Markets & Investing

Not a red flag: The market-economy disconnect

Stock market moves have historically reflected changes in the economy, but today the relationship is driven by sector mix,…

Q2 2026 Investment review: A constructive outlook fuelled…

A constructive outlook persists despite heightened volatility, as resilient growth, improving valuations and solid earnings…

Small Cap Success: Why This Rally Looks Different

Earnings estimates are sharply rising for small caps stocks as a broadening of market gains takes shape.

The world changed in 10 days: An oil unwind and a hawkish…

Falling oil prices and a shift in Federal Reserve tone are easing inflation pressures and prompting a reassessment of the…

Semiquincententacles: the US grip on global markets

Explore Michael Cembalest’s insights on America’s 250th anniversary, global market leadership, and key trends shaping U.S.…

$1.5 trillion goods trade is on the line in USMCA's first…

As USMCA enters review, potentially tighter rules may shape where companies build, source and invest across North America

The IPO wave is historic. So is today’s market.

A surge in new equity offerings is coming at a time of immense scale and depth in the U.S. stock market.

Staying secure in an AI landscape with Claude Mythos and…

Explore how AI is revolutionizing cybersecurity, offering new defenses and challenges for businesses and individuals.

Profit power: Four stock sectors primed for growth

Earnings are driving market returns as investors focus on fundamentals and a powerful AI-led capex cycle.

Is the momentum trade over?

With momentum dispersion at its widest since 1990, the summer calm could open the door for overlooked sectors. We examine where…

Market Thoughts: Same as it ever was?

As markets press higher, the operative question is whether we’re in a bubble.

Security Redefined: Investing in Resilience in a…

In a fragmented world, national security means resilience. Explore how defense, cybersecurity, space, energy security, supply…

Global Investment Strategy View

A dedicated team of economists, market strategists, and asset-class specialists who develop our investment insights.

Security spending is broadening—and lasting

Demand for security has moved well beyond a conflict trade, becoming more of a durable theme, with software, infrastructure and…

Redefining national security and what it means for…

Watch a short video with Sitara Sundar, Head of Investment Strategy & Market Intelligence at the Private Bank, and Josh Wolfe,…

The new security ecosystem

National security is being redefined on a global level, driving a potential supercycle with durable investment themes. Find out…

Explore what could go right or wrong with three mid-year…

How current geopolitical upheaval and long-term secular trends can translate into investment strategy for investors in the…

If the shock doesn’t stick: Mapping out de-escalation

Markets remain priced for persistent risk, but if tensions with Iran ease, investors could rotate toward unloved and less-owned…

Market Thoughts: The Tide is high

There are pockets across equity markets where adrenaline’s spiking.

How to get to 9,000 on the S&P 500

Explore the drivers behind the S&P 500’s historic rally and how broader AI adoption may propel markets even higher. New risks…

Market Thoughts: Get ready to rumble?

There was a widely circulated quote when the U.S. sent troops into Afghanistan, attributed to the Taliban.

Security redefined: from peace dividend to resilience…

The scope of national security is being redefined, driving a potential capex supercycle. Here's how private markets are…

Job destroyer? Here’s what you need to know about AI and…

The AI doomsday narrative misses key constraints that will slow disruption and boost productivity.

The U.S.–China relationship: A new equilibrium

Diminished uncertainty could curb shocks and highlight opportunities in China and emerging markets.

Market Thoughts: Hot, hot, hot!

Risk assets are well-supported.

The new security landscape: Investing in defense tech,…

A look at how private markets are reshaping the defense tech landscape.

The market’s inflation fears are running ahead of reality

As markets reprice oil-driven inflation risk, global central banks offer a clearer signal on whether rate hikes are really coming.

Market Thoughts: The chance for peace is now...

I’m almost always listening to music.

How tech became everything to everyone

From inflation worries to volatility spikes to the artificial intelligence buildout, investors keep leaning on tech. Earnings…

Market Thoughts: Breathe deeper?

When Jay Powell finally exits the building,

Gilts under pressure: Why the sell-off has gone too far

U.K. gilt yields have surged amid an energy-driven inflation shock, but we believe the sell-off has overshot and see selective…

Why are stocks at record highs with no Iran resolution?

