Many investors are scrutinizing US earnings growth, given that stock valuations are somewhat elevated. Companies that can maintain a successful moat around their business in a changing environment are best positioned to deliver growth and returns.
Emerging markets offer investors plenty of opportunity, but managing downside risk effectively is critical. A flexible framework that integrates multiple asset classes can help.
Giving Day, the Tuesday after Thanksgiving, is fast approaching and with it the year-end charitable-giving season kicks off in earnest. In light of that, here is the response to one of the most common refrains we hear as we work with clients to structure their giving programs: “How can I ensure that my gifts truly make an impact?”
Congressional Republican leaders are hungry for tax reform. The House bill passed. The Senate bill is under debate. But the two versions must be reconciled before final legislation lands on the president’s desk. It’s a lot to digest. Thankfully, we’ve compared the bills and assessed their likely effects on the municipal market.
One of the most common questions we hear from people who have suddenly acquired wealth is, “Should I pay down my debt?” In our view, you should only pay down debt if the costs exceed the benefits.
Tax reform. Interest-rate hikes. Regulatory questions. Inflation. There’s always a reason to put off making changes to your company’s defined contribution (DC) plan. But some improvements will be good for your plan and participants no matter what happens.
The Bank of England recently raised short-term interest rates, as developed-market central banks continue with what we expect to be a gradual withdrawal of monetary stimulus. Can the global economy maintain its steady growth? What factors could impact our forecast?
Cigarettes come with warning labels. Tobacco bonds should, too. These securities are highly volatile, and at current prices they have nowhere to go but down. There are healthier alternatives in the high-yield municipal bond market.
Changing the tax code is disruptive. Some of the proposals would affect the municipal bond market if they were to become law. But it’s far from certain they will. What should investors do? Keep their cool and see what develops. And we have one more piece of advice.
Investors today are questioning whether equities are too pricey. We think it’s important to look at valuations from both a relative and absolute perspective, while keeping an eye on what’s motivating the Fed’s rate moves.