- Alternative Assets
- Global Macroeconomics
- Markets
- Miscellaneous
- Portfolio Management
- Quarterly Global Valuations
- Wealth Management
Markets
Firm
Type
Markets
February 2026
Valuing AI: Extreme Bubble, New Golden Era, or Both?
GMO
Research
15 Pages
GMO explores whether today’s enthusiasm for artificial intelligence represents a genuine “new golden era” or simply a classic market bubble with elevated valuations detached from fundamentals.
Markets
February 2026
CFA Institute – Stocks for the Long Run Revisited: Dividends and “The Return Nobody Got”
CFA Institute
Research
38 Pages
Long-run stock returns look extraordinary, yet few investors became rich. This brief explains why dividend reinvestment assumptions overstate historical equity returns, reframing the equity risk premium as “the return nobody got.”
China
February 2026
John Arnold on China
Research
8 Pages
John Arnold shared some thoughts from his first trip to China to learn about energy and robotics.
Automotive
February 2026
Automotive Industry Insights Winter 2026
Kroll
Research
19 Pages
2025 has been another year of muted growth for the automotive industry as global vehicle sales volumes are only expected to grow 1.5% to 90 million units by the end of the year. M&A activity in the automotive sector continued its decline in 2025.
Alternative Assets
February 2026
State of Startups 2025
Carta
Research
145 Pages
Carta’s State of Startups 2025 finds the tech ecosystem operating at two distinct speeds, with capital concentrating in AI and highly legible founders while many others struggle for attention and resources.
Market Outlooks
February 2026
2026 U.S. Real Estate Market Outlook
CBRE
Research
38 Pages
CBRE forecasts commercial real estate investment activity to increase by 16% in 2026 to $562 billion, nearly matching the pre-pandemic (2019) annual average.
Annual Report
February 2026
Activate Technology & Media Outlook 2026
Activate Consulting
Research
250 Pages
Activate’s annual deck on the state of media and entertainment.
Annual Report
February 2026
Global Developments To Watch Over The Next Five Years
Research
13 Pages
Vikram Mansharamani published his annual list of 20 global developments to watch over the next five years.
Global Macroeconomics
February 2026
The Macro Implications of the AI Capex Boom
Bridgewater
Research
12 Pages
Bridgewater explains why the current surge in AI-related capital expenditure is a much bigger macroeconomic force than consensus expects.
Alternative Assets
January 2026
Alternative Investments: Outlook 2026
J.P. Morgan Asset Management
Research
76 Pages
J.P. Morgan Asset Management frames 2026 as a period where public and private markets increasingly overlap, reshaping how investors think about access, liquidity, and portfolio construction.
Alternative Assets
January 2026
State of Markets
Andreessen Horowitz
Research
57 Pages
a16z’s report looks at trends across public and private markets, with a focus on on venture markets and tech stocks.
Fixed-Income
January 2026
2026 Credit Outlook: Growing Divergence Amid AI’s Big Build-Out
AllianceBernstein
Research
11 Pages
AllianceBernstein expects a more uneven credit landscape in 2026, with dispersion rising as AI infrastructure spending reshapes winners and losers.
Annual Report
January 2026
Land Report 100: Explore the 2026 Top 100 U.S. Landowners
The Land Report
Research
18 Pages
The Land Report 100 shares the top 100 private landowners in the US. Topping the list in 2026 is Stan Kroenke, who controls an estimated 2,700,000 acres nationwide.
Markets
January 2026
Life in the Fast Lane
Citadel
Research
10 Pages
Citadel makes the case that markets may be underpricing relative US growth strength versus Europe, especially in rates.
Alternative Assets
January 2026
State of Venture, Global 2025 recap
CB Insights
Research
284 Pages
CBB published their annual state of venture recap with global data and analysis on dealmaking, funding, and exits by private market venture companies.
Annual Report
January 2026
Global M&A Report 2026
Bain & Company
Research
91 Pages
Bain’s annual M&A report shares deal value rose in 2025 to deliver the second-highest year on record in a broad-based rebound that spanned all industries.
Annual Report
January 2026
2026 Global Data Center Outlook
JLL
Research
9 Pages
JLL’s 2026 Global Data Center Outlook touches on how to navigate AI demand, power constraints and global opportunities in 2026.
Market Outlooks
January 2026
The Short and Long 2026 Q1 Macro Investment View
Citi
Research
36 Pages
Kate Moore presents a discipline first playbook for early 2026, emphasizing process over prediction and dynamic portfolios over year end targets.
Annual Report
January 2026
Luminate Releases 2025 Year-End Music Report
Luminate
Research
Luminate’s 2025 Year-End Music Report says 2025 in music was defined by a paradox: While global On-Demand Audio (ODA) streaming continued to climb, reaching a +10.3% growth rate in the first half of the year, the domestic U.S. market began to show unmistakable signs of a mature market slowdown.
Currency
January 2026
2026 Global FX Outlook: Different Dollar Downside
Goldman Sachs
Research
46 Pages
Goldman Sachs outlines why the US dollar may drift lower in 2026 as global growth and returns become more balanced.
Market Outlooks
January 2026
Five Questions for 2026
Carlyle
Research
20 Pages
The Carlyle Group’s Cyclical Outlook lays out a 2026 framework built around questions rather than point forecasts, aiming to keep investors flexible as narratives shift.
Market Outlooks
January 2026
Compounding Opportunity
PIMCO
Research
11 Pages
PIMCO suggests 2026 is less about chasing risk assets and more about rebuilding portfolios around higher quality fixed income and true global diversification.
Annual Report
January 2026
12 Outlooks for the Future/2026+
Research
13 Pages
Scott Belsky shared 12 things he expects to see in the coming yearish.
Fixed-Income
January 2026
Sovereign Bonds since Waterloo
Research
128 Pages
NBER studies foreign currency sovereign bonds as a long run asset class using a newly assembled price history stretching from 1815 to 2016.
Concentration
January 2026
The extreme weight of AI in the S&P 500: Measures of concentration for market cap, returns, earnings, and capex
Apollo
Research
39 Pages
Apollo updated their chart book documenting the extreme AI concentration within the S&P 500’s market cap, returns, earnings and capex.
Markets
January 2026
Who Is On the Other Side?
Morgan Stanley
Research
97 Pages
Morgan Stanley lays out a practical framework for why markets are only efficiently inefficient and where mispricings come from. It connects efficiency to information costs, investor behavior, and real world limits on arbitrage.
Annual Report
January 2026
Decarbonization: Parameters, Dollars and Sense, Electrons Photons Molecules
Nat Bullard
Research
200 Pages
Nat Bullard’s annual presentation covers all that matters in our energy, industry, technology, and transport systems, and equally about how those systems engage with each other, and interact in our atmosphere.
Markets
January 2026
Guide to the Markets
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management provides a visual tour of macro, market, and asset class trends across the United States to support portfolio conversations with clients.
Markets
January 2026
Frontier markets
Meketa
Research
14 Pages
Meketa Investment Group breaks down what frontier markets actually are, how the investable universe has changed, and why the story is not simply high growth equals high returns.
Markets
January 2026
Quality Opportunities in Healthcare
GMO
Research
4 Pages
GMO describes healthcare as a sector where recent underperformance may be setting up a more interesting forward opportunity. Innovation remains the core engine, with growth tied to oncology, GLP 1 therapies, and vaccines, while demographics support demand.
Markets
January 2026
Schroders Equity Lens January 2026: your go-to guide to global equity markets
Schroders
Research
7 Pages
Schroders Equity Lens for January is your go-to chartbook to global equity markets.
Annual Report
January 2026
2025 letter
Research
53 Pages
Dan Wang, who previously covered tech for Gavekal Dragonomics is the author of Breakneck: China's Quest to Engineer the Future, wrote his 2025 annual letter.
Market Outlooks
January 2026
US Resilience Resilient
Goldman Sachs
Research
144 Pages
Goldman Sachs’ Wealth Management Investment Strategy Group (ISG) outlines why their views of US Preeminence and Staying Invested remain intact.
Markets
January 2026
Biotech Investing
Verdad
Research
29 Pages
Dan Rasmussen and the Verdad team cover the strangeness of the biotech sector, the recent tribulations that have led to massive underperformance of the broader market, the important role played by specialist biotech funds, the factors that drive performance, how to manage risk, and, ultimately, a strategy for how to invest quantitatively in the biotech sector.
Market Outlooks
January 2026
2026 Credit Outlook: From Scarcity to Selection—The Return of a Buyer’s Market
Apollo
Research
20 Pages
While economic growth in the US remains sufficient to support most corporate and consumer fundamentals, the balance of power in credit is changing.
Markets
January 2026
Investment Outlook
Loomis Sayles
Research
17 Pages
Loomis, Sayles and Company outlines a 2026 base case of healthy growth with moderating inflation, where earnings do more of the heavy lifting than valuation.
Annual Report
January 2026
Finding a New Longevity for Luxury
Bain & Company
Research
36 Pages
Bain and Company explains why luxury is shifting from a post boom normalization into a more selective growth era.
Markets
January 2026
Exploiting Myopia: The Returns to Long Term Investing
Research
56 Pages
The authors argue investment managers face short horizon incentives that can create predictable mispricing in stocks requiring patience.
Market Outlooks
January 2026
Alternatives 2026 Outlook
Wilshire
Research
22 Pages
Wilshire’s outlook focuses on four global megatrends will have an outsized impact on the alternatives investment landscape: artificial intelligence, geopolitics, macroeconomic uncertainty, and energy transition.
Annual Report
January 2026
How Platforms Are Colliding and Why This Will Spark the Next Era of Growth
BCG
Research
26 Pages
BCG published their annual video game report.
Market Outlooks
January 2026
2026 Q1 Outlook
Citadel
Research
24 Pages
Scott Rubner argues early 2026 market behavior will hinge on retail flows, rotation, profits, policy, and positioning.
Markets
January 2026
US Utilities: 2025 Q4
Morningstar
Research
24 Pages
Morningstar explains why utilities finished 2025 as a market leader and why the setup could stay supportive in 2026.
Global Macroeconomics
January 2026
Financialization: How Deficits Inflate Profits and Equity Valuations
Research Affiliates
Research
10 Pages
Research Affiliates argues persistent fiscal deficits can flow almost one for one into corporate profits, then get capitalized into equity prices through passive, price insensitive demand.
Market Outlooks
January 2026
Smothering Heights
J.P. Morgan Asset Management
Research
53 Pages
Michael Cembalest’s outlook focuses on four medium term risks: US power generation constraints, China scaling the moat on its own, Taiwan and a “metaverse moment” for hyperscaler profits after $1.3 trillion of capex and R&D.
Annual Report
January 2026
Biopharma Trends 2026
BCG
Research
12 Pages
BCG’s report on biopharma trends notes that biopharma’s average total shareholder return was 0% from 2021 to 2025, compared with 16% for the S&P 500. Over this five-year period, only 6 of the top 20 companies outperformed the S&P 500.
Market Outlooks
January 2026
UK Outlook 2026—Catching Down
Goldman Sachs
Research
11 Pages
Goldman Sachs explains why the UK may muddle through 2026 with steady growth even as unemployment drifts higher.
Market Outlooks
January 2026
2026 Japan Economic Outlook: Steady Fundamentals, Policy Risks Ahead
Goldman Sachs
Research
26 Pages
Goldman Sachs lays out why Japan can keep growing in 2026, powered more by households and capex than exports.
