Volatility across major asset classes is currently sitting at unusually low levels. While volatility is often viewed as a broad measure of risk in financial markets, its role has evolved significantly in recent years. It’s no longer just a conceptual tool used to describe uncertainty or instability. In today’s financial ecosystem, volatility has become a core component of market structure — a directly tradable instrument that influences everything from portfolio construction to asset pricing. Quantitative strategies increasingly rely on volatility as a foundational input, while entire product suites — from vanilla ETFs

With a week as jam-packed with economic data, earnings, and events as last week, it’s no surprise it ended with a bout of volatility. Stocks broadly treaded water for most of the week as market participants digested the latest big tech earnings, the July Federal Open Market Committee (FOMC) decision, a flurry of economic data, and another U.S. tariff salvo — before major equity averages ultimately slumped in response to a weaker-than-expected payrolls print paired with the largest revision to prior months in five years. The payrolls surprise sparked what is arguably a necessary breather for an overbought U.S. equity market to grin

Peak week for second quarter earnings season is well underway as nearly 40% of the S&P 500, measured by market capitalization, report quarterly results this week. While big tech and the Magnificent Seven will unequivocally remain in the earnings spotlight, as Meta (META) and Microsoft (MSFT) were after Wednesday’s market close, consumer-related stocks will also fall under the proverbial microscope as the consumer discretionary sector is broadly expected to face some of the hardest tariff-related blows among major S&P 500 industry groups. Investors have been eager for some clarity on how much of the tariff burden will be “e

On July 4, President Trump signed into law the “One Big Beautiful Bill Act (OBBBA)”, a far-reaching piece of legislation that will impact the U.S. investment landscape for years to come. While there is an incredible amount of detail in the 869-page text, as it relates to alternative investments, there are several key takeaways for investors to consider. 

Carried Interest

Carried interest is a fee many private investment managers charge in addition to the more common flat management fee. The OBBBA preserves the current favorable tax treatment as carried interest will continue to be taxed at long-term capital