Market Minutes, June 2026
While geopolitical uncertainty continues in the Middle East and high energy prices have dampened the economic outlook, near-record earnings growth was May’s defining feature. Led by the technology sector, equities drew applause while bonds did the more honest accounting. In our view, bond markets are being more forthright about latent and emerging risks. Equities, by […]
Risk Tolerance, Risk Capacity, and Risk Requirement: The 3 Dimensions of a Client Risk Profile
Summary The 3 Dimensions of Client Risk Profile The CFA Institute’s framework on investment risk profiling separates three components: risk need, risk-taking ability, and behavioral risk tolerance. These map cleanly onto what most practitioners call requirement, capacity, and tolerance—and the separation is not semantic. Each dimension measures a fundamentally different aspect, and a client’s position […]
May 2026 Market Update: Equities Rebound as Geopolitical Pressures Mount
Market Outlook: What Investors Need to Know Right Now Despite a still-shuttered Strait of Hormuz causing a snag in global commodity trade, equity markets staged an impressive rebound in April. The nations at war are technically bound by a ceasefire at the time of writing. But that agreement is fragile at best; progressing toward peace […]
Strait to the Point: It’s More Than Oil Prices
The Strait of Hormuz has been effectively closed for a month—the first time in modern history. Its impact on markets has been broad, its resolution remains uncertain, and the range of possible outcomes is unusually wide. Through our Needs, Means, & Seams framework, we examine what this situation means for clients and why proactive diversification […]
Show, Don’t Tell: Data Visualization, Behavioral Finance, & Investor Biases
“Personal finance…is more personal than it is finance.” –Tim Maurer Behavioral finance—often truncated to BeFi in the investment industry—is the study of how real people make financial decisions, not how a textbook says they should. Research suggests that when investors can see their plan, their trade‑offs, and their progress, they report feeling more informed and […]
Market Minutes February 2026
KEY MESSAGES Markets have started the year on a high note, with both equities and credit securities delivering positive returns. Impressive fourth-quarter earnings, potentially lower interest rates in the United States, abundant liquidity, capital parked in money market funds—investors have focused their attention here, overlooking geopolitical flashpoints for the time being. The capture of Venezuela’s […]
Market Minutes March 2026
KEY MESSAGES The past few weeks have been particularly eventful, with many headlines seemingly at odds with one another. As investors are buffeted by crosswinds, some market segments have fared better than others. Global equities trended higher overall, yet the S&P 500 declined in February. The U.S. shed 92,000 jobs in the same month—the steepest […]
Market Minutes December 2025
KEY MESSAGES Compared to where they began the month, many global stock markets showed little change as November drew to a close. This perceived indifference has papered over pronounced day-to-day volatility, as equities fell in the first half only to regain lost ground in the second. The circumstances serve as a sound lesson in why […]
Tax-Loss Harvesting: Lower tax bills
Losses happen. In fact, U.S. markets have seen negative returns in roughly 1 out of every 4 calendar years over the past century. But not all red ink is wasted—especially for investors with taxable accounts—thanks to tax-loss harvesting strategies (TLH). Investors can repurpose those losses as tax savings by closely monitoring their portfolio positions, allowing […]
Market Minutes November 2025
KEY MESSAGES Fueled by interest rate reductions, a strong start to the third-quarter earnings season, and sustained enthusiasm for AI-related investments, global markets trended positively throughout October. Naturally, these positive forces have been well-received. What was less expected was the muted reaction toward the longest U.S. government shutdown in history—although now resolved after a small […]