Delta Variant & Flattening Yield Curve

Is the risk off move from Monday just a pause in the market after an incredible two quarters to start 2021, or something sinister brewing under the surface? The equity market’s reaction Monday (7/19) showcased fear of the Delta variant derailing the economic recovery...

The Allure of Direct Indexing for Clients

The concept of Direct Indexing is pretty much as it sounds.  Instead of accessing an index through an ETF or a mutual fund – you directly own the underlying securities.  This approach has created some excitement as it can create some potential efficiencies.  Here are...

Q1 Earnings Recap

As of May 14th, 91% of the S&P 500 have reported earnings (440 companies). The first quarter of 2021 saw S&P 500 earnings at $48.21, besting Wall Street expectations by 21% – this is the biggest beat in recent memory. Not only that, but Investors have...

It’s Hard Out Here for a Bond Investor

The Q1 Scorecard Source: Bloomberg (As of 3/31/21) TLT = iShares 20+ Year Treasury Bond ETF ($12bn AUM); AGG =  iShares Core U.S. Aggregate Bond ETF ($87bn AUM); LQD = iShares iBoxx $ Investment Grade Corporate Bond ETF ($41bn AUM). All AUMs are as of 5/12/21. While...

The Proposed Tax Policy Changes

Who is John Galt?   President Biden won the electoral college by 74 votes, but he won the “swing states” by only just 65K votes. So, even though it may not look like it on the surface, this was a narrow margin of victory for the current President. The election...