Market Outlooks
January 2026
Asia Views: 2026 Outlook – Coping with the China Shock
Goldman Sachs
Research
14 Pages
Goldman Sachs explains why Asia’s 2026 outlook hinges on whether domestic demand can pick up as China’s export machine stays strong.
Markets
January 2026
Small Caps: Unprofitables Lead, Active Managers Lag, But Can it Last?
Marquette Associates
Research
6 Pages
Marquette Associates explains why small cap leadership can look exciting while quietly raising portfolio risk.
Annual Report
January 2026
Global Wealth Report 2025: Crafted wealth intelligence
UBS
Research
51 Pages
UBS maps how global household wealth has evolved and where it is headed next, highlighting rising Everyday Millionaires, shifting regional leadership and an expected wealth transfer of about $83 trillion that will reshape who controls assets and how portfolios are built.
Annual Report
January 2026
Principal Discussions: Conversations with the World’s Wealthiest Families
J.P. Morgan Asset Management
Research
80 Pages
J.P. Morgan’s report offers an inside-look into the lives and mindsets of the world’s most influential families.
Markets
January 2026
Christmas read, Why corporates have to do something big in 2026
Deutsche Bank
Research
15 Pages
Deutsche Bank argues 2026 is when investors stop rewarding “safety” and start demanding visible growth.
Market Outlooks
January 2026
Equity Outlook 2026: Mapping a New Spectrum of Return Drivers
AllianceBernstein
Research
14 Pages
Are the tides turning against the S&P 500, which has outperformed non-US markets in 11 of the last 15 years?
Alternative Assets
January 2026
Energy Predictions 2025
Research
11 Pages
Casey Handmer, founder of Terraform Industries, shared some energy predictions.
China
January 2026
US Exceptionalism Versus Chinese Uninvestibility (Part I)
Gavekal
Research
16 Pages
Louis-Vincent Gave contrasts United States equity strength with the idea that China has become uninvestible as policy choices diverged, arguing that China has deliberately redirected savings into domestic supply chains and resilience, accepting weaker market returns as the price.
AI
January 2026
2025 LLM Year in Review
Research
11 Pages
Andrej Karpathy reviews how 2025 reshaped large language models, focusing on training, evaluation and how people work with these systems.
Annual Report
December 2025
How America Saves 2025
Vanguard
Research
112 Pages
Vanguard analyzes how participants actually save and invest inside defined contribution retirement plans across a large record keeping base.
Annual Report
December 2025
Evergreen Fund Landscape
Morningstar
Research
5 Pages
Morningstar’s Q4 2025 US Evergreen Fund Landscape Preview shows the U.S. evergreen fund market has grown rapidly—approaching roughly $500 billion in assets—as “semi-liquid” private market vehicles (interval funds, tender offer funds, unlisted REITs/BDCs) expand access beyond traditional institutional investors.
Housing
December 2025
The State of Housing (Un)Affordability in the US
Goldman Sachs
Research
16 Pages
Goldman Sachs analyzes how years of underbuilding and higher borrowing costs have eroded housing affordability in the United States.
Financial History
December 2025
Global Housing Returns, Discount Rates, and the Emergence of the Safe Asset, 1465 2024
Research
77 Pages
Boston College reconstructs centuries of housing returns and discount rates to understand how real estate and sovereign bonds evolved as core assets.
Market Outlooks
December 2025
2026 Outlook: Ride the Power Race and Supply Waves
Goldman Sachs
Research
18 Pages
The US-China AI and geopolitical power race and global energy supply waves drive Goldman Sachs’ analysts' key convictions.
Market Outlooks
December 2025
10 Crypto Predictions for 2026
Bitwise
Research
28 Pages
Bitwise shares 10 predictions for 2026.
Market Outlooks
December 2025
2026 REIT Outlook Optimizing Returns Through a Global Lens
Nareit
Research
11 Pages
Nareit outlines how global REITs can help investors optimize returns by moving beyond domestic home bias into diversified listed real estate markets.
Market Outlooks
December 2025
2025 Global IPO market key highlights and 2026 outlook
EY
Research
25 Pages
EY analyzes how the 2025 IPO market stabilized after years of disruption and what that means for 2026. They highlight 1,293 IPOs raising about 172 billion dollars globally as proceeds recovered while deal volumes stayed roughly flat.
Market Outlooks
December 2025
2026 Outlook: Tech Tonic — a broadening bull market
Goldman Sachs
Research
19 Pages
Goldman Sachs Global Investment Research presents an equity outlook for 2026 that keeps the bull market intact while tempering expectations.
Market Outlooks
December 2025
Markets Outlook 2026: Some Like It Hot
Goldman Sachs
Research
16 Pages
Goldman Sachs Global Investment Research sets out a 2026 markets outlook where sturdy global growth, falling inflation and measured rate cuts extend the cycle.
Market Outlooks
December 2025
Macro Outlook 2026: Sturdy Growth, Stagnant Jobs, Stable Prices
Goldman Sachs
Research
24 Pages
Goldman Sachs sets out a 2026 macro outlook featuring stronger than consensus global growth with subdued job creation and moderating inflation.
Market Outlooks
December 2025
2026 Crypto Market Outlook
Coinbase
Research
70 Pages
Coinbase Institutional outlines how crypto is maturing into a core part of global market infrastructure in its 2026 outlook.
AI
December 2025
How Much Does AI Rhyme with shAle?
Carlyle
Research
9 Pages
Carlyle compares the current artificial intelligence compute boom with the shale energy investment cycle to ask how much history rhymes.
Annual Report
December 2025
The Asset Owner 100
Thinking Ahead Institute
Research
16 Pages
The study reveals the world’s 100 largest asset owners are now responsible for US$ 29.3 trillion as of the end of 2024; experiencing an increase in assets of 11.3% compared to the previous year.
Market Outlooks
December 2025
Outlook 2026 Edition: Long-term perspective on markets and economies
Capital Group
Research
20 Pages
Capital Group sets out a 2026 outlook built around resilience, policy support and a gradual shift toward a more balanced market landscape.
Market Outlooks
December 2025
East Capital Outlook 2026: Why invest in emerging and frontier markets in 2026?
East Capital
Research
7 Pages
East Capital explains why emerging and frontier markets look attractive heading into 2026.
Market Outlooks
December 2025
Global M&A Outlook: Think Big, Build Bigger
Goldman Sachs
Research
18 Pages
Goldman Sachs says the 2026 global M&A landscape will be defined by strategic repositioning and building for scale.
Market Outlooks
December 2025
2026 Outlook: The Year Ahead in 14 Sparks
Apollo
Research
23 Pages
Torsten Slok believes high inflation, higher-for-longer interest rates and uneven growth create a complex backdrop, akin to the 1970s.
Dividends
December 2025
Why dividend growth investing has staying power
T. Rowe Price
Research
6 Pages
T. Rowe Price explains why sticking with a dividend growth strategy can provide useful diversification while creating an opportunity to compound returns over the long term.
AI
December 2025
Google’s Gemini 3 Means AI’s “Resource Grab” Phase Is On
Bridgewater
Research
9 Pages
Bridgewater Associates uses Google Gemini 3 as evidence that artificial intelligence has entered a resource grab phase driven by compute, chips and power.
Market Outlooks
December 2025
High Grading Outlook for 2026
KKR
Research
87 Pages
KKR emphasizes that 2026 is time to own less beta bets than in the past and favor more alpha in the form of portfolio resiliency, including the ability to make one’s own luck through structuring, governance, and active ownership.
Market Outlooks
December 2025
2026 Housing Market Outlook
Compass Intelligence
Research
67 Pages
Mike Simonsen believes 2026 will be a step towards ‘normal’ for the housing market.
Fixed-Income
December 2025
Bond Market Focus: Yield Curves and Mean Reverting Rate Expectations
AQR
Research
14 Pages
Antti Ilmanen explores how yield curve shape reflects mean reverting interest rate expectations more than shifting term premia.
Market Outlooks
December 2025
2026 Investment Outlook
Brookfield
Research
34 Pages
Brookfield’s outlook states that the long-term opportunities for private capital lie in the megatrends they call the Three Ds: digitalization, deglobalization and decarbonization.
Fixed-Income
December 2025
Bond Market Focus Understanding Treasury Yields with Survey Data
AQR
Research
9 Pages
Antti Ilmanen uses survey data to break the United States 10 year Treasury yield into inflation expectations, real rate expectations, and bond risk premia.
Market Outlooks
December 2025
2026: Boring is Beautiful
Richard Bernstein Advisors
Research
12 Pages
RBA believes 2025 may be remembered as one of the most speculative market environments in years, with liquidity driving areas far beyond fundamentals.
Market Reports
December 2025
Guide to the Markets: EMEA | 4Q 2025
J.P. Morgan Asset Management
Research
94 Pages
J.P. Morgan Asset Management updated their Guide to the Markets EMEA through November 30, 2025.
Market Outlooks
December 2025
2026 Outlook: International Stocks and Economy
Charles Schwab
Research
16 Pages
Michelle Gibley says international stocks could be poised for another strong year in 2026 due to accelerating global growth, attractive valuations and the potential for dollar weakness.
Market Outlooks
December 2025
2026 Outlook: U.S. Stocks and Economy
Charles Schwab
Research
26 Pages
Liz Ann Sonders believes the macro environment will continue to be unstable given policy crosscurrents and a wobbly labor market, but stocks can likely churn higher given a firmer earnings backdrop.
Market Outlooks
December 2025
Investment Outlook 2026: Fuel in the engine
J.P. Morgan Asset Management
Research
27 Pages
J.P. Morgan shares four calls to action for investors: 1. navigate tech concentration carefully, 2. diversify selectively across global equities, 3. don’t be fearful of private markets, and 4. protect against derailment.
Market Outlooks
December 2025
2026 Outlook: Finding Value Amid the Hype
Cambridge Associates
Research
38 Pages
Cambridge Associates explores where genuine value still exists in a market narrative dominated by artificial intelligence enthusiasm and tariff driven macro uncertainty.
Market Outlooks
December 2025
Hedge Fund Outlook 2026
With Intelligence
Research
14 Pages
With Intelligence reviews how hedge funds enter 2026 after a period of renewed inflows and strategy evolution.
Market Outlooks
December 2025
AI exuberance: Economic upside, stock market downside
Vanguard
Research
28 Pages
Vanguard’s capital markets projections show that the strongest risk-return profiles across public investments over the coming five to 10 years.
Market Outlooks
December 2025
2026 US Private Equity Outlook
PitchBook
Research
18 Pages
PitchBook analyzes how United States private equity enters 2026 with aging portfolios, more selective exits and growing manager concentration.
Market Outlooks
December 2025
2026 US Venture Capital Outlook
PitchBook
Research
21 Pages
PitchBook’s venture team maps a cautious but improving United States venture landscape for 2026.
Market Reports
December 2025
2026 Key Themes
MFS
Research
10 Pages
MFS Investment Management outlines key macro and market themes likely to drive portfolios in 2026.
Market Outlooks
December 2025
KPMG Economics: Here comes the sun: Bring the sunscreen Annual economic outlook
KPMG
Research
8 Pages
KPMG US sets out a 2026 United States outlook where growth stabilizes after a long stretch of shocks and policy drama.
Market Outlooks
December 2025
United States Outlook 2026
Cushman & Wakefield
Research
43 Pages
Cushman & Wakefield presents a 2026 United States outlook that links tariffs, immigration limits and AI driven investment to the macro path and commercial real estate.