Despite persistent geopolitical uncertainty and a naval blockade in the Middle East, global equities have staged a rapid…

Market Thoughts: Whatever it takes

I’m a believer in disciplined investing.

Market Thoughts: Where are we going?

With war on pause, investors have refocused on fundamentals.

Emerging markets may offer more than meets the eye.…

Beneath broad market caution, pockets of resilience across emerging markets could be worth a closer look. Growing dispersion an…

Private credit still earns its place in portfolios—with…

Amidst heightened scrutiny, we still believe private credit plays an important role in portfolios. But manager selection and…

How much does AI already know about you and your family…

While introducing AI tools can bring tremendous productivity gains, take care to protect your family office data—in this brave…

Market Thoughts: Give peace a chance

“WAR IS OVER! IF YOU WANT IT” was a global campaign launched by John Lennon and Yoko Ono in December of 1969.

A Balancing Act: The Trade-Off Between Debt and Defense

As defense budgets grow, debt concerns may limit how far and fast the spend goes. But with record amounts proposed and…

Q1 2026 Investment Review: Constructive outlook despite…

A constructive outlook persists despite heightened volatility, as resilient growth, improving valuations and solid earnings…

Exploring opportunities in the 2026 Alternatives landscape

Explore how investors are navigating alternative allocations amid today's evolving market landscape.

When you can't see where you're going

Uncertainty is heightened.

Market Thoughts: Off-ramps... you talkin' to me?

Markets have bought into a narrative that the White House is looking to end the war with Iran.

Market Thoughts: Fear builds a wall of worry

Wall Street finds itself again scaling a proverbial wall of worry. Investor sentiment is quickly shifting.

If oil backs off, risk reprices

If oil flows eventually normalize, markets may reassess risk. We explore where gains could concentrate, why some regions may…

How bad can it get? Gauging the Iran war’s impact on the…

The key question for investors: Will the oil price shock lead to Fed rate hikes and/or a recession? Historically, that’s the…

The good news behind the bad private credit headlines

Now is an opportune time to consider adding asset-backed finance to a well-diversified private credit portfolio.

Future Shock: What comes after the US invasion of Iran an…

Michael Cembalest on the Iran war’s market fallout and Agentic AI’s disruptive rise.

When oil jumps, household wealth guides demand

Oil spikes could transmit through the economy faster via equities than the pump, pressuring spending through the wealth effect.…

Understanding the Iran conflict

Explore our insights on the complexities of the current conflict with Iran, covering the latest developments, the impact on…

Market Thoughts: Hey Charlie Brown

As markets churn about and headlines swirl, investors continue to anchor on a short, sharp, shocked resolution to this conflict.

Private Credit Under the Microscope – Separating Headline…

Amid heightened scrutiny and evolving market dynamics, we aim to offer a clear-eyed assessment of the state of private credit…

The global implications of the Iran conflict

See potential implications of the ongoing conflict in Iran.

The Middle East conflict is becoming an energy problem

Energy prices, from oil to natural gas, have surged, while the Strait of Hormuz is shut. At what point does geopolitical…

The evolving conflict with Iran and investment implications

Tune in to the team’s conversation regarding the investment implications of this evolving situation across transportation,…

The U.S. and Israel strike Iran: what it could mean for…

These events reinforce the reality of a fragmenting global order. Now more than ever, portfolios should be built for resilience.

Market Thoughts: Life moves pretty fast

There’s art in telling a well-crafted story. Investors, at the turn of a tale, spring on it.

Beyond Basis Points: Why pick bonds over cash

How moving from cash to high-quality bonds may boost your income and accelerate long-term wealth.

Bitcoin’s role in investing: What you need to know

When bitcoin was first launched, it was dismissed as a digital curiosity. Today, it sits at the crossroads of global finance.

The AI jobs disruption dilemma

AI stands to drive revolutionary change; but when it comes to jobs, we expect more gradual change

Market Thoughts: Instant karma's gonna get you

As we wrap up earnings season, some of the knee-jerk selling thematically swirling AI-disruption seems to have calmed.

The case against gold and why it’s wrong

Gold has whipsawed in just the first few weeks of the years. Here’s why we still have conviction.

