Holiday Wrap Up: A Look Back at 2025 The year in brief. In 2025, two different types of “trade” captured the attention of market participants: the artificial intelligence (AI) trade and a new U.S. trade policy from a new White House administration—and the world’s...

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...