Market Outlooks
December 2025
Divergent Paths
Man Group
Research
16 Pages
Man Group believes 2026 is likely to be an environment of high uncertainty, with significant geopolitical risks and economies weighed down by tariffs and other policies. This is likely to result in slowing global growth: with several key economies at risk of entering recession.
Markets
December 2025
Would the real AI bubble please stand up? A brief guide to boom or bust
Deutsche Bank
Research
24 Pages
Deutsche Bank explains why they think that reports of a bubble are exaggerated (for now), as well as what could go wrong.
Market Outlooks
December 2025
Charting the Year Ahead: Investment Ideas for 2026
PIMCO
Research
7 Pages
PIMCO lays out investment ideas for 2026 across equities, fixed income, real assets and credit.
Market Outlooks
December 2025
Dancing in the dark: Markets move to the beat of uncertainty
Natixis
Research
20 Pages
Natixis’ highlights inflation, fiscal strain, and shifting policies set the stage for a late-cycle test — and a potential 2026 correction.
Market Outlooks
December 2025
2026 Credit Outlook: Divergence Meets Opportunity
Man Group
Research
27 Pages
Man Group’s credit outlook covers every angle of the credit markets, highlighting where both the real pressure points and opportunities are in the year ahead.
Market Outlooks
December 2025
2026 Private Markets Outlook A New Continuum
BlackRock
Research
27 Pages
BlackRock presents a 2026 private markets outlook built around a new continuum between public and private assets.
Market Outlooks
December 2025
2026 Outlook: Treasury Bonds and Fixed Income
Charles Schwab
Research
11 Pages
Charles Schwab’s expects 2026 to be another good year of returns for bond investors, but the range of potential outcomes is wide.
Market Outlooks
December 2025
2026 Global Market Outlook: Minds, machines, and market shifts
T. Rowe Price
Research
21 Pages
T. Rowe Price says 2026 will require investors to balance exposure to enduring AI leaders with emerging opportunities in cyclical and international markets, all while remaining vigilant to persistent macro risks.
Market Outlooks
December 2025
The Shifting Investment Landscape
BNP Paribas Asset Management
Research
42 Pages
The authors outline how the shifting investment landscape in 2026 is shaped by resilient growth, changing policy and structural forces.
Market Outlooks
December 2025
Think Future 2026: Your guide to the global investment landscape
HSBC Asset Management
Research
22 Pages
HSBC Private Bank and Premier Wealth presents Think Future 2026 as a guide to the global investment landscape. The outlook stays constructive on risk assets, arguing that artificial intelligence, resilient earnings and capital spending can extend the bull market.
Market Outlooks
December 2025
Redfin’s 2026 Predictions: Welcome to The Great Housing Reset
Redfin
Research
23 Pages
Redfin outlines a 2026 housing outlook built around what it calls the Great Housing Reset.
Alternative Assets
December 2025
State of Crypto 2025: The year crypto went mainstream
Andreessen Horowitz
Research
54 Pages
a16z crypto surveys how stablecoins, institutional participation and real world use cases have pushed crypto into a more mature phase.
Market Outlooks
December 2025
World Energy Outlook 2025
International Energy Agency
Research
44 Pages
International Energy Agency outlines how the global energy system is shifting while energy security and climate goals collide.
Market Outlooks
December 2025
Realtor.com 2026 Housing Forecast
Realtor.com
Research
22 Pages
Realtor.com Economic Research outlines its 2026 housing forecast, describing a steadier market that is still far from booming.
Market Outlooks
December 2025
Global Insolvency Outlook 2026-27: Don’t look down!
Allianz
Research
32 Pages
Allianz Research analyzes the global insolvency outlook for 2026 and 2027 as tariffs, AI and credit conditions reshape risks.
Market Outlooks
December 2025
2026 Global Outlook: Pushing limits
BlackRock
Research
18 Pages
BlackRock says a challenge for investors in 2026 will be reconciling whether AI will generate revenues of the same order of magnitude as the huge capital spending plans.
Market Outlooks
December 2025
Global Economic Outlook Q1 2026: AI Tailwinds Boost Otherwise Weak Growth
S&P Global
Research
17 Pages
The S&P Global Ratings forecasts that global growth in 2026 will remain sluggish overall, but a surge in AI-related investment — especially in data centers, chips, and digital infrastructure — will provide a significant boost that helps offset weakness elsewhere.
Annual Report
December 2025
Insights from the 2025 Schwab RIA Benchmarking Study
Charles Schwab
Research
54 Pages
The RIA Benchmarking Study provides information on topics such as asset and revenue growth, sources of new clients, products and pricing, staffing, compensation, marketing, technology, and financial performance.
Market Reports
December 2025
The Future of Oil to 2050
Morningstar
Research
40 Pages
US oil production demand is expected to be resilient throughout the mid-century, despite the energy transition to electrification.
Annual Report
December 2025
Charles Schwab ETFs and Beyond Study
Charles Schwab
Research
49 Pages
Charles Schwab presents its 2025 ETFs and Beyond Study on how individual investors use ETFs across their portfolios.
Annual Report
December 2025
State of European Tech 2025
Atomico
Research
282 Pages
Atomico uses its State of European Tech 2025 to map a maturing yet constrained European tech ecosystem.
Alternative Assets
December 2025
Gold Outlook 2026 : Push ahead or pull back
World Gold Council
Research
12 Pages
After Gold's remarkable 2025, achieving over 50 all-time highs and returning over 60%, the World Gold Council predicts 2026 be shaped by ongoing geoeconomic uncertainty.
Markets
December 2025
Tech Dilution Through Q3: Discipline Cracks at Big Tech
Platform Aeronaut
Article
10 Pages
Thomas Reiner reviews how share based dilution has evolved across tech through Q3 2025, with discipline slipping at Big Tech.
Markets
December 2025
Equity Market Commentary: November 2025
Morgan Stanley
Article
6 Pages
Andrew Slimmon discusses a late cycle equity bull market that has entered its fourth year. Slimmon argues that investor behavior now reflects euphoria, with speculative stories leading even as fundamentals stay solid.
Markets
December 2025
Does Share Repurchase Legalization Really Harm Corporate Investments?
Research
56 Pages
Using staggered legalizations across countries, the authors test whether permitting open-market buybacks reduces corporate investment and real activity.
Markets
December 2025
Spotting Unseen Risks in Portfolios
MFS
Research
5 Pages
MFS looks at how hidden risks can build inside portfolios when traditional risk measures give a false sense of safety.
Markets
December 2025
Is Now a Turning Point for Small Caps?
Polen Capital
Research
4 Pages
Polen Capital examines whether small cap stocks are set up for a new period of leadership in the coming years.
AI
December 2025
The Benefits of Bubbles
Stratechery
Article
11 Pages
Ben Thompson argues that speculative bubbles around new technologies can still create lasting real world benefits. He contrasts destructive mean reversion bubbles with productive inflection bubbles that finance infrastructure and experimentation.
AI
December 2025
AI eats the world
Research
90 Pages
Benedict Evans uses his November 2025 deck to examine how generative AI is reshaping technology, capital flows, and competition.
Market Outlooks
December 2025
Global Market Perspectives Against all odds
Principal Asset Management
Research
23 Pages
Principal Asset Management reviews how global growth has held up surprisingly well despite trade shocks, tariff noise, and political uncertainty.
Market Outlooks
December 2025
Macro Pulse Outlook for 2026: charting the year ahead
New York Life Investments
Research
91 Pages
New York Life Investments’ 2026 outlook says a supportive global policy backdrop should keep financial conditions loose, encouraging both risk-taking and corporate investment – even as market tensions test investors’ conviction.
Market Reports
December 2025
Global Thematic Fund Landscape 2025
Morningstar
Research
63 Pages
The Global Thematic Funds Landscape report provides in-depth insights into evolving investment themes—from supply chain dynamics to the rise of actively managed funds.
Market Outlooks
November 2025
Outlook 2026 Report: Promise and Pressure
J.P. Morgan Asset Management
Research
70 Pages
J.P. Morgan Private Bank frames its 2026 Outlook around three forces AI fragmentation and inflation reshaping the investment landscape.
Market Outlooks
November 2025
Seeking Catalysts Amid Complexity: Investment Outlook 2026
Goldman Sachs
Research
57 Pages
Goldman Sachs Asset Management maps out its Investment Outlook 2026, focusing on catalysts that may unlock returns amid global complexity.
Market Outlooks
November 2025
2026 Year Ahead Investment Outlook: AI Lift and Economic Drift
J.P. Morgan Asset Management
Research
16 Pages
J.P. Morgan Asset Management sets out its 2026 Year Ahead Investment Outlook around an AI Lift and Economic Drift theme.
Markets
November 2025
Playing a Bigger Game
MFS
Research
16 Pages
MFS explores how the investment industry can play a bigger game by reconnecting purpose, time horizons, and risk.
Market Outlooks
November 2025
2026 Investment Outlook: The synchronized shift
Robeco
Research
27 Pages
Robeco’s 2026 Investment Outlook argues that global growth could enjoy a rare synchronized late cycle upswing next year.
Market Outlooks
November 2025
Year Ahead 2026: Escape velocity?
UBS
Research
68 Pages
UBS Chief Investment Office frames its 2026 Year Ahead outlook around whether the global economy can reach escape velocity.
Market Outlooks
November 2025
2026 Global Outlook Report
Morningstar
Research
42 Pages
From the rise of AI-driven capital spending to opportunities emerging in undervalued regions like South Africa and Asia, Morningstar’s outlook examines how today’s forces will influence long-term portfolio construction and asset allocation.
Argentina
November 2025
Argentina, 1500-2023: An Institutional Story
AIER
Research
21 Pages
American Institute for Economic Research traces Argentina's institutional journey from colonial roots to today's turbulent reform moment.
Markets
November 2025
Need for speed – the Draghi report one year on
Deutsche Bank
Research
16 Pages
Deutsche Bank reviews European Union competitiveness one year after the Draghi roadmap. The authors assess how much real policy movement has occurred across defense investment, single market reforms, innovation, and savings and investment initiatives.
Markets
November 2025
Building Long-Term Returns: Our 10-Year Forecasts
Goldman Sachs
Research
31 Pages
Peter Oppenheimer projects global equities can deliver about 7.7% annual returns over the next decade, driven mainly by earnings growth and dividends.
Markets
November 2025
The Gig Economy: Another Perspective on the Labor Market
Goldman Sachs
Research
16 Pages
Goldman Sachs takes a fresh look at the gig economy as a lens into a cooling United States labor market.
Markets
November 2025
Capital Allocation
Morgan Stanley
Research
88 Pages
Michael Mauboussin updates his 2022 study of how public companies in the U.S. spend money.
Markets
November 2025
Focus on fundamentals to bounce back
EY
Research
34 Pages
EY analyzes the 2025 biotech landscape, finding revenues stabilizing while financing and M&A remain subdued.
Markets
November 2025
Finding Large Opportunity in Midcaps
MFS
Research
6 Pages
MFS argues midcaps sit in a compelling “sweet spot,” with broader sector diversification and less analyst coverage creating fertile ground for stock selection.
Markets
November 2025
Biopharma Market Update
Stifel
Research
101 Pages
Stifel reviews a broad rebound across biotech and pharma, noting that investor optimism and strategic deal-making have returned.
