May key drivers Despite an increase in volatility driven by concerns over inflation pressures building in the economy, global equities finished higher for the month of May, when looking at the MSCI ACWI Index. Across asset classes, we saw gains in equities, credit and real assets, which has been a consistent pattern over the past year. One area in equities that stood  out was the 2.6%...

Recently, equity markets were disrupted by the not-so-new news that the White House proposed a higher tax on realized investment profits (i.e., capital gains) to help fund the $1.8 trillion American Families Plan (AFP). President Joe Biden’s opening bid stirred controversy and created some market volatility. Even though the plan has yet to become a bill in Congress, negotiations within...

Download the PDF Earlier this month, we outlined the potential tax changes proposed in President Joe Biden’s two major fiscal initiatives and considered some of the potential implications for stock market investors. Since then, negotiations between the two political parties have begun. However, there is not yet a clear path to an outcome, and the bargaining and posturing will likely go...

In part one of this series, we discussed the American Jobs Plan which proposes spending $2.7 trillion on infrastructure investment over eight years, financed through corporate tax increases. Infrastructure and corporate taxes both affect US economic competitiveness. The AJP affects both, and it could have an impact on financial markets and investment portfolios. The AJP may increase corporate...

The American Jobs Plan (AJP), also known as the “infrastructure plan,” has been getting a lot of attention. The current version of the AJP, which we view as the Biden administration’s opening bid,  proposes to spend $2.7 trillion over eight years on transportation, water, electricity, broadband, clean energy, research and development, and other public investments. If passed, the plan may...

Download the PDF In recent weeks, President Joe Biden has proposed the biggest expansion of the federal government’s role in the economy since the 1960s. The American Jobs Plan (AJP) calls for $2.7 trillion in infrastructure investment over eight years, financed by a like amount of corporate tax increases raised over 15 years (reference What's in President Biden's American Jobs Plan?). The...

Opinions vary about when inflation will reach levels high enough to cause the Federal Reserve (Fed) to take action. Professional forecasters surveyed by the Philadelphia Federal Reserve in February 2021 expected that inflation will average 2.2% this year.[1] That’s roughly in line with the Fed’s goal of 2% inflation over the longer run.[2] Consumers, who were surveyed at about the same time,...

March key drivers Despite recent upward trends in new COVID-19 cases in the US and Europe, markets continue to move higher as evidence of the slow reopening of the global economy continues to emerge. For the month, the S&P 500 index gained over 4%, while the Russell 3000 Value index gained over 5%, suggesting the growth to value rotation in the US was picking up. Overall, risk assets...

As noted in our primer piece, The Buzz about Bitcoin, news about cryptocurrency is everywhere, as are stories of fortunes being made. Here, we tackle the question of Bitcoin’s investment merits. We will get into the core investment questions around Bitcoin, but first it’s important for an investor to understand the type of investment something like Bitcoin represents in a portfolio. A...

February key drivers Despite the selloff in global equities towards the end of February, which was sparked by rising interest rates, markets for the most part moved higher during the month. The S&P 500 posted a  gain of over 2.7%, while small cap stocks, as measured by the Russell 2000 index, gained over 6%, reflecting the optimism of a re-opening of the US economy in the future....

Many developing nations are undergoing significant fundamental changes. Economies that were once dominated by agriculture and low-cost manufacturing are now shifting away from low-cost labor-intensive industries to higher-paying service-oriented ones. As emerging markets economies transition to more sophisticated industries, better jobs are created and more people within the country have an...

This is the first blog in a multi-part series that focuses on cryptocurrency developments. Read part 2: Bitcoin is a phenomenon: But is it a good investment? Bitcoin appeared seemingly out of nowhere, 11 years ago, and has since become the fastest-growing, best-performing asset/currency in the world.[1]  Let’s pull back the curtain and learn more about this phenomenon. A brief history...

As we turn the page on an unprecedented and tumultuous 2020 and start to look at the year ahead, environmental, social and governance (ESG) trends appear poised for a momentous 2021. The principles of ESG should continue to serve as an economic and cultural roadmap for organizations across the globe, and a blueprint for businesses to navigate, adapt and engage with issues that are meaningful...

