 2024 –above-average growth and above-target inflation – to continue into 2025. o Trump 2.0 policies have the potential to add incrementally to higher economic growth, but also incrementally to higher inflation. o While...
Key Takeaways o Inflation has fallen dramatically over the last couple of years. o However, it is important to remember that inflation measures change in price, not level of price. o Because inflation was so high in 2022, many households continue to struggle with...
Key Takeaways o The role of bonds in a portfolio is generally either to produce income or to help manage volatility. o Today’s yields on bonds are significantly higher than the past few years and offer a great alternative for portfolios given 85% of total return is...
Key Takeaways Gold prices reached a new record high in 2024 driven by demand from global central banks. Gold is not a panacea. The shiny metal has not performed as well as stocks or bonds in the last 33 years but does act as a diversifier in portfolios. Before rushing...