Markets
November 2025
The winter of our discontent: generative AI disrupts the entertainment industry content moat
J.P. Morgan Asset Management
Research
11 Pages
While the prior decade was defined by disruption in content distribution, Michael Cembalest believes the next decade will be defined by disruption in content creation, augmented by generative AI.
Energy
November 2025
The Energy Trade-Off
Gavekal
Research
6 Pages
Louis-Vincent Gave examines the trade offs between securing affordable, reliable energy and accelerating decarbonization.
Alternative Assets
November 2025
Is Private Equity the New Small Cap? Understanding the Overlap—and the Divide
NEPC
Research
5 Pages
William Forde examines the overlap between private equity and U.S. small-cap equities, discussing shrinking public market opportunities, diverging valuations, and how active management can capture value across both segments.
Alternative Assets
November 2025
Eastern Frontier: Unlocking Diversification in China
Man Group
Research
13 Pages
Man Group says improving access to more of China's uncorrelated markets offers diversification opportunities to global investors as market dispersion increases.
Markets
November 2025
The End of the Affair
Man Group
Research
23 Pages
Henry Neville believes the top four risks today are AI capital expenditure, fiscal sustainability, private markets and policy volatility.
Markets
November 2025
Reframing Financial Markets as Complex Systems
CFA Institute
Research
64 Pages
This CFAI report reframes financial markets as complex adaptive systems, exploring how agent-based modeling and network theory can improve both portfolio management and risk management.
Markets
November 2025
Dumb money triumphant
Acadian
Article
6 Pages
Owen Lamont examines the recent stretch where retail-heavy portfolios outpaced the broad market while most-shorted stocks rallied.
AI
November 2025
Beyond the Bubble: Why We Think AI Infrastructure Will Compound Long after the Hype
KKR
Research
20 Pages
KKR argues the AI buildout—especially data centers, power, and connectivity—has bubble-like pockets but durable, compounding fundamentals.
Markets
November 2025
Beyond the Beta: Actively Seeking Small-Cap Alpha
Goldman Sachs
Research
20 Pages
Goldman Sachs says small-cap markets are set for a promising cycle, driven by expected rate cuts, attractive valuations—in the US and especially internationally—rising earnings, and increased dealmaking.
AI
November 2025
Why we are not in a bubble… yet
Goldman Sachs
Research
29 Pages
Peter Oppenheimer explains why he believes the markets show froth but aren’t quite yet in bubble territory.
Market Reports
November 2025
Public Markets Update
Coatue
Research
59 Pages
Coatue shared an update on public markets, focusing mostly on the technology sector and AI.
Markets
November 2025
2026 Long-Term Capital Market Assumptions
J.P. Morgan Asset Management
Research
38 Pages
J.P. Morgan Asset Management’s 2026 Long-Term Capital Market Assumptions provides return and risk expectations for more than 200 assets and strategies in 20 base currencies.
AI
November 2025
Surviving the AI Capex Boom
Sparkline Capital
Research
14 Pages
Kai Wu finds historical capital expenditure booms have typically resulted in overinvestment, excess competition, and poor stock returns.
Market Reports
November 2025
Long-Term Asset Return Study – The Ultimate Guide to Long-Term Investing
Deutsche Bank
Research
52 Pages
Jim Reid published the 20th anniversary edition of Deutsche Bank’s flagship Long-Term Study, which examines how asset classes (mainly global stocks and bonds) have performed across a wide range of macroeconomic, policy, and valuation environments, drawing on data all the way from the 18th century to today.
International Markets
October 2025
Through a Wider Lens: The Growth Opportunity Beyond US Markets
Jennison Associates
Research
8 Pages
Jennison Associates argues that investors are overlooking compelling growth franchises outside the United States as benchmarks skew toward cyclicals.
Market Reports
October 2025
Schroders Equity Lens
Schroders
Research
58 Pages
Schroders surveys global equities through a data rich dashboard covering performance, valuations, earnings, styles, and market structure.
Markets
October 2025
A “Fairly Highly Valued” Market: A Fed Chair Opines on Stocks, but should we listen?
Research
10 Pages
Given Jerome Powell’s recent comment that US equities are “fairly highly valued,” Professor Aswath Damodaran examines whether markets are overpriced, and if so, whether action is warranted.
Europe
October 2025
Quantitative Precision: Seeking to Unlock High Alpha Potential in European Equities
Goldman Sachs
Research
20 Pages
Goldman Sachs Asset Management outlines a systematic approach to harvesting stock selection alpha in Europe using multi signal models and strict portfolio construction. Emphasis falls on exploiting wide dispersion in quality and valuation, neutralizing unintended bets, and integrating liquidity and risk controls to make signals investable at scale.
AI
October 2025
Artificial intelligence
UBS
Research
13 Pages
Ulrike Hoffmann-Burchardi, UBS CIO & Global Head of Equities, shares an update on her 10 AI views.
Alternative Assets
October 2025
Outlook for Private Markets
Apollo
Research
69 Pages
Apollo published an outlook for Japan and an outlook for private markets.
Market Outlooks
October 2025
Tariffs, Technology, and Transition
PIMCO
Research
12 Pages
PIMCO outlines a global economic and market outlook shaped by tariffs, rapid AI-driven capital investment, and political challenges to monetary institutions.
International Markets
October 2025
Outlook for Japan
Apollo
Research
43 Pages
Apollo published an outlook for Japan and an outlook for private markets.
Market Reports
October 2025
Guide to the Markets U.S. | 4Q 2025
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan’s Guide to the Markets is updated through September 30, 2025.
Markets
September 2025
The Blob: Capital, China, Chips, Chicago and Chilliwack
J.P. Morgan Asset Management
Research
11 Pages
J.P. Morgan’s Michael Cembalest examines the convergence of AI, industrial policy, and fiscal stress across markets and governments.
Markets
September 2025
Biopharma Market Update
Stifel
Research
77 Pages
Stifel shared an update on the biopharma market.
Markets
September 2025
MAGA →MEGA
Deutsche Bank
Research
20 Pages
Deutsche Bank examines whether 15 years of U.S. equity dominance are giving way to renewed strength in European markets.
Global Macroeconomics
September 2025
Through the Looking Glass
Carlyle
Research
23 Pages
Carlyle examines how the global economy is entering a “post-normal” phase characterized by higher equilibrium interest rates, shifting capital flows, and uneven productivity gains from AI.
Global Macroeconomics
September 2025
Thoughts From the Road: Southeast Asia
KKR
Research
9 Pages
KKR reflects on recent meetings in Southeast Asia, highlighting strong 2025 equity performance, capital inflows, and demographic tailwinds.
Markets
September 2025
Narrowing the gap: U.S. exceptionalism and developed markets
J.P. Morgan Asset Management
Research
51 Pages
J.P. Morgan’s Strategic Investment Advisory Group examines the fading gap between U.S. outperformance and other developed markets.
Alternative Assets
August 2025
Guide to Alternatives
J.P. Morgan Asset Management
Research
81 Pages
J.P. Morgan published their latest Guide to Alternatives.
Markets
August 2025
A Historic Dislocation: Opportunity at the Long End of the Municipal Curve
Morgan Stanley
Research
8 Pages
Morgan Stanley highlights the rare steepness in the municipal yield curve, with long-dated bonds underperforming short maturities by nearly 800 bps.
Global Macroeconomics
August 2025
The New Joule Order
Carlyle
Research
27 Pages
Jeff Currie posits that energy security, rather than climate concerns, is now the primary driver of the global energy transition.
Wealth Management
August 2025
Guide to Retirement
J.P. Morgan Asset Management
Research
56 Pages
J.P. Morgan Asset Management provides a comprehensive framework for retirement planning that emphasizes longer life expectancies, disciplined investing, and strategic income management.
Markets
August 2025
Sick as a Dog
J.P. Morgan Asset Management
Research
31 Pages
J.P. Morgan examines why U.S. healthcare stocks trade at their lowest relative valuations in over three decades.
Markets
August 2025
How will European companies ever catch their US peers?
Deutsche Bank
Research
13 Pages
Deutsche Bank examines why European corporates lag their U.S. peers in profitability and market depth, focusing on declining efficiency as the critical gap.
Markets
August 2025
Cash Holdings
Morgan Stanley
Research
36 Pages
Morgan Stanley investigates why corporate cash holdings have steadily risen over the past 50 years, dispelling the idea that they simply reflect poor governance.
Markets
August 2025
US Auto Dealer Industry Report
Morningstar
Research
48 Pages
Morningstar covers the $1 trillion-plus auto dealership industry, touching on automobile industry trends, individual stocks’ economic moats, future outlooks, ESG considerations, and more.
Markets
August 2025
Global Defense Sector Landscape
Morningstar
Research
83 Pages
Morningstar outlines how geopolitical tensions and NATO budget targets are driving a new defense supercycle, reshaping procurement, investment, and industry structure.
Markets
August 2025
Myths and Lessons from a Century of American Automaking
Economic Innovation Group
Research
22 Pages
The author revisits the history of American automaking to challenge protectionist myths often used to justify tariffs and trade barriers.
Global Macroeconomics
August 2025
Canaries in the Coal Mine? Six Facts about the Recent Employment Effects of Artificial Intelligence
Stanford University
Research
57 Pages
Stanford researchers use payroll data from ADP to analyze how generative AI adoption is reshaping employment across occupations.
Markets
August 2025
Japan’s Dividend & Buyback Surge
Verdad
Research
5 Pages
Verdad Capital reviews Japan’s record surge in dividends and buybacks, driven by Tokyo Stock Exchange reforms aimed at improving capital efficiency.
Markets
August 2025
Thoughts from the Road: Asia
KKR
Research
15 Pages
KKR reflects on recent trips to China and Japan, assessing growth headwinds, trade policy shifts, and investment opportunities across Asia.
Markets
August 2025
Developed ex-US equities
Meketa
Research
13 Pages
Meketa analyzes the structure, performance, and diversification role of developed markets outside the U.S., finding that while correlations with U.S. equities have risen, these markets still offer unique sector and currency exposures.
Markets
August 2025
The Red Thread: Europe Edition
UBS
Research
38 Pages
UBS identifies a strategic inflection point for Europe, as fiscal stimulus and shifting policy dynamics lift growth expectations relative to the U.S.
Markets
July 2025
Indian Summer?
Man Group
Research
19 Pages
Man Group assesses India’s long-term potential, balancing its rapid demographic expansion, capex boom, and digitization progress against rich valuations and geopolitical risks.
Markets
July 2025
The Structural Solar Surge
Goldman Sachs
Research
15 Pages
Goldman Sachs analyzes the unprecedented global boom in solar power, which has become the fastest-growing electricity source in history.
Markets
July 2025
The Wisdom of Buying Absurdly Expensive Stocks (Or Not!)
Man Group
Research
11 Pages
Man Group examines how over one‑fifth of the MSCI World index now trades at EV/sales multiples above 10x—levels last seen during the dot‑com bubble—raising questions over whether these elevated valuations, driven by AI exuberance, can justify future returns amid normalized interest rates.
Market Reports
July 2025
Global Wealth Report 2025
UBS
Research
51 Pages
UBS presents the 16th edition of its Global Wealth Report, revealing that global personal wealth rose 4.6% in 2024, driven by strong U.S. dollar and financial-market performance.
Fixed-Income
July 2025
Fixed Income Outlook
BlackRock
Research
16 Pages
BlackRock emphasizes that today’s fixed-income landscape offers a generational opportunity, with historically high yields—particularly at the front end of the curve—making income more attractive than duration amid macro uncertainty.