January key drivers For the most part, global equity markets were lower in January driven by COVID-19 fatigue, the need for additional fiscal stimulus in the US and concerns over extreme valuations. For the month, both the S&P 500 and the MSCI EAFE indexes declined 1%, while the MSCI Emerging Markets Index was up 3%. Small cap stocks, as measured by the Russell 2000 index, gained 5%,...

December key drivers As we have seen for much of the latter part of 2020, markets moved higher in December despite the continued surge in the virus and the ongoing impact on the global economy. Boosted  by optimism of “turning the corner” on the virus, the S&P 500 gained close to 4% during the month, while the Russell 2000 Index rose more than 8%. Outside of the US, emerging markets...

May key drivers Despite an increase in volatility driven by concerns over inflation pressures building in the economy, global equities finished higher for the month of May, when looking at the MSCI ACWI Index. Across asset classes, we saw gains in equities, credit and real assets, which has been a consistent pattern over the past year. One area in equities that stood  out was the 2.6%...

Recently, equity markets were disrupted by the not-so-new news that the White House proposed a higher tax on realized investment profits (i.e., capital gains) to help fund the $1.8 trillion American Families Plan (AFP). President Joe Biden’s opening bid stirred controversy and created some market volatility. Even though the plan has yet to become a bill in Congress, negotiations within...

Download the PDF Earlier this month, we outlined the potential tax changes proposed in President Joe Biden’s two major fiscal initiatives and considered some of the potential implications for stock market investors. Since then, negotiations between the two political parties have begun. However, there is not yet a clear path to an outcome, and the bargaining and posturing will likely go...

In part one of this series, we discussed the American Jobs Plan which proposes spending $2.7 trillion on infrastructure investment over eight years, financed through corporate tax increases. Infrastructure and corporate taxes both affect US economic competitiveness. The AJP affects both, and it could have an impact on financial markets and investment portfolios. The AJP may increase corporate...

The American Jobs Plan (AJP), also known as the “infrastructure plan,” has been getting a lot of attention. The current version of the AJP, which we view as the Biden administration’s opening bid,  proposes to spend $2.7 trillion over eight years on transportation, water, electricity, broadband, clean energy, research and development, and other public investments. If passed, the plan may...

Download the PDF In recent weeks, President Joe Biden has proposed the biggest expansion of the federal government’s role in the economy since the 1960s. The American Jobs Plan (AJP) calls for $2.7 trillion in infrastructure investment over eight years, financed by a like amount of corporate tax increases raised over 15 years (reference What's in President Biden's American Jobs Plan?). The...

Opinions vary about when inflation will reach levels high enough to cause the Federal Reserve (Fed) to take action. Professional forecasters surveyed by the Philadelphia Federal Reserve in February 2021 expected that inflation will average 2.2% this year.[1] That’s roughly in line with the Fed’s goal of 2% inflation over the longer run.[2] Consumers, who were surveyed at about the same time,...

March key drivers Despite recent upward trends in new COVID-19 cases in the US and Europe, markets continue to move higher as evidence of the slow reopening of the global economy continues to emerge. For the month, the S&P 500 index gained over 4%, while the Russell 3000 Value index gained over 5%, suggesting the growth to value rotation in the US was picking up. Overall, risk assets...

As noted in our primer piece, The Buzz about Bitcoin, news about cryptocurrency is everywhere, as are stories of fortunes being made. Here, we tackle the question of Bitcoin’s investment merits. We will get into the core investment questions around Bitcoin, but first it’s important for an investor to understand the type of investment something like Bitcoin represents in a portfolio. A...

February key drivers Despite the selloff in global equities towards the end of February, which was sparked by rising interest rates, markets for the most part moved higher during the month. The S&P 500 posted a  gain of over 2.7%, while small cap stocks, as measured by the Russell 2000 index, gained over 6%, reflecting the optimism of a re-opening of the US economy in the future....

Many developing nations are undergoing significant fundamental changes. Economies that were once dominated by agriculture and low-cost manufacturing are now shifting away from low-cost labor-intensive industries to higher-paying service-oriented ones. As emerging markets economies transition to more sophisticated industries, better jobs are created and more people within the country have an...