Market Thoughts: Hit my head all day

A version of ‘agentic roulette’ is being played out across equity markets. Twitchy investors reacting to the headline-fed…

Markets in a Minute

Stocks are hovering around highs, but the leaders aren’t who you might expect. Small caps, Europe, and emerging markets are…

Is it a golden era for gold?

Understanding the factors driving the price of gold, and some of the reasons it could be effective in a portfolio construction.

Tech Turbulence: AI disruption hits

AI is shaking up its own backyard, with disruption risk fuelling debate over who will lead and who will lag. Selectivity matters.

The AI security equation

The race for AI supremacy is kicking off a scramble for energy and critical minerals; these strategic assets are the new…

The new frontier: 3 themes driving alternatives in 2026

Why we think alternatives are no longer optional

Fiscal fireworks: How debt is rewriting the rules for the…

It’s not a crisis—yet. But it is a notable repricing in markets, driven by a rapidly evolving fiscal situation. Diversification…

Market Thoughts: Castles made of sand

Treasury Secretary Rubin christened the strong dollar policy in 1995, after a decade of dollar decline.

A New Year Message from David Frame

2025 momentum drives new opportunities in 2026

How a sustainable investing focus can deliver resilience…

We view sustainability as a flexible approach that has the potential to protect wealth and help investors achieve their goals.

Tariffs and Ties: Navigating Fragmentation in an…

Fresh US tariff proposals on select European countries have amplified echoes of April, reviving volatility and debate over US…

Market Thoughts: #WTHelly

My attention is squarely placed on macro and micro drivers that inform how we’re investing.

The Greenland Gambit: A new turn in tariff turbulence

Tariffs tied to Greenland raise the stakes for transatlantic trade—another sign of deepening global fragmentation. Here’s what…

Market Thoughts: Feelin’ Alright…?

Joe Cocker’s “Feelin’ Alright?” popped into my head as prosecutors from the District of Columbia launched an investigation into…

5 catalysts for 2026

While pressure points remain, we see more promise ahead—here’s why, according to the catalysts.

Market Thoughts: Everybody wonders what you’re gonna do?

David Byrne’s “Everybody Laughs” seems a song written for the year behind us. Also, the one ahead.

The Implications of U.S. Intervention in Venezuela

Explore the global and regional impact of the U.S. capture of Nicolas Maduro and its implications for Venezuela, Latin America,…

Investing for Generations: Family Success Stories in…

Chief Investment Office 2025 portfolio review and outlook

With markets rebounding in Q4 2025, easing trade tensions and technology-led growth are paving the way for investors to seize…

Market Thoughts: Happy holidays

As the calendar winds down traders are doing their best to square positions.

Shock absorption: 3 signs the economy is picking up from…

Thanks to a few “shock absorbers,” we expect both the economy and markets to hold firm next year.

High yield bonds: Unlocking the potential value of your…

Explore why high yield bonds are gaining favour among investors, offering the potential for attractive returns, and a way to…

Beyond AI: 3 opportunities reshaping portfolios

With US equity markets dominated by AI, we spotlight where investors can find growth and resilience outside the tech trade—from…

Market Thoughts: Everyone's a winner?

Markets wobbled through early November then roared back. We’re bouncing around the high end of the recent trading range.

2025 unpacked: What’s worked, what’s next

Reflecting on a broad-based rally, a resilient economy, and a powerful innovation cycle.

Market Thoughts: The bottom line

“There’s a new dance that’s going around / When the hits start flying, you gotta get down / All the young people dance ‘round…

No, private equity has not lost its way

PE’s value proposition is not dead but it is evolving. Here’s why we see a promising future—if you take a discerning approach.

Market Thoughts: There's more to cheer than jeer

With Washington back to work, investors and policymakers alike await a slew of delayed economic data.

Are markets defying the economy?

Stocks keep climbing, but Main Street isn’t feeling the same lift. We break down three reasons behind the divide.

Navigating Policy, Politics, and Earnings

With policy moves measured and headline risks fading, earnings are setting the tone for market direction.

Market Thoughts: And the beat goes on

The Fed and European Central Bank (ECB) delivered again as expected.