Markets
July 2025
Multi-Asset Market Outlook
Robeco
Research
13 Pages
Robeco’s theme of the month is the rise in share buybacks, which they believe are set to become even more popular. They highlight the positive momentum for rising share buybacks in Japan and Europe.
Markets
July 2025
Market Know-How 3Q 2025
Goldman Sachs
Research
16 Pages
GSAM outlines a cautious yet proactive investment stance amid heightened geopolitical uncertainty, fiscal policy shifts, and tariff risks.
Markets
July 2025
Recovery, Optimism & Complacency
MUFG
Research
52 Pages
MUFG cautions that market optimism may overlook structural vulnerabilities created by the entanglement of monetary and fiscal policy.
Markets
July 2025
Rethinking Risk Management and the Myth of “Missing the Best Days”
Research
15 Pages
ViewRight Advisors challenges the notion that investors must stay fully invested to avoid “missing the best days.”
Markets
July 2025
Brazil: Rewiring the Economy
Morgan Stanley
Research
6 Pages
Morgan Stanley explores Brazil’s shift from a “lost decade” to renewed growth driven by structural reforms.
Markets
July 2025
Why Are Emerging Markets Investors Removing Their China Exposure?
Marquette Associates
Research
7 Pages
Marquette Associates analyzes the rapid growth of EM ex-China strategies, noting how geopolitical tensions, regulatory risks, and China’s economic weakness have driven investors to diversify away.
Market Outlooks
July 2025
Mid Year Outlook: Make Your Own Luck
KKR
Research
68 Pages
KKR frames the shifting 2025 market—marked by geopolitical shocks, sticky inflation, and a U.S. credit downgrade—as part of a broader "Regime Change."
Markets
June 2025
2025 Mid Year Investment Outlook
HSBC Asset Management
Research
28 Pages
HSBC states the macro environment has structurally changed, which leads them to believe investors should embrace greater geographic and strategic diversification.
Markets
June 2025
Unpacking the $15 Trillion Opportunity in Leisure Travel
BCG
Research
21 Pages
BCG covers the future of global leisure travel and forecasts it will triple in value, reaching $15 trillion by 2040.
Portfolio Management
June 2025
The International Rebalance
Morgan Stanley
Research
7 Pages
Morgan Stanley highlights the entrenched home‑country bias among U.S. investors, with nearly 15 years of U.S. equity dominance masking broader opportunities abroad.
Global Macroeconomics
June 2025
The US Dollar and Why International Stocks are Outperforming YTD
Johnson Financial Group
Research
7 Pages
Johnson Financial Group explains that the US dollar’s sharp depreciation in 2025 has significantly boosted the relative performance of foreign equities for US investors, as currency effects can outweigh underlying stock movement.
Markets
June 2025
What Will 2025 Be Remembered For?
Gavekal
Research
11 Pages
Assuming that the US is folding its security umbrella and withdrawing from patrolling the world’s ocean, Louis-Vincent Gave looks at possible winners and losers. He notes most of the winners in that scenario are trading at average or below average valuations.
Markets
June 2025
Welcome to the Age of Diminished Expectations
Natixis
Research
18 Pages
Natixis Investment Managers’ 2025 global survey of 7,050 individual investors shows individual investors have high expectations for future returns.
Market Reports
June 2025
How America Saves 2025
Vanguard
Research
112 Pages
Vanguard’s 24th annual How America Saves report analyzes retirement behaviors among nearly 5 million DC plan participants in 2024, revealing record-high plan participation and smart design execution.
Markets
June 2025
The Fragmentation Era
PIMCO
Research
12 Pages
Pimco explains how investors can look to fortify portfolios by diversifying across global markets and capitalizing on attractive, high quality yields.
Markets
June 2025
Sunrise on Venus
Orbis Investments
Research
12 Pages
Orbis Investments examines the prolonged outperformance of U.S. equities over the past 15 years and highlights emerging opportunities in international (ex-U.S.) markets.
Markets
June 2025
Bend, Not Break: Investing in Real Estate Amid Economic Uncertainty
PIMCO
Research
11 Pages
PIMCO offers a measured outlook for commercial real estate amid persistent macroeconomic uncertainty—sticky inflation, tight credit, and geopolitical tension—highlighting pockets of regional resilience like Europe, Japan, and Australia.
Markets
June 2025
Africa Unleashed: Powering Prosperity Through Energy Access
BCG
Research
23 Pages
BCG walks through the regulatory, financial, technical, and social facets of the challenge to connect 300 million people, mostly in rural areas, to the electrical grid by 2030.
Markets
May 2025
Emerging Markets 2.0: The Tipping Point Is Here
Allspring
Research
6 Pages
Allspring explains why they believe that there is currently an opportunity for investors to diversify into emerging markets given the first signs of an exceptional decade beginning to appear.
Alternative Assets
May 2025
Global Private Markets Report 2025: Private equity emerging from the fog
McKinsey & Company
Research
27 Pages
McKinsey provides an in-depth analysis of the private markets landscape in 2024.
Markets
May 2025
Credit market outlook
Apollo
Research
188 Pages
Apollo’s 2025 outlook highlights the resilience of global credit markets following a strong 2024, with spreads at or near multi-year tights.
Markets
May 2025
The Mag 7 becomes the Mid 7
Richard Bernstein Advisors
Research
7 Pages
RBA says the Magnificent 7 is now an expensive group of stocks that is no longer unique, while other market segments, like International Quality, now offer superior growth prospects, higher dividend yields, and cheaper valuations.
Markets
May 2025
Schroders Equity Lens
Schroders
Research
54 Pages
Schroders’ May 2025 Equity Lens report highlights a strong rebound in global equities, particularly in Europe, which outperformed the U.S. by 22% year-to-date—the third-best start in over 50 years.
Portfolio Management
May 2025
Go Small or Go Home
AQR
Research
9 Pages
AQR explores why small caps, especially in the international and emerging regions, present a compelling investment opportunity driven by the potential for higher expected market returns, attractive earnings growth, strong diversification benefits, and rich alpha opportunities.
Markets
May 2025
Road to Renewal: Investing in a New Era for Europe
Goldman Sachs
Research
19 Pages
Goldman Sachs Asset Management outlines how Europe's expansive fiscal and defense initiatives are reshaping its investment landscape.
Alternative Assets
May 2025
Will lower oil help the economy?
BCG
Research
16 Pages
BCG’s Macroeconomics & Energy groups answer the following questions.
Energy
May 2025
Energy Transition: Utilities and Electricity Grids
Deutsche Bank
Research
22 Pages
Deutsche Bank provides an overview of electricity and grid development, a summary of investment trends in grid expansion, capital expenditure requirements and regulatory developments, and the investment case for Utilities.
Markets
May 2025
Drawdowns and Recoveries
Morgan Stanley
Research
24 Pages
Michael Mauboussin examines the drawdown and recovery patterns of over 6,500 U.S. stocks from 1985 to 2024.
Markets
May 2025
Widening the Lens: Revisiting the Case for Non-U.S. Stocks
Janus Henderson Investors
Research
6 Pages
While US stocks have outperformed over the past decade, Janus Henderson believes the valuation gap creates room for upside and an opportunity to diversify equity holdings.
Markets
April 2025
Guide to Global Stock Markets 2025 Edition
Finaeon
Research
339 Pages
The "Finaeon Guide to Global Stock Markets 2025 Edition" offers an extensive analysis of financial market performance across 22 countries and 3 global markets.
Markets
April 2025
Why own bonds?
Wells Fargo
Research
16 Pages
Wells Fargo Investment Institute outlines five key reasons why bonds remain a vital component of diversified portfolios, even amid elevated interest rates and recent market volatility.
Markets
April 2025
Global Asset Management Report: From Recovery to Reinvention
BCG
Research
26 Pages
Boston Consulting Group outlines how the global asset management industry must transition from recovery into reinvention by innovating across product development, distribution, scale, and cost structure.
Portfolio Management
April 2025
Small Caps, Big Opportunities: Investing Beyond Large-Cap Stocks
Research Affiliates
Research
13 Pages
Research Affiliates says the current valuation gap favoring small-cap stocks signals the potential to unlock value and outperform.
Markets
April 2025
Our 2025 Annual Consumer Trend Report
Forerunner
Research
98 Pages
Forerunner VC shares a comprehensive update on the state of the consumer, covering health and wellness, security, and Generative AI, and where they see investment opportunities around each of them.
Alternative Assets
April 2025
Market Overview 2025: What, Me Worry?
Hamilton Lane
Research
120 Pages
Hamilton Lane gives an update on private markets and future expectations for returns, liquidity, M&A, fundraising, and more.
Markets
April 2025
Bear Market Anatomy – the path and shape of the bear market
Goldman Sachs
Research
19 Pages
Goldman Sachs puts the current bear market into historical context and explains why the case for diversification remains strong given the trends of less globalization, higher budget deficits, higher cost of capital and constraints on corporate profit margins.
Annual Report
April 2025
VC Fund Performance FY 2024
Carta
Research
28 Pages
Carta's analysis of over 2,000 U.S. venture funds from 2017 to 2024 reveals a shifting landscape in venture capital.
Portfolio Management
April 2025
Choosing to Lose: Country Misallocation in Discretionary EM Investing
Acadian
Research
9 Pages
Acadian studies the country positioning of emerging market equity managers, finding it didn’t help returns and was infected by return chasing.
Markets
April 2025
A Hundred Visions and Revisions
Man Group
Research
6 Pages
Henry Neville of Man Group explores the critical role of earnings expectations in equity market performance, emphasizing that earnings forecasts are frequently revised downward, often without significantly impacting market sentiment.
Markets
April 2025
Diversification vs. the Sirens’ Song
Richard Bernstein Advisors
Research
9 Pages
Richard Bernstein warns that investors are increasingly drawn to the allure of high-return, "riskless" assets, likening this to the mythical Sirens' song.
Markets
April 2025
Investing alongside change
BlackRock
Research
11 Pages
Rick Rieder’s latest market commentary highlights the challenges facing the U.S. economy amid elevated policy uncertainty, rising interest rates, and shifting global capital flows.
Markets
March 2025
Argentina, 1500-2023: An Institutional Story
AIER
Research
21 Pages
This report analyzes Argentina’s long-term economic trajectory through the lens of institutional change, emphasizing shifts in governance, legal frameworks, and economic freedoms influenced the nation’s rise and decline.
Markets
March 2025
Global Investment Returns Yearbook 2025 (GIRY)
UBS
Research
22 Pages
UBS updated their annual GIRY, which highlights the evolution of global markets over the past 125 years. The summary edition can be downloaded in the link above.
Markets
March 2025
Vertigo: Preparing for Equity Drawdowns
Man Group
Research
19 Pages
Man Group's analysis of U.S. equity drawdowns from 1926 to 2025 reveals that while drawdowns are inevitable, their characteristics—such as duration, depth, and intensity—vary significantly.
Markets
March 2025
The AI Boom vs. the Dot-Com Bubble: Have We Seen This Movie Before?
Research Affiliates
Research
22 Pages
Rob Arnott looks at the parallels between the AI narrative driving the current market and the dot-com bubble of a quarter century ago.
Portfolio Management
March 2025
Dividends and Buybacks – Inertia and Me-tooism!
Research
23 Pages
Professor Aswath Damodaran provides a framework for thinking about how much cash a business can return to its owners, and then argues that, in reality, this decision is affected by inertia and me-tooism.