This is the first blog in a multi-part series that focuses on cryptocurrency developments. Read part 2: Bitcoin is a phenomenon: But is it a good investment? Bitcoin appeared seemingly out of nowhere, 11 years ago, and has since become the fastest-growing, best-performing asset/currency in the world.[1]  Let’s pull back the curtain and learn more about this phenomenon. A brief history...

As we turn the page on an unprecedented and tumultuous 2020 and start to look at the year ahead, environmental, social and governance (ESG) trends appear poised for a momentous 2021. The principles of ESG should continue to serve as an economic and cultural roadmap for organizations across the globe, and a blueprint for businesses to navigate, adapt and engage with issues that are meaningful...

January key drivers For the most part, global equity markets were lower in January driven by COVID-19 fatigue, the need for additional fiscal stimulus in the US and concerns over extreme valuations. For the month, both the S&P 500 and the MSCI EAFE indexes declined 1%, while the MSCI Emerging Markets Index was up 3%. Small cap stocks, as measured by the Russell 2000 index, gained 5%,...

December key drivers As we have seen for much of the latter part of 2020, markets moved higher in December despite the continued surge in the virus and the ongoing impact on the global economy. Boosted  by optimism of “turning the corner” on the virus, the S&P 500 gained close to 4% during the month, while the Russell 2000 Index rose more than 8%. Outside of the US, emerging markets...

May key drivers Despite an increase in volatility driven by concerns over inflation pressures building in the economy, global equities finished higher for the month of May, when looking at the MSCI ACWI Index. Across asset classes, we saw gains in equities, credit and real assets, which has been a consistent pattern over the past year. One area in equities that stood  out was the 2.6%...

Recently, equity markets were disrupted by the not-so-new news that the White House proposed a higher tax on realized investment profits (i.e., capital gains) to help fund the $1.8 trillion American Families Plan (AFP). President Joe Biden’s opening bid stirred controversy and created some market volatility. Even though the plan has yet to become a bill in Congress, negotiations within...

Download the PDF Earlier this month, we outlined the potential tax changes proposed in President Joe Biden’s two major fiscal initiatives and considered some of the potential implications for stock market investors. Since then, negotiations between the two political parties have begun. However, there is not yet a clear path to an outcome, and the bargaining and posturing will likely go...

In part one of this series, we discussed the American Jobs Plan which proposes spending $2.7 trillion on infrastructure investment over eight years, financed through corporate tax increases. Infrastructure and corporate taxes both affect US economic competitiveness. The AJP affects both, and it could have an impact on financial markets and investment portfolios. The AJP may increase corporate...

The American Jobs Plan (AJP), also known as the “infrastructure plan,” has been getting a lot of attention. The current version of the AJP, which we view as the Biden administration’s opening bid,  proposes to spend $2.7 trillion over eight years on transportation, water, electricity, broadband, clean energy, research and development, and other public investments. If passed, the plan may...

Download the PDF In recent weeks, President Joe Biden has proposed the biggest expansion of the federal government’s role in the economy since the 1960s. The American Jobs Plan (AJP) calls for $2.7 trillion in infrastructure investment over eight years, financed by a like amount of corporate tax increases raised over 15 years (reference What's in President Biden's American Jobs Plan?). The...

Opinions vary about when inflation will reach levels high enough to cause the Federal Reserve (Fed) to take action. Professional forecasters surveyed by the Philadelphia Federal Reserve in February 2021 expected that inflation will average 2.2% this year.[1] That’s roughly in line with the Fed’s goal of 2% inflation over the longer run.[2] Consumers, who were surveyed at about the same time,...

March key drivers Despite recent upward trends in new COVID-19 cases in the US and Europe, markets continue to move higher as evidence of the slow reopening of the global economy continues to emerge. For the month, the S&P 500 index gained over 4%, while the Russell 3000 Value index gained over 5%, suggesting the growth to value rotation in the US was picking up. Overall, risk assets...

As noted in our primer piece, The Buzz about Bitcoin, news about cryptocurrency is everywhere, as are stories of fortunes being made. Here, we tackle the question of Bitcoin’s investment merits. We will get into the core investment questions around Bitcoin, but first it’s important for an investor to understand the type of investment something like Bitcoin represents in a portfolio. A...

