Artificial Intelligence (AI) has the potential to be a transformative technology that impacts how we all live and do business. With some creativity, and time for current offerings to improve, it is not difficult to imagine how in the future these systems could enhance or even replace much of the work that we humans are currently doing. Late in 2025, none of this is breaking news and the relevant questions for investors are ultimately: what is the utility of these new tools in dollar terms and when should we expect to see the benefit? More use cases uncovered, or benefits realized sooner than expected would add additional tailwinds to the AI t

After a slow couple of years, the mergers and acquisitions (M&A) market is finally picking up momentum. According to Pitchbook, the total number of deals for the first three quarters of 2025 increased by 13% compared to the same period last year. The total deal value for the same period in 2025 reached $3.4 trillion, up 25% from the same period last year as well. The recovery we are observing is not just about the rise in the number of deals but also about the value of the deals, driven by the rise in large, strategic, sponsor-backed transactions. In terms of regions, North America continues to lead the way. While among sectors, technolog

The Federal Reserve’s (Fed) balance sheet runoff — commonly referred to as quantitative tightening (QT) — is set to conclude on December 1. Since initiating QT, the Fed has reduced its balance sheet by over $2 trillion, largely through the drawdown of its overnight reverse repo program (O/N RRP). However, recent volatility in short-term funding markets prompted the Fed to end the program earlier than anticipated. However, the end of QT doesn’t spell the beginning of quantitative easing (QE). At least not yet.

Looking ahead, the Fed has outlined its strategy for balance sheet management in the New York Fed&r

What Has Separated Winning Stocks From Losing Stocks in Recent Periods?

In a word, risk. High-risk stocks have been in favor with investors in recent periods. One way to measure risk is with market beta, a statistic that indicates how volatile an investment is compared to a market index. In theory, a stock with a beta of 1.5 would have 50% more risk than the market index. Stocks with high betas would be expected to outperform the equity market when the equity market is rising and underperform when the equity market is declining. The last six months have mirrored the last three years, with U.S. equity indexes advancing and the h