Markets
March 2025
Heliocentrism
J.P. Morgan Asset Management
Research
55 Pages
J.P. Morgan’s “Eye on the Market” commentary titled Heliocentrism explores the growing dominance of AI and the “Magnificent Seven” tech stocks within U.S. equity markets.
Markets
March 2025
US Equity Views
Goldman Sachs
Research
19 Pages
With the “Maleficent 7” pushing the S&P 500 index to the brink of correction, Goldman Sachs updates their S&P 500 EPS and valuation forecasts for 2025.
Wealth Management
March 2025
Investment Company Fact Book
ICI
Research
154 Pages
The 2025 Investment Company Institute Fact Book provides a comprehensive snapshot of the global asset management industry.
Markets
March 2025
When the Market Outgrows the Index
TCW
Research
3 Pages
TCW’s report examines the limitations of the Bloomberg U.S. Aggregate Bond Index (the "Agg") in representing the full spectrum of fixed income opportunities.
Alternative Assets
March 2025
Is the Green Energy Transition Dead?
Bridgewater
Research
18 Pages
Bridgewater Associates argues that the global energy shift is not a true "transition" but rather an "energy addition," where renewables are expanding alongside—not replacing—fossil fuels.
Markets
February 2025
Long-Term Investing in Emerging Markets
MSCI
Research
10 Pages
MSCI seeks to identify the drivers of total shareholder returns in emerging-market equities, finding higher profitability, disciplined capital return (including share buybacks), stable earnings and meaningful dividend payouts were common traits by ‘compounders’.
Markets
February 2025
Current Constituents CAPE
Research Affiliates
Research
8 Pages
Research Affiliates introduces Current Constituents CAPE, which modifies the CAPE Ratio by using the current index constituents and offers potentially improved predictive power, particularly over the medium term.
Markets
February 2025
Decomposing Equity Returns: Earnings Growth vs. Multiple Expansion
Robeco
Research
6 Pages
David Blitz analyzes the underperformance of various equity markets and styles by decomposing returns into earnings growth and multiple expansion.
Markets
February 2025
Investor Perspectives: Intangible Assets
CFA Institute
Research
144 Pages
CFAI provides an analysis of the rise of intangible assets relative to the market capitalization of firms today.
Markets
February 2025
The Humanoid 100: Mapping the Humanoid Robot Value Chain
Morgan Stanley
Research
86 Pages
Morgan Stanley's report identifies 100 publicly traded companies poised to benefit from the rise of humanoid robotics.
Wealth Management
February 2025
Billionaire Ambitions Report 2024
UBS
Research
60 Pages
UBS looks at the trends in billionaire wealth over the past 10 years.
Markets
February 2025
Turning Tides in Emerging Markets
GQG Partners
Research
12 Pages
GQG makes the case for emerging markets, specifically India, Indonesia and Brazil.
Global Macroeconomics
February 2025
AI, demographics, and the U.S. economy
Vanguard
Research
33 Pages
Vanguard examines the push and pull between artificial intelligence and demographic-driven deficits, exploring their impact on U.S. economic growth in the decade ahead.
Markets
January 2025
On Bubble Watch
Oaktree
Research
10 Pages
Howard Marks revisits the concept of market bubbles, emphasizing that they are primarily driven by investor psychology—such as overconfidence and FOMO—rather than valuation metrics alone.
Markets
January 2025
Concentration & Correction – what to do next
Goldman Sachs
Research
16 Pages
Goldman Sachs analyzes the recent equity market correction and says the correction is not indicative of a sustained bear market, given the supportive macroeconomic conditions.
Markets
January 2025
Biopharmaceutical Outlook for 2025
Stifel
Research
124 Pages
Stifel explains why biotech underperformed in 2024, what they predict for 2025, and what the current status is for biopharma capital markets activity.
Markets
January 2025
Keep On Truckin’
Goldman Sachs
118 Pages
Goldman’s Investment Strategy Group analyzes the widening gap between the U.S. and the rest of the world across a number of economic and financial metrics, the implications of the divergent paths of global economies, and the outlook for global markets.
Markets
January 2025
Bargain, Value Trap or Something in Between?
GMO
Research
20 Pages
GMO’s Q4 letter covers a number of topics, including why they believe U.S. large cap value stocks are attractive today, why they are cautious on China, and why they are tilting towards quality in U.S. small cap stocks.
Markets
January 2025
Eye on the Market: 2025 Outlook
J.P. Morgan Asset Management
Research
49 Pages
J.P. Morgan’s 2025 outlook assesses the potential consequences of a Trump administration policy mix—referred to as “The Alchemists”—which combines deregulation, tax cuts, tariffs, and agency restructuring.
Markets
January 2025
The State of Video Gaming in 2025
Research
224 Pages
Matthew Ball’s annual presentation on the state of video gaming covers the end of the 2011–2021 growth wave, the mobile marketplace, AR/VR projections, console/PC market growth & more.
Markets
January 2025
Another Sputnik Moment
Gavekal
Research
5 Pages
In a more recent note, Louis-Vincent Gave suggests China’s recent launch of Deepseek challenges prevailing beliefs underpinning the bull market in U.S. growth stocks.
Markets
January 2025
Building Narratives Around Obvious Outliers
Gavekal
Research
11 Pages
Louis-Vincent Gave examines both market and economic outliers and attempts to tie them together in somewhat coherent narratives.
Industry Reports
January 2025
Outlook for Private Markets 2025
Apollo
Research
78 Pages
Apollo’s private market outlook covers private equity, private credit, real estate, venture capital and more. There are four pages with commentary and the rest is comprised of charts.
Markets
January 2025
Narrow markets are the exception, not the rule
Richard Bernstein Advisors
Research
9 Pages
RBA highlights the increasing concentration risk in equity markets, noting 2023/24 was the narrowest market since 1998/99.
Industry Reports
January 2025
Decarbonization: 2021, The Complex, Reagents
Nat Bullard
Research
200 Pages
Nathaniel Bullard's 2025 decarbonization presentation offers a comprehensive analysis of global climate and energy trends, emphasizing the interplay between technology, capital markets, and policy.
Markets
December 2024
Long-run Asset Returns
Research
38 Pages
Elroy Dimson, Antti Ilmanen, David Chambers, and Paul Rintamaki look back over two centuries to analyze the
Markets
December 2024
2025 Long-Term Capital Market Assumptions
J.P. Morgan Asset Management
Research
76 Pages
J.P. Morgan shares why higher growth, higher rates and strong capital investment provide a healthier foundation for asset markets, including a 6.4% return for a USD global 60/40 stock-bond portfolio.
Markets
December 2024
New Insights on “Stocks for the Long Run”
CFA Institute
Research
Since publishing “Stocks for the Long Run,” Jeremy Siegel has argued that equities make the best long-term investment.
Markets
December 2024
UK Equities: New York Calling
Goldman Sachs
Research
19 pages Pages
Goldman Sachs highlights the growing trend of UK companies considering U.S. listings due to persistent valuation discounts and limited domestic equity support.
Markets
December 2024
10 for 10: Themes for the Next Decade
Man Group
Research
9 Pages
Man Group presents ten secular investment themes expected to shape markets over the coming decade, grounded in geopolitical shifts, structural economic changes, and technological disruption.
Markets
November 2024
Our Active Purpose: Lessons Learned From 100 Years of Investing
MFS
Research
8 Pages
MFS reflects on the firm's century-long investment journey, emphasizing the enduring value of long-term, fundamentals-driven active management.
Markets
November 2024
Pricing of Corporate Bonds: Evidence From a Century-Long Cross-Section
Research
48 Pages
This study presents a comprehensive corporate bond return database covering 128 years of U.S. financial history, offering insights into pricing patterns and risk factors that were previously obscured by shorter data samples.
Markets
November 2024
The Asset Owner 100
Thinking Ahead Institute
Research
69 Pages
Explore the global asset management landscape through an analysis of the world’s 100 largest asset owners, uncovering their scale, influence, and the key themes reshaping the investment world today.
Global Macroeconomics
October 2024
Prejudice And China
Gavekal
Research
10 Pages
Louis-Vincent Gave highlights how Western leaders missed China’s leap in industrial growth due to travel restrictions, media bias, and cultural prejudice.
Markets
October 2024
Updating our long-term return forecast for US equities to incorporate the current high level of market concentration
Goldman Sachs
Research
37 Pages
Goldman Sachs predicts that the S&P 500 will deliver an annualized nominal return of 3% over the next decade, placing it in the 7th percentile historically, with high market concentration significantly contributing to the lower forecast.
Markets
October 2024
Diversify to Amplify
Goldman Sachs
Research
19 Pages
Peter Oppenheimer’s team says economic growth alongside lower policy rates creates a more favorable environment for equities, though high valuations and rising long-term rates may limit index-level gains, making alpha generation and diversification key drivers of future returns.
Markets
October 2024
What Does a Once-in-a-Generation Investment Opportunity Look Like?
Richard Bernstein Advisors
Research
8 Pages
RBA explains why they see a '“once-in-a-generation opportunity” in international, small caps, value stocks and inflation beneficiaries.
Markets
October 2024
Emerging Markets: The Biggest, Fastest Growing, and Arguably Least Understood Pool of Credit in the World
PIMCO
Research
11 Pages
Pimco published an overview of emerging market debt, which has surpassed U.S. corporate debt to become the world’s largest credit pool.
Markets
October 2024
Partisan Investing
Sparkline Capital
Research
13 Pages
Kai Wu explores how partisan political contributions by corporations and executives impact shareholder returns, showing that nonpartisan companies outperform their partisan counterparts with lower risk.
China
October 2024
Uncovering the rich tapestry of emerging markets
M&G Investments
Research
40 Pages
The third edition of M&G Investments’ Ampersand magazine delves into the diverse and dynamic nature of emerging markets, emphasizing the […]
Markets
October 2024
Measuring the Moat
Morgan Stanley
Research
104 Pages
Michael Mauboussin provides a comprehensive framework for evaluating a company's competitive advantage and its ability to sustain value creation over time.
Markets
October 2024
Bear Market Guidebook
UBS
Research
22 Pages
UBS' guide for how to manage risk and harness opportunity in a market downturn answers three questions to help investors.
Markets
October 2024
How we cover equities
UBS
Research
11 pages Pages
UBS’ Ulrike Hoffmann-Burchardi shares her framework for equity analysis, integrating macroeconomic conditions, micro-level fundamentals, and structural transformations to enhance investment decision-making. She explains why these three perspectives—macro, micro, and transformational—serve as the pillars of her global equity framework.
Markets
September 2024
The Less-Efficient Market Hypothesis
AQR
Research
23 Pages
Cliff Asness explains why he believes the stock market has become less efficient during the past 34 years.
Markets
September 2024
US Exceptionalism: Drivers of Equity Outperformance and What’s Needed for a Repeat
Bridgewater
Research
15 Pages
Bridgewater analyzes the sources of U.S. equity market outperformance over the past decade and assesses the likelihood of similar conditions ahead.
Markets
September 2024
Global Wealth Report 2024
UBS
Research
39 Pages
UBS examines shifts in household wealth across regions, generations, and asset classes.
Markets
September 2024
Latest in AI: Five clues to the future of AI in recent headlines
Deutsche Bank
Research
17 Pages
Deutsche Bank covers five AI themes and what they suggest about the future of AI.
Global Macroeconomics
September 2024
Is an AI Bubble Ahead of Us or Behind Us?