February key drivers Despite the selloff in global equities towards the end of February, which was sparked by rising interest rates, markets for the most part moved higher during the month. The S&P 500 posted a  gain of over 2.7%, while small cap stocks, as measured by the Russell 2000 index, gained over 6%, reflecting the optimism of a re-opening of the US economy in the future....

Many developing nations are undergoing significant fundamental changes. Economies that were once dominated by agriculture and low-cost manufacturing are now shifting away from low-cost labor-intensive industries to higher-paying service-oriented ones. As emerging markets economies transition to more sophisticated industries, better jobs are created and more people within the country have an...

This is the first blog in a multi-part series that focuses on cryptocurrency developments. Read part 2: Bitcoin is a phenomenon: But is it a good investment? Bitcoin appeared seemingly out of nowhere, 11 years ago, and has since become the fastest-growing, best-performing asset/currency in the world.[1]  Let’s pull back the curtain and learn more about this phenomenon. A brief history...

As we turn the page on an unprecedented and tumultuous 2020 and start to look at the year ahead, environmental, social and governance (ESG) trends appear poised for a momentous 2021. The principles of ESG should continue to serve as an economic and cultural roadmap for organizations across the globe, and a blueprint for businesses to navigate, adapt and engage with issues that are meaningful...

January key drivers For the most part, global equity markets were lower in January driven by COVID-19 fatigue, the need for additional fiscal stimulus in the US and concerns over extreme valuations. For the month, both the S&P 500 and the MSCI EAFE indexes declined 1%, while the MSCI Emerging Markets Index was up 3%. Small cap stocks, as measured by the Russell 2000 index, gained 5%,...

December key drivers As we have seen for much of the latter part of 2020, markets moved higher in December despite the continued surge in the virus and the ongoing impact on the global economy. Boosted  by optimism of “turning the corner” on the virus, the S&P 500 gained close to 4% during the month, while the Russell 2000 Index rose more than 8%. Outside of the US, emerging markets...

May key drivers Despite an increase in volatility driven by concerns over inflation pressures building in the economy, global equities finished higher for the month of May, when looking at the MSCI ACWI Index. Across asset classes, we saw gains in equities, credit and real assets, which has been a consistent pattern over the past year. One area in equities that stood  out was the 2.6%...

Recently, equity markets were disrupted by the not-so-new news that the White House proposed a higher tax on realized investment profits (i.e., capital gains) to help fund the $1.8 trillion American Families Plan (AFP). President Joe Biden’s opening bid stirred controversy and created some market volatility. Even though the plan has yet to become a bill in Congress, negotiations within...

Download the PDF Earlier this month, we outlined the potential tax changes proposed in President Joe Biden’s two major fiscal initiatives and considered some of the potential implications for stock market investors. Since then, negotiations between the two political parties have begun. However, there is not yet a clear path to an outcome, and the bargaining and posturing will likely go...

In part one of this series, we discussed the American Jobs Plan which proposes spending $2.7 trillion on infrastructure investment over eight years, financed through corporate tax increases. Infrastructure and corporate taxes both affect US economic competitiveness. The AJP affects both, and it could have an impact on financial markets and investment portfolios. The AJP may increase corporate...

The American Jobs Plan (AJP), also known as the “infrastructure plan,” has been getting a lot of attention. The current version of the AJP, which we view as the Biden administration’s opening bid,  proposes to spend $2.7 trillion over eight years on transportation, water, electricity, broadband, clean energy, research and development, and other public investments. If passed, the plan may...

Download the PDF In recent weeks, President Joe Biden has proposed the biggest expansion of the federal government’s role in the economy since the 1960s. The American Jobs Plan (AJP) calls for $2.7 trillion in infrastructure investment over eight years, financed by a like amount of corporate tax increases raised over 15 years (reference What's in President Biden's American Jobs Plan?). The...

Opinions vary about when inflation will reach levels high enough to cause the Federal Reserve (Fed) to take action. Professional forecasters surveyed by the Philadelphia Federal Reserve in February 2021 expected that inflation will average 2.2% this year.[1] That’s roughly in line with the Fed’s goal of 2% inflation over the longer run.[2] Consumers, who were surveyed at about the same time,...

March key drivers Despite recent upward trends in new COVID-19 cases in the US and Europe, markets continue to move higher as evidence of the slow reopening of the global economy continues to emerge. For the month, the S&P 500 index gained over 4%, while the Russell 3000 Value index gained over 5%, suggesting the growth to value rotation in the US was picking up. Overall, risk assets...

