Reframing the Active-Passive Debate

There is much debate on whether active investment managers can consistently outperform passive benchmark indexes, often framed as “active versus passive.” When framed this way, the word “versus” implies there is stark opposition between the two concepts or that perhaps they are irreconcilable. Our view is different, as we believe it can be beneficial to use active and passive management together in portfolios.

Active managers choose stocks, bonds, or other securities based on their research and outlook, often attempting to outperform a benchmark index. Mea

Overview

Looking back, 2024 clearly echoed many of the themes from 2023. By and large, the economy continued to defy expectations and surprised once again to the upside. Stocks continued their strong performance, driven by powerful trends in artificial intelligence and technology. On the other hand, the bond market experienced another lackluster year amid policy ambiguity and uneasiness over rising debt levels.

As we look to 2025, we remain cautiously optimistic. We’re cautious because no market environment is ever permanent, yet optimistic since constructive long-term technology trends are in place. Plus, potential tax

Trump Threatened New Tariffs on Canada, Mexico, and China 

Over the weekend, President Trump unveiled a new set of tariffs targeting goods imported from Canada, Mexico, and China. The new policy included a 25% tariff on goods coming from Canada and Mexico, with the exception of Canadian fuel imports, which faced a reduced 10% levy. Additionally, Trump announced goods imported from China would incur a 10% tariff. The tariffs were set to be made effective after 12:01 a.m. on Tuesday, before Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau were able to strike a deal with President Trump to delay

With China’s DeepSeek pressuring investors to take a closer look at the current environment of artificial intelligence (AI) development within the U.S., some are taking a moment to question the accuracy of a much larger idea — American Exceptionalism. Ever since the end of the world wars, international leaders have acknowledged the “exorbitant privilege” the U.S. has with its de facto global reserve currency. With great privilege comes great responsibility. In this piece, we discuss the factors that define U.S. exceptionalism with its implications.

Catalyst for Market Volatility

The Chinese firm, Dee