Bridgewater
Research
13 Pages
Greg Jensen suggests that the combination of breakthrough AI advancements and a ripe macroeconomic environment indicates the AI bubble may still be forming, rather than behind us.
Markets
September 2024
The lowdown on the risk of an(other) equity drawdown
Goldman Sachs
Research
24 Pages
Goldman Sachs says mixed macro momentum and rising policy uncertainty lead them to believe there is the risk of more equity drawdowns from here, and risk-adjusted returns for equities are likely to be lower into year-end.
Markets
September 2024
A severe case of COVIDIA: prognosis for an AI-driven US equity market
J.P. Morgan Asset Management
Research
14 Pages
Michael Cembalest covers the impact of AI on the U.S. stock market and what’s needed to justify the hundreds of billions in AI-related capital spending by big-tech.
Markets
September 2024
Activism at Scale in Japan
Verdad
Research
4 Pages
Verdad highlights the changes in capital allocation by Japanese companies since the Tokyo Stock Exchange issued a directive last year asking all companies with price-to-book ratios below 1x to issue a plan to get to 1x book.
Markets
August 2024
Mo’ momentum markets
UBS
Research
8 Pages
Jason Draho explains why markets are now more prone to rollercoaster swings between momentum pushing asset prices higher followed by sharp reversals, why he believes it will persist, and what the implications are for investors.
Markets
August 2024
Mind the Gap 2024
Morningstar
Research
20 Pages
This report examines how investor behavior—specifically, the timing of purchases and redemptions—creates a persistent gap between fund returns and investor returns.
Markets
August 2024
Investor Memo Q2 2024
Cornell Capital Group LLC
Research
12 Pages
Cornell Capital Group explains why they’re cautious about the market given various valuation and economic indicators.
Markets
August 2024
CONCENTRATE! Is it like 2000 again?
GMO
Research
3 Pages
GMO compares the S&P 500 today to 2000, looking at market concentration, fundamentals and valuations.
Markets
August 2024
How Investable is Europe?
Goldman Sachs
Research
32 Pages
Goldman Sachs assesses whether Europe’s cyclical, political, and structural challenges are priced in.
Markets
July 2024
Which One Is It?
Morgan Stanley
Research
20 Pages
This report examines how public companies manage equity issuance and buybacks, highlighting the importance of aligning actions with intrinsic value. Firms engaging in both simultaneously may undermine shareholder returns if price and value diverge.
Markets
July 2024
The Lion in Winter
J.P. Morgan Asset Management
Research
14 Pages
Michael Cembalest covers every angle of small cap underperformance since 2010, noting that small cap stocks are at their cheapest levels in the 21st century.
Markets
July 2024
2024 EMW Conference
Coatue
Research
48 Pages
Coatue’s annual presentation explains how the macroeconomic landscape guides their view on both public and private markets. Notably, they are more bullish on GenAI than consensus and believe this is the start of a new supercycle.
Markets
July 2024
Obesity Market Review
Stifel
Research
340 Pages
Stifel published a huge research piece on the emerging market for pharmaceutical products for obesity, the consumerization of obesity drug buying via online telelhealth, and the secondary and tertiary effects of weight loss.
Markets
July 2024
What if history rhymes? Equity return scenarios for the next five years
Robeco
Research
9 Pages
Robeco forecasts five-year equity returns under three different CAPE ratio scenarios, and notes that defensive equities look attractive in a world of lower expected returns.
Markets
July 2024
Warning Signs
Lyrical Asset Management
Research
6 Pages
Lyrical flags the extreme performance gap between the S&P 500 and its equal-weighted counterpart as a historic red flag.
Markets
June 2024
Introducing P-CAPE: Incorporating the Dividend Payout Ratio Improves Investors’ Favorite Estimator of Stock Market Returns
Elm Wealth
7 Pages
James White and Victor Haghani introduce P-CAPE, an enhancement to the traditional Cyclically-Adjusted Price Earnings (CAPE) ratio.
Markets
June 2024
The Life Cycle of Market Champions
Bridgewater
Research
12 Pages
Bridgewater takes a historical look at how market champions of the past and if there are insights into how today’s market champions may perform in the next decade.
Markets
June 2024
Stock Market Concentration
Morgan Stanley
Research
18 Pages
Michael Mauboussin looks at the concentration of global markets over the past 75 years and whether fundamental corporate performance supports the current increase in concentration.
Alternative Assets
June 2024
2024 Statistical Review of World Energy
The Energy Institute
Research
76 Pages
This annual report covers the record year for energy in terms of both production and consumption, providing overviews of different energy sources - oil, natural gas, coal, nuclear, electric & more.
Wealth Management
June 2024
How America Saves 2024
Vanguard
Research
114 Pages
Vanguard’s annual report analyzes retirement account trends across plan type, demographics, allocations and more.
Markets
June 2024
Opportunity Knocks Mid-Year Outlook for 2024
KKR
Research
71 Pages
KKR emphasizes the need for diversification given the increasing correlation between stocks and bonds, along with the importance of communicating that with partners.
Markets
June 2024
2024 Mid-Year Outlook: An Unstable Economic Equilibrium
Apollo
Research
28 Pages
Apollo’s mid-year update, authored by Chief Economist Torsten Sløk, evaluates macroeconomic conditions and market dynamics shaping the second half of 2024.
Markets
May 2024
Learn from Last Tech Bubble to Embrace GenAI Mania
Research Affiliates
Research
8 Pages
Research Affiliates studies the internet bubble of the 1990s as a guide for how to think about the AI craze today.
Markets
May 2024
200 Years of Market Concentration
Finaeon
Research
13 Pages
GFD looks at the rise of concentration in the U.S. stock market, analyzing 235 years of data.
Markets
May 2024
Emerging Market Equities without China
Meketa
Research
12 Pages
Meketa looks at the implications of removing China from the broader emerging markets group, analyzing country and sector composition, historical returns, valuations and more.
Markets
May 2024
Improving investing outcomes by minimizing investor bias
Vanguard
Research
5 Pages
Vanguard explores how cognitive biases can impede investment decision-making and offers strategies to mitigate their impact.
AI
May 2024
What Machines Can’t Master: Humans in the Age of AI
Citi
Research
108 Pages
Citi explores how the rapid advance of artificial intelligence is reshaping the workforce, emphasizing the enduring value of human capabilities that machines cannot replicate.
Global Macroeconomics
April 2024
Generally Faster: The Economic Impact of Generative AI
Research
30 Pages
Andrew McAfee partners with Google to write about the benefits & challenges of AI on the economy.
Global Macroeconomics
April 2024
Exploring the Implications of Sub-Saharan Africa’s Demographic Explosion
Bridgewater
Research
9 Pages
This paper explores how sub-Saharan Africa’s rapidly expanding working-age population may shape the global economy over coming decades.
Markets
April 2024
Valuation Multiples
Morgan Stanley
Research
26 Pages
Michael Mauboussin published a deep dive on valuation multiples, covering what they miss, why they differ, and their link to fundamentals.
Wealth Management
April 2024
Guide to Retirement 2024
J.P. Morgan Asset Management
Research
53 Pages
The 2024 Guide to Retirement has great charts covering social security and Medicare, tax planning, withdrawal rates and more.
Markets
April 2024
The Good, the Bad, and the Ugly
J.P. Morgan Asset Management
Research
11 Pages
This is a summary of a presentation by Michael Cembalest covering tech valuations, AI, energy and the US Presidential Election.
Markets
March 2024
Global Investment Returns Yearbook 2024 (GIRY)
UBS
Research
57 Pages
This annual report from UBS is a great guide to historical returns for, covering 35 markets and five composite indexes, with some dating back to 1900. It’s one of our favorite reads every year.
Markets
March 2024
Are We in a Stock Market Bubble?
Research
16 Pages
Ray Dalio uses a proprietary "bubble gauge" to assess whether the U.S. equity market is in a bubble, examining valuation, investor behavior, leverage, and sentiment.
Markets
March 2024
Outlook for Private Markets
Apollo
Research
101 Pages
Torsten Slok’s 100+ page deck covers every angle of private markets - private equity, real estate, private credit, venture capital and more.
China
March 2024
Where Chinese equities go, emerging-market stocks will follow
Fidelity Investments
Research
9 Pages
Fidelity argues that China remains the swing factor for emerging markets given its index weight and valuation reset.
Market Reports
March 2024
Global Private Equity Report 2024
Bain & Company
60 Pages
Private equity faced a dramatically different environment in 2023, with fundraising, deal activity, and exits all contracting.
Markets
March 2024
The Great Paradox of the U.S. Market
GMO
Research
6 Pages
Jeremy Grantham’s latest piece digs into the U.S. stock market, bubbles and AI, real assets, and underrecognized long-term problems.
Markets
March 2024
Eye on the Market: Electravision
J.P. Morgan Asset Management
Research
56 Pages
Michael Cembalest reviews the progress and pitfalls in the global energy transition, particularly focusing on electrification, renewable deployment, and related infrastructure.
Markets
February 2024
Cost of Capital and Capital Allocation
Morgan Stanley
Research
23 Pages
Michael Mauboussin analyzes how U.S. public companies acted in the regime of easy money (2009-2021).
Markets
February 2024
A Case for Investing in U.S. Mid Caps
Mawer
Research
8 Pages
This paper outlines why U.S. mid-cap equities present a compelling investment opportunity, offering an often-overlooked balance of growth potential, business quality, and liquidity.
Markets
February 2024
Principles for Investing Success
Vanguard
Research
32 Pages
Vanguard shares a guide to help investors focus on what’s important and give them the best chance for investment success.
Markets
February 2024
Capital Markets Expectations
Meketa
Research
135 Pages
This deck is full of fantastic charts supporting Meketa’s capital market expectations for various asset classes.
Global Macroeconomics
January 2024
GPTs are GPTs: An Early Look at the Labor Market Impact Potential of Large Language Models
Research
43 Pages
In Meb’s episode with Rick Rieder, Rick mentioned this was the most impactful paper he read last year. It investigates the potential implications of large language models (LLMs) on the U.S. labor market.
Markets
January 2024
1Q 2024 Guide to the Markets
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan published an updated Guide to the Markets to start 2024.
Markets
January 2024
Emerging Market Debt: A Once-in-a-Generation Opportunity
GMO
Research
6 Pages
GMO believes EM local currency debt deserves a prominent place in portfolios today due to relative value, diversification and potential alpha.
Markets
December 2023
Investing in China: Does the opportunity outweigh the risk?
FTSE Russell
Research
21 Pages
FTSE Russell examines whether Chinese equities still offer attractive opportunities given slower growth, policy uncertainty and geopolitical tension.
Markets
December 2023
Inflation and Tax Efficiency
AQR
Research
3 Pages
AQR explains the relationship between inflation and taxes, and why tax-efficiency becomes more valuable as inflation rises.
Market Reports
December 2023
Total REIT Industry Tracker Results 2023:Q3
Nareit
Research
33 Pages
Nareit presents its T Tracker Results for 2023 Q3, a quarterly view of the operating performance of United States listed REITs.
Markets
December 2023
Driving with the Rear-View Mirror: Will we see a repeat of the past decade of U.S. equity returns?
AQR
Research
14 Pages
AQR states the excess-of-cash return on the S&P 500 averaged 11.9% per year over the past decade, well above the 90th percentile of rolling ten-year performance across global developed equity markets since 1950.