As noted in our primer piece, The Buzz about Bitcoin, news about cryptocurrency is everywhere, as are stories of fortunes being made. Here, we tackle the question of Bitcoin’s investment merits. We will get into the core investment questions around Bitcoin, but first it’s important for an investor to understand the type of investment something like Bitcoin represents in a portfolio. A...

February key drivers Despite the selloff in global equities towards the end of February, which was sparked by rising interest rates, markets for the most part moved higher during the month. The S&P 500 posted a  gain of over 2.7%, while small cap stocks, as measured by the Russell 2000 index, gained over 6%, reflecting the optimism of a re-opening of the US economy in the future....

Many developing nations are undergoing significant fundamental changes. Economies that were once dominated by agriculture and low-cost manufacturing are now shifting away from low-cost labor-intensive industries to higher-paying service-oriented ones. As emerging markets economies transition to more sophisticated industries, better jobs are created and more people within the country have an...

This is the first blog in a multi-part series that focuses on cryptocurrency developments. Read part 2: Bitcoin is a phenomenon: But is it a good investment? Bitcoin appeared seemingly out of nowhere, 11 years ago, and has since become the fastest-growing, best-performing asset/currency in the world.[1]  Let’s pull back the curtain and learn more about this phenomenon. A brief history...

As we turn the page on an unprecedented and tumultuous 2020 and start to look at the year ahead, environmental, social and governance (ESG) trends appear poised for a momentous 2021. The principles of ESG should continue to serve as an economic and cultural roadmap for organizations across the globe, and a blueprint for businesses to navigate, adapt and engage with issues that are meaningful...

January key drivers For the most part, global equity markets were lower in January driven by COVID-19 fatigue, the need for additional fiscal stimulus in the US and concerns over extreme valuations. For the month, both the S&P 500 and the MSCI EAFE indexes declined 1%, while the MSCI Emerging Markets Index was up 3%. Small cap stocks, as measured by the Russell 2000 index, gained 5%,...

December key drivers As we have seen for much of the latter part of 2020, markets moved higher in December despite the continued surge in the virus and the ongoing impact on the global economy. Boosted  by optimism of “turning the corner” on the virus, the S&P 500 gained close to 4% during the month, while the Russell 2000 Index rose more than 8%. Outside of the US, emerging markets...

May key drivers Despite an increase in volatility driven by concerns over inflation pressures building in the economy, global equities finished higher for the month of May, when looking at the MSCI ACWI Index. Across asset classes, we saw gains in equities, credit and real assets, which has been a consistent pattern over the past year. One area in equities that stood  out was the 2.6%...

Recently, equity markets were disrupted by the not-so-new news that the White House proposed a higher tax on realized investment profits (i.e., capital gains) to help fund the $1.8 trillion American Families Plan (AFP). President Joe Biden’s opening bid stirred controversy and created some market volatility. Even though the plan has yet to become a bill in Congress, negotiations within...

Download the PDF Earlier this month, we outlined the potential tax changes proposed in President Joe Biden’s two major fiscal initiatives and considered some of the potential implications for stock market investors. Since then, negotiations between the two political parties have begun. However, there is not yet a clear path to an outcome, and the bargaining and posturing will likely go...

In part one of this series, we discussed the American Jobs Plan which proposes spending $2.7 trillion on infrastructure investment over eight years, financed through corporate tax increases. Infrastructure and corporate taxes both affect US economic competitiveness. The AJP affects both, and it could have an impact on financial markets and investment portfolios. The AJP may increase corporate...

The American Jobs Plan (AJP), also known as the “infrastructure plan,” has been getting a lot of attention. The current version of the AJP, which we view as the Biden administration’s opening bid,  proposes to spend $2.7 trillion over eight years on transportation, water, electricity, broadband, clean energy, research and development, and other public investments. If passed, the plan may...

Download the PDF In recent weeks, President Joe Biden has proposed the biggest expansion of the federal government’s role in the economy since the 1960s. The American Jobs Plan (AJP) calls for $2.7 trillion in infrastructure investment over eight years, financed by a like amount of corporate tax increases raised over 15 years (reference What's in President Biden's American Jobs Plan?). The...

