From the end of July through the middle of August, I set out on something closer to an expedition than a series of interviews. Across nearly 40 portfolio management teams spanning mutual funds, exchange-traded funds (ETFs), and separately managed acc

The S&P 500 index has seen impressive expansion in operating margins in recent years. Rolling back the clock, operating margins for the index averaged ~11.4% from 1991 through to 2009, with highwater marks set during the 90s and early 2000s notab

Friday’s slightly hot Consumer Price Index (CPI) report lifted the bond market’s odds of a rate hike from the Federal Reserve (Fed) this week to near 90%. The positive reactions from stocks and bonds were interesting, suggesting that perh

A compelling multi-year track record does exactly what it is supposed to do. It attracts attention, and ultimately garners inflows of new capital. This is not a criticism of successful managers but rather a description of the investment industry cycl

With so much attention focused on what the Federal Reserve (Fed) might do at its policy meeting next week, it’s a good time to look back at history to get a sense of how stocks might respond should the Fed hike rates as the market (barely) expe

August delivered the loudest bond market narrative in years, and almost none of it survived contact with the price action. Total public debt crossed $40 trillion on August 18. The 30-year U.S. Treasury yield reached 5.33% intraweek, a level last seen

In last week’s Beyond the Numbers, we made the case that free cash flow deserves a prominent place in investors’ valuation toolkits. Earnings can provide a useful measure of profitability, but free cash flow (FCF) gets closer to the centr

Much of the market's attention in recent weeks has centered on the sharp moves in long-term U.S. Treasury yields. Rising term premiums, concerns about debt issuance, and questions around the sustainability of fiscal policy have all helped drive v

Stocks have enjoyed a powerful run off the spring lows and have largely shrugged off concerns around growth, inflation, higher interest rates, the effects of artificial intelligence (AI), geopolitics, and policy uncertainty. As the calendar turns to

LPL Research explores why value stocks are outperforming, how free cash flow drives returns, and the impact of AI spending on markets.

A regime in transition. Value has reasserted itself into the market's psyche after a long period in which gr