Markets
December 2023
Searching for Great Dividend Funds
Morningstar
Research
19 Pages
Morningstar analyzes various dividend strategies: dividend income, dividend growth, and dividend growth & income. Then they share a “how to” guide with what to focus on when trying to identify dividend funds that will perform well over the long run.
Markets
November 2023
Prime Time for Bonds
PIMCO
Research
8 Pages
PIMCO lays out its twenty twenty four asset allocation outlook arguing that bonds now deserve center stage in multi asset portfolios.
Market Outlooks
November 2023
Macro Outlook 2024: The Hard Part is Over
Goldman Sachs
Research
28 Pages
Goldman Sachs Global Investment Research sets out a relatively upbeat macro outlook for 2024, arguing that the difficult phase of disinflation is largely behind us.
Markets
November 2023
Total Shareholder Return: Linking The Drivers of Total Returns to Fundamentals
Morgan Stanley
Research
32 Pages
Morgan Stanley Investment Management explores how total shareholder return ties stock price, earnings, valuation and capital distributions back to fundamentals.
Alternative Assets
October 2023
The State of U.S. Early Stage Venture & Startups: 3Q23
AngelList
Research
26 Pages
AngelList reviews how early stage venture finally showed signs of life after a long stretch of worsening performance.
Markets
October 2023
Japan: The Land of the Rising Profits
GMO
Research
12 Pages
GMO explores why Japanese corporate profits have risen so much without a full shift toward classic shareholder value culture.
Markets
October 2023
Fewer Losers, or More Winners?
Oaktree
Research
13 Pages
Oaktree founder Howard Marks revisits his core motto that avoiding disasters is the foundation of strong records.
Markets
September 2023
The NVIDIA/AI Singularity: Breakthrough, Bubble, or Both
Research Affiliates
Research
10 Pages
Research Affiliates looks at Nvidia and the AI boom through the lens of past tech manias.
Market Outlooks
September 2023
Our investment and economic outlook, August 2023
Vanguard
Research
6 Pages
Vanguard outlines its August 2023 investment and economic outlook, emphasizing slowing yet resilient growth and moderating inflation.
Markets
August 2023
The Difference of Dividends
WisdomTree
Research
6 Pages
WisdomTree analyzes how dividends have driven long run equity returns and how its dividend indexes compare with the S&P 500.
Markets
August 2023
The Light from the East
Carlyle
Research
11 Pages
Carlyle explains why Japan’s combination of strong operating earnings yields, very low financing costs, and corporate reform creates a distinctive opportunity set.
Alternative Assets
August 2023
The State of U.S. Early-Stage Venture & Startups: 2Q23
AngelList
Research
26 Pages
The authors analyze the state of United States early stage venture and startups in the second quarter of 2023 using AngelList and Brex data.
Markets
August 2023
Investing in AI: Navigating the Hype
Sparkline Capital
Research
17 Pages
Sparkline Capital examines how to invest in artificial intelligence while avoiding the boom bust patterns of past tech revolutions.
Market Outlooks
July 2023
Guide to the Markets 3Q 2023
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management uses its Guide to the Markets U.S. to frame the current macro backdrop and market landscape.
Markets
June 2023
Jump in The Deep End
GMO
Research
2 Pages
GMO highlights an opportunity in international deep value where very cheap non US stocks still have solid fundamentals.
Markets
June 2023
Value Does Just Fine in Recessions
GMO
Research
7 Pages
GMO examines whether value stocks are especially vulnerable in recessions or if history tells a different story.
Portfolio Management
May 2023
International Diversification— Still Not Crazy after All These Years
AQR
Research
12 Pages
AQR Capital Management revisits international equity diversification and argues it still makes sense even after a long stretch of US outperformance.
Markets
March 2023
Long-Term Shareholder Returns: Evidence from 64,000 Global Stocks
Research
89 Pages
The authors study long term shareholder outcomes for more than sixty four thousand global stocks from 1990 to 2020.
Alternative Assets
March 2023
Global Private Markets Review: Private markets turn down the volume
McKinsey & Company
Research
74 Pages
McKinsey & Company reviews how global private markets entered a more muted phase after years of rapid growth and easy capital.
Markets
March 2023
Re-Emerging Equities
AQR
Research
11 Pages
AQR Capital Management makes the case for revisiting emerging market equities now that expected long horizon returns look unusually attractive.
Market Reports
February 2023
Global Private Equity Report 2023
Bain & Company
Research
76 Pages
Bain & Company reviews how global private equity entered 2023 after an abrupt break in a decade long boom.
Markets
February 2023
Global Investment Returns Yearbook 2023
Credit Suisse
Research
54 Pages
Credit Suisse Research Institute distills a century plus of global market history to frame realistic expectations for returns and risk.
Market Outlooks
February 2023
Top Three Investment Ideas to Consider for 2023
AQR
Research
AQR outlines three portfolio ideas suited to a higher dispersion, inflation sensitive backdrop.
Alternative Assets
February 2023
State of the Markets
SVB
Research
33 Pages
Silicon Valley Bank analyzes the innovation economy’s reset in early 2023, emphasizing tighter funding, portfolio triage, and shifting exit paths.
Portfolio Management
January 2023
After a Timeout, Back to the Meat Grinder!
GMO
Research
10 Pages
GMO argues the first and easiest leg of a speculative bubble has burst, but risks remain.
Alternative Assets
January 2023
The State of U.S. Early-Stage Venture & Startups: 2022
AngelList
Research
29 Pages
AngelList and Silicon Valley Bank track early stage venture through a strong first half followed by a sharp cooldown and late year stabilization.
Market Outlooks
January 2023
The Bubble Has Not Popped
AQR
Research
2 Pages
AQR argues that despite the painful 2022 selloff, the late-cycle growth/tech bubble was only partially deflated.
Markets
January 2023
Global Outperformers
Jenga Investment Partners
Research
287 Pages
Jenga Investment Partners maps what drives exceptional multi-year equity winners and how those businesses compound through different market regimes.
Alternative Assets
January 2023
Decarbonization: The long view, trends and transience, net zero
Nat Bullard
Research
141 Pages
Nat Bullard maps the 2023 state of decarbonization through technology, capital, and policy lenses, focusing on what drives durable change.
Markets
January 2023
Emerging Market Small Cap: Good Things Come In…
Man Group
Research
10 Pages
Man Institute explains why EM small caps can improve diversification and capture more domestic growth.
Markets
December 2022
Guide to the Markets 1Q 2023
J.P. Morgan Asset Management
Research
71 Pages
J.P. Morgan Asset Management surveys equity, fixed income, inflation and macro trends to frame positioning for 2023.
Market Outlooks
December 2022
The Big Picture Global Asset Allocation 2023 Outlook
Invesco
Research
38 Pages
Invesco presents a 2023 global asset allocation outlook built around a transition from contraction toward recovery.
Markets
December 2022
Capital Allocation: Results, Analysis and Assessment
Morgan Stanley
Research
85 Pages
Morgan Stanley explains why capital allocation is the CEO’s most important job and a major driver of long term value per share.
Market Outlooks
December 2022
2023 Outlook: Recession, recovery, and rebound
Wells Fargo
Research
28 Pages
Wells Fargo Investment Institute maps a path from recession to recovery to rebound, arguing that the pain of tighter financial conditions can create clearer entry points.
Market Outlooks
December 2022
Outlook for 2023: Keep It Simple
KKR
Research
74 Pages
KKR lays out a pragmatic 2023 playbook: favor simpler, collateral-backed cash flows and be selective across risk assets.
Market Outlooks
December 2022
Vanguard economic and market outlook for 2023: Beating back inflation
Vanguard
Research
61 Pages
Vanguard lays out a 2023 macro roadmap centered on bringing inflation down—even at the cost of slower growth.
Global Macroeconomics
November 2022
Risk Off, Yield On
PIMCO
Research
6 Pages
PIMCO makes the case that higher yields have changed the playbook, bringing bonds back as a serious portfolio option.
Annual Report
November 2022
The Great Reset: North American asset management in 2022
McKinsey & Company
Research
27 Pages
McKinsey & Company argues 2022 forced a reset in macro assumptions that asset managers relied on for a decade.
Portfolio Management
November 2022
Quality Time in Small Cap
GMO
Research
6 Pages
GMO argues small cap quality is finally offering both long term appeal and near term valuation support.
Markets
October 2022
Return on Invested Capital
Morgan Stanley
Research
44 Pages
Morgan Stanley explains how return on invested capital clarifies whether a firm creates value when it grows.
Annual Report
October 2022
Global Wealth Report 2022
Credit Suisse
Research
72 Pages
Credit Suisse reviews how household wealth and inequality shifted through 2021, and what higher inflation means going forward.
Global Macroeconomics
September 2022
Europe’s Stagflation is Different in Kind and Much Harder to Remedy
Bridgewater
Research
12 Pages
Bridgewater Associates argues Europe’s energy supply shock is creating stagflation that is tougher to fix than a standard demand slowdown
Markets
September 2022
Entering the Superbubble’s Final Act
GMO
Research
6 Pages
GMO argues today’s market resembles a late stage superbubble, where a bear market rally can be a dangerous head fake.
Markets
August 2022
Dipping a Toe in the Water
3Fourteen Research
Research
13 Pages
3Fourteen Research argues the near 25% selloff has reset valuations enough to justify cautiously re entering risk.
Markets
August 2022
The Road Ahead: Riddles in the Dark
Man Group
Research
7 Pages
Man Institute uses long market history to frame what 2022 may rhyme with, focusing on 60 40 drawdowns, bear market rallies, and recession indicators.
Alternative Assets
July 2022
The State of U.S. Early-Stage Venture Capital & Startups: 2Q22
AngelList
Research
21 Pages
The authors review how early stage venture conditions shifted in 2Q22 as the broader market sold off.
Markets
July 2022
Finding a Bottom in Equities
DoubleLine
Research
9 Pages
DoubleLine Capital explains how bear market drawdowns relate to starting valuations and recession length when searching for an equity bottom.
Market Outlooks
July 2022
Walk, Don’t Run: Mid Year Update 2022
KKR
Research
56 Pages
KKR Global Institute argues markets have entered a new regime where inflation and supply constraints make the classic 60 40 playbook less reliable.
Markets
June 2022
Views From the Floor: Bear market now, recession looming?
Man Group
Research
5 Pages
Man Institute uses a mid 2022 issue of Views From the Floor to ask whether a bear market in equities must be followed by recession.
Markets
May 2022
Japan: Value Stocks Versus Value Stocks
Man Group
Research
6 Pages
Man Group’s Japan team explores why Japanese value stocks have staged a comeback and why selectivity still matters.
Annual Report
May 2022
2022 Robo-Advisor Landscape
Morningstar
Research
45 Pages
Morningstar’s manager research team maps the evolving US robo advisor industry, comparing business models, portfolios, pricing and levels of human guidance.
Portfolio Management
March 2020
Examining Share Repurchasing and the S&P Buyback Indices in the U.S. Market
S&P Global
Research
27 Pages
S&P Dow Jones Indices examines how share repurchases evolved into the dominant corporate payout method and how related indices behave.
Markets
November 2017
The Rate of Return on Everything, 1870–2015
Federal Reserve Bank
Research
123 Pages
The study investigates historical returns across major asset classes since 1870, finding that both housing and equities have generated similar returns, though housing shows lower volatility. It also highlights that, globally, the weighted rate of return on capital was twice as high as the growth rate in the past 150 years.