Opinions vary about when inflation will reach levels high enough to cause the Federal Reserve (Fed) to take action. Professional forecasters surveyed by the Philadelphia Federal Reserve in February 2021 expected that inflation will average 2.2% this year.[1] That’s roughly in line with the Fed’s goal of 2% inflation over the longer run.[2] Consumers, who were surveyed at about the same time,...

March key drivers Despite recent upward trends in new COVID-19 cases in the US and Europe, markets continue to move higher as evidence of the slow reopening of the global economy continues to emerge. For the month, the S&P 500 index gained over 4%, while the Russell 3000 Value index gained over 5%, suggesting the growth to value rotation in the US was picking up. Overall, risk assets...

As noted in our primer piece, The Buzz about Bitcoin, news about cryptocurrency is everywhere, as are stories of fortunes being made. Here, we tackle the question of Bitcoin’s investment merits. We will get into the core investment questions around Bitcoin, but first it’s important for an investor to understand the type of investment something like Bitcoin represents in a portfolio. A...

February key drivers Despite the selloff in global equities towards the end of February, which was sparked by rising interest rates, markets for the most part moved higher during the month. The S&P 500 posted a  gain of over 2.7%, while small cap stocks, as measured by the Russell 2000 index, gained over 6%, reflecting the optimism of a re-opening of the US economy in the future....

Many developing nations are undergoing significant fundamental changes. Economies that were once dominated by agriculture and low-cost manufacturing are now shifting away from low-cost labor-intensive industries to higher-paying service-oriented ones. As emerging markets economies transition to more sophisticated industries, better jobs are created and more people within the country have an...

This is the first blog in a multi-part series that focuses on cryptocurrency developments. Read part 2: Bitcoin is a phenomenon: But is it a good investment? Bitcoin appeared seemingly out of nowhere, 11 years ago, and has since become the fastest-growing, best-performing asset/currency in the world.[1]  Let’s pull back the curtain and learn more about this phenomenon. A brief history...

As we turn the page on an unprecedented and tumultuous 2020 and start to look at the year ahead, environmental, social and governance (ESG) trends appear poised for a momentous 2021. The principles of ESG should continue to serve as an economic and cultural roadmap for organizations across the globe, and a blueprint for businesses to navigate, adapt and engage with issues that are meaningful...

January key drivers For the most part, global equity markets were lower in January driven by COVID-19 fatigue, the need for additional fiscal stimulus in the US and concerns over extreme valuations. For the month, both the S&P 500 and the MSCI EAFE indexes declined 1%, while the MSCI Emerging Markets Index was up 3%. Small cap stocks, as measured by the Russell 2000 index, gained 5%,...

December key drivers As we have seen for much of the latter part of 2020, markets moved higher in December despite the continued surge in the virus and the ongoing impact on the global economy. Boosted  by optimism of “turning the corner” on the virus, the S&P 500 gained close to 4% during the month, while the Russell 2000 Index rose more than 8%. Outside of the US, emerging markets...

May key drivers Despite an increase in volatility driven by concerns over inflation pressures building in the economy, global equities finished higher for the month of May, when looking at the MSCI ACWI Index. Across asset classes, we saw gains in equities, credit and real assets, which has been a consistent pattern over the past year. One area in equities that stood  out was the 2.6%...

Recently, equity markets were disrupted by the not-so-new news that the White House proposed a higher tax on realized investment profits (i.e., capital gains) to help fund the $1.8 trillion American Families Plan (AFP). President Joe Biden’s opening bid stirred controversy and created some market volatility. Even though the plan has yet to become a bill in Congress, negotiations within...

Download the PDF Earlier this month, we outlined the potential tax changes proposed in President Joe Biden’s two major fiscal initiatives and considered some of the potential implications for stock market investors. Since then, negotiations between the two political parties have begun. However, there is not yet a clear path to an outcome, and the bargaining and posturing will likely go...

In part one of this series, we discussed the American Jobs Plan which proposes spending $2.7 trillion on infrastructure investment over eight years, financed through corporate tax increases. Infrastructure and corporate taxes both affect US economic competitiveness. The AJP affects both, and it could have an impact on financial markets and investment portfolios. The AJP may increase corporate...

