Productivity growth is the key mechanism that allows the U.S. economy to expand above its long ‑ run trend without reigniting inflation. Recent data show U.S. nonfarm business productivity rising 4.9% in Q3 2025, a surge strong enough to counter inflationary pressures even amid solid economic growth. Beyond containing inflation, faster productivity growth also helps offset structural headwinds from slowing population growth, a shrinking labor force, and an expanding retiree cohort. Technological innovation is poised to provide the backbone for this productivity boost. The U.S. remains among the world’s productivity leaders — it

Some years ago, I was attempting to explain the importance of risk-adjusted performance to a client who was not sure it mattered to them. They stated boldly, “I can’t eat risk-adjusted returns.” Unable to help myself and thinking I was hilarious, I asked whether and how they were able to eat any kind of returns at all. What the client was trying to convey was that they simply cared about increasing the value of their assets. To them, risk-adjusted returns seemed like an academic exercise rather than something that impacted them. Here we seek to illustrate here why risk-adjusted returns should matter to most investors and how

What Was Announced

On January 7, 2026, President Trump announced a proposal aimed at limiting large institutional investors from buying additional single-family homes. The goal, according to the administration, is simple — make it easier for American families to buy homes by limiting competition from large institutional buyers.

According to what has been announced so far, the government plans to restrict future purchases of single-family homes by large institutional investors. It would not force them to sell homes they already own, nor would it affect individual buyers or small landlords. That’s the fra

As the new year begins, one market theme is already attracting plenty of attention, and that is the dispersion and broadening out in the stock market that has occurred during the first two weeks of trading. After several years in which a small group of mega cap technology stocks dominated index performance, the first stretch of 2026 has looked surprisingly different. As of last Friday, the so-called Magnificent Seven is down on the year, while the Russell 2000 Index is outperforming the Nasdaq 100 Index by mid-single digits. At the same time, the Equal Weight S&P 500 is ahead of the traditional market capitalization weighted index by over