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...