The American Jobs Plan (AJP), also known as the “infrastructure plan,” has been getting a lot of attention. The current version of the AJP, which we view as the Biden administration’s opening bid,  proposes to spend $2.7 trillion over eight years on transportation, water, electricity, broadband, clean energy, research and development, and other public investments. If passed, the plan may...

Download the PDF In recent weeks, President Joe Biden has proposed the biggest expansion of the federal government’s role in the economy since the 1960s. The American Jobs Plan (AJP) calls for $2.7 trillion in infrastructure investment over eight years, financed by a like amount of corporate tax increases raised over 15 years (reference What's in President Biden's American Jobs Plan?). The...

Opinions vary about when inflation will reach levels high enough to cause the Federal Reserve (Fed) to take action. Professional forecasters surveyed by the Philadelphia Federal Reserve in February 2021 expected that inflation will average 2.2% this year.[1] That’s roughly in line with the Fed’s goal of 2% inflation over the longer run.[2] Consumers, who were surveyed at about the same time,...

March key drivers Despite recent upward trends in new COVID-19 cases in the US and Europe, markets continue to move higher as evidence of the slow reopening of the global economy continues to emerge. For the month, the S&P 500 index gained over 4%, while the Russell 3000 Value index gained over 5%, suggesting the growth to value rotation in the US was picking up. Overall, risk assets...

As noted in our primer piece, The Buzz about Bitcoin, news about cryptocurrency is everywhere, as are stories of fortunes being made. Here, we tackle the question of Bitcoin’s investment merits. We will get into the core investment questions around Bitcoin, but first it’s important for an investor to understand the type of investment something like Bitcoin represents in a portfolio. A...

February key drivers Despite the selloff in global equities towards the end of February, which was sparked by rising interest rates, markets for the most part moved higher during the month. The S&P 500 posted a  gain of over 2.7%, while small cap stocks, as measured by the Russell 2000 index, gained over 6%, reflecting the optimism of a re-opening of the US economy in the future....

Many developing nations are undergoing significant fundamental changes. Economies that were once dominated by agriculture and low-cost manufacturing are now shifting away from low-cost labor-intensive industries to higher-paying service-oriented ones. As emerging markets economies transition to more sophisticated industries, better jobs are created and more people within the country have an...

This is the first blog in a multi-part series that focuses on cryptocurrency developments. Read part 2: Bitcoin is a phenomenon: But is it a good investment? Bitcoin appeared seemingly out of nowhere, 11 years ago, and has since become the fastest-growing, best-performing asset/currency in the world.[1]  Let’s pull back the curtain and learn more about this phenomenon. A brief history...

As we turn the page on an unprecedented and tumultuous 2020 and start to look at the year ahead, environmental, social and governance (ESG) trends appear poised for a momentous 2021. The principles of ESG should continue to serve as an economic and cultural roadmap for organizations across the globe, and a blueprint for businesses to navigate, adapt and engage with issues that are meaningful...

January key drivers For the most part, global equity markets were lower in January driven by COVID-19 fatigue, the need for additional fiscal stimulus in the US and concerns over extreme valuations. For the month, both the S&P 500 and the MSCI EAFE indexes declined 1%, while the MSCI Emerging Markets Index was up 3%. Small cap stocks, as measured by the Russell 2000 index, gained 5%,...

December key drivers As we have seen for much of the latter part of 2020, markets moved higher in December despite the continued surge in the virus and the ongoing impact on the global economy. Boosted  by optimism of “turning the corner” on the virus, the S&P 500 gained close to 4% during the month, while the Russell 2000 Index rose more than 8%. Outside of the US, emerging markets...

May key drivers Despite an increase in volatility driven by concerns over inflation pressures building in the economy, global equities finished higher for the month of May, when looking at the MSCI ACWI Index. Across asset classes, we saw gains in equities, credit and real assets, which has been a consistent pattern over the past year. One area in equities that stood  out was the 2.6%...

Recently, equity markets were disrupted by the not-so-new news that the White House proposed a higher tax on realized investment profits (i.e., capital gains) to help fund the $1.8 trillion American Families Plan (AFP). President Joe Biden’s opening bid stirred controversy and created some market volatility. Even though the plan has yet to become a bill in Congress, negotiations within...

Download the PDF Earlier this month, we outlined the potential tax changes proposed in President Joe Biden’s two major fiscal initiatives and considered some of the potential implications for stock market investors. Since then, negotiations between the two political parties have begun. However, there is not yet a clear path to an outcome, and the bargaining and posturing will likely go...

In part one of this series, we discussed the American Jobs Plan which proposes spending $2.7 trillion on infrastructure investment over eight years, financed through corporate tax increases. Infrastructure and corporate taxes both affect US economic competitiveness. The AJP affects both, and it could have an impact on financial markets and investment portfolios. The AJP may increase corporate...

The American Jobs Plan (AJP), also known as the “infrastructure plan,” has been getting a lot of attention. The current version of the AJP, which we view as the Biden administration’s opening bid,  proposes to spend $2.7 trillion over eight years on transportation, water, electricity, broadband, clean energy, research and development, and other public investments. If passed, the plan may...

Download the PDF In recent weeks, President Joe Biden has proposed the biggest expansion of the federal government’s role in the economy since the 1960s. The American Jobs Plan (AJP) calls for $2.7 trillion in infrastructure investment over eight years, financed by a like amount of corporate tax increases raised over 15 years (reference What's in President Biden's American Jobs Plan?). The...

Opinions vary about when inflation will reach levels high enough to cause the Federal Reserve (Fed) to take action. Professional forecasters surveyed by the Philadelphia Federal Reserve in February 2021 expected that inflation will average 2.2% this year.[1] That’s roughly in line with the Fed’s goal of 2% inflation over the longer run.[2] Consumers, who were surveyed at about the same time,...

March key drivers Despite recent upward trends in new COVID-19 cases in the US and Europe, markets continue to move higher as evidence of the slow reopening of the global economy continues to emerge. For the month, the S&P 500 index gained over 4%, while the Russell 3000 Value index gained over 5%, suggesting the growth to value rotation in the US was picking up. Overall, risk assets...

As noted in our primer piece, The Buzz about Bitcoin, news about cryptocurrency is everywhere, as are stories of fortunes being made. Here, we tackle the question of Bitcoin’s investment merits. We will get into the core investment questions around Bitcoin, but first it’s important for an investor to understand the type of investment something like Bitcoin represents in a portfolio. A...

February key drivers Despite the selloff in global equities towards the end of February, which was sparked by rising interest rates, markets for the most part moved higher during the month. The S&P 500 posted a  gain of over 2.7%, while small cap stocks, as measured by the Russell 2000 index, gained over 6%, reflecting the optimism of a re-opening of the US economy in the future....

Many developing nations are undergoing significant fundamental changes. Economies that were once dominated by agriculture and low-cost manufacturing are now shifting away from low-cost labor-intensive industries to higher-paying service-oriented ones. As emerging markets economies transition to more sophisticated industries, better jobs are created and more people within the country have an...

This is the first blog in a multi-part series that focuses on cryptocurrency developments. Read part 2: Bitcoin is a phenomenon: But is it a good investment? Bitcoin appeared seemingly out of nowhere, 11 years ago, and has since become the fastest-growing, best-performing asset/currency in the world.[1]  Let’s pull back the curtain and learn more about this phenomenon. A brief history...

As we turn the page on an unprecedented and tumultuous 2020 and start to look at the year ahead, environmental, social and governance (ESG) trends appear poised for a momentous 2021. The principles of ESG should continue to serve as an economic and cultural roadmap for organizations across the globe, and a blueprint for businesses to navigate, adapt and engage with issues that are meaningful...

January key drivers For the most part, global equity markets were lower in January driven by COVID-19 fatigue, the need for additional fiscal stimulus in the US and concerns over extreme valuations. For the month, both the S&P 500 and the MSCI EAFE indexes declined 1%, while the MSCI Emerging Markets Index was up 3%. Small cap stocks, as measured by the Russell 2000 index, gained 5%,...

December key drivers As we have seen for much of the latter part of 2020, markets moved higher in December despite the continued surge in the virus and the ongoing impact on the global economy. Boosted  by optimism of “turning the corner” on the virus, the S&P 500 gained close to 4% during the month, while the Russell 2000 Index rose more than 8%. Outside of the US, emerging markets...